Price for West Ryde 1960s three bedder with potential skyrockets

60 Winbourne Street is an unassuming West Ryde 1960s three bedroom brick home.

However its sale price rocketed from $940,000 to $1.71 million, between February 2014 and earlier this month.

Little wonder its re-sale has become something of local folklore in the past week after 2GB's Ross Greenwood's came across the stellar price hike.

It is a 961 square metre corner block at 60 Winborne Street, with buses at the door with easy access to Eastwood and West Ryde stations, TAFE Colleges, Macquarie University and major shopping centres. 

Property Observer gathers the windfall came from changes in likely more liberal council consideration of the splayed corner site calculation, rather than all because of the property boom.

A local developer buyer beat off keen competition with an Asian bidder the underbidder when agent Max Pracey threw the .  

It was marketed by Max Pracy at Tracy Yap Realty as suitable to "explore the possibilities of development."

Max Pracey suggested the block, subject to council approval could possibly hold a duplex or even villas. CoreLogic RP Data suggests the site dimensions of the irregular shaped block are 18.29/27.97 X IRR/41.68.

"Explore the options, make your decision and develop and profit!!," the marketing suggested.

"Rarely does a property like this become available," it added.

Held for 1.25 years, during that time, its value has changed at an annual rate of 60%.

It seems the windfall was all about the City of Ryde development control plan 2014 multi dwelling housing for low density residential zone.

The control plan generally affirms allotments should have a frontage to the road of not less than 20 metres and an area of not less than 900 square metres.