PHOTO: George Gruchot outside his family home in Bankstown. Picture: Tim Hunter Source: News Corp Australia

Long-time residents in suburbs once overlooked by homebuyers have turned into surprise millionaires, including the seller of a family home who just walked away from a dream real estate deal.

They’re the homeowners whose properties have turned them into surprise millionaires at a time when property values have been falling across much of Sydney.

New sales figures have revealed property values in the suburb of Bankstown, parts of the Central Coast and Sydney’s outer southwest have defied the current slowdown and have grown over the past year.

The growth has pushed median house prices above the $1 million mark, much to the elation of long-time local residents who claim they never thought their homes would be worth so much.