Auction Turnout in Sydney’s Northwest Defies Expectations

An unprecedented 1200-plus people turned up for an auction of three land lots in Oakville as Castle Group and Freecity launched its $200-million River Oaks development.

River Oaks in a master-planned community created by amalgamating six adjoining parcels, totalling 28.5ha, making it a 200-plus lot subdivision.

The event drew interested buyers as well as the community and past purchasers with the attendees enjoying an ensemble of food stalls and kids’ activities.

The event culminating in all three premium lots being sold, with 30 registered bidders.

The sale prices and 100 per cent clearance rate are reflective of the strong demand for land in northwest Sydney, particularly near established communities. The auction results were:

• Lot 1: 300sq m, 9m frontage, for $715,500 ($2385 a square metre)

• Lot 2: 300sq m, 10m frontage, for $722,000 ($2406 a square metre)

• Lot 3: 450sq m, 12.4m frontage, for $954,000 ($2120 a square metre)

“We had twice the people we expected on the day, a testament that a booming location will drive interest and buyers in any market. With a 100 per cent clearance rate, I couldn’t be happier with the result,” Castle Group director Ritchie Perera said.

Freecity director Tony Sun said, “I’ve been through several market cycles and have witnessed the significant growth in the north-west suburbs such as Rouse Hill, Riverstone and Marsden Park and remain confident in the continued growth in the north-west Sydney property market”.

Freecity is a premier, privately owned development group in Sydney, with a portfolio of more than $A2 billion in mixed-use and residential projects. This figure sets industry benchmarks, reflecting a dedication to quality, innovation, and holistic urban living.

Freecity’s focus on community-centred environments enhances the life, work and recreation of those who live within their developments. 

Castle Group is heavily invested in Sydney’s growth centres and is the largest landowner in Rouse Hill; a suburb projected to grow by 3.6 per cent a year, which significantly exceeds the expectations for greater Sydney as a whole.

Castle Group has amassed a $1.3-billion portfolio of completed and future projects and will deliver over 800 lots between 2024 and 2027.  

The group specialise in low to medium density property development and have an intimate knowledge of the markets in which they operate. 

Castle Group and Freecity have partnered to deliver the River Oaks development and expand their growing portfolios.

Works commenced at the River Oaks estate development site, located in Oakville.

Nestled in north-west Sydney, River Oaks is just moments from Rouse Hill Town Centre, the Northwest Metro, Box Hill and the upcoming Rouse Hill Public Hospital. South of River Oaks is 23.5 hectares of park and recreation space.

The Northwest Metro provides rapid services from Tallawong, through Norwest and to Chatswood ultimately linking to Sydney's Central Business District.

With a combination of existing and planned infrastructure and lifestyle amenity, Oakville is a suburb on the cusp of significant growth.

It’s this growth and demand that drives Castle Group and Freecity’s confidence in the market.

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