A strategic battle has broken out between big developers and residents in northwest Sydney in lieu of multi-million dollar development plans for Castle Hill’s Showground Precinct.
According to Domain, developers and property speculators are buying strategic home sites in soon-to-be-rezoned areas around Castle Hill so that residents are unable to team up and sell their properties in one lot to secure higher pricesLocal real estate agents have spoken out against the practice at a series of local meetings, promoting residents should stick together for the most advantageous deals.
Kieron Stedman of Ray White recommended neighbours group together to create a land holding of at least 4,000 square metres to attract developers. He also recommended putting that amalgamated lot to the open market to create competition.
Some residents have already made marked investment returns by amalgamating their properties with their neighbour’s.
Ray White Castle Hill sold an amalgamated site of five properties covering 4,430 square metres to developers in Garthowen Crescent, Castle Hill, in late December for $20.5 million.
In Epping, another suburb where rezoning around the North-West Rail Link has occurred, a band of residents netted more than $30 million in August when their six homes sold in one-line to a Chinese apartment developer.
The principal of Ray White Castle Hill, David Dowling
, told local homeowners that while the rezoning could provide them with the biggest windfall of their lives, dealing with developers was not a do-it-yourself job.
"A lot of people are out of their depth dealing directly with developers," Mr Dowling said.
"Most people here have no concept of what's to come ... Castle Hill will end up looking a bit like Chatswood.
"The message we have for residents is that they must stick together to maximise their property's value."The Castle Hill Showground Precinct is due to be rezoned after the state election in March.
Approximately 3,600 new apartments are planned for the precinct.
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