Quick sale for home zoned for redevelopment

Quick sale for home zoned for redevelopment

An investor has paid $2.1 million for a Castle Hill home within a five-minute walk to the soon-to-be-opened Showground Metro Station.

The 1040sq m property at 15 Ashford Ave, zoned for development up to 21m, was on the market just over a week.

The final sales price was about $4,370 per sqm.

Agent Scott Matthews from Wiseberry Real Estate said the result showed homeowners they did not need to sell in a group or wait until the train line opened before listing.

In December he sold 16 Partridge Ave, a 948sq m property, for $2.055 million. Another property at 15 Middleton Ave, also on a 948sq m, sold for $2.735 million in May last year.

“Vendors are realistic, I haven’t spoken to anyone now who says they want a three or a four at the front of the price,” Mr Matthews said.

“There might still be people in there who believe they can get that but now but after three sales in there over the $2 million mark, the proof is in the pudding as to where the numbers are at.”

The Sydney Metro North West is scheduled to open by May. After some changes, the master plan for the residential precinct close to the Showground Station has been finalised.

Mr Wiseberry said there was strong interest from investors for the Ashford Ave property, with three parties negotiating to buy it.

“The train station will have a great effect on the area however, the way the banks are after the Royal Commission, is slowing down people accessing money and that will have an effect on the market leading up to and after the station opens,” he said.

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