Pictured above: Castle Group’s Park Avenue Estate located 800m from Tallawong Metro
The story of the Rouse Hill property market is one of resilience. With the cash rate beginning its climb in June 2022, talk was rife of double-digit declines in house prices through to the end of 2023.
On the ground, Castle Group, a prominent Hills developer and Rouse Hill’s largest private landowner and developer, saw something different—and the evidence is far from anecdotal. According to data from Pricefinder, the median price in Rouse Hill in June 2023 ($1,500,000) is higher than it was in July 2022 ($1,475,000).
The National Australia Bank now forecasts Sydney house prices will increase 6.9% in 2023 with a further 4.9% increase forecast in 2024. Price growth will be supported by low levels of property supply and the more than 700,000 migrants expected by the end of 2024.
Castle Group’s confidence and market knowledge saw the acquisition in 2022 of a 2.02ha site at 74 Tallawong Road, Rouse Hill, located 800m from Tallawong Station and about 45km northwest of the Sydney CBD.
The Group now brings to market its Park Avenue development at 74 and 95 Tallawong Road, Rouse Hill, with 112 homes and an end value of $150 million. The development comprises free-standing double-storey three, four and five-bedroom homes 800m from Tallawong Metro, and opposite a planned park.
“We planned this development meticulously and conducted research on what buyers in Rouse Hill were seeking. We found that there was an undersupplied segment of housing priced between $1.1 and $1.4 million that would attract strong demand. We’ve designed Park Avenue to fill that demand,” Castle Group director Ritchie Perera said.
Pictured above: Future Tallawong retail precinct adjacent to Tallawong Metro Station
Castle Group specialises in low-to-medium-density property development and has an intimate knowledge of the north-west property market. Since 2006, Castle Group has developed or value-added and sold projects with an end value exceeding $1 billion.
“We bought our first site in Rouse Hill in 2014, before the opening of the Sydney Metro,” Perera said.
“I was drawn to the suburb given its infrastructure, open space, education options and famous Town Centre."
“We take pride in identifying growth opportunities. Rouse Hill is no exception, with the suburb rapidly gentrifying since our first acquisition,” Perera said.
Rouse Hill’s lifestyle appeal has drawn a demographic of young professionals and affluent families. Of note, 22.1 per cent of its residents earn more than $2000 a week—30 per cent higher than the Greater Sydney average and consistent with other affluent suburbs such as Chatswood at 21.3 per cent.
It’s that demographic for which Castle Group has designed its Park Avenue development—a strategy that has seen strong buyer demand. “Homes at Park Avenue feature open living areas, modern facades and are appointed with finishes you’d find in a luxury home,” said Perera.
Pictured above: The new Rouse Hill Hospital, now under construction
Since launching in Q1 2023, Castle Group has sold 40 per cent of its 112 homes. “Our sales success is a result of our meticulous planning,” Perera said.
“We have an intimate knowledge of the markets in which we operate and always start with the consumer in mind."
“Until recently, most of our buyers were locals from Kellyville, Parramatta, and Castle Hill. We’re now seeing buyers from Chatswood, Sydney City, and the eastern suburbs with couples aged in the early to mid-30s wanting more space than a two-bedroom apartment. We’ve also been mindful of the shift in how our buyers live. Catering to multi-generational living, more than half the homes in Park Avenue feature a downstairs bedroom and full bathroom”
“Our knowledge of the market and buyer demographic has allowed us to bring to market what is the most in-demand product in Rouse Hill,” said Perera of Park Avenue.
