Castle Group to Launch Boutique Kellyville Development

According to recent media reports, the north-west suburb of Kellyville is Sydney’s most popular suburb for those looking to buy a house. Kellyville, 36km north-west of the Sydney CBD, had more freestanding house sales during the year to February 2021 than any other suburb across the city, according to realestate.com.au data. Prominent local real estate agent Mechlenne Douaihy, sold 28 Strathfillan Way, Kellyville in 2018 for $3.32 million. She said that back then it was a suburb record for a house “but in 2020 and 2021, there have been many sales over $2.5 million”. Part of Kellyville’s allure is the proximity to infrastructure such as the Norwest Business Park which presently employs 20,000 people and is projected to employ 35,000 people by 2031. Expanding infrastructure, including the opening of the $8.3-billion Sydney Metro North West rail line in 2019, has further broadened the appeal of the suburb for out-of-area buyers. “Many Chinese buyers moved from looking for luxury properties in Chatswood to Castle Hill, but now there is a huge interest in Kellyville as a blue-chip suburb” said Grace Wu, of Megaward, one of the largest real estate agencies specialising in the Chinese market. ▲ An artist&#x27;s impression of a ONE Fairway homes kitchen. Castle Group, one of the prominent developers in Sydney’s north-west will launch ONE Fairway, a curated house and land collection featuring Hamptons, French provincial and modern homes in sought-after Fairway Drive, Kellyville. “Kellyville attracts white collar, high-income, professionals—these discerning buyers are seeking luxury homes, so our brief to the project team was to provide eastern suburbs quality and finishes in the north-west,” Castle Group director Ritchie Perera said. “Demand is so high for this project that without even advertising or launching the project, we have had more than 1000 enquiries.” Auctioneer Stu Benson has called bids on some of the biggest recent sales in the suburb and said there was a lot of energy from buyers. “The Kellyville village seems like the most sought-after destination in Sydney right now,” Benson told media. “There’s so much demand in the north-west, in the Hills, you’d think it was by the beach the way things are going.” “The development by Castle Group at Fairway Drive is an example of a local developer really understanding the market demand for quality, high-end, luxury homes in Kellyville.” ▲ An artist&#x27;s impression of a ONE Fairway home&#x27;s ensuite Kellyville market segmentation Kellyville is a segmented market. There are three distinct precincts in Kellyville, separated by the arterial Windsor Road and Memorial Avenue. The Balmoral Road release area—previously dubbed ‘the hole in the donut’—was first developed in the mid 2010’, and had a median price of $1.785m in the 12 months to March 31, 2021. The Balmoral Road area leverages off its proximity to Bella Vista Waters, which has a median price of $2.25m (March 31, 2020–March 31, 2021, PriceFinder), Norwest Business Park and Bella Vista Metro Station. The area to the north of Memorial Avenue, defined as the Memorial Av Precinct in the figure below, consists of homes constructed in the early 2000’s to 2021 – few vacant lots now remain. This precinct has a median price of $1.6 million. The Wrights Road Precinct predominately consists of homes built in the 1980s and 1990s. The median price in this precinct in the 12 months to March 31 2021 was $1.25 million. ▲ Kellyville market segmentation. “Currently, pricing is at an all-time high with 65 per cent to 70 per cent of Kellyville’s buyers coming from within a 10km radius—buyer competition is fierce and getting into the market has never been more competitive,” Corie Sciberras from Sciberras Group Real Estate, one of Kellyville’s leading agents, said. Sciberras highlights a market gap of new properties priced at the mid $1-million mark. “Because the $1.5-million range is hard to come by, it’s the sweet spot. If you have a property in this range, most of the market is looking at it and it will not stay on the market for very long,” he said. Castle Groups’ Kellyville development, ONE Fairway, features 40 individually designed homes with four generous bedrooms, large master suites, multiple living spaces, a media room and alfresco area. Castle Group is a private development and construction company of residential projects in the region with a current pipeline of more than $500 million. The Urban Developer is proud to partner with Castle Group to deliver this article to you. In doing so, we can continue to publish our free daily news, information, insights and opinion to you, our valued readers.

Castle Group to Launch Boutique Kellyville Development

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