Town Centre Transformation Leads Demand for Riverstone

The Riverstone CBD is on the cusp of major change thanks to a billion-dollar pipeline of council projects, including the Riverstone Town Centre Redevelopment, an initiative from Blacktown City Council.

What was initially setup as a stock farm in 1805 due to its good arable grazing land, Riverstone, 48km north-west of the Sydney CBD, was opened up to non-rural development once the Sydney-to-Richmond Railway began in 1864.

In 2010, the NSW government rezoned the Riverstone area, establishing the region as the epicentre of Sydney’s North West Growth corridor.

According to data from Pricefinder, the median price in Riverstone in the first quarter of 2021 was $805,000, a 5.9 per cent increase of the median price from the last quarter of 2020.

Riverstone is bound by Rouse Hill, The Ponds, Schofields, Box Hill and Vineyard, and benefits from the infrastructure provided in the area including Rouse Hill Shopping Centre, Sydney Metro stations of Rouse Hill and Tallawong, Sydney Business Park (Marsden Park) including IKEA and Costco, and the coming public hospital in Rouse Hill.

At a land auction in Riverstone on April 18, 2021, Castle Group achieved record sales prices, including four lots selling for around $2000 per sq m.

Lots ranged in size from 250sq m to 310sq m and fetched an average price per sq m of $1968.

A testament to demand, more than 400 people attended the auction with 45 registered bidders.

The combination of affordability, existing and planned infrastructure and state-leading population growth will support Riverstone’s continued gentrification, according to Castle Group

There has been notable interest in the area from healthcare professionals after the NSW government announced the site for the $300-million Rouse Hill Hospital which is 8km from the Riverstone CBD.

“Doctors and nurses have bought close by in Castle Group's recent development at 218 Garfield Road at Riverstone acquired in 2014 with 53 registered lots,” Castle Group CEO Ritchie Perera said.

Data from the Australian Bureau of Statistics shows the population of Riverstone increased by 28 per cent in the 12 months to June 2020—the highest of any suburb in NSW.

The masterplan for the region accommodates a diverse range of development typologies including heritage-themed living, town centre living and contemporary village living.

At the heart of the development is Riverstone Marketown, anchored by a 4000sq m supermarket.

The vision for the town centre is to be a living precinct open to pedestrians—here, future residents will find shop-top style living solutions, mixed-use retail, commercial and community facilities.

Castle Group is a private development and construction company of residential projects in the region, with a current pipeline of more than $500 million.

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