New neighbourhood coming to Sydney
One of the largest landholdings in Austral has sold for a record $119.5m and is set to create a new Sydney neighbourhood of 550 homes.
The mammoth landholding of 41.32 hectares at Lot 10 Gurner Ave has been secured by Castle Group who plan to build a connected, sustainable masterplanned community.
Austral currently has around 1,800 homes and the project is set to increase that total by a quarter.
With proximity to major infrastructure and jobs at the Western Sydney Airport and aerotropolis, the area is surrounded by the natural bushland of Western Sydney Parklands.
The site was sold by Joe Sacco of Colliers and Frank Oliveri of Oliveri Capital on behalf of the Hellenic Village a group made up of 21 Greek community associations throughout Sydney.
'This sale is a true testament to the strength of the local market, given the sheer scale of the offering,' Mr Sacco said.
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'Austral continues to be transformed, and this transaction provides the incoming purchaser with the perfect opportunity to create an exceptional new community in the heart of one of Sydney's fastest-growing regions.
'Sites of this size are very rare in the current market and will help with the burgeoning demand for housing in the fast growing South west Sydney region,' Mr Oliveri added.
Head of Development of Castle Group Stuart Allen said the development will help meet the growing demand for low and medium density housing in Western Sydney.
'Castle Group is investing heavily in South West Sydney and with this acquisition, we've grown our footprint in the area to seven projects totalling more than a thousand homes,' Mr Allen said.
'We're a Western Sydney company, we're part of the community that we work in, and we're excited for this opportunity to positively shape Austral's future.'
Hellenic Village is made up of 21 Greek community associations throughout Sydney, representing a number of ancestral groups and cultural organisations.
Austral is experiencing a surge in development, driven by its proximity to the future Western Sydney International Airport due to open in 2026 and the Western Sydney Aerotropolis.
Austral has also been earmarked for significant residential and commercial development, supported by local and state government initiatives.
The suburb benefits from ongoing upgrades to road networks, including Bringelly Road and The Northern Road, which improve access to major motorways like the M7 and M5.
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