"Chinatown"-Official media of Chinese Australians

Twenty families in Sydney’s northern suburbs have joined forces to triple the value of their homes.

According to a report by Fairfax Media's Domain website, they will sell 20 detached houses scattered on three streets of Castle Hill to developers. For developers, this area may be worth tens of millions.

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"This is a prime area," said Brian Caba, director of LJ Hooker Castle Hill. Kabbah is responsible for coordinating the sale and launching domestic and foreign marketing activities starting Friday.

Kabbah will also sell the land through Juwai.com, a Chinese real estate portal, hoping to attract the interest of Asian developers, especially those from the Chinese. The land can be sold more than 3 times the normal value.

The homes distributed on Middleton, Dawes and Hughes Avenues are all located in the Urban Activation Precinct of the NSW Government’s Northwest Rail Link. The government has designated activation areas to encourage developers to build apartments and increase housing supply near transportation hubs.

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Kabbah said that these residents will make a fortune. "Imagine that the value of the house has nearly tripled. How exciting." But he refused to disclose the guide price.

Last month, a house in this block was sold for 184 million yuan, so the prices of these combined houses must be much higher.

Last year, six families in Epping sold their houses together to a Chinese-related developer for about 3,000 million yuan, which means that each household can get about 375 million yuan. The broker in charge of the sales at the time said that if they were sold separately, the prices of those houses would only be around 120 million yuan.

Encouraged by the Epping sales case, Ron Buxton and Trevor Cody, who live next to Castle Hill, started planning three months ago and knocked on their neighbors on Middleton Ave from house to house.After multi-party negotiations, more than 20 families have stood on the united front.

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These houses cover an area of ​​nearly 1.9 hectares, and each household has the same plot area, so the income will be evenly distributed after the sale.

A resident of Castle Hill said that they understand that development is unstoppable. Most of them are empty-nest elderly and do not need such a large living space. Therefore, joint house selling is no longer the case in the local area.

Domain Group data shows that the median house price of Castle Hill is currently 127 million yuan, which has risen by 31.6% in the past year.

Article reprinted from "Australia Micro News"

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