Castle Hill could be a good long-term investment: HTW residential

The north-western Sydney suburb Castle Hill is seen as a desirable location and a suburb many locals aspire to live in, according to a recent Herron Todd White (HTW) residential report. 

"This suburb provides a variety of real estate, but houses begin from $1.2 million for entry-level dwellings to executive style mansions at between $3 million and $4 million," says the valuation firm. 

The report notes the main draw cards are high quality schools, larger blocks, quiet leafy streets and close proximity to a major shopping centre, bulky goods precinct and the Norwest business park.

In addition there are two new train stations being built within the suburb.

The median value in Castle Hill for houses in 2018 was $1.4 million, according to realestate.com.au.

"For that sort of money, you can get an updated four-bedroom home on a decent parcel of land with potentially a pool," says the HTW report. 

The house at 23 St Marks Avenue (pictured below) recently sold for $1.35 million and provides four bedrooms, three bathrooms, double garage and a pool on a 923 square metre block.

An example of a high-end property is this six-bedroom, six-bathroom executive dwelling at 3 Lomond Place (below) with an eight-car garage.

This home features high quality inclusions with an in ground pool all improved on 2,000 square metres of landscaped land. This property sold for $3.8 million in June 2018.

"The absolute entry level for dwellings in Castle Hill is the sub-$1 million market. Any dwellings under this mark have a number of less desirable features, but for the savvy purchaser, present a foothold in the market," says the HTW valuer.

The dwelling at 3 Gary Street (pictured below) sold for $940,500 in January. It provides three bedrooms and one bathroom with a built-in garage.

Overall the property is in below average condition and is positioned on a 696 square metre corner block.

"The compromise for buying this property is being located on the outskirts of Castle Hill and the dwelling is in need of attention which could be costly. Is it worth it? It all depends on what you want.

"Some people want a detached house they can add value to and escape strata living. Others may wish to spend similar money on a more modern townhouse offering the same or maybe more accommodation with superior features throughout.

"Long term, land in Sydney will become more valuable and having 700 square metres in Castle Hill should prove to be a smart decision."

In the past five years, dwellings in Castle Hill have risen 52% off the back of a huge price boom in Sydney.

While the median has dropped in the past 12 months, Castle Hill in the long term is seen as "a wise move given the solid fundamentals and major draw cards that underpin the area", said HTW.