Hi Esh
We know this market very well and this price certainly wasn't unanticipated in this complex. Benaara Gardens is a lovely building, nicely located and with very spacious floorplans compared to others in this section of Castle Hill.
What's important to remember, however, is that it's actually a 2x2x1 unit, with the "study" (at a very decent 3x3.3m) really being bedroom size, as well as the extra space throughout (study nook can also be fitted into the hallway/void space). Ideally need to compare floorspace here as this unit was approx 150sqm (exc LUG) vs others in this area in other buildings (some older) at 30-40sqm smaller. Also pertinent is the fact that an identical one in this complex (but on a higher floor) sold almost 2 mths ago for $731K (also North facing) The market has been actively rising and a 4% increase in that period is certainly not unrealistic.
It's important to take all relevant factors into pricing and results (whilst surprising on paper) can be explained when these are considered. These include but aren't limited to location, floorspace, block position, scarcity etc. Much like Castle Hill's other already-built desirable blocks (Jessica's Court etc in Cecil) buyers will pay a premium to get into some buildings over others.
Will be interesting to see how much over the $800K's this listing gets too- same block, larger etc (floorplan not as easy to work with but simple enough to fit 3rd bed in "study" area) though the higher fees in this building do tend to put off investors. Lots of home owners downsizing in the Hills here due to demographics of the area so it will sell without issues I'm sure