Apartment king Harry Triguboff has snapped up a $50 million Castle Hill development site with approvals in place for almost 300 units as receivership and mortgagee-in-possession sales flood the western Sydney market following local developer collapses and as rising costs and interest rates make many projects unfeasible.

Ray White Commercial Western Sydney managing director Peter Vines said 13 per cent of the agency’s current listings were mortgagee in possession sales (sites repossessed by receivers on behalf of secured lenders). This compared with almost none a year ago.