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Financial Review Rich Lister Nigel Satterley and his fellow investors in a Satterley Property Group syndicate are selling a huge housing estate south of Perth to put their money into better opportunities in the much stronger Melbourne land market.

Satterley Property Group’s partially completed Austin Lakes Estate near Mandurah comprises 636 hectares with the capacity for almost 5000 lots and comes with a price tag of about $33 million, a fraction of what an estate of similar size would cost in Sydney or Melbourne.

Each Satterley project is held in a separate syndicate with Mr Satterley investing alongside other high-networth investors, a business model that has helped make him one of the country’s most successful private land developers with a net worth of $546 million, according to the latest Rich List.

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