Oracle 18c

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WITH your_table AS (SELECT 33 ID, to_date('2019-07-01 09:31:04', 'yyyy-mm-dd hh24:mi:ss') creation_date, NULL master_id FROM dual UNION ALL
                    SELECT 52 ID, to_date('2019-07-01 10:45:04', 'yyyy-mm-dd hh24:mi:ss') creation_date, NULL master_id FROM dual UNION ALL
                    SELECT 72 ID, to_date('2019-07-01 12:31:04', 'yyyy-mm-dd hh24:mi:ss') creation_date, 33 master_id FROM dual UNION ALL
                    SELECT 64 ID, to_date('2019-07-01 11:00:04', 'yyyy-mm-dd hh24:mi:ss') creation_date, 33 master_id FROM dual UNION ALL
                    SELECT 71 ID, to_date('2019-07-01 11:01:04', 'yyyy-mm-dd hh24:mi:ss') creation_date, 52 master_id FROM dual)
SELECT
    ID,
    CREATION_DATE,
    MASTER_ID
FROM
    (
        SELECT
            ID,
            CREATION_DATE,
            MASTER_ID,
            CASE
                WHEN MASTER_ID IS NULL THEN 0
                ELSE 1
            END AS RN
        FROM
            YOUR_TABLE
        ORDER BY
            CASE
                WHEN MASTER_ID IS NULL THEN ID
                ELSE MASTER_ID
            END,
            RN
    );

ID	CREATION_DATE	MASTER_ID
33	01-JUL-19	null
72	01-JUL-19	33
64	01-JUL-19	33
52	01-JUL-19	null
71	01-JUL-19	52