The opening of the third Sovereign Hills display home village, featuring 21 homes by 14 local builders, has driven interest in the region.
THE land grab continues across Port Macquarie-Hastings with the latest new housing estate selling out within four days.
Local buyers were at the front of the line for blocks in CW Group’s stage one release at The Sanctuary, on John Oxley Drive in Thrumster.
Within four days of announcing the pre-release to buyers who had registered their interest, more than 90 per cent of the 31 homesites, ranging in size from 453-795m2, went under contract.
This record result comes after the land last release at Sovereign Hills in 2020, managed by the Lewis Land Group, sold out within 24 hours in an extraordinary show of confidence in the local real estate market.
Sovereign Hills is now preparing to release stage six mid-year and it will be their largest land release to date with 71 blocks up for grabs.
CW Group sales director, Robyn Valmadre, said almost all of the interest in The Sanctuary came from local buyers who jumped at the opportunity to be part of the new estate west of Port Macquarie’s town centre.
“Port Macquarie residents were attracted to the boutique size, elevated position and green nature of The Sanctuary,” Mrs Valmadre said.
Buyers will be able to build from early 2022.
CW Group founder and CEO, Damien Gwynne said Port Macquarie is offering a lifestyle that is hotly sought after particularly from metropolitan markets where the exodus to regional areas continues.
“It’s an ideal location for those who love to enjoy a lifestyle of leisure, with the area boasting vibrant cafe cultures, buzzing restaurants, two major shopping centres, cinemas and a contemporary theatre,” Mr Gwynne said.
All about lifestyle: The Sanctuary, off John Oxley Drive, at Thrumster, Port Macquarie.
At Sovereign Hills, Lewis Land Group’s head of development Michael Long said the momentum continues for Port Macquarie with interest still sitting largely with local buyers.
The opening of the third Sovereign Hills display home village, featuring 21 homes by 14 local builders, has driven interest in the region.
“Since launching the village we have seen a real uptick of people coming through the display homes. The village has been a hive of activity on weekends since we opened,” Mr Long said.
The Heritage, stage 6 of the Sovereign Hills residential estate, will be released in June and will be the largest land release for the development to date.
“It is the largest release we’ve ever built in one go. Ordinarily we would not release a stage of that size. It would take too long to sell,” Mr Long said.
“We normally limit it to a maximum of 50 blocks but given the amount of demand in the market we see no problem in being able to move all 71 lots.”
Mr Long said average blocks will be in the vicinity of $285,000 and with more than 3,000 people on their database, interest is expected to be strong.
And most property analysts do not expect the city to country exodus to end any time soon.
A recent survey has found one in five city residents want to move to the country.
“We are seeing a bit more investor enquiry. Only 10 per cent of sales are coming from city people wanting to move to the country. Locals are by far the highest buyer category across the whole range from first home buyers to downsizers,” Mr Long said.
Sovereign Hills continues to grow with the next major infrastructure investment a sports precinct at Thrumster next to St Josephs Regional College. On the retail front, stage 2 of the town centre is in the concept design phase and will include more restaurant offerings, commercial space and a focus on health and wellbeing.
Data from the Australian Bureau of Statistics shows the nation’s capital cities had a net loss of 11,200 people between July and September in 2020.
CoreLogic said house prices in regional areas were up almost eight per cent over the past year, while prices in capital cities lifted about two per cent during this current boom in prices.
Survey results from the Regional Australia Institute shows one-in-five city residents are looking to move to the regions, with more than half wanting to make the jump within the next year.
Low interest rates, the ability to work from home, a desire for a better family lifestyle, first home bonuses – they had all bolstered the trend.