Stockland takes 29 seconds to sell 40 Illawarra lots in online blitz
It took just 29 seconds for Stockland to sell 40 lots in its Brooks Reach community at Horsley in the Illawarra in an online sale.
The lots sold online ranged in size from 550 square metres to 700 square metres priced around the early to mid $200,000 range. They were sold online to avoid potential buyers camping out to secure a lot.
The lots were part of a batch of 70 sold in the first week of trading in the newly opened community.
Brooks Reach is the first masterplanned community to be launched in the area in the past decade.
It will include about 600 new homes at completion and is the first land to come on line as part of the 4,700-hectare West Dapto Land Release Area announced by the New South Wales government last year.
The community will also be the location of a 34-home display village to be completed by March 2012 and anticipated to be the largest for the Illawarra.
The current average price for a home in the area is $430,000, while the average house-and-land package at Brooks Reach will be around $410,000.
According to Stockland residential communities CEO Mark Hunter the result continued the recent general improvement in customer sentiment and buying activity in New South Wales.
“The majority of buyers come from within a 10-kilometre radius of Horsley, demonstrating that there is demand for good affordable product in the fast-growing Illawarra region,” Hunter says.
To further boost affordability, Stockland will also be releasing smaller lots from 300 square metres to 450 square metres in the next quarter.
Stockland estimates that more than 3,000 construction-related jobs will be generated for the Illawarra community over the life of the project.
Stockland’s investment in the Illawarra also includes the $330 million redevelopment of its Stockland Shellharbour shopping centre, only a 15-minute drive from Brooks Reach.
