First release of $1.3 billion of rezoned Box Hill land sells out ahead of schedule

First release of $1.3 billion of rezoned Box Hill land sells out ahead of schedule
First release of $1.3 billion of rezoned Box Hill land sells out ahead of schedule

The Hills of Carmel, a 2,000 lot sub-division spread across 223 hectares in the newly rezoned Box Hill, has sold out its first stage faster than expected.

More than 115 housing blocks have been sold to home buyers since the $1.3 billion site launched in mid-May, prompting an early release of the next 16 hectares of untouched land.

The next release is made up of 180 blocks which will start at $420,000 for 300 sqm.

Additional lots will be available consisting of 375 sqm, 450 sqm and 550 sqm.

The vast land, once owned by Governor William Bligh in the 1800s, is five minutes from the soon to be completed Metro line at Rouse Hill.

It will form part of a community which will feature a new shopping centre, playing fields, schools and extensive outdoor space and bicycle paths.

Property development consultant for The Hills of Carmel Bob Welsh expects strong sales due to a continuing shortage of affordable housing for Sydney home buyers.

The Hills of Carmel is the best accepted estate that I’ve worked on in more than 50 years of property development – showing us that not only is there great confidence in this market, but that this development presents a unique opportunity to buy in early to the only master-planned community in the soon to be developed Box Hill,” he said.

Bob said the first release sold twice as fast as expected.

According to Welsh, The Hills of Carmel is also the only land in the Box Hill release area with all services currently enabled on site, and with housing construction ready to commence in mid 2017, will be the first to develop in the release area, acting as a path breaker for all future developments.  

The first buyers in The Hills of Carmel are made up of first and second home buyers, young families and major builders like Icon, Masterton and Eden Brae who will be creating house and land packages. 

Overall, the development is expected to create thousands of new jobs, while injecting an estimated $700 Million into the local economy.

The Department of Planning expects the new suburb of Box Hill to take shape over the coming five years, and to advance significantly over the next two decades to eventually comprise of 9,600 dwellings and population of more than 28,000 people.

Tags: 
Residential Development Box Hill

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