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BINGARA GORGE LAND RELEASE TO MEET HIGH DEMAND

01 June 2010

Within the two precincts so far made available for purchase within the master-planned community, only one traditional size block (800 sqm) remains unsold.  This month also saw a major milestone reached when the 100th block of land sold.

Project director Paul Gerlach said today that fears of a fall-off in demand following the withdrawal of the First Home Owners Boost had proven unfounded and buyers continued to show strong interest in purchasing land.

“Undoubtedly we got a lift from the extra activity in the first home buyers’ market but that was more due to the trickle-down effect of our buyers being able to sell existing homes and move up to Bingara Gorge,” said Mr Gerlach.  “This accounts for the increasing proportion of buyers who are already resident in the Macarthur and Wollondilly region, which currently stands at 61 per cent.

“In the past month there’s also been a noticeable increase in demand for the larger and more expensive  half acre blocks. This is borne out by our own research that shows potential buyers are most interested in land over 1000sqm.”

On June 11, the new land release within the Pembroke precinct will consist of 22 lots, most of which are more than 1000sqm. There are seven “Traditional” lots ranging in size from around 880 to 980sqm. New release prices begin from $258,000.

“Through 2009, traditional blocks were the most sought after and we don’t expect the seven we are able to release now will be around for long,” said Mr Gerlach.
“This release includes the first of our bushland lots. For many buyers these lots present an opportunity to really enjoy the town and country lifestyle that we are able to offer at Bingara Gorge – a sophisticated urban environment with nature on the doorstep.”

There are currently 37 residents living at Bingara Gorge, a community development that will be home to more than 3500 by 2020. Nineteen homes are under construction and a further 51 have been approved and ready to build.

 

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