Lewis Land Group, Australia’s oldest private property developer, banked $13.5 million in less than 24 hours selling 54 housing lots – the third stage of its The Heritage estate in Sovereign Hills, north of Port Macquarie.
First home buyers accounted for 26 per cent of acquisitions “which is about double our usual experience,” the Sydney based group’s chief executive officer, Matthew McCarron, said.
The federal government’s Homebuilder, NSW First Home Buyer support program and early access to super, are driving factors, he added.
“A limited public awareness marketing strategy was also used to generate interest in this exclusive release,” according to executive.
Combined with the average price of a new home, the developer is anticipating the 54 properties will make way for product with an end value of about $31.5 million (story continues below).
Sovereign Hills is master-planned to contain about 2400 dwellings, a town centre, sporting fields, schools, and childcare.
It is considered a local economy boosting project, given the Port Macquarie-Hastings area was severely damaged by bushfires late last year.
Mr McCarron said the fourth land release is scheduled for next month.
The pocket is between Port Macquarie and Wauchope, a hinterland region gateway.