RESIDENTIAL PROPERTY

Buyers pour into Port Macquarie

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LEWIS Land Group has sold out the latest land release at its $500 million Port Macquarie master planned community in just 24 hours, helped by a strong showing from owner occupiers.

The Sovereign Hills community as 2,400 lots situated 10 minutes’ drive from Port Macquarie CBD, on the NSW mid-north coast.

Stage three of The Heritage land release sold all 54 lots in the 24 hour period for a total land value of $13.5 million.

Combined with the average price of a new home, the total value of development activity is predicted to be $31.5 million.

Lewis Land Group chief executive officer, Matthew McCarron believes growing interest in the Port Macquarie and Sovereign Hills area, combined with government assistance for first home buyers and home construction all contributed.

“The new federal government HomeBuilder grant, existing NSW first home buyer support programs and early access to superannuation are making it easier than ever for young Australians to get into the housing market.

“First home buyers have accounted for 26% of purchasers of this release, which is about double our usual experience” he said.

“The combination of this financial assistance, well priced land and significant amenity has created the perfect value proposition for our buyers.”

Sovereign Hills wills include schools, a brand-new town centre, two childcare centres, and regional sporting fields.

“We’ve never achieved this before in Sovereign Hills, let alone during a global pandemic,” McCarron said. The next land release has been brought forward to November to meet demand.

McCarron said 54 blocks of land require houses to be built, which will generate “hundreds of jobs across the region”. He estimates that the new 19-home Sovereign Hills Display Village, expected to open early next year, would generate an estimated $132 million in local new home construction activity annually, or 58% per cent of the region’s residential development.

Australia’s oldest private property developer, Lewis Land Group has just acquired the Mon Komo Hotel in Redcliffe in the first Queensland pub transaction finalised during the pandemic.

The group will back its track record of reviving large format venues and is planning a multi-million dollar renovation and repositioning over the coming 12 months.

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