ALAND has had a record month in March, with sales overtaking the construction and property development company’s previous record from December 2020.
ALAND saw 197 contracts exchanged in March, worth over $110.96 million, thanks largely to historic low interest rates and the tail end of the federal government’s HomeBuilder grant, which had a March 31 deadline.
“Conditions were extremely favourable. There is no doubt that ALAND’s affordable price point combined with low interest rates tempted both first home buyers and investors into the property market,” said Mark Bernberg, sales director at ALAND.
ALAND’s Greater Western Sydney developments, The Hoxton in Liverpool and Schofields Gardens in Schoefields, experienced strong surges in sales over the month.
“Traditionally our properties have been mostly purchased by investors. Our product range in terms of fixtures and fittings are at a price that is perfect in terms of generating significant rental yield,”
Both areas are reportedly forecasted to see significant growth over the next decade, driven in large part by new infrastructure projects in the Greater Western Sydney region.
According to the NSW, in 2019, Liverpool is expected to experience a 26% increase in population growth over the next decade.
While the Schoefields Precinct, which was rezoned in 2012, was subject to new planning controls to allow for urban development. At the time of rezoning, the NSW government said this new development would include nearly 3,000 new residences.
This boost in sales comes after ALAND made two new appointments to its leadership team in February, with the hiring of Paul Ottaway as funding director and Ryan lane as head of development.
“It’s likely that strong buyer demand will continue to fuel robust property sales long after the end of the government’s COVID stimulus schemes,” added Bernberg.