Riverlea sales surge past $12m following launch

Just a month after its long-awaited launch, the $3 billion Riverlea housing estate is attracting huge demand from home buyers.

More than $12m worth of house and land packages has been sold at Walker Corporation’s $3 billion Riverlea housing estate just a month after its official launch.

The developer started construction at the site in February, fourteen years after first announcing the project.

Around 12,000 homes will eventually be built at the satellite city north of Adelaide, at Buckland Park, becoming home to 30,000 residents, shops, a business hub, 50ha of lakes, 420ha of open space and four schools.

It is predicted $3bn will be invested over 25 years and 10,000 jobs created during the development.

Walker Corporation senior development manager Ben Moore and general manager for Riverlea, Brian Virgo, at the Riverlea site. Supplied by Walker Corporation

Walker Corporation general manager for Riverlea, Brian Virgo, said sales had soared in the weeks since the project's launch, with low interest rates and rising house prices stimulating buyer demand.

“We are thrilled with the overwhelming early success of the first stage with over 65 sales already,” he said.

“Over 50ha of lakes, beautiful parklands, schools and quality retail will cater for everyone from singles, to young families, empty-nesters and investors.

“Riverlea has had a particularly strong appeal for young couples and families, keen to take advantage of new schools and the 420ha of open space and parkland.”

Strong demand for Riverlea’s first release has brought forward the second stage of the project, with a launch date expected to be announced soon.

Artist’s impression of the Riverlea development. Supplied by Walker Corporation

Construction commenced in February and settlement of the first homes is expected by the end of the year.

In February, Walker Corporation chairman Lang Walker said the March 2020 opening of the $867m Northern Connector, linking the South Rd Superway and Port Wakefield Road, had been an integral kick-start to Riverlea, which is located about 35km and 35 minutes’ drive from the centre of Adelaide.

He said concerns about flooding risk had been addressed by the company, including through the design of Riverlea’s 50ha lake system.

Meanwhile, the developer is overseeing the revamp of Festival Plaza, and expects work on a new 27-storey office tower to start by the middle of the year.