Housing crisis: First lots of Leda Group’s Kings Forest development in NSW sells out in just 12 hours

The record tightness of the Gold Coast’s property market has ramped up, with the first lots of a major housing development selling out in just 12 hours. DETAILS

The record tightness of the Gold Coast’s property market has spilt over into northern NSW, with the first lots of one of the Tweed’s biggest developments selling out in just 12 hours.

The sellout of first 38 lots of Leda Group’s Kings Forest estate on the Tweed has sparked renewed calls by developer Bob Ell to unlock more housing.

Mr Ell said he would bring another stage of the project to the market later in January.

“We put the first blocks on the market just before Christmas and they were snapped up in no time flat,” he said.

King's Forest development in northern NSW which is owned by Leda Group

“We’ve had to stop and put some thought into it and we’ll have to stick another 38-40 lots on the market this month because there is so much pent-up demand.

“Interestingly a lot of the people who have bought at Kings Forest are not just Tweed people, they are Gold Coasters who need to live in northern NSW (because of a lack of stock on the northern side of the border) while working on the Coast.”

Mr Ell said it backed his calls for the federal government to green-light environmental approvals for his Coomera Quarter estate.

The developer wants to build more than 4000 homes on a 161ha site fronting George Alexander Way and Cunningham Dr.

Once completed, it could house up to 10,000 people.

Bob Ell

It has already been green-lit by both the Gold Coast council and the state government.

The federal government says it’s still looking at the development.

Sales data compiled by real estate firm Colliers and revealed in November shows just 55 housing blocks were sold during the first three months of 2024, while around 2000 houses were sold during the same period, down from 2750 just three years ago.

It was revealed the same month that housing prices had increased more than 75 per cent in the past four years with new data showing it costs more than $1m to get into much of the city’s property market.

A September report, by property consultancy firm Urbis, warns the city faces the “risk of a dramatic slowdown”, with thousands of units appearing increasingly unlikely to be delivered in coming years despite record population growth and record-breaking sales. It noted the number of projects launched in the first three months of 2024 was the lowest since the beginning of Covid.

King's Forest development in northern NSW which is owned by Leda Group

Mr Ell has been planning Kings Forest and his neighbouring Cobakai Lakes developments since the 1990s but has faced years of delays in securing approvals from the NSW Government.

The estate, which straddles the Queensland/NSW border, will have 4500 lots covering 869ha and, once completed, will become home to more than 11,000 people.

Real estate agency Colliers has been appointed to sell the lots, with the sales campaign led by directors David Higgins and Jon Rivera.

Mr Rivera said he was not surprised at the speed the lots were snapped up.

“It was taken to the market quietly but the success of the take-up did not surprise me because our sales team have been constantly harassed by the same people who really wanted to buy there,” he said.

“It has been hard because the longer people have had to wait to buy here, the more expensive it has become.”

Mr Higgins said the lots were being targeted to owner-occupiers who live locally.

“While Kings Forest is in northern NSW, it is really part of the greater Gold Coast and it is close to beaches, the airport and infrastructure,” he said.

“We have 148 blocks ready to go and construction will begin on a further 250 blocks soon so it is all about getting the supply into the market given how tight it is across the board on the Gold Coast.”

Originally published as Housing crisis: First lots of Leda Group’s Kings Forest development in NSW sells out in just 12 hours