Over $13m sold: Housing estate clears first two stages

A MASSIVE inner-city housing estate in Toowoomba has sold more than $13.2 million inside two months since it was launched.

FOR SALE: The Leas project in Middle Ridge has just been announced as the latest housing estate through LJ Hooker Toowoomba. Picture: LJ Hooker

A MASSIVE inner-city housing estate in Toowoomba has sold more than $13.2 million inside two months since it was launched.

All but seven lots from the first two stages of the Catholic Church's Leas Project in Middle Ridge have been sold since the 138-lot estate was launched in December through LJ Hooker Toowoomba.

The project will be based on 11 hectares of vacant land owned by the Roman Catholic Diocese of Toowoomba on the corner of Hume and Spring Sts.

LJ Hooker Toowoomba's head of operations Jeremy Lewis said he had been surprised by how quickly the lots had sold.

He put the demand down to an under-supply of houses in inner-city suburbs like Middle Ridge, Centenary Heights and Rangeville.

"Certain suburbs like Rangeville experienced lower transactional history, so that means with the tightening of the marketplace, there is more incentive for buyers to build their own homes," Mr Lewis said.

"That's resulted in us being able to sell out stages one and two very quickly.

"The major story for us in residential real estate is that most of the CBD sales were experiencing market tightness last year, which has driven people to think about building their own homes."

For more information, head to www.theleas.com.au.

Originally published as Over $13m sold: Housing estate clears first two stages