Buyers snap up $100 million in land at new estate
Final lots for sale at new estate located in Ipswich’s booming southern corridor.
Ipswich
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JUST three blocks of land remain for sale at a new 502-lot Deebing Heights estate after eager first home buyers swooped on the development.
Developer Orchard Property Group on Tuesday confirmed the impressive result following the reported sale of more than $100 million worth of new land in recent months.
The $105 million key project, which first launched in July, was met with much anticipation by those keen to break into the market of Ipswich’s southern corridor.
Orchard Property Group managing director Brent Hailey first predicted a strong demand when speaking with the Queensland Times earlier this year.
More than $3 million worth of land was sold – mostly to young adults putting to use the first home buyer’s grant – just under a month after it first hit the market.
“Most of the buyers are currently living in Ipswich or within the older parts of Deebing Heights and see Aurora as a good opportunity to stay close to family in this catchment,” he said.
READ MORE: Young buyers scoop up $3 million in land in three weeks
“Over the last decade, Deebing Heights emerged as one of the hidden gems in the Ripley Valley growth area with schools, shopping and recreation facilities all just a short drive away.”
Inquiries had also come from both second and third home buyers who were keen to trade up.
Mr Hailey credited the range of lot sizes - from 362 sqm to 600 sqm - and affordable pricing as key elements to the subsequent demand.
Prices started at $186,000, while house and land packages could be secured for just under $400,000.
READ MORE: $105M development launches on back of HomeBuilder demand
“When you look at the cost of renting in the area and compare that to the cost of buying, it is pretty easy decision to make even before the $40,000 in grants available to first homebuyer,” he said.
“Low interest rates are making it very attractive for buyers to enter the market for the first time or trade up to something a little bigger and newer.”
The first 63 sites released in Stage One were completed and registered in September.
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