Fifty of the 75 new lots recently released for sale at Watagan Park, in Cooranbong, had been purchased, developer Keith Johnson said this week.
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The sales defied the cooling housing trend being experienced in Sydney, and was further evidence of the “value for money” families and investors saw in Lake Macquarie, the Johnson Property Group managing director said.
“As the Sydney property market declines, we’re seeing the opposite in Lake Macquarie, Newcastle and the Lower Hunter which are enjoying compelling growth,” Mr Johnson said.
“All market segments – from first-home buyers to investors – are seeing the comparative value for money and lifestyle on offer. The proximity and connectivity to Sydney is further raising the appeal of this region.
“When we first proposed Watagan Park Estate, there were some who questioned why anyone would want to live here. To date we’ve sold 369 lots and have more than 280 homes completed and occupied by families who love everything this area has to offer.”
Watagan Park is described as a “master planned estate” of 356 hectares.
It will eventually comprise 2,500 lots.
Mr Johnson said buyers were attracted by Cooranbong’s “unbeatable outdoor lifestyle”; access to educational, health and retail facilities; and connectivity to the M1 Pacific Motorway for access to Sydney, the Central Coast, Newcastle and Hunter Valley wine country.
“The market demand is going from strength-to-strength. We’ve just registered 75 new lots and two thirds of them have already been snapped up,” he said.
“They range from 450 square metres to 904 square metres, many have north-facing rear yards which will never be built out, and prices range from $258,888 to $358,888 so it represents great value in a much sought-after location.”
Five of the state’s leading builders were about to start building homes in the estate’s new display home village, Mr Johnson said.
McDonald Jones Homes, Beechwood, Simonds, Mojo and Oracle Platinum Homes are building 16 new homes in the Watagan Park Display Village which will showcase the latest in new home designs and trends.
“The display village will be a strong drawcard, not only for those looking to build at Watagan Park but for others who want to take in the very latest homes and interior designs from these builders,” Mr Johnson said.
“The fact we’ve been able to attract five of the state’s leading builders to Watagan Park is testimony to the appeal of the location and the overall strength of the housing market in the Lake Macquarie region.”