New South Wales property sector booms
A major rural property development in New South Wales has experienced record buyer demand with a land sale every ten minutes at its release launch yesterday (July 8).
The land sale at Watagan Park near Lake Macquarie saw people buying land at a record rate with more than 28 blocks sold by 1230.
Demand in the land, at the new Corranbong estate, shows renewed confidence in the New South Wales property market.
Launched by the state's largest private property developer, Keith Johnson, sale of the land located at the foot of the Watagan Mountains attracted queues of buyers.
Mr Johnson commented: "Today has taken me more than ten years of red tape, planning, frustration and angst, but I was always very confident that Watagan Park is unlike any other development in the region.
"We will now have further land releases in the next few months and we expect the demand to continue."
A significant portion of the Watagan Park land will be preserved as natural bushland for the benefit of the region's local community and the estate's residents.
Mr Johnson said there were also plans for a major retail precinct in the region.