German Street property.
German Street property.

REVEALED: Dozens of new blocks of land to hit the market

WHEN the Federal Government revealed its $25,000 HomeBuilder grant in a bid to stimulate the economy, Stan Cooke said it was like someone turned on a tap in terms of land inquiries.

The principal of Cooke Property Agents Rockhampton said inquiries for land had increased seven-fold as first home buyers and builders sought to cash in on up to $40,000 in government grants – including the Queensland Government’s existing $15,000 scheme for first home builders.

In the Rockhampton region, multiple housing estates are under development and a prime parcel of residential land in the heart of a sought-after suburb is shaping up as the site of the next flurry of construction.

Nestled in Norman Gardens, the 5.42ha residential development site at 195-211 German St, which is one of the last available in the popular suburb, was last week sold for $800,000 to a local developer, CoreLogic real estate data shows.

Selling agent Mr Cooke said work at the site, which was originally being developed about five years ago, would re-start within weeks.

Mr Cooke said initially, about 30 of the 63 planned lots would be developed.

“We now expect development to start at the site within the next couple of weeks... but certainly by early July at the latest,” Mr Cooke said.

German Street property.
German Street property.

“With the interest in the market and the government grants now available, it is perfect timing and we will have the first public release probably in early July.

“That will involve 20-odd blocks which we expect to sell pretty quickly.

“We think they will be very popular because of its location in central Norman Gardens with easy access to schools and shopping centres.

“It is 63 lots in total. The initial thoughts are that we would develop half of those first up and then be guided by what happens in the marketplace.

“If there is demand for more, the developers are certainly in a position to produce more.”

Mr Cooke said the developers were “99 per cent of the way there” in terms of Rockhampton Regional Council development approvals.

“There are a couple of little things yet to be ticked off and that is the only thing the developers are waiting on before they start construction properly but we expect that will happen in the next 10-14 days,” he said.

German Street property.
German Street property.

Mr Cooke said while they preferred not to be identified at this stage, the developers were from the region and had a local business track record.

“They are certainly keen to deliver a good product in very quick time because they want to cater for the need that now exists, particularly first home buyers,” Mr Cooke said.

“We will have land available there in the early to late $160,000s.

“It will suit local budgets, it will suit first home buyers and it will suit any owner-occupier that is eligible for that $25,000 grant as well.

“If you are a first homebuyer and you want to find a way to get $40,000 for nothing, I don’t know an easier way.”

With the HomeBuilder only available until December 31, the clock is ticking for those keen to cash in.

Mr Cooke said expressions of interest for the Norman Gardens site would not be far off opening.

“I would expect within the next two weeks we would be in a position to take expressions of interest for blocks and I’m hoping not too long after that we will be in a position to sign contracts,” he said.

“If there are buyers out there that want to build, it wouldn’t hurt to get in contact with me.”

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