New estate releases land to needy market
EMERALD is growing in size and population and the latest land release on the south-side of town will provide more residential opportunities for locals and their families.
The first three stages of the Maranda Heights estate were officially released by Central Highlands Mayor Peter Maguire and managing director of Portfolio Projects Bill Lambert last Wednesday, and while the 94 lots were already sold, there were 305 lots yet to be released.
Priced from $99,900 for lot sizes between 600sq m and 1000sq m, Cr Maguire commended Portfolio Projects for bringing an affordable estate to town.
“There’s certainly a need for land in this community and if you look at the demographics, it is a younger community,” Cr Maguire said.
“When talking about costing and affordability, they have done the right thing by the people.”
The estate is located on the juncture of Pilot Farm and Rifle Range Rds and Bill Hayes from Emerald Land and Cattle said almost all buyers from the first three stages were locals.
“There are 70 separate owners of the 94 lots, including first homebuyers, owners up-grading, local investors and local builders,” Mr Hayes said.
“Expressions of interest were received on all 94 lots in the first three stages in just 10 days, with all now under contract. And that was all done without any advertising, just through word of mouth.”
Mr Lambert, whose team also developed The Vines estate, said Portfolio Projects was overwhelmed by the support for the first three stages.
“We have been working with council for over five years to really get it right,” he said.
Mr Lambert stressed that it was very important to the team to limit the number of blocks sold to out-of-town builders and investors.
The lots were officially handed over to commence work on Monday, and Mr Lambert said it would be about seven months before building of homes would commence.
“It will be a great subdivision once we’re finished,” he said.
Mr Lambert said the next two stages would be released to the market early next year and that they would be slightly higher in price than the first three stages.