Home buyers recently braved torrential rain to ensure they didn’t miss out on a new land release in Sydney’s south-west.
Some 18 of 33 first-release Aurora lots at Georges Fair in Moorebank sold in the first four hours when offered earlier this month.
Now, only seven lots remain within the latest land release, on the estate which is 27kms from the Sydney CBD.
Georges Fair is the master-planned community being developed by Investa Property Group, a developer with a focus on sustainability.
One couple camped overnight to secure a block, while more than 20 arrived early in the morning.
A mixed group of first-home buyers and investors seeking their second or third property were amongst the new owners, an Investa spokeswoman said.
“All the land releases sell out really well – it’s one of the very few places you can buy land at that proximity to the city.”
The spokeswoman said the large central park was also a drawcard for young families.
Investa's Nathan Huon said the lots were highly sought after because of the limited number available in the Aurora neighbourhood, which enjoys an elevated position allowing a view over the other Georges Fair communities.
"We knew there was a high level of interest, but those sorts of levels of people camping out we haven’t seen that since the 2000s," he said.
"It’s unusual to see that these days."
Lot sizes range up to 510 square metres in the latest release but there was a demand for smaller 300 square metre blocks.
Mr Huon said this reflects the bigger selection of design choices available for properties of this size.
“In the past, the housing designs were few and far between, but as time’s gone on there’s a larger range,” said Huon.
Properties at Georges Fair are being built by Clarendon Homes.
The remaining first release Aurora lots are priced from $365,000 to $437,000.
The median sale price of a Moorebank house is $507,000 which is a 3.5% increase since last year.
The asking rent of a Moorebank house if $460, making an indicative gross yield of 4.7%.
About 400 lots and houses are yet to be released of the total 1000 lots.
The 103 hectare Georges Fair sits on the infilled former site of a Boral Brick quarry, one of the largest infill projects in Australia.
Work began on Georges Fair in 2005 after Investa bought co-ower CPG Australia in 2005.
The project with an end value of $600 million which puts the end value of Investa’s land projects at around $3 billion given the company’s national land development portfolio.
Nationally Investa has more than 25 residential and industrial developments underway or in the pipeline which incorporate in excess of 12,500 lots and over 450 hectares of industrial land.