Residential Land Sales Slowing Down Across the Hunter

BY DAKOTA TAIT

Residential land sales are losing steam across the Hunter, slowing down by around 23 percent compared to last quarter. 

The latest Housing Industry Association report is seeing lot prices rise significantly, with a serious shortage of shovel-ready land. 

Land sales have fallen by 13.10 percent in Newcastle and Lake Macquarie and 32.7 percent in the Hunter Valley.

Meanwhile, the median lot price in the Hunter Valley has now risen to $215,000, a 3.42 percent increase on last December.

Executive Director Craig Jennion says it's likely to take some time for the industry to catch up with the demand created by last year's Homebuilder initiative.

"In Newcastle and Lake Macquarie, unfortunately we've seen prices go up six percent in the last quarter, and 20 percent over the last 12 months," Mr Jennion said. "That's a result of supply and demand."

"It takes up to ten years to bring a parcel of land to market, and we expect throughout this year, whilst there's lots of bulldozers trying to bring land to market, that it will just take a little bit of time for that to occur." 

Concerns New Suburb Could Put Pressure on Hunter Infrastructure

BY DAKOTA TAIT

Plans for a new suburb north of Glendale are facing concerns that residents might be left playing catch up for infrastructure.

The rezoning is set to deliver between three and four thousand new homes, almost one thousand of which will be inside the Lake Macquarie area.

But Wallsend MP Sonia Hornery says local infrastructure issues need to be dealt with now for the development to work out.

"What we need to consider for the future too of course is how aspects of infrastructure are working so that the people who live and are going to live in that area in the future have future schools, have public transport, have easy access to hospitals and other facilities," Ms Hornery said.

The 592 hectare site, owned by Eden Estates, straddles both Newcastle and Lake Macquarie councils along the Newcastle Link Road.

Ms Hornery says while the development will help alleviate the Hunter's housing crisis, existing problems are likely to only get worse as long as schools and roads remain crowded. 

"What we know of particularly around the Blue Gum Hills area is that students are crossing dangerous roads and that schools are over capacity," Ms Hornery said.

"What the department need to start doing is to start building schools ahead of capacity rather than behind it."

"Those factors all need to be considered and they need to be considered deeply with council as well, so that we can ensure that people aren't stuck in areas that they can't get out of or that we have increased traffic jams and problems in the area because traffic already is at capacity." 

Image credit: Eden Estates