THREE blocks of land in the Beaches Catherine Hill Bay development have sold for more than $1million, developer Bryan Rose says.
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Mr Rose said 230 lots had been sold over two years in the 556-lot housing estate.
Thirty lots remained on the market, with other stages to be released in future.
“People who bought first up have done very well,” Mr Rose said.
“Our average sales price for a block in the first six months was about the $250,000 mark,’’ he said.
“Now the average price is $440,000.”
Despite Australia’s strong property market, Reserve Bank head of financial stability Luci Ellis warned investors on Thursday to expect slower home price growth and occasional price falls in the future.
People who bought early in the Rose Group development did so when little infrastructure work had been done.
Mr Rose said earthworks were almost complete for the first two stages.
The first sites were expected to be ready for building early next year.
Most buyers were from the Lower Hunter and Central Coast, with the majority fromw Lake Macquarie, he said.
“We’ll start work on roads and other infrastructure in about a month,” he said.
The development will be built between two beaches and next to Munmorah State Conservation Area.
The three blocks that sold for more than
$1million were those with the best beach views.
Real estate agent Rob O’Brien, who had sold several other properties in the town for more than $1million, said it was a “lovely spot”.
“The prices reflect the town’s uniqueness,” Mr O’Brien said.
Catherine Hill Bay has long been a property hotspot.
Realestate.com.au figures show two of the seaside town’s properties sold for more than $1.2million late last year.
The suburb’s market hit a median of $1million in 2004, before the market corrected. The Herald reported previously that the Bay’s property prices fell from a median of $675,000 in 2008 to $442,000 in 2011.
The suburb’s property market had been known for high-priced sales of ‘‘tiny weatherboard cottages’’ – some going for more than $1million.
The development will include a general store, cafe, doctors’ surgery and seven parks and reserves.
Montefiore Street, which Rose Group owns, will be closed from Monday, August 17, to allow the road to be upgraded.
For more information visit beacheschb.com.au.
