INVESTORS or prospective first home owners are expected to jump at the chance to secure some of the most affordable blocks of land Bathurst has seen in years.
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The blocks, in Red Gum Place, off Bradwardine Road, are minutes from the centre of Bathurst and are just $115,000 each.
Steve Ellery, from Bathurst Real Estate, one of the agents handling the sale of the land, said he expected they would go quickly, simply because of their price point and proximity to town.
“They are a really, really good price. It’s been a long time since I’ve seen land for $115,000,” he said.
Mr Ellery said the blocks were sloped, so buyers would have to design a house around that.
“But, realistically, prospective purchasers could get into a brand new house on one of the blocks for around $315,000,” he said.
“The repayments on that are probably cheaper than paying rent.
“The land is ideal for investors or first home owners looking to get into the market, and when you think about real estate, it only goes one way, which is up.
“These blocks are an ideal opportunity for people to get into the market, I know if I was young again that’s what I’d be doing.
“People have to start somewhere and, really, this is an ideal opportunity.”
Mr Ellery said first home owners building a new house could be eligible for a government grant of $15,000, as well as the benefit of no stamp duty.
He also said astute property investors should take note.
“Within the next 15 years, the population of Bathurst is expected to increase by 10,000, so the rental market will be strong,” he said.
“It’s a good market now and you could be looking at a four to six per cent return on a house here.”
Mr Ellery said it was also rare for land this close to the CBD to be available.
“Land is scarce. All you have to do is look how quickly the blocks of land go at the council ballots. These blocks represent real value,” he said.
