FUTURE land release dates will be reviewed by Bathurst Regional Council with just under half of the Eglinton 100 blocks still unsold almost a month after the ballot.
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The 59-lot subdivision went to a ballot on June 24 where 28 blocks were snapped up on the day. A further seven have since sold.
Lot sizes ranged from 900 square metres to 971 square metres and ranged in priced from $155,00 to $165,000.
Late Friday, three weeks after the ballot, 24 lots remained unsold.
Those lots are all 900 square metres and valued at $155,000.
Bathurst Regional Council mayor Gary Rush said it was encouraging that 35 blocks had already been sold, “particularly when there’s been so many land releases”.
Cr Rush said while he was “exceedingly confident those 24 blocks will be sold”, a review would take place for future releases.
“With other land holdings that we’ve got we’ll review to determine the release date,” he said.
In the lead-up to the land ballot, Cr Rush said council had received significant interest in the lots.
"Council has had strong interest and inquiry on the development and there continues to be strong interest in residential land sales across the city,” he told the Western Advocate in May.
“Council’s previous land release in Windradyne 1000 was popular.”
Cr Rush said on Friday the 24 remaining unsold blocks in the Eglinton 100 development were priced correctly and would not be reduced.
“I don’t think it’s a matter of price, council tries to have a price that will encourage purchasers,” he said.
Lots in the Eglinton 100 subdivision front Cox Lane, Lew Avenue, Templer Way and Fraser Drive.
Council has created numerous profitable housing subdivisions in recent years, resulting in a windfall of millions of dollars for the city’s coffers.
Cr Rush said funds raised through council-owned land releases go to a number of services and facilities across the Bathurst Local Government Area.
“A lot of it does allow council to provide additional services and amenities, but we are always conservative with the revenue generated [by land release sales],” he said.
Cr Rush said there were a number of considerations made before council decides to release any new subdivision by ballot
“We try and release the blocks when they’re ready and to meet demand,” he said.
Under council’s land ballot system, the names of people who register are randomly drawn and they then have the opportunity to select the block of their choice.
At the Eglinton 100 ballot, there were a range of prospective buyers including real estate agents, builders and investors.
Council has come under fire previously for its role as a developer with realtors unhappy about being cut out of the action.
Council, however, is adamant there was still private development taking place in the region.
- To find our more about the Eglinton 100 land release blocks visit Bathurst Regional Council online at www.bathurst.nsw.gov.au.