The slow sale of blocks at a Kelso residential land development has a local real estate agent questioning whether enough is being done to make the sale of land more attractive to potential buyers.
Bathurst Regional Council held a ballot draw on Friday, April 12 for a new 95-lot subdivision off Limekilns Road which has been named Sunnybright Estate.
The lot sizes range from 550 to 1740 square metres, with prices ranging from $140,000 to $255,000.
But a slow return of sales has Century 21 Bathurst director Troy Kearney lamenting on the difficulties of land sales in Bathurst.
"Land in general has been very slow to sell over the last six months, but for council to have such a quiet response to this new development sure is a first," Mr Kearney said.
"Based off the council's website, there's been 14 sales of land so far, and 13 of them are over 1000 square metres."
Mr Kearney said council ballots for land are normally more competitive, and feels that lots under 1000 square metres aren't proving to be attractive enough for buyers.
"There's too many blocks of the same size, and no one seems to be interested in the blocks between 600 and 800 square metres," he said.
"A 700 square metre block may seem desirable to someone moving from Western Sydney but if there's an option to purchase a larger lot, they're going to take it."
Mr Kearney said the downturn of the Sydney housing market has caused a ripple effect on Bathurst sales.
"The majority of our market was moving from places like Penrith where they had purchased homes six or seven years ago for $300,000 to $400,000," he said.
"Their market has fallen dramatically, which means that they're not getting the numbers they want for their home, therefore they aren't coming out to Bathurst to purchase properties."
In order to attract buyers, Mr Kearney said council needs to reassess their approach to land allocations, especially in regards to size.
"Many home buyers want land where they can fit a large shed, and if we continue to reduce land sizes, they'll struggle to sell," he said.
"Land, living and building costs have all gone up, and as a result, it has become less profitable to purchase a vacant block of land."
Bathurst mayor Graeme Hanger said the slow response to the ballot is reflective of the current national market for land.
"Every residential land development that council has started has sold in its entirety in the past," Mr Hanger said.