BATHURST Regional Council is preparing to release 39 new lots in Sunnybright estate, but is now the right time?
In April, 2019, stage A of the estate, comprised of 95 lots, became available to purchase through council's ballot method.
Less than 15 lots were sold on ballot night and more than a year later council's website shows that close to 40 of them are still available.
Bathurst Real Estate principal Michael Whittaker said he was "surprised" when he heard council was preparing to release stage B in the coming months, especially when so many lots in the first stage have yet to sell.
He said that council had likely started planning and preparing the estate for this long before the coronavirus pandemic hit, so he couldn't criticise it for trying to forge ahead with the land release.
However, there is still a risk of many of lots not selling.
"There are still about half of the blocks left [in stage A]. Potentially it would seem like it has just saturated the market a little bit or is about to saturate the market a little bit, and I think we're going into a little bit of an uncertain time," he said.
However, he said that the announcement of the Federal Government's HomeBuilder grants could make the lots more attractive.
Under the scheme, eligible owner-occupiers will receive $25,000 grants to help them build new homes or renovate their existing home.
"The building thing might just be the kick-along the area needs," Mr Whittaker said.
Raine and Horne Bathurst director Grant Maskill-Dowton also thinks the HomeBuilder scheme could boost land sales in the estate when the lots become available.
"If you would have asked me a couple more weeks ago, my concerns would have been a little bit different, but we personally have noticed just in the last week or two a massive rush on land sales," he said.
"I think that's got a lot to do with the government's release of the $25,000 grants for building new houses. That seems to have put a massive push on land sales.
"So, perhaps, the timing is not too bad."
The blocks of land in stage B will range in size from 550 to 1541 square metres and are expected to help attract a range of buyers, but Mr Maskill-Dowton has noted that there has been greater demand for larger blocks over 1000 square metres.
He said his family bought a block in stage A and will soon be starting construction on their home, so he can certainly see the appeal of the location to families.
He said its selling points are the aspect, views and proximity to the CBD.
Council has not said when the ballot for the new Sunnybright Estate lots will occur, other than it will be some time in the second half of 2020.
Mr Whittaker said that only time will tell as to whether or not it's the right time for the new lots to be released.
"It's going to be a little bit of 'wait and see', but I'll be honest, I thought it was an interesting move. I was surprised to see that was taking place," he said.
"It's the old question, when is good timing?"