No date for next land release in Bathurst as property market tightens

Real estate agents in Bathurst have been calling for more land to be released for some time, and as recently as last week said the lack of land was a major factor in why house prices have risen so high.

Raine and Horne Bathurst director Grant Maskill-Dowton, an agent with 20 years' experience, said the lack of land was causing supply and demand issues.

"Lack of land for sale has really tightened the market, tighter than I've ever seen it. In the 20 years I've done this I've never seen it as tight as it is," he said.

"Total lack of land on the market has caused supply and demand issues unlike we've ever seen before and that then has driven the market up to a whole new level again."

Council has seen the demand for land first-hand in recent weeks.

On September 24, council held a land ballot for Stage C of Sunnybright Estate, consisting of 15 lots ranging in size from 706 to 1439 square metres, which were priced from $245,000 to $300,000.

Corporate Services and Finance director, Aaron Jones, said council received more than 200 applications for those lots, all of which were sold at the ballot.

Council is working on creating some new residential subdivisions, but those projects are still in the early stages.

"Council is currently working on the next release areas at both Sunnybright and Windradyne estates. Both release areas are still in the development application/construction certificate phase, with a release date yet to be determined," Mr Jones said.

READ ALSO: Plans lodged for 139-lot subdivision to expand Sunnybright Estate

When asked if council is doing anything to speed up land availability, the following response from Mr Jones was provided:

"Council is only one of many land developers in the marketplace and is progressing plans for additional residential land in Windradyne area. Other private residential land development is also occurring across the city."

The focus on land comes as some real estate agents across Bathurst have reported an increase in sales prices of up to 20 per cent.

They have also predicted further rises in the coming months as people from metropolitan NSW are able to come out to regional areas more easily, leading to more buyers competing for very limited stock.

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