An entire land release on the outskirts of Port Macquarie was snapped up within 24 hours in an extraordinary display of confidence in the region's housing market.
Sovereign Hills is a $500 million, 2400-lot master planned community situated 10 minutes west Port Macquarie's CBD on the NSW Mid-North Coast.
All 54 lots in stage 3 of The Heritage land release sold in one day for a total land value of $13.5 million.
Combined with the average price of a new home, the total value of development activity is predicted to be $31.5 million.
Lewis Land Group CEO Matthew McCarron said growing interest in the Port Macquarie and Sovereign Hills area, combined with government assistance for first home buyers and home construction all contributed to the outstanding result.
"Sovereign Hills is a fantastic master planned community providing residents with significant amenity including schools, a brand new town centre, two childcare centres and future regional sporting fields," Mr McCarron said.
"The new federal government HomeBuilder grant, existing NSW First Home Buyer support programs and early access to superannuation are making it easier for young Australians to get into the housing market.
"First home buyers have accounted for 26 per cent of purchasers of this release, which is about double our usual experience."
Mr McCarron said the sea-tree change appeal for metro dwellers realising the potential for combining lifestyle with remote working arrangements means locations like the Mid North Coast have soared in popularity.
"The combination of this financial assistance, well priced land and significant amenity has created the perfect value proposition for our buyers," he said.
"With fifty-four blocks of land requiring houses to be built, we will be generating hundreds of jobs across the region," he said.
"The level of demand, through what has been a challenging and difficult period, has far exceeded expectations.
"One of the things that COVID has demonstrated to people is the real opportunity to work remotely.
"People now realise they can choose lifestyle and a location while still working in jobs that normally wouldn't be accessible to people living in regional communities. It has probably accelerated a trend that was already happening.
"The construction and residential development industry is the largest contributor to both economic activity and employment in the Port Macquarie-Hastings region and we are seeing continued strength in demand which will only help preserve and grow employment opportunities in the local area."