Six land packages in Denman Prospect were sold for a combined total of almost $16 million at a builders auction on Friday, September 9.
There was spirited bidding among the 21 registered parties. All six land packages were snapped up by local builders, including three multi-dwelling townhouse sites selling for a combined total of $10.23 million – an average of $807 per square metre.
A 24-townhouse site on a 4919-square-metre block was the biggest sale of the day, fetching $3.95 million.
Three packaged lots of semi-detached terrace sites also sold, including two six-block packages for $2 million and a five-block package for $1.71 million.
The three sales equated to an average of $1043 per square metre.
Denman Prospect’s first three multi-unit sites sold for more than $10 million.
At the public land auction the following day, 11 of the 30 residential blocks on offer sold.
Denman Prospect project director Nick McDonald Crowley said 22 parties registered to bid at Saturday’s public auction. Three blocks sold under the hammer and another eight at reserve price through direct sales.
The sales raked in a total $5.46 million. The blocks sold ranged in proce from $598,000 to $410,000. The average block size was 480 square metres.
So far, more than 270 standard residential blocks have sold in Denman Prospect and the first residents are expected to move in before the end of the year.