More than 50 blocks have been sold in the first land releases of Lochinvar Ridge. Picture supplied
BUYERS have snapped more than 50 lots in the first releases of land in a new estate at Lochinvar.
The initial release of land in the Lochinvar Ridge development went on sale earlier this year and the first stages are now registered.
The development comprises 650 land lots with 20-metre frontages and an average block size of 800 square metres.
More than 50 blocks have been sold from the first 72 released at Lochinvar Ridge.
Pricing for the land starts at $457,000 and the next stage of land releases is set to be launched later this year.
A park, kiosk, electricity substation and two detention basins and reserves will be built as part of the project.
Lochinvar Ridge project sales manager Hannah McInerney said the majority of buyer interest had come from families living within a 10-kilometre radius of the project.
"House hunters are recognising there are limited prospects in the Hunter Valley to secure generous land lots over 800 square metres," Ms McInerney said.
"The 800 square metre blocks are very popular with local purchasers as they feel it's the right sweet spot for size."
Ms McInerney said that remote working conditions and the estate's close proximity to freeway access to Newcastle and the Central Coast had brought more buyers into the region, including from Sydney.
She said a lack of affordable housing in Sydney was driving buyers to regional areas, including the Hunter Valley.
"The ability to secure a home and land package under $900,000 in the Hunter Valley represents great value for money compared to Sydney," she said.
The land releases are listed for sale with Urban Real Estate.
