Dozers on site at Salt Village
BULLDOZERS are on site at Salt Village for the first time in nearly four years.
A 2.8 hectare site backing on to Cudgen Ck has been earmarked for 37 home sites which are now 80% sold following an $8million sales rush over the last few weeks.
Ray Real Estate's Tom Ray said the construction was on the back of growing buyer demand sparked by a lift in the Tweed property market.
He said bulldozers on site were always a good gauge of buyer activity.
"For a number of years we have not seen the necessary pet up demand from purchasers to warrant the release and construction of new land, but with the recent huge run of sales we have now a requirement to create and deliver new stock to cater for the demand," Mr Ray said.
"The level of sales we have seen in recent months is a strong sign of recovery.
"We sold 20 creekside lots for $5 million over the summer holidays and in the past six weeks another 10 home sites have been snapped up for just over $3 million."
He said there were just seven lots remaining that he expected to sell quickly.
Accounting and insolvency firm Belntleys Corporate Recovery were appointed as receivers to Salt Village's remaining unsold land stocks in March 2010 when financier Capital Finance, the Australian arm of the British Lloyds Banking Group, withdrew their support from the project.
Colliers International director of residential project marketing Tony Holland said land releases being sold under receiver management represented the best opportunity for purchasers to take advantage of prices in line with 2003 values.
"In some cases, home sites have been discounted by up to 50% and those who wait for future land releases will be unlikely to secure property for such great value," Mr Holland said.
Beachside home sites are priced from $275,000 to $318,000.
Creekside home sites are priced from $250,000 to $290,000.