$40m land development sold out of lots made for first homebuyers

A new land development in a growing Moreton Bay hotspot has sold out in just two stages, with first home buyers flooding the market for affordable home options.

The project, named ‘The Junction Narangba’, was commissioned by Orchard Property Group at $40 million.

The goal in making the development was to provide affordable land for new homeowners struggling to find a spot, at a time of skyrocketing land and build fees.

The Junction Narangba, a $40m land estate by Orchard Property Group, sold out after offering 106 new home lots for potential first home buyers.

Prices for the area began at $250,000 for 106 lots between 225 and 731 sqm.

Orchard Property CEO Ted Cronin said it was important the lots they sold were available for a price that first home buyers could afford with government incentives.

“The affordable product was the high demand,” he said. “They all want to stay under the $750,000 house and land package amount … [to use] the state first homebuyer grants. It’s important to target under that number, if possible.”

Orchard Property CEO Ted Cronin said the lots were designed for first homebuyers to take full advantage of government incentives and grants.

Mr Cronin added the area’s established features meant first homeowners would have access to a community the moment they finished their builds.

“It’s well-connected, transport-wise; it’s well-established,” he said. “That’s obviously appealing, because buyers aren’t waiting for years on the promise of schools and transport networks.”

The development is placed off of Callaghan Rd in Narangba, featuring a park and 1.3 hectares of green space around the new lots.

60 per cent of sales were taken up by people looking to get into the housing market for the first time.

The project was released in 2 stages, with 60 per cent of its market made up of first home buyers seeking to grab a spot.

Out of the 49 purchased lots within stage 2, Mr Cronin said 36 of these belonged to first home buyers, with 8 investor purchases and only 2 subsequent home buyers.

The Junction Narangba is expected to be available to build on by the end of 2025.

“We’ll register the subdivision in September,” Mr Cronin said. “They should be able to start building before Christmas, and they should be able to move in mid-2026.”

The post $40m land development sold out of lots made for first homebuyers appeared first on realestate.com.au.