Clarence Property’s Epiq Lennox Head development has had a back-to-back 24 hour sellout of two land releases, with the latest buyer rush netting $26.8 million for 78 homesites in the beachside community.
All 78 homesites in release three sold out in one night during a ‘ballot’ sale, with more than 500 people attending for the chance to secure a lot, with names drawn out of a barrel to provide a fair opportunity for all prospective purchasers.
The sellout was a repeat performance of the same-day sellout of release two in June 2016, when 82 lots sold by ballot for a total of $23.5 million, with 116 registered buyers.
Homesites in release three sold for an average of $344,000 and ranged from 578sqm to 1274sqm, averaging 600sqm.
Epiq Lennox Head is a masterplanned community, which will ultimately comprise about 480 dwellings, along with a neighbourhood shopping village, which is expected to start construction later this year, and sporting fields, which will open to the public in early 2018.
Clarence Property Managing Director Peter Fahey says approval is already being sought for release four to keep pace with buyer demand.
He says the success of the community is due to its relative affordability for those looking to live in a beachside location within proximity to Ballina, Byron Bay and the Gold Coast.
“The majority of purchasers have been first time buyers and young families who are not able to break into the beachside market elsewhere, and have realised that recent road upgrades mean they can easily commute to major job centres while maintaining a more affordable lifestyle in Lennox Head,” he said.
“The community is already starting to take shape with the first residents from release one moving into their homes in recent weeks, and another 30 homes currently under construction.
“We have just lodged a development application for release four, which will include a mix of homesites and the first medium density dwellings on offer at Epiq, adjoining the future shopping village and a planned childcare centre.
“I encourage prospective purchasers interested in release four to register their interest to avoid disappointment, as we expect these homesites will again be sold by ballot in one day.”
Epiq Lennox Head is being marketed by Michael King of Elders Real Estate, who says the community is one of the best performers in the Northern Rivers region.
“Epiq is nearing the half way mark in terms of land sales, and it has only been on the market for about 18 months. To sell more than 200 homesites in that timeframe – with more registered buyers than lots available – shows just how strong demand for land in Lennox Head is,” he said.