The first slabs have been poured and homes are starting to take shape at a $60 million, 248-lot residential estate at Greta.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
Wyndham Ridge is the biggest development undertaken in Greta, and represents a significant investment from Iris Capital into a growing regional market.
With more than half of the 71 available lots in stage one already sold, Iris Capital development manager Jamie Boswell said he expected buyer inquiry to ramp up even more now building works had begun.
“The start of building is an important milestone for any residential development,” Mr Boswell said.
“The buyer interest we have seen already is testament to the appeal of Wyndham Ridge.”
Recently heralded by property experts as the state’s next residential hot spot, the Hunter significantly contributed to NSW’s regional residential building approvals hitting a record high of more than $4.5 billion this year.
“Wyndham Ridge enjoys the same social fabric and connectivity as popular neighbouring suburbs – just 40 minutes to Newcastle via the Hunter Expressway and 20 minutes to Maitland – without the price tag,” he said.
With a median house price of $370,000, Greta was named in the top 20 suburbs in the Hunter region for value growth over the last 25 years, according to a joint study by Aussie Home Loans and CoreLogic that was released in June.
Four suburbs in the Cessnock LGA local government area made the top 20, with Millfield topping the list with an extraordinary growth of 1348.3 percent – with a median house price of $29,000 in 1993, to $420,000 in 2018 – and placed third in the national top 100 suburbs for value growth.
Laguna placed 11th in the Hunter with a 746.2 percent rise over 25 years (from $65,000 to $550,000); Paxton came in at 14th with a 685.7 percent rise ($42,000 to $330,000) and Greta placed 18th with its median price jumping from $52,000 to $370,000 (a 611.5 percent rise).
Meanwhile, Fairfax Domain Group data released last week revealed housing prices in the Cessnock local government area increased 11.7 percent in the 12 months up to June 2018.
Cessnock had the third-highest year-on-year increase of the Hunter LGAs, behind Port Stephens with a 16 percent rise and the Upper Hunter Shire with 15.9 percent growth.
But Cessnock’s median house price of $390,000 is still the second-lowest in the Hunter, with the Upper Hunter ($337,500) and Singleton ($391,000) the only other local government areas with a median house price below $400,000.
