AVID Property Group has strengthened its foothold in the Lower Hunter Valley region with the acquisition of the remaining 750 residential lots at Waterford County, as part of an established masterplanned community in Chisholm, New South Wales.
AVID Property Group CEO Cameron Holt said the acquisition forms part of AVID’s growth strategy in New South Wales and supports the national goal to triple the company’s value over the next five years.
“We are no stranger to the region, with our development, Harvest, located just next door and benefitting from much of the same infrastructure investment we have made in the region,” Mr Holt said.
“The Lower Hunter is increasingly becoming an affordable alternative to the Sydney housing market with many buyers moving out of Sydney in favour of regional New South Wales.
“Harvest and Waterford County are poised to meet demand for the booming population of nearby Newcastle, which is undergoing a $500 million revitalisation.
“This will create more job opportunities over the next decade, improved transport services and increase the need for housing in the region.
“The second half of 2016 saw a 40 per cent rise in sales at Harvest, showing a firm demand for property in the area.
“The opportunity to expand our market share sets AVID up strongly within the high-performing region, forecast to be home to more than 26,000 additional residents by 2036,” he said.
With an established primary school, childcare Centre and a new high school currently under construction and set to open in 2018 and a future town centre proposed in the area, AVID hopes to complete the balance of the masterplan over the next five years.
The site also features extensive parklands, green space, billabong and wetlands, with 7 kilometres of walking and cycle paths linked throughout the development.
“We are looking forward to pushing through the completion of this large project,” he said.
“This AVID project will complement the ongoing development of Harvest, which is 75 per cent complete and has already welcomed over 700 residents.”