A mix of interstate investors from Sydney, Melbourne and Cairns have recently snapped up a parcel of vacant blocks of land (along with three more properties in Cobar), which might go some way to easing the local housing crisis.
Local real estate agent, Brinley Obray, from Nutrien Russell, said nine vacant blocks in Duffy Drive and Clifton Place in the Pioneer Estate, were listed about two to three months ago after having been sitting idle for years.
Brinley said the company which had originally planned to develop rentals on the sites but “never got around to it”, recently decided to offload most of the holdings.
Two properties, however, were retained by the owner, who now intends to revive development plans in response to Cobar’s tight rental market.
Brinley said seven of the residential blocks were purchased sight-unseen by buyers from Sydney and Victoria.
According to Brinley, at least three of the new purchasers have already begun submitting building plans to Council, with early construction possible as soon as next year.
“They’re all pretty eager, none of them bought the blocks just to sit on them,” Brinley told The Cobar Weekly on Monday.
Construction of Pioneer Estate, which was to contain 64 allotments, was approved by Cobar Shire Council in 2006.
The covenants on the new estate were less restrictive than other housing subdivisions in Cobar at the time.
Conditions providing for transportable homes and more flexible fencing options were included in the land covenant.
No style restrictions, beyond standard building requirements, made it attractive to builders and investors alike.
The blocks of land went on sale on November 1, 2006, with prices starting from $26,500, to local mines, investors and local residents, and all were snapped up within a week.
Council then looked at opening a further stage of the subdivision to offer 45 more blocks of land to alleviate the shortage of housing in the town.
Complaints about dust problems from neighbouring residents who said it was seriously affecting their homes, gardens, pools, air conditioners, their health and the health of their pets, and the concern about having just one entrance to the new estate, however delayed the second stage of development.
Stage two was revised back to a proposed 35 blocks of land however a Development Application for 47 lots was later approved by Council for the estate.
A covenant was also revised allowing owners to build one metre further forward on their blocks of land to allow for larger back yards.
In May 2007 Council deferred plans for the second stage “indefinitely” citing water concerns as the main issue for the decision.
Brinley said the recent land sales could provide much-needed relief for Cobar’s escalating rental crisis.
“We regularly hear from families facing homelessness because there are simply no rentals available,” she said.
“New builds can’t come soon enough.”
