Those wanting to build their dream home are being made to play a form of Lotto to get new blocks in Sydney’s southwest, amid a crippling land shortage and the fastest land price rises in two decades, The Daily Telegraph reports.
Housing experts say the southwest has been at the centre of the land crisis due to the promise of a second airport at Badgerys Creek pushing up demand.
In response, the Telegraph reports that developers have introduced mechanisms such as lot ballots – lotteries where buyers have their name pulled out of a draw for the chance to get a sales appointment.
In Michael and Deanna Parzakonis’ case, they recently bought a block of land in Mirvac estate, The Village, in Menangle in the outer southwest after their name was drawn out of a ballot.
The couple were entered into the ballot with 300-odd buyers for the chance to get a sales appointment for one of about 30 blocks. They told The Telegraph, the experience was “stressful.”
“Your number determines where you are in the pecking order. We were the 40th pulled out and, luckily, there were other buyers who backed out, so we got a block,” Michael Parzakonis told the newspaper.
“It’s ridiculous how much demand there is, especially for an area so far out. I’m just relieved it’s over.”
NSW Treasury announced in June that 42,000 homes would need to be built every year over the next four decades – or 1.7 million by 2060 – to meet growing demand.
Southwest Sydney is now earmarked to pick up some of the slack with NSW Planning Minister Rob Stokes revealing new land in the area would be rezoned.
About 18,000 homes could be built in Glenfield, Lowes Creek Maryland, Leppington and Wilton, of which 2700 could be ready in three years.
Source: The Daily Telegraph.
