LAND in a new Merbein subdivision is selling fast as first-time investors take advantage of some of the most affordable real estate in Sunraysia.
Developer Bob Faulkhead’s new Chaffey Estate has 44 blocks, ranging in size from just under 700sq m to about 1000sq m, with 16 snapped up since late last year.
Award-winning selling agent Mildura & District Real Estate has put the strong early investor interest down to the first-home owners’ grant and low interest rates.
“The first-home owners are jumping on the release of this new estate,” sales consultant Liam Garlick said.
“The prices of blocks are starting from $85,000 and these prices are a great opportunity for them to get into the hot Sunraysia market.
“Merbein is not as expensive as surrounding areas, and it’s only a short, 10-minute drive to the Mildura CBD.”
The subdivision includes elevated lots overlooking Merbein Common.
“It’s a really good location (at 95 Chaffey Street),” Mr Garlick said.
“With prices in Mildura and Irymple going up, we thought that Merbein would be the next place that would go up in value and demand.
“You can buy a decent home at Merbein for under $250,000 and you get a great rental return.
“So the investment opportunity is terrific in this area.”
Mr Faulkhead said Merbein was “one of those places you can get a property for the right price”.
“There aren’t too many housing blocks around these parts for under $100,000 now,” he said.
“This new estate is well serviced and one of the few elevated sites around the district that will allow you to build a new home.”
