Demand for housing in Murray Bridge is still high
Lots are selling fast at the new Hindmarsh Estate, but buyers will have to wait to move into their new homes.
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Demand for housing is still high in Murray Bridge, the early returns at a new housing estate has shown.
A company called Oceanic Properties and Investment Group started selling land at Hindmarsh Estate, off Hindmarsh Road, just last week.
Five of the 40 lots being offered for sale are under contract already.
The $45 million staged development will eventually include almost 100 lots, adding to hundreds more available nearby at estates such as Newbridge, Riverpark and Swanport Heights.
Raine and Horne Murraylands principal John DeMichele expected local building companies would eventually benefit from the boom, too.
He said he had fielded enquiries about Hindmarsh Estate from both local buyers and interstate investors.
But he said the development approval process would take time, and finding tradespeople and materials would take longer.
“(Demand) is really high, but supply is slow due to … the system we’re in,” he said.
Civil earthworks at Hindmarsh Estate are due to be finished in about April, and the first housing blocks ready by June.
Housing has become a pressing issue in Murray Bridge in the past couple of years, as the market has struggled to keep up with the city’s growing population.
The Murray Bridge council, major employers and developers have been working on a strategy for housing the hundreds of families expected to need somewhere to live locally during the next 12 months.
More information: www.thehindmarshestate.com.au.