Avid Buys Second Major Greenfield Site in two months

20 October 2022

AVID Property Group (AVID) has bought its second strategic development site in as many months, confirming the purchase of 40 hectares of land for a new 275-lot residential development in Chisholm in New South Wales’ Lower Hunter Region.

The announcement follows the confirmation last month of a deal on a 30.5 hectare site in Pakenham, west of Melbourne. The two new sites add almost $500 million to AVID’s national development pipeline

AVID CEO Cameron Holt said, “The site in Chisholm builds on our existing presence in the area and takes our Waterford community to a total of 1,500 lots, which will eventually become home to up to 3,600 people,” Mr Holt said.

AVID purchased the strategically located site adjacent to AVID’s highly popular communities of Waterford and Harvest.

Substantial population growth in the Hunter Region will see rising demand for housing in the region, with predicted population rises set to see another 86,703 more people – 10 per cent more than what was predicted just a few years ago.

According to the Hunter Regional Plan 2036, the Hunter is the leading regional economy in Australia and is currently home to more than 860,000 people. This figure is expected to grow to 1.1 million by 20361.

“AVID has grown a strong foundation within the Lower Hunter Region of New South Wales, allowing us to continue to expand our offering and investment within this corridor,” Mr Holt said.

“As one of New South Wales’ highest growth areas, the Hunter region is an appealing lifestyle proposition at great value, which has long been a draw card for buyers at all stages of life.

“We’ve had considerable success in the Lower Hunter, with the sell-out of Harvest, a 510-home community in Chisholm, and high demand for Waterford, which has already sold around 1000 home sites since it was launched in Jan 2018.”

The acquisition enables the completion of the masterplan envisioned for the Waterford community, including new housing options and connecting roads.

The greenfield site is located 23 kilometers north of Newcastle, surrounded by 74 hectares of green space, pristine waterways and native wetlands, and seven kilometers of cycling and walking tracks, with a scenic outlook across Four Mile Creek.

AVID will lodge planning applications with Council in the coming weeks, and it anticipates launching to market in 2024.