Albany's first master planned community, Oyster Harbour, has attracted considerable buyer interest with the majority of lots in its first release selling out last week.
Positioned on the shores of Oyster Harbour and the King River at Bayonet Head, the 208-hectare estate was planned in partnership with the Heath Development Company and the Department of Housing and Works.
Of the initial 108 lots available on a pre-sale basis, 31 out of 38 in the first release were sold for between $165,000 and $215,000 and eight lots from a second release of 36 lots sold for between $215,000 and $300,000.
Heath Development Company managing director Colin Heath said the release drew a good mix of local and Perth buyers.
“A lot of people from Perth have bought in but we expect most will choose to build,” he said.
The company hopes to release a further 200 lots next year out of a total of 2,300 lots earmarked for Oyster Harbour.
Lots ranging in size from 500 square metres to 800sq m make up 80 per cent of the estate, however cottage blocks of between 300sq m to 450sq m will be released in later stages.
Oyster Harbour is expected to help ease the land shortage in Albany and eventually provide housing for around 8,000 residents as well as infrastructure including a primary school and village shopping centre.
Public open space of approximately 35ha has been set aside for landscape parklands, playgrounds, boardwalks, foreshore reserve and conservation wetland.
Mr Heath said the land release took longer than expected to come onto the market as the developers had to wait for retaining walls to be built.
Heath Development Company project director Brian Newman said the City of Albany wanted to fast-track about 200 lots a year, however parcels of bushland at Oyster Harbour had to be re-zoned first, requiring Environmental Protection Authority approval.
He said the land at Oyster Harbour would keep the company busy for between 12 and 15 years.
In nearby Denmark, the company has planned a 560 lot subdivision it expects to release to market in 18 months after a rezoning process has been completed.
