DUBBO’S Keswick Estate will offer $130,000 lots with less-restrictive covenants to meet market demand for smaller and more affordable homes.
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A new land release in the estate next month will also come with sweeteners for those previously locked out of ownership because of their income.
Keswick developer Dubbo City Council set the terms this week in a nod to the modern-day struggle to achieve the great Australian dream.
Almost half of the 33-lot release will come with a minimum building size covenant of 150 square metres, down from the 180 square metres in earlier stages.
Another 10 lots will go up for sale via a ballot next month and successful entrants can choose the size of their dream home - the 10 lots come with no minimum building size covenant.
Potential purchasers in the ballot could also collect a $10,000 subsidy from the council if their household income is less than the median level of about $1200 a week, with or without meeting the criteria for a NSW government first home owners scheme.
Dubbo mayor Mathew Dickerson confirmed the council had taken a specific approach with the newest release.
“Council understands there are issues of housing affordability with average housing prices challenging the borrowing capacity of many first home buyers,” Cr Dickerson said.
Real estate agents and some members of the community had called for change and with the results of the council’s review in, the details were decided at an extraordinary meeting on Monday.
After a session of more than 30 minutes behind closed doors the 10 councillors present unanimously adopted a 22-point resolution.
The council set sale prices for 25 of the lots starting at $130,000 with a top price of $140,000 for six lots.
A further eight blocks will be sold as dual-occupancy lots at auction early next year.
As the developer of Keswick, the council resolved to make changes to the covenants it enforced in its estate, provide rebates to eligible purchasers and encourage builders to construct more affordable dual-occupancy houses, Cr Dickerson said.
By reducing or removing the minimum building size covenants the council was aiming to ensure a mix of housing in the estate, he said.
The mayor said the dual-occupancy lots would allow developers to construct duplexes that could then be made available as another option for prospective purchasers, thereby adding to the mix of housing available in the estate.
Ensuring houses are orientated to the north and adjusting the set-backs relevant to neighbouring properties are new requirements introduced to “retain the visual amenity of the estate”.
As the council announced the measures, work to ready the land for release continued yesterday.
Dubbo-based civil construction business Belmur has the sewer and storm contract in Keswick and its people and equipment were busy at the site.
