THE newest release of land in Dubbo's Keswick Estate barely hit the market yesterday before almost half was sold.
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Buyers snapped up seven of the 15 lots available from 9am for prices starting at $130,000.
One man even camped out the night before to secure his choice of property.
The early rush bodes well for the newest release in the Dubbo City Council-developed estate and occurs after Dubbo's median house price climbed to its highest level in the July to September quarter.
Council commercial facilities manager Simon Tratt said the offering aimed to address some of the city's housing demand and increase access to the market for those with a lower than median income.
The seven lots sold and the eight that remained had a building size covenant of 150 square metres (m ), smaller than in previous Keswick releases.
Another 10 lots will be allocated by ballot on Friday and come with no minimum building size covenant and the offer of a $10,000 subsidy for those with a lower than median income.
The council had also resolved last month to conduct a marketing campaign to promote the sale of the Keswick lots off the plan, and by yesterday afternoon Mr Tratt had the seven lots under contract to report.
"One fellow slept out the front of the council from 11.30 last night," he said.
"He wanted to be first.
"At 8.30am I handed out numbers to people in order of their arrival.
"There was an expectation we would have some people waiting (at the door)."
The 15 single-dwelling lots ranged in size from 723m to 1193m .
Lots 9, 17, 26 and 29 were priced at $130,000 and attracted buyers yesterday.
Lots 31, 32 and 33, priced at $140,000, also went out the door.
Two buyers were builders, four were home buyers and one advised an intention to build a rental home, Mr Tratt said.
Registrations for the ballot of the 10 lots close at 4.30pm tomorrow.
The remainder of the 33-lot release, eight dual-occupancy lots, will be auctioned in the New Year, with the potential for developers to purchase and construct duplexes.
"Whether you are a first-time home buyer, building your dream home or looking to downsize, the latest release of Keswick Estate provides a range of residential options to meet market demand," Mr Tratt said.
Application forms for the ballot are available from the council's civic administration building or online at www.keswickestate.com.au.
