It is the latest milestone in the development of the 600-home subdivision north of Hanley’s Farm.
Park Ridge Ltd director Alan Harper says about half the sections in the 122-lot first stage have either been sold or are under contract since it hit the market in late February.
"We’re really happy with the way things are going.
"We decided we wouldn’t under-price them; they’re priced fairly, particularly having regard to what other sections have gone for in that general area."
He expects the remaining sections in stage one to sell "relatively quickly".
"You’ve got interest rates trending down, we’ve still got strong population growth, and there’s really nothing else available."
Lot sizes in stage one vary from 337sqm to 746sqm, with most in the 400-450sqm range.
Harper says once stage one is sold out, the focus will go on stage two, which will consist of 135 sections.
A date for its release has yet to be decided.
Earthworks are still under way. Underground infrastructure work is expected to begin early next year.
Last week, Mountain Scene reported Classic Group’s 271-home Woolbrae subdivision, which sits between Park Ridge and Hanley’s Farm, is expected to release its first 10 house and land packages later this month.
Harper says he doesn’t regard Woolbrae as a direct competitor, with the former’s turn-key packages a "different product" to Park Ridge’s offering, where section buyers commission their own home designs, builders and landscaping.
Another point of difference is that short-term visitor accommodation, such as Airbnb, will not be allowed at Park Ridge.
In 2019, Park Ridge became the 11th and last housing proposal in the district to be approved by the government as a special housing area.
