A Riverland town’s housing drought is about to come to an end following the highly anticipated sale of one large landholding.
The 3.06ha Berri property at Lot 45 McLean St, which used to operate as a citrus and olive farm, is located opposite the Berri Golf Course and was snapped up just weeks after hitting the market.
Marketed as development ready, the site came with two professionally drafted concept plans for up to 34 new homes on individual titles varying between 513sqm and 1919sqm.
It comes 15 years after the town’s last major housing development was approved.
Ray White Riverland agent Greg Cram, who sold the property with Patrick Larkin, said the site would become housing under its new ownership given all the due diligence was completed and council approval was granted.
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The Berri property at Lot 45 McLean St has been snapped up by a developer.
The developer plans to build houses on the site.
“The people who were the successful buyers are very experienced developers,” he said.
“The interest was definitely there and I believe that was down to the location.
“All the interest was purely for housing development.
“At the moment it’s vacant land – it’s got a citrus orchard and olive grove but the block has been partially cleared.”
While he wouldn’t reveal the sale price, Mr Cram said it was above the $1.1m to $1.2m price guide.
He said as the region’s last major housing development was approved in 2010, which led to the construction of 35 new homes between Jarvis and Anthony streets, this one would help address the region’s critical housing shortage.
“With this development, a lot of people have been waiting for it,” he said when the property hit the market last month.
“But the next big thing will be about (for future buyers) seeing if the council is going to be progressive and accepting enough of the plans that people have for it.
Ray White Riverland agent Greg Cram said the area is desperate for more homes. Picture: Ben Clark
One of the draft concept plans that were sold with the site.
“We’re finding that more and more people up here are giving up on building because one, they can’t find any land and two, it’s usually two or three years before they can get anything built (due to council approval).
“But we really need more housing up here. In terms of rentals, there’s nothing.”
Research by MCG Quantity Surveyors shows that while 2831 new homes were approved in the Riverlands over the past 24 months, only five of those were in Berri.
This is despite housing demand having pushed up prices by 38.8 per cent over the last three years and an impressive 84.8 per cent since Covid. The average home now sells for $370,000.
