The surge in demand post-Covid has prompted Lendlease to accelerate plans for a $300m housing estate in western Sydney.
The $300-million Kings Central development in Werrington will comprise more than 300 single- and double-storey turnkey homes, built around internal parkland.
Lendlease purchased the 28ha site at 18 Chapman Street from Universal Property Group in early 2019.
Werrington will be Lendlease’s second major residential development in the outer western suburbs after the completion of Jordan Springs East more than a decade ago.
Lendlease has partnered with home builders Creation Homes and Eden Brae to deliver the housing estate, which will be built around internal parkland.
The developer also has plans to build a new roundabout on the corner of Werrington and Rance roads to improve traffic in and out of the estate, as well as an exhibition village.
The first stage of the project, which is due to launch next month, will offer three-bed homes from less than $700,000 and most four-bedroom homes under $900,000.
The majority of the planned residential lots will be between 290sq m and 450sq m, with only 11 expected to be more than 450sq m. The largest lot is proposed at 735.2 square metres.
As well as 300 freestanding homes, the estate will have a small number of townhouses and apartments, taking the total dwellings to around 350.
“The strength of [government] stimulus, including the HomeBuilder grant, coupled with lower borrowing costs, has seen a surge in demand for housing in Australia, and housing in Western Sydney,” Lendlease head of residential Ben Christie said.
“In the wake of the Covid vaccine rollout, we are seeing confidence surge in the Australian housing market.”
The lift in demand for larger freestanding homes in the suburbs, triggered by HomeBuilder and state incentive payments, has pushed the industry to its limits.
Record low-interest rates have led to a spike in lending, with a 71 per cent increase in loans to first-home buyers since January last year.
Sydney's median house prices currently sit at $1.06m, with prices soaring by 3 per cent during February.
Lendlease said construction of the estate is due to begin in the middle of the year.
The first release of housing lots is due to title in 2022 with buyers expected to start moving into their new homes by the end of next year.