Billionaire property magnate Lang Walker has purchased land in the Hunter Valley for a $200m residential development.
The project at Gillieston Heights near Maitland in NSW will create up to 400 houses.
Walker Corp bought the 56.7 hectares for about $11 million from locals Gary Dunn and the Murphy family.
The land has approval for an eight-stage development of land lots and house-and-land packages. "This area of the Hunter is one of Australia’s strongest growing residential markets, on the back of the coal mining operations and the construction of the Hunter Expressway," Mr Walker said. Walker Corp has formed an alliance with local builders.
The company also bought waterfront land near Coffs Harbour in NSW for a $100m-plus housing development, with an average log size of 600sq.m priced at about $185,000.
Gold Coast-based developer Sunland also plans a residential development in the Melbourne suburb of Point Cook. It bought the 33.4ha parcel for $30m and is planning an estate of 470 homes.