Developer Speculation alive and well on the South Coast

A 792 lot sub-division at Rosedale, master plan approved a few weeks ago by the State government, is already on the market before any works have begun on the site. This 173 hectare lot and a nearby Tourist Park were advertised in the weekend press for Expression of Interest for sale of either lot together or individually.
 
President Mark Fleming said, “It appears that speculation in alive and well in the Eurobodalla if land sale advertisements are anything to go by. This is yet another case of companies coming to the area and seeking approvals which they then on sell for a profit with out any real economic benefit to the community. This sort of speculation only leads to increases in the price of land and ties up precious Council resources”.

“This whole area has a chequered history with a nearby sub-division at Barlings Beach going into receivership recently. Combining all the housing lots that have recently been approved or are awaiting approval, adds up to a gross oversupply in the market place, which combined with the current economic crisis means that the property market will be depressed for some time”.

Mark Fleming said, “Perhaps it is time that the Eurobodalla Shire Council and State Government had a moratorium on any new developments until the land supply issue is clarified and the new planning Local Environment Plan is in place. We do not want to have a repeat of the Long Beach scenario that went through several owners and sub division plans and ended with over development of the site”.

In conclusion, “Combining the recently approved sub-divisions with others in the pipeline like Moruya East, there is an emerging oversupply of land in the shire. This situation needs urgent attention before negative impacts are felt throughout the community. We are calling on the development industry to stop this land speculation and the Council to investigate the future supply issues for the economic good of the community”.

Mark Fleming