Knowledge Centre

Source: The Australian online - 11/11/2011

Australia’s largest residential developer, Stockland, sold 40 housing lots at its latest project on the NSW south coast in 29 seconds last week in its first online land sale.

Rachael Dekker and her partner Shane, who bid at the online release, arranged with a friend who owns an IT business in Wollongong to use his high-speed internet connection.

"We knew speed was important to ensure we got our first choice," said Ms Dekker.

"We arrived at his office at 8.30 that morning and we were all set to hit the submit button when the clock clicked over at 9."After a nervous four-hour wait, Ms Dekker was told she was allocated her first choice, Lot 410, and paid $1000 as deposit for the land, costing $232,000.But she will have to wait a year before she and Shane can start to build their dream home on the "fantastic block with great views of the valley".

Ms Dekker said the price for the block was "extremely reasonable" compared with what was available in the area. Stockland sold all 70 lots at Brooks Reach in Horsley, about 15 minutes drive from Wollongong, in the first release.
The company developed its proprietary online process, built to help handle demand and avoid potential buyers camping on the site to secure a lot.

Stockland's residential communities chief executive Mark Hunter said the majority of the buyers came from within a 10km radius of Horsley. Brooks Reach is the first master-planned community to be developed in the area in a decade.

Stockland has sold 190 lots in three developments using the online sales system.

www.stockland.com.au