AT WORK: Construction of the Epiq estate in progress.
AT WORK: Construction of the Epiq estate in progress. Karin von Behrens

The place where a block of land will cost you $400,000

NORTH Coast real estate agent Michael King says homesites in Lennox Head will soon average more than $400,000 on the back of strong growth in recent years, which have seen prices almost double.

Mr King, from Elders Lennox Head, says the combination of limited land supply and the delivery of new infrastructure, including the $4.5 billion highway upgrade, will see land prices continue to head north.

Mr King said a prime example was Epiq Lennox Head which began selling in late 2015, with homesites starting from just $230,000.

He said the final lots in the community priced under $400,000 were now selling, and he anticipated that, moving forward, lots would average more than $400,000, meaning prices have grown by about 70 per cent in just three years.

"It's about to become quite difficult for buyers to find land close to the coast in Lennox Head for less than $400,000," he said.

"The lots currently selling average about 600sqm.

"In many cases there is minimal difference between the cost of a brand new home compared to an established home, so it's a no-brainer."

One of the latest purchasers at Epiq is Zain Peart, Lennox Head Chamber of Commerce president and broker at Zep Finance.

Mr Peart says he financed a number of buyers in the Epiq community before deciding to become a home owner himself.

"While prices are going up, I think Epiq still represents good value and sits within a comfortable price point for the Lennox-Ballina coastal region," he said

"While I have owned and developed properties before, this is the first time I am building a home to live in."

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