A Raymond Terrace land record has been set with the finals sales of the $30 million Potter’s Lane development.

The 231-lot development off Rees James Road began being sold off in 2016, when the average sale price was about $190,000.

That average jumped to about $360,000 in the final stage of sales fewer than six years later, including a record $390,000 result for an 890 square metre block on Milkhouse Drive.

McCloy Group development director James Goode said a majority of the lots had been sold to locally-based first and second home buyers.

He said only “20 or 30” lots were yet to be built on.

“We targeted the locals as opposed to investors from Sydney … it’s a good result for us when the locals are staying local,” Mr Goode said.

“The issue in Port Stephens is there’s a real shortage of land and that’s what’s driven the price growth out there and the demand.”

Formerly a dairy farm, the 23-hectare site had belonged to the Moxey family since 1943.

Carol Moxey and husband John built a home on the land in 1967, the same year they were married.

Mrs Moxey, who partnered with McCloy Group in the development, said she was pleased with the final product and happy to have had some input in naming its streets.

“It’s good to see all the young families and the new homes going up, it’s a lovely subdivision,” Mrs Moxey said.

“They ask me [about] the different names of the streets, where they came from and all that – its got a lot of history there.

“Harold Road is named after John’s grandfather, who bought the place in 1943.

“One of the streets is called Sullivan Street after the share farmers we had there.”

Other streets include Dairyman Drive, Milkhouse Drive, Graizier’s Parade and Bailey Avenue, which tributes Max Bailey, “a very good friend of John’s and an auctioneer from Singleton”.

Mrs Moxey has retained her house and acre block on the same property, but is hoping to move into another McCloy development, the Gardens in Medowie, by Christmas.

The move will coincide with welcoming the next generation of Moxeys to the Raymond Terrace property.

“My son and his partner will move into the acre with the shed,” she said.

“He’s got all his boy’s toys in the shed and he can look after it then.”

Several homes in the estate have already been sold, including a four-bedroom home at 63 Dairyman Drive that fetched $880,000 in October.

A four-bedder on a bigger block at 21 Harold Road sold for $770,000 in September.

NEWCASTLE HERALD | 29th January 2022
Hamish Geale
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