A SIX-HECTARE residential development at Augustine Heights has recently sold for more than $8.5 million.
Purchaser JLF Corporation has obtained development approval for the site at 7006 August Parkway, which will eventually be divided into 97 lots.
Ray White Special Projects finalised the $8,789,000 sale on behalf of Springfield Land Corporation.
Ray White director Mark Creevey said there had been very strong interest in the site from potential developers.
"The general response to our marketing campaign for this significant development site was strong with 67 enquiries and seven expressions of interest received," Mr Creevey said.
"The subject site comprised an approximately 6ha parcel of vacant land with access and services available to the site designated for residential development.
Springfield and surrounding suburbs experienced 12.5 per cent population growth between 2011 and 2016 - more than seven times the state and national average during the same period.
The Greater Springfield region is forecast to experience population growth of 10.5% per annum over the next 20 years.
"As a result, there was strong recognition from prospective purchasers of the significant growth, amenity and infrastructure in the Greater Springfield region and plans for the future," Mr Creevey said.
Housing allotments on the new development will range from 300sqm, up to a more generous 645sqm.
There will also be 20 shared and dual living dwellings.
Mr Williams said the site offered a tremendous opportunity to create a premium residential land estate within one of Australia's fastest growing regions.