Eileen and Greg Dunstone provided this interesting snippet of local history.
I came across this recently - a list of those that purchased "land only"
from Jennings, instead of "house & land". Presumably all constructed
non-Jennings houses. The historical lease prices are shown!
The Department of Territories, had contracted Jennings to develop our suburb
with the requirement that they sell "house & land" packages.
In phase 1 (Portus to Weatherburn) Jennings requested approval to sell a
number of "land only" leases (presumably to solve a cash flow issue). The
Department gave them permission to sell 20 only blocks, but Jennings entered
contracts with a lot more than 20.
The government allowed those in the attached list to settle their purchases
- 21 of them - but then refused subsequent settlements. Some Jennings land
only customers then bought Jennings houses, but 3 of us in Portus Place
fought on until the Government terminated the leases because Jennings hadn't
complied with the lease conditions. A Supreme Court case was then involved
and eventually the 3 of us got the blocks and build non- Jennings homes.
I'm not sure if and how any non Jennings homes were constructed in Phase 2
(Weatherburn to Clews)
There's been quite some appreciation in unimproved values of South Bruce blocks. Some blocks with 1983 values of $32,000 have values of $1,080,000 in 2024 (a compounding growth rate of more than 9%pa).
No comments:
Post a Comment