The Land Development Agency (LDA) sells residential land in a variety of ways - over-the-counter, auction and ballot.
A new land release in an LDA residential estate may be offered for sale through the LDA’s ballot system. The ballot system is the fairest and most transparent way the LDA can sell residential blocks to the public.
Block prices are set at the market value, which allows the buyer to purchase the block without the risk of a higher bidder obtaining the block.
To participate in a ballot, potential buyers must register their details using the LDA’s online system during the advertised registration period. These details include the full names of each buyer, their residential address, solicitor details and the type of lease they wish to enter into. For more information about Land Rent please click here.
Once the registration form has been submitted, the potential buyer is then entered into the ballot and given a unique ballot number. Once the registration period closes, each eligible ballot number is entered into an electronic ballot draw system.
Witnessed by Gaming and Racing officials, the ballot is drawn at the LDA’s head office. Ballot numbers are drawn sequentially and the official results are uploaded on to the LDA’s website.
Successful ballot registrants will be invited to a block selection appointment to select and purchase a block.
To secure a block, the successful registrants must sign a First Grant Contract at their block selection appointment. They will be required to select either a Land Rent contract or Standard Contract at time of selection. A sample copy of the contract terms will be available online during the ballot registration period. A payment may be required depending on varying circumstances as set out below:
These payments can be made by cheque, cash or credit. Once paid, the buyer will be given a receipt of purchase.
Settlement of the contract depends on when the block is ready to build on. The LDA may release land that is not ready to build on when the First Grant Contract is signed by the purchaser. The front page of the First Grant Contract will outline an estimated date range for completion of civil works. This means it is estimated that the civil construction of the estate will be complete and all the appropriate certification and approvals issued within this period. This is known as operational Acceptance, or when the estate is ‘Land Ready’.
The LDA’s legal advisor will serve the Crown Lease to the purchaser, or their nominated solicitor shortly after Operational Acceptance occurs. When the Crown Lease is received, the purchaser will also receive settlement instructions including the scheduled settlement date. For further information, please refer to Clause 5 of the First Grant Contract. To settle a Contract, the outstanding amount of the sale price must be paid (not required if a Land Rent lease has been selected) on or before the completion date as stated in the Contract.
Any interested parties must register to participate in an LDA auction. Details of how to register are available as part of the Sales Documentation for each auction. Once registered, a bidder’s number will be provided which is held up to indicate to the auctioneer that the bidder wishes to place a bid.
The block will be sold to the bidder with the highest bid above the undisclosed reserve price. If the highest bid is below the reserve price, a period of time will be granted for the registrant with the highest bid to exclusively negotiate with the LDA.
The successful bidder must sign a contract and pay a 10% deposit immediately. Contracts will need to be settled by paying the outstanding amount on the sales price on or before the completion date as stated in the contract.
Land Rent is not available on blocks sold at auction.
For more information regarding the sales process at the Land Development Agency please contact the Sales Team on 1800 777 952 or firstname.lastname@example.org