A vacant block of land in Fairy Meadow has set a new suburb record, selling for $2 million. The property, located at 88-90 Princes Highway, was approved for a National Disability Insurance Scheme (NDIS) supported accommodation development, which drove strong buyer interest.
Record-Breaking Sale
The 1,012-square-metre site sold under the hammer at auction for $2 million, surpassing the previous Fairy Meadow land record of $1.7 million set in 2021. The sale price reflects a land value of approximately $1,976 per square metre.
Selling agent Nick Gower of Ray White Wollongong said the result highlighted the premium buyers place on NDIS-approved sites. “We had multiple registered bidders, all of whom were developers looking to capitalise on the growing demand for specialist disability accommodation,” Mr Gower said.
NDIS Driving Demand
The site’s development approval for a 12-bedroom NDIS accommodation facility was a key factor in the sale. Under the NDIS, providers can receive significant government funding to build and operate supported accommodation, making such sites highly sought after.
“The NDIS has created a new asset class in property,” Mr Gower explained. “Investors are attracted to the long-term, government-backed income streams. This site ticked all the boxes: location, size, and approval.”
Illawarra Market Trends
The sale comes amid strong demand for development sites in the Illawarra, particularly those with approvals in place. Fairy Meadow, located just north of Wollongong, has seen steady price growth due to its proximity to beaches, university, and transport links.
“Fairy Meadow is becoming increasingly popular for medium-density developments,” Mr Gower said. “This sale shows that well-positioned sites with approvals can achieve exceptional results.”
Future Development
The buyer, a Sydney-based developer, plans to proceed with the approved 12-bedroom disability accommodation. Construction is expected to begin later this year, with completion targeted for 2026.
The property was sold by a local family who had owned the land for decades. They decided to sell after receiving the development approval, capitalising on the strong market conditions.
“It was a bittersweet moment for the vendors, but they were thrilled with the outcome,” Mr Gower said. “They saw the potential of the site and it paid off.”
The record sale underscores the increasing value of NDIS-approved land in regional NSW, as demand for specialist disability housing continues to grow.
