The first stage of Yarrabee Park, off Kerr Road, comprises 27 blocks ranging in size from 759sq m to 916sq m.

Kerr Road Developments, a group of Albury business people, is building the estate, which will include 250 lots in its initial sections and up to 500 more in the future.

Directors Nick Doherty and Murray Pigdon hoped construction would be completed by Christmas, with titles expected in late April or May.

“Yarrabee Park means the place of gum trees,” Mr Doherty said.

“The landscaping plans are all centred around that, so it will have an avenue of gum trees coming in and the like.

“It’s a very high profile site, it’s right at the start of that whole growth corridor there.”

Mr Pigdon said the average lot size, about 850sq m, aimed to fulfil the market demand for flat, residential land.

“We felt there was quite a need for some nice-sized lots, medium size but without fall so construction costs weren’t going to be too great,” he said.

The director said the estate would not be exclusive to any one builder and a display village of six to eight homes was planned for the first stage.

Mr Doherty said Yarrabee Park had received a tremendous response since its launch about a fortnight ago.

“Not only from those looking at buying land directly but also from builders who are interested in putting a display home in the estate,” he said.

“It’s the start of something new and it’s a very exciting project for Albury, we’re certainly very excited about it.”

According to Albury Council, Thurgoona/Wirlinga and Hamilton Valley has more than 50 years’ supply of zoned residential land available to cater for the long-term growth of the city.

The council, in its Albury Development Monitor 2015-2016,estimated 7433 new homes needed to be constructed between 2011 and 2036 with a projected population increase of 17,378 new residents.