Waterford estate developer, AVID Property group, is fast tracking land releases after experiencing a 255 per cent increase in inquiries for new homes in Maitland during the past financial year.
The group's chief executive officer Cameron Holt said AVID's Waterford community in Chisholm had seen an 81 per cent increase in sales compared to the previous 12 months.
The news comes as the Housing Industry Association (HIA) revealed Maitland was the second top hot spot for building population growth in NSW, with a population growth rate of 4.9 per cent and $59.1 million in building approvals for the 2020/2021 financial year.
"Our Waterford community has certainly reflected the strong growth in Maitland that's been revealed by the Housing Industry Association - regularly selling out of land as soon as its released," Mr Holt said.
"The last year has thrown the property market into a frenzy of house and land buying that has driven economic activity.
"The issue of land supply shortages is affecting all land developers, not just AVID.
"We've all been fast tracking land releases in record time over the last 12 months.
"There are a lot of legitimate reasons as to why there are shortages and delays, including the labour and material supply shortfalls that builders are also facing," he said.
Land and housing supply shortages are looming over the NSW housing market with experts predicting they are yet to peak, and the Hunter region is no exception.
The NSW Government's 2021-22 NSW Intergenerational Report found that the state would require an estimated 42,000 new homes each year - including 14,000 greenfield homes - to support growth and meet the resoundingly strong demand.
That is coupled with the fact that NSW's population, of which the Hunter makes up nine per cent, is predicted to rise to 19.7 million by 2061, an 11.5 million increase on the current population, an ADIV statement said.
"I don't believe the issue has peaked yet and developers, councils and governments will remain in the thick of it for a while longer," Mr Holt said.