Overwhelming sales statistics last week reveal reinstated confidence in the off-the-plan market
Last week, all eleven Woodlea townhomes were snapped up within hours after being launched to market, and by the weekend Yarraville Place had sold 50% of 55 townhomes in the first week of sales. These statistics suggest a high demand for stock in Melbourne’s western suburbs, with buyers ready to move 10-30 kilometres out of the CBD to secure their dream home.
This sentiment follows waves of uncertainty around buying off-the-plan; however, today, there are many reasons why purchasing off-the-plan could be a better time than ever.
Here are five reasons to consider buying a new apartment or townhome.
- Building regulations are stricter today
- Many home seekers could be eligible for Stamp Duty concessions
- House prices are forecast to increase over the next 12 to 24 months
- Mortgage serviceability has become easier for home buyers
- Finance is more accessible to acquire due to APRA’s loosened lending constraints
Why Woodlea sales were such a success
Known as Australia’s fastest-growing community, Woodlea has now launched its most affordable product to date – 11 townhomes all of which sold within hours of release. The two and three-bedroom homes designed by DKO Architecture, with grounds curated by MDG Landscape Architecture, allowed buyers to purchase an architecturally-designed, spacious home for around $339,000, which is rare in today’s market given the average first home buyer loan is about $366,776.
Woodlea’s Project Director Matthew Dean noticed a gap in the market which caters to the need for affordable housing to ease the debt of first home buyers, which is what inspired The Urbanist Collection.
“It’s unheard of to be able to buy an architecturally designed townhouse that is turnkey ready for under $350,000 so it was important for us to offer a product that catered to the first home buyer market and the loan size in which they can borrow.”
The Urbanist Collection is Mirvac’s latest development within the Woodlea precinct and maintains the high-quality design and functionality synonymous with that of the 711-hectare community. Each home includes luxurious Smeg appliances, 2.5-2.7-metre-high ceilings, spacious living areas, stone benchtops and more.
“Buyers will be spoilt for choice with a variety of floor plans to choose from, all while being located in the social heart of Woodlea; just 100-metres from the future local Town Centre, an abundance of parks and nearby schools.”
Matthew Dean, Woodlea Project Director
Key selling points:
- Located within walking distance to the local playground, which is found to increase housing values by approximately $20,000
- All townhomes include high-quality appliances, fixtures and fittings
- Townhomes require only a 5% deposit
Why first home buyers are flocking to Yarraville Place
Property developer ID_Land celebrated a successful opening week of Yarraville Place sales, bringing in a staggering $45 million and selling more than 50% of townhome stock.
ID_Land Joint Managing Director Matthew Belford explained that location was a key driver behind the impressive sales.
“We think the strength of the sales results to-date indicate that buyers across multiple demographics are back in the market and they’re looking for accessible, premium property in sought-after postcodes like Yarraville. Understanding the demographics of the area, we saw an opportunity to deliver a product that would embrace the character of the location while tapping into the significant demand for three- and four-bedroom dwellings at an affordable price.”
Designed by Rothelowman Architects with landscaping by Tract, Yarraville Place was a substantial project developed in collaboration with heritage consultant Bryce Raworth. The in-fill development echoes Yarraville’s rich industrial heritage with its sawtooth rooflines, retained Bluestone walls and arched keystone doorframes.
“The retention of heritage assets throughout the project gives it a very unique and different look and feel.”
Stuart Marsland, Rothelowman Principal
Townhomes are available in two, three and four-bedroom configurations and buyers can choose from a selection of 10 floorplans.
Key selling points:
- Multiple floorplan options to suit a variety of buyer needs
- Yarraville is a great inner-west location which saw a surge in popularity in recent years
- The area has undergone significant transformation in terms of commercial development and village upgrades
