Hampstead Park sees overwhelming success - Stage 2 set to launch in 2019
The demand for property in Melbourne's West remains strong following the overwhelming success of the first stage of Hampstead Park in Maidstone. Purchasers have been attracted by the development's proximity to the Melbourne CBD and its value for money compared to surrounding suburbs. Hampstead Park offers the convenience and amenity of Footscray or Maribyrnong but at a fraction of the price, with 81% of stage one sold out at time of writing.
Designed by Clarke Hopkins Clarke, the overall Hampstead Park masterplan allows for up approximately 450 apartments, as well as 157 townhouses, located around a central communal park.
"The vision for this new masterplanned mixed use precinct in Maidstone is to create a unique mixed use urban precinct that provides a vibrant place to live, work and play. Based on the 4 key principles of Community, Integration, Identity and Sustainability, the design will aspire to create a modern and vibrant community, that integrates within the existing context of the site, has a strong sense of identity, and shapes a socially and environmentally sustainable environment.
The village features a supermarket and specialty retail tenancies including restaurants/cafes, a community component comprising community centre, medical centre, gym, and child care centre to support the local population and complement the retail offerings provided by the established activity centre nearby. The new development will also feature a central park and plaza and a community park, and create an intimate streetscape network with a strong pedestrian focus, shaping a unique sense of place for the local community."
- Clarke Hopkins Clarke
Andrew Steele, Sales & Marketing Manager at inPLACE provided Urban.com.au with some insight on the projects success to date and why it has resonated with purchasers.
Urban.com.au: What do you attribute the success of stage one of Hampstead Park to? Particularly in light of the current market conditions in Melbourne?
Andrew Steele: Buyers are always looking for value, now more than ever in this current market. At Hampstead Park we have been able to demonstrate outstanding value to our purchasers by offering large, luxuriously finished townhomes in the immediate vicinity of Highpoint Shopping Centre and only 8km to Melbourne CBD. The reason we have seen such great success is that there are so many positive aspects to this master-planned community, real features that buyers are looking for, and we have been able to deliver them all at a truly affordable price. To get all that Hampstead Park has to offer from just $740,000 for a 3 bedroom home and from $765,000 for a 4 bedroom home, it’s easy to see why buyers have taken to the project so strongly.
U: How does Maidstone compare to say Maribyrnong and Footscray from a price point? Is it an affordable alternative to these locations while still benefiting from proximity to the Maribyrnong river, Highpoint Shopping Centre and central Footscray?
AS: Maidstone represents a unique opportunity to buy so close to the city at an affordable price. Our project borders right on Maribyrnong, where the median house price is nearly $170,000 more, and Footscray where the median house price is nearly $60,000 more. Hampstead Park offers all of the amenity of the surrounding suburbs, in an expertly planned community, at a much more affordable price. I think this is another reason why sales have been so strong – home buyers are surprised by what they get for their money and investors see the potential for strong capital growth.
U: Where are purchasers in Hampstead Park located? Are they from surrounding suburbs? And what demographic?
AS:The vast majority of our buyers are from surrounding suburbs. A lot have come from Maribyrnong as they see the project as desirable and affordable and not really much of a move, we have also seen those from further our like St. Albans and Point Cook who want to be closer to the city, and even people from other areas in the north such as Brunswick and Preston. They are paying a fraction of the price of what they would be buying a townhouse of this quality in their current suburbs, yet they get to maintain the similar proximity to the city and enjoy the same lifestyle.
U: How many residences are left in Hampstead Park?
AS: Of the 78 townhouses in Stage 1, there are only 15 remaining which is a great result. The great thing is that the floor plan types released initially are all still available except one, meaning that even those who are yet to buy haven’t missed out!
U: At the rate at which they're selling they're most likely to be gone by the end of the year. When will stage two be released and can buyers enquire now?
AS: The aim is to have Stage 1 practically sold out by the end of the year. Stage 2 will likely launch in February which is are very much looking forward to.
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Hampstead Park offers homes with no owners’ corporation, free-hold title and no common walls. There are massive stamp duty savings for investors and full stamp duty concessions for eligible first home buyers as well as the FHOG.
