Buyers gallop to Moonee Valley Park's Trackside House apartments
Trackside House at Moonee Valley Park, the first track-fronting residential offering at the $2 billion redevelopment of Moonee Valley Racecourse, has generated around $100 million worth of sales within 11 weeks of its launch.
Developer Hamton, who is developing Moonee Valley Park in a joint venture along with superannuation fund Hostplus and in partnership with Moonee Valley Racing Club (MVRC), had a VIP waitlist of buyers who received early access to Trackside House in October last year.
The early success of Trackside House follows its neighbour and previous stage, Stonepine House, which is now over 80 percent sold.
The two buildings, which share the same basement, have a combined end value of around $320 million and will be built together as part of a single contract. Icon has been appointed as builder, and construction will commence in May.
Trackside House was designed by architect Rothelowman and interior design studio Carr and continues with the biophilic theme of Moonee Valley Park.
The project is designed to be a neighbourhood within a park, with around half of the masterplan dedicated to botanical green parklands and open space, that prioritises the lifestyle benefits of living amongst nature.
Residents will also have access to rooftop amenity featuring infinity pool, residents’ lounge, private dining, business lounge and a state-of-the-art wellness sanctuary – equipped with glass-walled yoga room, therapy room, sauna and fully equipped gym.
The development team attributes the strong results to Trackside House’s biggest point of difference – its dedicated track-fronting views of Moonee Valley Racecourse and to the CBD, offering an unparalleled vantage point down what will be the new finishing straight for each race meet each year, including the iconic Cox Plate.
Hamton Property Group Executive Chairman Paul Hameister said the overwhelming sales demand has primarily been from downsizing locals.
“Melbournians are very loyal to the areas and communities in which they have grown up and raised families," Hameister said.
"There are very few premium offerings for downsizers in Melbourne’s inner north-west and we have sought to address that with Moonee Valley Park."
Hameister says the typical buyer in Trackside House has been an affluent local rightsizer.
"They are unaffected by the prospect of higher interest rates as they are cash buyers, selling a large home with little or no mortgage and after purchasing one of our homes, they have cash set aside to invest for retirement.
“All of our buyers at Moonee Valley Park have been drawn by the appeal of living within an extensive new parkland, just 6km from the CBD.
“Many of those buyers in Trackside House also have a connection to Moonee Valley Racing Club, which has been such an integral part of this local community for 140 years."
“The runaway success of Trackside House reiterates the importance of a unique point-of-difference that sets a project apart from commodity-style apartment projects, particularly in this current stage of the market cycle."
Some investors are coming back into the market, Hameister added, although noted that they are looking at the market differently, suggesting they are wanting to buy homes where there is a strong exit strategy to owner-occupiers
Moonee Valley Park launched to the market in August 2019, and has since delivered two completed residential stages as well as amenities including Tote Park and TOTE Bar & Dining – with the first residents moving into their new homes in 2022.
A further stage will complete construction later this year.
