Why a local first home buyer bought an apartment in Deicorp's Melrose Central: Urban Buyer Q&A
It was the combination of research, timing, and growth potential that led Youngki Park to secure his first home in Deicorp’s Melrose Central, part of the expansive Melrose Park urban renewal project.
Youngki, an architect by trade, had become aware of the opportunity for growth in the area from his friend who had previously bought an apartment in Melrose Park with Sekisui.
"The value of my friend's apartment had gone up since he had bought it off the plan, so that for me opened up the idea of buying an apartment that hadn't been built yet," Youngki said.
Youngki had seen first hand how much the area had evolved in recent years, and was well aware of the infrastructure developments in Melrose Park.
"There is a lot happening in the area, especially regarding transport, which will connect it to the rest of Sydney," Youngki said.
"Melrose Central will be across the road from the future Parramatta Light Rail which will make commuting into the city easy, and there's a new bridge planned that will connect it [Melrose Park] to Wentworth Point."
Understanding no purchase of a home isn't without its risks, in both the established or off the plan space, Youngki said doing his research on the developer made him feel at ease.
"As an architect, I appreciated the design of Melrose Central, and after doing my research into Deicorp and the fact they have delivered 100 per cent of projects they've set out to, my mind was made up."
Youngki is renting across the harbour in Rhodes but decided it was the right time to invest in his financial future. He was one of 40 or so buyers who secured apartment on the display suite launch at Melrose Central.
"I hadn't intended on buying on the opening weekend, however, the sheer number of people, and the clear confidence and intent of those buyers, pushed him over the line."
CBRE Residential Project Managing Director, David Milton, says Melrose Central represents great value for buyers.
"Our two-bedroom, two-bathroom apartments are priced under $1 million. If you go to any of the neighbouring suburbs, you can't get that kind of value," Milton suggests.
Milton says the buyer pool has been diverse, with first home buyers, local owner-occupiers, and even investors purchasing.
Melrose Central, developed by Deicorp and PAYCE, is a part of the larger 55-hectare Melrose Park precinct, which will eventually deliver 500 apartments over six buildings, alongside a five-level podium housing retail, wellness facilities, and a Coles supermarket.
The first stage of Melrose Central is expected to complete by mid-2027.
Youngki took part in Urban's Buyer Q&A series, which focuses on the driving factors behind buying off the plan property in Australia.
