This article is from the Australian Property Journal archive
MIRVAC’S residential business has recorded a 25% jump in pre-sales to $879 million since June 30 2010.
Post 30 June 2010, Mirvac has released two fast-tracked residential projects in Victoria resulting in $105 million in exchanged contracts.
In Victoria, at Yarra Point in Melbourne’s Docklands precinct, 78 lots were sold totalling $68.9 million. Sales were well spread across the 201 apartments with prices ranging from $500,000 for a one bedroom apartment to $2.5 million for a four bedroom penthouse. Completion is forecast for financial year 2013.
In Harcrest, Wantirna South, 83 house and land lots released at Harcrest were sold and a sellout resulted in total sales of $36.5 million. Sales were well spread across 61 land lots, 14 Mirvac homes and 8 external builder home packages, with prices ranging from $310,000 to $496,000 for land and $499,000 to $950,000 for homes.
Harcrest will offer 840 homes on completion and to date Mirvac has received over 6,500 registrations of interest with future releases expected from November 2010. Completion of the first stage of release is expected in mid 2011.
Managing director Nick Collishaw said the group’s projects have met market demand at a time when competitors are exiting the apartment market and private developers remain constrained due to a lack of available finance.
Collishaw said the group has fast-tracked two residential projects to be released by the end of the calendar year.
These projects are Kiewa, Rhodes Waterside, New South Wales – 111 waterfront apartments; and Marina’s Peninsula in Townsville, Queensland – 86 lots across waterfront homes and an apartment tower.
“Whilst further increases in bank variable mortgage rates will impact affordability, especially the first home buyer segment, Mirvac’s strong sales results demonstrate that our buyer profile across both quality apartments, house and land lots continues to be active,” he concluded.
Australian Property Journal
