This article is from the Australian Property Journal archive
VICTORIA’S Allan government is forging ahead with construction of the million Luma residential development on the former City West Water office site in Melbourne’s north-west, which aims to encourage a broader range of income levels to enter the property market.
On completion, Luma Sunshine North will provide about 300 townhouses consisting of one-, two-, three- and four-bedrooms. Construction of 86 homes in stage one of Luma has surpassed 60% complete and is on track to welcome its first residents in early 2025.
Melbourne-based SAW Constructions is delivering the first two stages of the development, with construction on 85 homes in stage two also now underway.
A 2.5% deposit is required upfront to secure a home in stage two, and a further 2.5% deposit six months after signing a contract, with no progress payments required during construction.
“At Luma we are opening the door to a broader range of income levels to enter the property market,” said group head, housing Penny Forrest.
Homes in stage two will be all-electric with a range of sustainable features as standard to achieve a minimum 7-star energy rating. Sustainability features include solar PV systems with battery storage, double glazed windows, and heat pump hot water services.
The government is investing over $200 million over the life of the project. Works are also underway on Willowbark Reserve, a 3,600 sqm park that is set to become a key feature of the new development that offers the community more open green spaces.
“We’re unlocking surplus government land to deliver more homes to accommodate future growth in Melbourne’s booming western suburbs – close to jobs, transport and services,” said Minister for Development Victoria Colin Brooks.
The Victorian government Housing Statement, unveiled a year ago, targets the delivery of 800,000 across the state over a decade.
