This article is from the Australian Property Journal archive
DEVELOPER ALAND has sold more than 130 homes in the first week of its latest release in its master-planned community, Schofield Gardens, signalling demand for affordable apartments in Sydney’s west.
Close to 60% of apartments in the release have sold, with first home buyers and investors keen to secure one of the 232 apartments in the initial stage of the $272 million Jasmine project.
Jasmine is the seventh release in ALAND’s Schofield Gardens residential community, in Schofields. The six other stages – Bottlebrush, Wattle, Frangipani, Pandorea, Lotus, and Breynia – were each sold out prior to completion.
Schofield Gardens first stage was launched in 2020 and on completion, the landmark estate will provide housing for about 4,600 residents.
Aland founder Andrew Hrsto said the sales results at Schofield Garden’s latest release are a result of the historical success of the development and reflect the current high demand for new, affordable housing across Sydney.
Since the launch of Bottlebrush in 2020, Aland has sold and settled 1,000 apartments to date.
“We have long recognised the need to provide attainable housing to the market, particularly when there is such limited stock at these price points currently available,” he said.
Jasmine consists of one-, two-, and three-bedroom apartments across three buildings ranging in height from four to five storeys.
Prices range from $475,000 for a one-bedroom apartment, from $585,000 for two bedrooms and from $735,000 for three bedrooms, a price point Hrsto says makes the development appealing to first home buyers, investors, couples, families and downsizers alike.
NAB data shows that Schofields tops the list of first home buyer hotspots in NSW, with more than 60% rise in demand during the previous year.
ALAND head of sales Scott Rudgley said Schofield Gardens is one of the major drivers for the suburb’s jump in first home buyer activity as the apartments are often eligible for government assistance.
He said demand to date has been driven by first-home buyers hunting for affordability, with investors appreciating the fact that property in Schofields continues to outperform the rest of NSW and Blacktown City Council’s growth forecast of 8,000 new residents every year until 2041.
Apartments in Schofield Gardens have risen in value since 2020 with compound annual growth of 6.3%, Rudgley said. Median weekly rents have risen by an extraordinary 38% in that time, and gross yields continue to track at a record 4.86%.
Hrsto said the area has “huge potential”. Schofields has a range of schools, parks and transport options, and nearby Schofields Village offers a childcare centre, supermarket, cafés, and a pharmacy.
Transport options include an upgraded rail connection to Sydney CBD and Parramatta, while the Metro North West line runs from nearby Tallawong station to Chatswood, with the extension to Sydney CBD to open in 2024.
Jasmine residents have access to water-smart communal gardens, solar power and a large reserve of native bushland.
Residents can enjoy a communal courtyard with playgrounds and rooftop amenities including BBQs, exercise spaces and kids’ soft-fall play areas, plus electric vehicle charging stations in the basement.
Construction of Jasmine stage one is expected to commence by late 2023 with the project due to be completed by Q1 2025.
