This article is from the Australian Property Journal archive
MIRVAC and VIP’s masterplanned community, Woodlea, has sold three times the land lots over the first three months this year compared to 2020 and shows no signs of flagging.
Over the first three months of the year Woodlea had a total of 147 lots sold, with each release achieving a sell out in days.
Enquiries were also high for land in the community, with 350 registrations received for the latest release of 31 lots. These lots went on to sell out within 48 hours.
“We were pleased to know that some Woodlea buyers had secured the Homebuilder Grant but it was not evident that it was a key driver for our continuous sell outs,” said Matthew Dean, Woodlea project director.
However, Dean did comment that government incentives and low interest rates has instilled buyers with confidence in the market.
“The buyer demographic across the last quarter suggests that the grant, whilst a value add to many buyers, is not a key driver in the decision to purchase land but rather, purchasers have sought a community that is already well-established in terms of infrastructure, such as schools, parks and Woodlea’s newly opened town centre,” he said.
Woodlea spans 771-hectares and is situated in Melbourne’s outer western suburb of Aintree, with access to sporting facilities, a community shopping precinct, anchored by a 3,500sqm Coles. The community also features ample school options and ‘destination style’ playgrounds.
Upon its release in 2015 Woodlea was named Australia’s fastest-selling community, and has since had to fast track the completion of key infrastructure in order to keep up with ongoing demand. Over this time buyers in the community have included first time home buyers, as well as investors and second and third home buyers.
Late last year, despite Melbourne’s strict COVID-19 restrictions, Woodlea achieved a townhouse sell out, within just weeks of launching.
Upon completion Woodlea will boast over 20,000 residents and is currently home to 8,500.
