In the June Qtr 2019 the fastest selling estates in the Western Suburbs of Melbourne were:
1. Central Wyndham Vale (Wyndham Vale)
2. Mt Atkinson (Truganina)
3. Williams Landing (Williams Landing)
4. Orchard (Tarneit)
5. The Grove (Tarneit)
Source: Research Four, National Land Survey (fastest selling by monthly sales volume)
But what makes an estate stand out from all the others and how can you ensure you invest in an area that’s best placed to outperform the rest?
Home owners vote with their feet and it’s clear that the more people interested in a particular area, the faster it sells and better it performs. Let’s break down each of these estates above and see if we can determine the reason why some land developments are performing much better than others:
1. Central Wyndham Vale – www.markdipaola.com.au/wyndhamvale
Wyndham Vale Central is one of the newest estates in the Western Growth Corridor and has topped the charts in its first Qtr on the market. With land starting at $204,000, punters recognised quickly that this was great value for money and an opportunity that shouldn’t be missed. The VIP stage 1 release was a huge success with 43 out of the 55 blocks sold before the public release.
The location of Wyndham Vale Central is one of its best features; only 240m away from Manor Lakes Town Centre (just across the road)! Amenities also close by include: Wyndham Vale train station (1.3km), local schools (Wyndham Vale Primary School, Manor Lakes College, and Our Lady of the Southern Cross), Universities (Melbourne University, Victoria University, The University of Notre Dame), and Mercy Hospital (9.5km).
With a large amount of existing infrastructure and a $60m redevelopment of the Manor Lakes Town Centre this project has been well received by investors and owner occupiers a like.
2. Mt Atkinson - www.stockland.com.au/residential/vic/mt-atkinson
Just 25km from the city (as the crow flies), Mt. Atkinson takes roughly the same time to travel to the city as Glen Waverley and is set to become home for more than 20,000 people over the next 15 years. For residents who are happy to wait for the infrastructure to be built or investors looking to get in on the ground floor, this is a great estate with big future plans. Its cliental and potential home owners are most excited about the Future Westfield Town Centre which will be within a few kilometres for most residents. There is also plans for a proposed indoor recreation centre & precinct, proposed train station, and 3 future schools within the estate. Mount Atkinson will also feature ‘The Melbourne Business Park’ which will provide business owners with a space to work close to home with the employment hub for the region delivering around 19,000 jobs.
3. Williams Landing – www.williamslanding.com.au/
Even though this estate has been around the longest out of the top 5, it still feels fresh and has become one of the most desirable suburbs to live in in Melbourne’s Outer West. Williams Landing boasts premium housing and streetscapes with large lot sizes and several apartment complexes for those who prefer to live up in the sky. The entire estate covers 275 Ha and the Town Centre (50 Ha) alone is approximately 3 ½ times the size of the Point Cook town centre! Thanks to the commercial and retail hub there is a potential to accommodate up to 23,000 new jobs by 2031.
And with the train station and bus interchange right at your doorstep, getting into the city is a breeze! If you prefer to drive, you have direct freeway access and being only 20km away, it won’t take you long. With so many features still yet to come like the Sporting Reserve and Parks and wetlands there is still a lot of excitement around in anticipation of the completion of this estate.
4. Orchard – www.orchardtarneit.com.au/
Located in one of Victoria’s fastest growing suburbs, Orchard Estate, sits in a great position benefiting from all of Tarneit’s new infrastructure and amenities. Approximately 30 minutes from both Tullamarine Airport and Melbourne’s CBD and surrounded by plenty of schools and shopping centres; Orchard provides residents with an intimate community feel that is perfect for young families. Once the landscaped green spaces, parks and gardens become available, as well as the Government planned National Employment Precinct, the demand of this location will increase again.
Recent purchaser from Stockland, The Grove by Frasers Property has taken a lot of care in maintaining a high-quality estate that its residents can be proud of. Surrounded by two waterways, lots of natural elements and plans for a future wetland, the 167 Ha site will soon be home to 2,600 families. Like the other projects in the top 5, schools, sporting ovals, transport and future town centre are all within walking distance. There are still a number of future amenities to come which makes this spot the perfect for those who will call this place home for many years to come.
What you should look for?
The individual estates vary in their aesthetics and have their own unique style which appeals to different buyers, but if you look a little deeper there are several similarities between them all. For example, they are all under 40km to the CBD, with proximity to large shopping centres and usually walking distance to an existing or future train station. There are a growing number of employment opportunities in the area and a selection of established and future schools to choose from.
Upon further research factors like price point and lot size are key purchasing factors that prospective buyers are finally consider before putting their signatures down on paper, but in order to be a top selling estate all the top priorities on a buyer wish list we mentioned above must first be met.
For more info on what makes a popular selling estate or if you require some advice on buying or selling a vacant block of land please contact me via the website