Why buyers are snapping up land at this new address

Families seeking affordable land within easy access of Melbourne’s CBD have been among the first to snap up lots at new estate, Olivia, in the fast-growing suburb of Truganina.

Located in a previously untouched pocket of the rapidly growing area that is now marked for an exciting transformation, unprecedented demand for Olivia has seen all new land releases completely sell out on their respective launch weekends.

The first purchasers have been buoyed by the estate’s masterplanned surrounds and commitment to delivering 4.5-hectares of active open space, and a further two hectares of landscaped green parklands and community spaces, while being in easy proximity to some of the area’s best transport, shopping and leisure facilities.

53-year-old Franca was one of the first buyers to snap up a block in the second stage, deciding to purchase the land as an investment and potential future home.

Franca works in the property industry as a new homes consultant, so she has her finger on the pulse when it comes to the most exciting new projects being developed.

Her land purchase in Olivia is the second investment she’s made in Melbourne’s west, following the success of her first purchase in Rockbank where she has been the beneficiary of the suburb’s rapidly rising prices, skyrocketing from a median of just $192,000 in 2015 to $467,000 by the end of 2017.

Franca was attracted to Olivia as her next investment because of the estate’s boutique appearance, the large block sizes and the suburb’s growing potential.

“Our first investment in Rockbank was a double-storey home but it’s not very big, so the plan is to actually build a bigger home at Olivia where the block sizes are more generous,” she said.

“Olivia just has a lovely feel to it – when you first drive in it’s got those beautiful olive trees – it’s just so nice.”

Franca is particularly enthusiastic about the numerous infrastructure plans that have been approved for Truganina, especially the potential for further shopping facilities.

The Olivia sales manager says Franca is not the only property professional to purchase into Olivia.

“We’ve noticed a lot of interest from others in the property industry who know a good thing when they see it”.

“The fact that those in the know see the potential in what we’re producing is validation of Olivia’s offering.”

One of the estate’s very first purchasers was 70-year-old Sergio, a maintenance director at a large home building company, who plans to downsize at Olivia with his wife.

Sergio will be moving to the estate from nearby Caroline Springs, another area which he bought into early.

Since 2010, the median Caroline Springs house price has risen from $393,000 to $600,000.

Olivia is ideally positioned between Caroline Springs and Rockbank, making this a prime slice of land for future growth.

What appealed most to Sergio about Olivia was the price, which was affordable considering the quality of land, the complimentary landscaping and security offered and the surrounding infrastructure plans that have been approved.

“It’s an area that’s close to family but still relatively cheap,” said Sergio.

While Sergio and his wife will technically be downsizing at Olivia, their generous block at Olivia means he and his wife will still be able to comfortably build a three-bedroom home.

With the first three land stages at Olivia all completely selling out on their opening weekends, the next highly anticipated land stage, due for release in the coming weeks, is guaranteed to not last long.

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