Why this Melbourne housing community sold out in just hours

You’ll have to be quick to buy land at Melbourne’s newest address.

Land sales at Olivia, located in Melbourne’s rapidly growing Truganina, are being met with unprecedented demand following the estate’s first three releases selling out in just hours.

The first land release in September 2017 saw all 67 quality blocks sell out entirely on the first day released to the market!

The overwhelming demand spurred the developer, Marantali, to subsequently fast-track the next release of 41 blocks, exclusively for purchasers who initially missed out on the first release, which again sold out on the opening weekend.

The third release, containing 26 blocks, further demonstrated this pent up demand when hitting the market before Christmas 2017, resulting in a complete sell out in just hours.

These strong sales results at Olivia come as more and more buyers are fed up with Melbourne’s skyrocketing house prices and leaving the inner-suburbs for more affordable land.

“We have been completely overwhelmed with the demand for Olivia since launching. Purchasers who missed out on the first three releases are now on a waiting list for our next stage to come to market in the coming weeks,” said the Olivia sales manager.

“Land at Olivia currently starts from around $230,000, enabling buyers to build their dream home for under $450,000. That’s basically half the price of Melbourne’s current median house price, which continues to rise.”

History shows Melbourne’s outer growth suburbs perform strongly in capital growth as new infrastructure and facilities become established – a sign that early purchasers in Olivia will benefit significantly in the coming years.

For example, in Rockbank, the suburb’s median house price has risen from $192,000 in 2015 to $457,000 in 2017 following the creation of new housing developments and infrastructure.

Similarly, in Caroline Springs, the median house price has more than doubled since 2010. This community has now become renowned for its abundant wetlands, schools, sporting ovals and parks, with purchasers paying a premium to call the suburb home.

Nearby Williams Landing is another example, which Domain cites is outpacing much of Melbourne’s established and leafy eastern suburbs in terms of price growth. The suburb has median house price of $649,000 as of February 2018.

Those who have bought into Olivia are primed to experience a similar uplift in prices, with the now approved Precinct Structure Plan (PSP) that governs the area signaling the development of significant parks and open space, a major town centre, two local town centres, a new train station, sporting reserves and roads, all just minutes away from Olivia.

The PSP will also spur the creation of major job opportunities to reduce CBD commuting, such as a new employment precinct along Hopkins Road for office, light industrial and commercial businesses.

This is all in addition to the beautiful amenities that Olivia itself will offer, including four and a half hectares of active open space and a further two hectares of family-friendly parklands.

With so many exciting plans for the area it’s no wonder home buyers have eagerly chosen to secure their slice of Olivia.

Don’t miss out – register your interest for the next stage of Olivia.

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