Avondale, a joint venture partnership with Frasers Property and Places Victoria delivering 135 homes and townhouses just 12 km from the CBD, has proven to be popular with 18 of the 20 homes on offer in the first release in the development being snapped up within days.
Almost 300 interested parties attended the development’s first information night in May, with 34 potential buyers registering their interest with a $2000 refundable deposit by the time the first 20 homes went on sale off-the-plan two weeks later.
Construction will begin in early 2017, with homes due for completion by late 2017.
Avondale, a joint venture with Places Victoria, is located on the site of a now demolished TAFE college on the section of land bounded by Westminster Drive, Clarendon Street and Military Road in Avondale Heights.
The development is surrounded by well-established suburbs, making it a rare opportunity to buy within a ready-made community, just 12 km from the city. But established doesn’t mean built up. Beautiful bushland walking trails along the Maribyrnong River are just 1.7 km away. Excellent playground facilities, with flying fox and public barbecues can be found at Canning Reserve, also within walking distance of the development.
Avondale will ultimately consist of 135 homes, ranging from one to five bedrooms, designed by Interlandi Mantesso Architects.
A one-bedroom townhouse with carport and ensuite is $380,000 with the five-bedroom option selling for $830,000.
Buyers need only put down a 10 per cent deposit, with the final 90 per cent not due until two weeks after the Certificate of Occupancy is issued. Unlike many projects, no progress payments are required throughout construction.
Frasers Property’s vision for Avondale is to deliver as many family homes as possible, whilst simultaneously working hard to provide options that allow first home buyers an opportunity to get a foothold into the market.
It is rare to be able to secure a one-bedroom home as a turnkey proposition for under $400,000 even after taking stamp duty into consideration.
A substantial central park of 3000 square metres will form the green heart of the development, with connections through to the newly refurbished Avondale Heights library plus a kindergarten and Avondale Heights Primary School. Highpoint Shopping Centre is a seven-minute drive away.
Sarah Bloom, General Manager Residential, from Frasers Property Australia, said while interest was always expected to be high for the site, the numbers of buyers surprised her.
“We knew this was a prime site for a new development, and this level of interest shows that we weren’t wrong. Opportunities to buy brand new property within 12 km of the city are rare and we expect the subsequent releases to attract just as much enthusiasm,” she said.
The next release of 22 homes will occur this month.