High demand for properties in Melbourne’s south east has created an apartment hotspot among the city’s ‘sandbelt suburbs.’City of Kingston suburbs Clayton South, Mentone, Moorabbin and Mordialloc are experiencing an increase in apartment buildings. A report prepared by Urbis in August states there are currently 25 developments within the area that will create 1534 new apartments within the next three years.
Cedar Woods Properties State Manager Patrick Archer said the growing demand for properties in the sandbelt suburbs was a key factor when choosing to launch the Wattle Apartments at the company’s master-planned Jackson Green community.
The four-storey boutique apartment building is located at the entry of Jackson Green in Clayton South, and is complemented by the adjacent central park.
“The Wattle Apartments are a unique opportunity to buy generous proportioned apartments with seamless integration between indoor and outdoor living areas within a well-designed boutique building in a master-planned community,” Mr Archer said.
Future releases within the master-planned community will include more apartments, plus home and townhouse products.
The sandbelt refers to the triangle of suburbs extending south from Brighton along the coast of Port Phillip Bay to Frankston and as far east as Heatherton.
Research from Oliver Hume Real Estate Group shows the average size of a one bedroom Melbourne CBD apartment sold off the plan is just 44 square metres, or 59 square metres for a two bedroom.
A recent research study conducted by Kingston City Council states that in the next 15 years the City of Kingston’s population is estimated to grow by 24,000. The majority of these new residents will live in key activity centres, with the proportion of apartments expected to rise from one per cent to 16 per cent.
The appeal of the sandbelt suburbs lies in their established amenities, close proximity to bayside beaches and the CBD, along with numerous education and employment opportunities.
“We were pleased to see such an overwhelming success in Jackson Green’s first four stage releases and the release of the Wattle Apartments has been equally well received,” Mr Archer said.
Jackson Green has recorded strong sales since launching their home and town home product, with buyers mainly made up of owner-occupiers and local investors.