Phase one of Victoria Square, the new six-tower $600 million masterplanned precinct in Footscray, will launch to public on the weekend with 70 per cent of apartments already sold.
Playing a pivotal role in Footscray’s rejuvenation, Victoria Square by Australian-based developer Growland has been popular with first home owners, upgraders and savvy investors due to its high quality architectural offering, affordable price points, and the exponential interest in Footscray’s property market.
Once a paragon of Melbourne’s working class, Footscray is undergoing significant gentrification that will see its value increase drastically in the coming years.
Evidence of the area’s growing appeal came from Core Logic data, which showed house prices in the area have grown by 8.82 per cent in the last 12 months, and apartment prices by 9.52 per cent in the same period.
Research think-tank Urbis reported that Footscray’s median apartment price experienced the highest annual price growth compared to other suburbs in the same radius from Melbourne’s CBD.
Growland CEO Ronald Chan, says Footscray’s strong potential is finally coming to light, and savvy buyers are recognising the opportunity the suburb presents.
“Buyers today are astute. They know that as Melbourne prices continue to grow, buying in a relatively affordable suburb like Footscray, where there are significant drivers for growth, is a wise investment option,” Mr Chan said.
‘It’s an inner-ring suburb that is seeing billions of dollars of private and government investment, so there’s no doubt it will flourish in the years to come.”
According to the Department of Transport, Planning, and Local Infrastructure, seven major infrastructure projects have now been completed in Footscray, and an additional six are underway, totalling $62 million in government investment. In combination with the private sector, Footscray will see $2.6 billion of investment through to 2021.
“This reaffirms to us that buyer sentiment is changing rapidly," Mr Chan said.
"Five years ago, the overwhelming majority of purchasers were keen to settle down into a family home and traded location for a big backyard.
"Now, we’re seeing depth in the market – while this dream still exists, a strong segment of the market is recognising the inherent value in an inner-city apartment thanks to the incredible lifestyle convenience and amenity it can offer."With an emphasis on creating a new community hub, Victoria Square will be home to over 3,000 square metres of retail space, including premium hospitality and retail offerings.
Residents will also have access to Australia’s first aerial outdoor track, as well as a pool, state-of-the-art-gym, 3000 square metres podium skypark and private cinema. Proving the developer’s commitment to the residents, all amenities will be developed in the first phase of the project.
Set to commence construction in mid-2018, the first tower at Victoria Square will encompass 240 one, two and three-bedroom apartments across 23 levels.