Click here to read the original article by Scott Carbines for news.com.au, 14 December 2016.
The available 20 lots ranging from $155,000 to $269,500 sold out within an hour as a majority mix of first and second-home buyers woke early from their makeshift camps to ink deals before Christmas.
Merrifield Project Director Matthew Planner said buyers were doing everything they could to get a foot on the property ladder in Melbourne’s affordable northern growth corridor.
“Merrifield remains the highest selling new project in the northern growth corridor,” he said.
“Clearly, our purchasers are impressed by not only the vision we have for Merrifield, but the quality of what we are already delivering on the ground.
“With these unprecedented levels of demand and strong capital growth in the land prices, they simply do not want to miss out.”
Merrifield’s next release of more than 50 lots up to 658sq m will be launched in February.
The rush to secure land was also on in Wollert as developer AV Jennings’ Lyndarum North masterplanned community sold over 80 per cent of its available lots in 48 hours.
Meanwhile, national developer Mirvac has unveiled plans to deliver its own new masterplanned community, Olivine, to the area on 187ha in Donnybrook.
The project will be developed over 10 to 15 years and will eventually be home to about 7000 people across 2500 homes.
It will feature a new town centre, education, health, sports and community infrastructure, as well as an adventure park that aims to draw people to the area from across the region.
Mirvac’s General Manager of Residential Victoria Elysa Anderson said access to amenities early on and affordable quality education were some of the most important factors in residential development.
“Olivine will be one of Melbourne’s most anticipated residential communities, promising exceptional amenity and community assets from day one,” she said.
“Our integrated Mirvac team have aimed to reimagine urban life. The focus has been creating a walkable neighbourhood as well as a community that offers residents considered opportunities, including education, retail, commercial, employment, as well as community amenities with open green spaces never more than 400m walk from their new home.”
The developer has also made an agreement with Hume Anglican Grammar to open a new campus at Olivine for prep to secondary school students, expected to open in 2019 as the first residents move in.