A four-tower development on the banks of the Maribyrnong River has all but sold out in the space of 12 months.
Despite going to market during one of the most transformative periods in the history of Melbourne’s new apartment market, the Joseph Rd precinct has proven a surprise sales success, according to 360 Property Group project sales executive Michael Hogan.
“They (the developer) did think it was going to take much longer,” Mr Hogan said.
More than 700 of the 720 apartments in Blue Earth’s $450 million development have sold, with just 12 left for sale in its final tower, River One.
Investors initially were a significant factor, taking up a large chunk of the first two towers, but legislative changes that removed incentives to buy off-the-plan investments had cut back their numbers in more recent months.
First-home buyers and even those who had moved to a new house in greenfield suburbs were now driving the market, lured in by a hard to beat location on the banks of the Maribyrnong River.
“What it really boils down to is Footscray is an area that is rapidly changing,” Mr Hogan said.
“It’s only 4km from the city, and we are absolute waterfront. No other project could offer that.”
Geographically, buyers have been coming from a band ranging from Point Cook to Essendon and out as far as Sunbury.
“They are buyers who aren’t as in love with suburban living, and want to move back to an urban area after living in the greenfield areas,” Mr Hogan said.
“And the first-home buyer market has come back in force.”
The remaining two-bedroom apartments have floorplans over 70sq m, with a bedroom set on either side of the central living zone and full-sized kitchen for privacy.
European oak floorboards are featured inside the apartments, which also come with plenty of natural light and a neutral colour palette.
The apartments, ranging from levels two to 12, will have sunset views across Footscray.
The development also offers a high level of local amenities with a pool, gym, sauna and a range of shared lounge, kitchen and outdoor spaces.
“The amenities have certainly attracted first-home buyers and there are people who have just given up on the idea of moving to suburbia,” Mr Hogan said.
Two bedroom apartments are priced from $529,000-$579,000.