Land Run Out as Last Stages of Sandarra Released

Sandarra, the 500 lot subdivision adjacent to the prestigious Sandhurst Club, released in November 2008, is expected to be sold out by late November, just 12 months after being released to the market.

Construction underway at Sandarra

The awareness of Sandarra as one of the fastest selling housing projects in Melbourne has been driven to a large extent by word of mouth with 35% of land buyers citing they had been introduced to the project by family and friends who had already purchased land.

At this stage 400 lots have been sold at an average price of $187,000 valued at around $75 million, making Sandarra one of the most popular and sought after residential projects in Melbourne.

Trudi Kerr of Real Estate firm Oliver Hume said the project has been extremely popular with all home buyers including first, second and third home owners.

Ms Kerr said land sold ranged from $160,000 for a 400 m2 lot to $215,000 for a 592 m2 block with the average price being $187,800 and the average size of 570 m2 which represented extremely competitive pricing in the local land market.

"The land sales have also been generated by people moving quickly to meet the Government deadlines for first home buyer grants and the urgency for people to obtain their land and arrange a builder to qualify for the $32,000 of combined Federal and State home buyer grants. The Sandarra buyers' sentiment shows 35% of land buyers intend to commence construction within three months and 44% within six to twelve months.

"The rapid construction of Sandarra with the appearance of kerb and channel, roadways being formed and the installation of services such as water, recycled water, sewerage and hi speed broadband is providing a sense of anticipation amongst land buyers with the first houses expected to commence construction in November/ December has also stimulated demand.

"95% of purchasers intended to live at Sandarra and only 5% were investors."

Ms Kerr said the location of the project was the top reason cited by 35% of purchasers commenting on easy access to EastLink for travel to work, close proximity to schools, shopping centres, the beach and regional employment centres in the south east and east of Melbourne.

"In the current economic climate where affordability, quality and future capital gain are three major drivers for home buyers, Sandarra has a solid base of a quality location, access to recycled water to ensure a green environment, access to optic fibre communication and many other facilities for families such as schools.

40% of all land purchasers in Sandarra will move from other suburbs close by including Patterson Lakes, Skye, Frankston, Chelsea Heights and Edithvale.

Land enquiries contact Trudi Kerr on 9684 8144.

Media Enquiries:
Ron Smith Corporate Media Communications Sandarra Mobile: 0417 329 201