Frasers Property Australia’s Victorian communities experienced a staggering three-fold increase in demand between April and June following the announcement by the Federal Government of the $25,000 HomeBuilder grant.
The grant has stimulated a big boost in inquiries across all of Frasers Property’s Victorian projects, from 243 inquiries in April to 715 in June. It has also had a huge impact on sales after tough coronavirus restrictions had an immediate dampening effect.
The grant provides eligible owner-occupiers, including first home buyers, with $25,000 to build a new home or substantially renovate an existing home1. For new homes, the grant applies to properties valued at $750,000 or under. For eligible first home buyers in Victoria, the grant can be coupled with the existing First Home Owner Grant of $10,000 for metropolitan Melbourne and $20,000 in regional Victoria as well as substantial stamp duty exemptions2, representing potential savings of more than $35,000.
“The Federal Government HomeBuilder grant has provided the impetus many people who were ready to buy needed to make a commitment,” says Sarah Bloom, General Manager Development Victoria for Frasers Property Australia.
“Many buyers had done their research, decided where they wanted to buy, and were waiting to see how the pandemic unfolded. For many, the grant has given them the incentive they needed to proceed.
“Buyers have plenty of choice in the current climate and the existing incentives can mean real savings, though there are some time parameters associated.
“We have a range of lots available across our communities that is titled and ready to start building on this year. This has been extremely appealing to our customers.”
Ms Bloom says Frasers Property’s Mambourin community in Melbourne’s west, The Grove community in Tarneit, Wallara Waters in Wallan and Life, Point Cook have all recorded sales in June.
“First home buyers at Wallara Waters benefit from its location being just outside the metropolitan area, meaning it attracts the regional Victorian First Home Owner Grant of $20,000,” Ms Bloom says.
“Our strongest sales have been at our new Mambourin and The Grove communities, where we have a choice of land lots in a range of sizes and price points, which appeal to all budgets and buyer types.”
Mambourin, located 40km west of Melbourne’s CBD, is a brand-new community set to transform a 115ha land parcel into a thriving mixed-use community with city-style convenience that will be home to 3,500 residents. It will offer an unparalleled level of connectivity and amenity, with plans for an exclusive resident’s club, a private P-12 school, a new train station, a major town centre, open space, library, kindergarten, a performing arts centre and a commercial business district.
The Grove, in Tarneit, is a well-established and growing community. More than 850 land lots have sold, and Frasers Property has plans for a further 1,780 residential land lots. Bounded by Davis Creek and Werribee River, the masterplan for The Grove includes interconnected cycling and walking paths, outdoor parks and play spaces, a future town centre, schools and community facilities.
Life, Point Cook is in its final stages of development with just seven land lots left available. It has been one of Frasers Property’s most successful communities, with demand for land very strong in the desirable suburb with convenient connections to the CBD. With winding wetlands, expansive open space and even a frog-themed park, Life, Point Cook offers a balanced lifestyle 28km from Melbourne and 4km south of the Point Cook town centre.
Wallara Waters is a joint community by Frasers Property and Mondous Property Australia. Situated 1km from the Wallan township, Wallara Waters is also a five-minute walk to Wallan train station, which offers a 45-minute V-Line service to Southern Cross Station in the heart of Melbourne’s CBD. The new community is also within easy access of primary and secondary schools and a future retail and commercial precinct that includes a proposed fitness centre, medical centre, and early learning centre.
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