An intense boom in sales at Busselton’s Vasse Newton has resulted in a near sell out of the estate’s first 570 lot stage, forcing developers to embark on the second phase of the completely self contained community.
A second stage will shortly be released that includes 620 lots, with plans underway for a retail and commercial Village Centre to be completed by 2011.
The significant spike in sales since January has coincided in a construction boom, with 250 homes at the estate now finished or nearing completion and more than 40 approved homes about to begin.
Hanson Property project manager Sam Hanson said though the First home Owners Grant had certainly buoyed the market, it was only one force fuelling the surge.
“Lower interest rates coupled with a growing positive sentiment about the State’s economy are certainly behind this current activity.
“Recent positive announcements have resulted in many enquiries from fly in/ fly out workers, given the easy proximity of the estate to the Busselton Airport.
“And while I certainly wouldn’t discount the effects of the first home owner grant, interestingly, much activity has come from purchasers from earlier stages choosing to start building,” said Hanson.
The company’s sales manager Cameron Bell said depleted stock levels had driven prices up around 10%, though with land starting at $135,000, value for money was still to be found.
“Buyers are still able to build a new four bedroom, two bathroom home for well under $400,000. Hence the fact we are seeing a very diverse range of buyers including first and second home owners, investors and retirees.
Mr Bell believed the launch of the Bunbury Highway had increased interest from the Perth market.
“Now less than two and a half hours proximity to Perth, Busselton represents a wonderful lifestyle and an outstanding investment.”
Vasse Newtown’s quality has also continued to buoy the market, with its iconic landscaped grounds and easy distance to the popular Vasse Primary School and the new $25 million Cape Naturaliste College.
Vasse Newtown is located five minutes to Busselton, 10 minutes to Dunsborough, 30 minutes to Margaret River and now just a couple of hours from Perth.