CFMG Capital’s latest residential community 35km west of Melbourne known as “The Millstone” continues to provide both strong sales volume and price growth. CFMG Capital now holds 233 unconditional contracts to a value of $40.2m making up Stages 1-5 of the project and expect in excess of 130 settlements to occur in June/July making up $20.5m of contracts currently held.
The project has been well supported largely by local owner occupiers relocating from areas such as Truganina, Tarneit, Hoppers Crossing and Werribee.
Andrew Thomson General Manager, CFMG Capital said “Many of these purchasers likely purchased 4-5 years ago within that 20km radius of the CBD where we have seen values rise significantly. They are now taking advantage of the affordable market in the Melton/Rockbank area and making the move, while no doubt significantly reducing their mortgages – it’s a great story some of these buyers who have essentially followed the market and done really well with their principle place of residence”
In the most recent 3 year period, Melbourne’s west has proven to be the best performing location in Australia for residential land development, with house and land packages accounting for the majority of property sales and properties on the market.
CFMG Capital Managing Director, Scott Watson said people were being drawn to the area by the new infrastructure and property on offer.
“There’s a demographic of people who have seen first-hand what a new development can offer, and with many of the buyers at The Millstone having either previously purchased or rented in new housing estates closer to town they know exactly what they’re getting and are very happy to secure a lot in the area.”
With neighbouring suburbs Caroline Springs and Melton already well established, there is easy access to all amenities, while new shops, parks and schools are on the cards for the developing suburb.