Mirvac's Enclave sells out first three releases totalling around $67.5 million

Mirvac’s inner-city residential community Enclave successfully sold 97% of its third release in one day, totaling $17.5 million.

Located seven kilometres from the Melbourne CBD in the suburb of Ascot Vale, Enclave is a joint venture between Mirvac and Gresham.

The 10.423-hectare project launched in April, with 95% of the first release snapped up in days, totaling $35.6 million.

The June release accomplished $9 million in sales in one morning.

With the final lot in the August release under contract, all three releases are now sold out.

Some 114 lots have sold in just four months since the launch, reaching a total value of $67.5 million.

House and land packages were priced from $549,000 and land was priced from $330,000.

Mirvac CEO of residential John Carfi says Enclave has been an enormous success story for Mirvac.

“Each release has surpassed expectations, we’ve seen owner-occupiers jumping at the change to buy into this new community.

“Purchasers camped out over night to make sure they snapped up the new release, proving demand is high for inner-city real estate in Melbourne,” says Carfi.

Construction of the first stage of land and housing commenced in June 2013.

More house and land packages are to be released, but a date is yet to be scheduled. 

The median house price in Ascot Vale is $705,000, a 10.2% change in the past five years, according to RP Data.