New Williams Landing development Lancaster Apartments completed

A new apartment development in Melbourne’s western suburb of Williams Landing has been completed.

ASX-listed developer Cedar Woods Properties’ Lancaster Apartments, which was designed by Designed by DKO Architecture, has settled.

Lancaster is Cedar Woods’ third development in the area after the sold-out Newton and Oxford Apartments, with a fourth, Lincoln Apartments, on the way.

According to a recent Urbis report, the median price for an apartment in the area has nudged over $400,000 - an increase of 15.4% over three years.

Weekly rents have increased by 5.4% in the past year, with vacancy rates sitting at 5.5%, the Urbis report said.

Williams Landing benefits from transport, amenity and infrastructure links, Cedar Woods’ state manager for Victoria, Lloyd Collins, said.

 “Rental demand is, of course, one of the key indicators of the financial health of investment properties, so we are pleased to see that newly completed apartments are achieving low rental vacancies,” says Collins.

Ela Caglayan, a 23-year-old buyer’s assistant at Target Australia – which relocated its headquarters to Williams Landing at the end of 2018 – has recently moved into Lancaster as a first home buyer.

“I’ve always wanted to live in an apartment,” said Caglayan.

“Once Target relocated from Geelong to Williams Landing, I saw the opportunity to finally invest in my first property, which not only suited my lifestyle but was also affordable and allowed me to take advantage of the first home owners grant.”

“Now I’m able to live close to work, which is definitely a bonus, but I also saw strong growth prospects for Williams Landing – the investment was too good to pass on. I’m looking forward to watching the suburb develop.

“A few of my family and Target colleagues have already moved to the area, and I think more are interested in buying into the community.”