Mason Point releases stage two as part of South Morang's $420m residential pipeline

The second release of the $150 million Mason Point development in South Morang has been released, following the successful sell out of stage one to both local owner-occupiers and investors.

A joint venture between Gibson Property Corporation (GPC) and Roche Property Group, Mason Point will features 48 two- and three-bedroom apartments and 16 two-bedroom townhomes.

“At GPC we strive to create ground-breaking new mixed-use developments on the city’s fringes to provide a variety of living products that cater for all buyers’ needs,” says Charles Gibson director of GPC.

“All 64 residences are designed by award-winning architects Jackson Clements Burrows and feature an en suite and second bathroom, a contemporary colour scheme, generous built-in robes, Bosch appliances, stone bench tops in the kitchen and some also come with 10 square metre to 80 square metre balconies which are unprecedented for this type of development” says Gibson.

Two-bedroom apartments average 70 square metres and are priced from $323,000 and three-bedroom apartments average 85 square metres and are priced from $370,000.

Two-bedroom town homes average 103 square metres and are priced from $409,000.

Mason Point is part of the $420 million worth of residential building approved in South Morang for the 2011-12 financial year to cater for a soaring annual population growth rate of 15.3%.

“South Morang is the second fastest growing suburb in Victoria and the sixth fastest in Australia with this trend underpinning significant residential demand from owner-occupiers and investors alike,” says Jamie Kay executive director of apartments at Oliver Hume Real Estate Group.

Kay says Mason Point has been designed to appeal to people looking for easy access to public transport, shopping and an alternative to the house and land packages.

“The development also offers easy access to nearby tertiary institutions, such as RMIT University and La Trobe University,” says Kay.

Construction is scheduled to commence in March 2014 and has an expected completion of 2015.

The median apartment price in South Morang is $328,000, a 15.9% change in the past five years, according to RP Data.

More information on Mason Point Stage Two available here.