Interest increasing for Doreen development

Residential community Katandra Rise in Melbourne's Doreen saw a significant jump in interest over the weekend, with 200 in attendance and an uptick in first home buyer sales.

Developer Five Squared Property Group showcased the new sales and information centre at the development, said marketing manager Ashley Lewis. 

“We’ve seen a significant jump in our sales this year, which we believe has been influenced by the multiple interest rate cuts and changes to the first home owners grant in July,” Lewis said. 

“A lot of the interest has come from first homebuyers and young families looking for an affordable foothold in the property market in a picturesque and convenient location."

The median price in Doreen is currently $460,000, with a forecast of triple growth by 2031, to 51,272. “Buyers are attracted to Doreen because of its affordability, but they’re also after a lifestyle where they can raise their families,” he said. 

Katandra Rise was launched in 2011, and is located 500 metres from Doreen Town Centre.

It is built on 37 hectares of land, and will contain 475 lots in total. 

The third stage, Redgum Release, is currently underway with completion due in December 2013.