Mirvac achieved near 60% increase in first home buyer sales in 2020

Heightened sales activity following the Federal Government’s HomeBuilder grant and the Victorian Government's ‘Big Housing Build’ stimulus has translated into an almost 60 per cent increase in first home buyer sales for Mirvac in 2020, compared to 2019.

 “From April 2020, the demand from first home buyers has surged. Buyers have had more time at home to spend researching and with record local interest rates combined with government incentives, the opportunity to enter the market has become truly compelling”, Mirvac’s head of residential, Stuart Penklis, said.

Compared to 2019, Mirvac also recorded a 49 per cent increase in first home buyer enquiries throughout the year.

Across its portfolio Mirvac has seen strong first home buyer demand at its inner-city projects, including its Doncaster project, Tullamore, Voyager at Yarra’s Edge, and The Fabric townhomes in Altona North.

Tullamore’s latest stage, Folia, features a carefully-crafted collection of one, two and three-bedroom residences with prices beginning at $400,000.

The Fabric, a sustainable 7-Star townhome community, offers brand new two and three-bedroom homes starting at $695,000.

According to Penklis, to meet demand from the first home buyer market, Mirvac released new homes in November which were snapped up at launch, requiring a subsequent release the following weekend.

The success of recent land releases as well as townhomes across Mirvac’s Victorian portfolio is “testament to the impact of the state government stimulus and positive consumer sentiment”, Penklis said.

Voyager, Yarra’s Edge has seen demand predominantly come from professional singles and couples, aged between 25 and 40, interested in one or two-bedroom apartments, whilst enquiries into Mirvac's masterplanned community projects came from young local families.

The 43 level skyscraper in Docklands is set for completion this year and will include 315 residences in one, two and three-bedroom configurations, starting at $601,500.

Regardless of their situation, many first home buyers will continue searching for long-term security in the new year.