Solid growth in Melbourne’s west: Williams Landing property values continue to rise
Just two months ago Urban.com.au reported on the success of Williams Landing’s office building sales – today, we’re taking a look at its booming residential property market.
The mixed-use precinct by Cedar Woods has shown exponential growth across a three-year period with the average property price tipping over $400,000, an increase of 15.4% over three years – which is a substantial return for those who have bought in the early stages of development.
Cedar Woods has approached the project with an emphasis on building quality, sustainable developments with a strong sense of community – which could be one of the key drawcards for buyer investment.
Williams Landing’s recently completed development Lancaster Apartments, sold out in just six months, following two prior sold-out developments – Newton and Oxford apartments. All residential developments have been designed by award-winning DKO Architecture and have been primarily popular among first-home-buyers (28%) and investors (58%) due to the affordability of apartments.
CASE STUDY
Ela Caglayan, a 23-year-old buyer’s assistant at Target Australia, recently purchased an apartment at Lancaster as a first home buyer, following the establishment of the new Target Australia headquarters within the Williams Landing precinct.
“I’ve always wanted to live in an apartment. 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 homeowners grant.”
Ela commented that the upward value trend was a major drawcard when making the decision to purchase an apartment,
“…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.”
LOW RENTAL VACANCIES = A GOOD SIGN FOR INVESTORS
The demand for apartment living has even extended beyond Melbourne’s city and fringe suburbs, with Williams landing maintaining a significantly low rental vacancy rate among investment properties. According to Urbis, apartment rentals have seen a 5.4% increase in the past year.
“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.”
Lloyd Collins, Cedar Woods’ state manager
Urbis also reported that investors could achieve a rental yield of 5.2% in the City of Wyndham, which is significantly higher than the Greater Melbourne median which is currently sitting at 4.1%.
TO KEEP ON YOUR RADAR
Cedar Woods has previously commented that it has been their mission to deliver high-quality homes at affordable prices within the Williams Landing community, without compromising quality – which could be why each development has managed to sell out at record speed. In April this year, we announced the precinct's fourth residential development, Lincoln Apartments which are on sale now.
WILLIAMS LANDING STATUS UPDATE
Residential
- Lancaster Apartments (complete)
- Lincoln Apartments (in progress)
- Newton Apartments (complete)
- Oxford Apartments (complete)
Commercial
- 1 Kendall Street (in progress)
- 101 Overton Road (in progress)
- 107 Overton Road (in progress)
- 111 Overton Road (complete)
- 95 Overton Road (in progress)
- Target Australia Headquarters (complete)
- Williams Landing Shopping Centre (in progress)
- Williams Landing Town Centre (in progress)
Lead image: Lancaster exterior, supplied by Cedar Woods