Sienna Mount Waverley sells out fifth stage with $14 million in sales
Sienna Mount Waverley, a 118 lot development on an old quarry site, has sold out its fifth stage of releases, five months after the lots were placed on the market.
The fifth stage, named Jade, is made up of 17 double storey four bedroom houses in the residential community, developed and constructed by Five Squared Property Group on behalf of the Chain Group. Home prices ranged in price from $815,000 to $858,000, with total sales nearing $14 million.
The houses include multiple living zones, outdoor entertaining, SMEG appliances, reconstituted stone benchtops and timber floorboards. All houses come with a remote-access double garage, with no owners’ corporation fees.
According to Ashley Lewish, co-founder of Five Squared Property Group, Mount Waverley’s schools and universities are a major source of demand for residences in the area.
“Mount Waverley Secondary College has become one of the top public high schools in Melbourne, and Sienna is also located close to Wesley College and Deakin University, so a lot of our buyers are families looking to provide their kids a high quality education,” said Lewis.
Sienna is also located minutes from the Monash Freeway and Eastlink, and close to The Glen and Chadstone shopping centres.
Lewis says that the fast sale of Jade indicates that buyer uncertainty is on the decline.
“The positive market conditions for home buyers have also played a huge factor in demand. It has taken us half the time to sell our Jade release than our previous stages.”
“Over the last couple of years, we’ve seen buyers sit tight because of economic uncertainty, which meant it took us anywhere from nine months to a year to sell each release. The response to Jade is clearly a sign that people are feeling comfortable to make a long term investment for their family,” he said.
Sienna is a nine stage development, launched in 2009. The development includes three and four bedroom homes overlooking walking paths and parks. The development’s centerpiece is a lake with a sculptured waterfall and stone wall.
“Sienna has started to really take shape as a community. More than 50 families have already moved in,” said Lewis.
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Photos: Construction is underway at Sienna.
Construction on Jade has commenced and is due to be completed in September. Amber, the development’s next release, will comprise 15 four bedroom homes. A limited pre-release of five homes will be launched this week. House prices for the stage will begin at $840,000, with internal living spaces ranging from 218 square metres to 282 square metres.
jrichardson@propertyobserver.com.au