November 4, 2018

A combination of affordability, location and large lots sizes attracted 95 first home buyers (FHB) to Waterford Rise in the 12 months to August 2018. That is 43% of all home buyers over the period and a rising trend at the estate.

More than a third of those purchasers were taking a leap of faith claiming “little knowledge” of Warragul, attracted no doubt by the cheaper lot prices and the prospect of a more relaxed lifestyle. Significantly, more than 60% of the FHB were moving from metro Melbourne with Pakenham and Berwick topping the list, followed by Cranbourne, Narre Warren and Officer. Dandenong and Hampton Park also continues to feature strongly on Waterford Rise’s list of places of origin. 40% of FHB’s planned to spend $200,000-$300,000 on their home which, when combined with the lower land prices, make Waterford Rise far more affordable than the outer Melbourne competition. A further 10% planned to spend $300,000 + on their house, reflecting the upgraded home able to be built with the money saved on land prices – and the larger space for backyards and gardens.

Interestingly, 56% of the FHB were aged 35-49, presumably renting families who have been priced out of the Melbourne market and now able to afford a brand new home in a luxury estate and just a short trip to Melbourne’s south-east. By contrast, the traditional under- 35 FHB made up 27% of sales during the period.
“We are also seeing strong price growth for established houses on the estate as local population growth feeds into more overall demand for homes,” he said. Mr Sanford said the population growth was also fuelling greater participation in locals sports and demand for, entertainment and retailing to cater for the influx of people. Warragul has been earmarked by the Victorian Government as a growth centre due to its public transport and freeway services that place it much closer to Melbourne than many people realise.