Banksia 65% Sold

Market Insights
8 years ago
3 minutes

To enquire about this development, click here

The latest residential development to enter Docklands’ NewQuay, Banksia, is 65 percent sold just weeks after retail launch, totalling $80 million in sales.

Located on the edge of Victoria Harbour and nestled within its own native park, Banksia will comprise of 108 apartments across 18 levels, including one to three bedroom luxury residences, sky homes and penthouses. It’s part of the $140 million NewQuay project developed by MAB Corporation.

The sole two penthouses were amongst the first to be snapped up, selling for around $5million, while nearly half of the sky homes have sold close to $3million. The one and two bedrooms apartments have also been popular, selling between $505,000 and $1,270,000.

Founder and Executive Director of MAB Corporation, Andrew Buxton, said the success of the project highlighted the demand for luxury accommodation in the Docklands precinct.

“We’ve had an overwhelming response from families who have responded well to the apartments because they offer generous floor plans and amenities you would typically find in a three-bedroom house,” said Mr Buxton. “The news of Haileybury College opening a city campus nearby has also been a major drawcard.”

The rising trend of family apartment living has been supported by the latest Census data, which reveals families with children in Melbourne’s CBD has grown from 17.4 percent in 2006 to 21.4 percent in 2011. Additionally, Melbourne City Council has forecast that by 2031, couples with children will account for 9 per cent of households in the municipality.

“We’ve also had significant interest from baby boomers looking to downsize to a CBD location close to their workplace, but who are also seeking lifestyle benefits such as a waterfront location and proximity to an arts and cultural precinct,” added Mr Buxton.

Over the last 13 years, MAB Corporation has spearheaded the development of the NewQuay area – including the recent launch of the 1800 square metre Monument Park, a visually dynamic arts and landscape space for the public, and further plans this year for the redevelopment of NewQuay’s western precinct.

This includes the Ron Barassi Snr Reserve, which will be home to two soccer pitches, a netball complex, sports pavilion and playground.

MAB has also committed to extend the existing Quay Park Reserve so that it connects to the Ron Barassi Snr Reserve, completing the transformation of NewQuay into one of Melbourne’s greenest inner suburban locations.

“Delivering projects such as Banksia and public spaces like the western precinct is part of our overall vision to create a community where people can live, work and play,” said Mr Buxton.

“Docklands will play a pivotal role in the sustainable growth and future of Melbourne and our goal is to continue developing quality residential projects, commercial precincts and public green spaces that will see it fulfil its potential as one of Australia’s prime waterfront locations.”

Apartments and sky homes are still available and priced from $505,000 to $2,750,000.

To enquire click here.