Demand for Woodlea townhouses sees price growth accelerate

Leading masterplanned community Woodlea has recorded monumental growth across the resale of its two-, three- and four-bedroom townhomes, with some residences appreciating in value by up to $150,000 over a 15-month period.

Pinned as one of Melbourne’s fastest growing suburbs, Woodlea is currently home to 9,000 residences and upon its completion, will be home to 20,000 residents.

Since the completion of Woodlea Town, the estate’s state-of-the-art town centre precinct, demand for Woodlea townhouses has soared, with 103 sales recorded in 2021.

This demand has resulted in strong growth for the resale of properties within Woodlea, particularly those located close to the town centre precinct; a two-bedroom townhome on Wireless Drive sold in July for $455,000 - a $116,000 increase from its off-the-plan price of $339,000 in late 2019.

Similarly, a three-bedroom townhome on Featherwood Drive sold for $515,000 in September last year, an $80,000 price jump in just 16 months following its original off-the-plan purchase in 2019. Most recently, a four-bedroom townhome on Wireless Drive sold for $620,000 in October, jumping a whopping $150,000 since July 2020. 

Last month, Woodlea released its biggest townhouse release to date, known as Westrise, with all 17 townhouses selling out in an exclusive, off-market first home buyer campaign.

Geared towards first home buyers, the Westrise release was launched in partnership with Homebuyers Centre, with three-bedroom townhouses priced from just $429,999.

Similarly, another seven 3-storey townhouses were released to market this month, and with over 100 registrations recorded, the first seven registered buyers were quick to proceed to sale, with the release selling out in just a few hours. 

Woodlea Project Director Matthew Dean said the demand for Woodlea has skyrocketed since the completion of the estate’s brand new retail centre, Woodlea Town, with many buyers eager to capitalise on an amenity-rich estate.

“Buyers are eager to join an established community, one where everything they need is at their fingertips - from primary and secondary schools, a shopping precinct, playgrounds and open spaces - they don’t need to venture far which makes it incredibly attractive to buyers of all ages.”

“The recent completion of a number of key roads and infrastructure projects has further elevated this offering, as Woodlea is not only amenity rich, it is highly connected, both to surrounding suburbs and the CBD via the upgraded Rockbank Station,” he said.

According to an Urbis Market Outlook report, Rockbank’s population is forecast to increase by 12 per cent per annum by 2031, with the property market remaining resilient throughout the pandemic; the median house price grew 6.3 per cent per annum.

Rockbank’s median price growth has not only outgrown its neighbouring suburbs of Melton and Caroline Springs, the suburb is  outperforming Melbourne’s metropolitan average of 4.9 per cent per annum growth.

Across the City of Melton, townhouse transaction volume increased 20 per cent per annum over the past decade, with the median townhouse price increasing 3 per cent annually over the same period. 

To cater to demand, Woodlea is fast tracking a new, larger release featuring three- and four-bedroom architectural designs built by Mirvac and Porter Davis Homes in the exclusive Central Quarter neighbourhood. The release will contain 12 townhouses priced from $465,000, with registrations opening on November 13th at 12pm.

For more information on Woodlea, please visit www.woodlea.com.au