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Discover why Westwood is one of the fastest growing residential communities in Melbourne’s vibrant north-west

Market insights 1 month ago Read time: 3 minutes

Situated just 30km from the Melbourne CBD, Westwood is a meticulously considered residential community at Fraser Rise. Surrounded by the conveniences of the established suburbs of Caroline Springs, Taylors Hill and Plumpton, residents at Westwood have everything they need to live a vibrant, connected life at their fingertips – including shopping destinations, numerous schools, delicious eateries, public transport and Melbourne airport. 

Westwood facades

The Park Edge Release at Westwood, which features two collections of townhouses – the Amara Collection from TownLiving Metricon, and Halcyon Collection from Fairhaven Homes – has sold out since releasing in September, showcasing the extremely high levels of interest that the project has experienced thus far. The project has established an impeccable reputation with home buyers, with over 50 percent of sales this year coming from referrals by existing buyers – encouraging their friends and family to also secure a home at Westwood. Thanks to this success, the Lucerna collection – a collaboration with yet another reputable Melbourne builder, Sienna – was fast-tracked and is now also available to purchase. 

Westwood is being positively impacted by the increase in confidence that the housing market has experienced in recent months, which has seen an extraordinary surge in demand, off the back of the federal budget. Home buying confidence is the highest it has been in over 12 months, bolstered by improved lending conditions and a  more positive outlook for 2021. Thanks to this, house price expectations have risen – demonstrating the amazing investment potential at Westwood. 

Westwood lounge

Some of Australia’s largest lenders including Commonwealth Bank and Westpac, are predicting that housing prices may not experience a drop due to COVID-19, as initially predicted – with Westpac going as far as predicting that prices will increase substantially over the next 3 years. Westpac has updated their home-price targets, estimating that prices will surge by 5 percent by the end of 2021, and an additional 15 percent over the next 2 years into 2023. This presents a sense of urgency for buyers to secure a stylish, high-quality and spacious home at Westwood in Melbourne’s increasingly sought-after north-west, while it is still affordable. The average house price for nearby Caroline Springs was at $443,750 in 2015, which has now increased to $625,017 in 2020 – showcasing a massive capital appreciation of $181,267 in just five years. 

Westwood park

Westwood’s sales activity has remained strong throughout 2020, even throughout the state’s strict lockdowns, culminating in the development achieving the title of the fastest selling estate within Melton in calendar year 2020 to date. Thanks to the innovative and forward-thinking team behind Westwood, buyers could still purchase during the lockdown – as focused was placed on ensuring the customer’s buying journey was simple and supported. 

Westwood presents a particularly incredible opportunity for first home buyers, with the federal government is expanding the First Home Loan Deposit Scheme to include an additional 10,000 home buyers – assisting them in getting a loan to purchase a newly-built home, or to build a home, with just a 5 percent deposit. Caps on house prices have also been increased, with buyers in Melbourne now able to access the scheme when purchasing a home value up to $850,000. A selection of land and townhomes at Westwood also qualify for the HomeBuilder grant, which is due to expire in December. This unprecedented $25,000 government incentive is unlikely to be repeated in the coming year, making now the ideal time to buy at Westwood. 

With interest rates currently at historic lows and numerous financial incentives available, the opportunity to purchase your dream home at Westwood has never been more achievable.

To find out more about The  (sold out) Lucerna Collection and land on sale at Westwood, click here.