Local Buyers Dominate Sandarra Market

40% of all land purchasers on Sandarra will move from suburbs close by including Patterson Lakes, Skye, Frankston, Chelsea Heights and Edithvale.

Sandarra, a 500 lot subdivision adjacent to the prestigious Sandhurst Club, released in November 2008 has defied the economic downturn with over 270 lots sold at an average price of $180,000 valued at $48 million.

Trudi Kerr of Real Estate firm Oliver Hume said the project has been extremely popular with first home buyers with 60% of purchasers falling into this category, whilst 40% of buyers were second and third home buyers upgrading to a new home.

Ms Kerr said people are moving quickly given the deadlines for first home buyer grants and the urgency for people to obtain their land and arrange a builder to qualify for the $32,000 of combined Federal and State home buyer grants. The Sandarra buyers' sentiment shows 35% of land buyers intend to commence construction within three months and 44% within six to twelve months.

"The rapid construction of Sandarra with the appearance of kerb and channel, roadways being formed and the installation of services such as water, recycled water, sewerage and hi speed broadband is providing a sense of anticipation amongst land buyers with the first houses expected to commence construction in October / November.

"95% of purchasers intended to live at Sandarra and only 5% were investors."

Ms Kerr said the location of the project was the top reason cited by 35% of purchasers commenting on easy access to EastLink for travel to work, close proximity to schools, shopping centres, the beach and regional employment centres in the south east and east of Melbourne.

"15% of buyers cited affordability and the natural reserves as playing a major part in their decision to purchase.

"In the current economic climate where affordability, quality and future capital gain are three major drivers for home buyers, Sandarra has a solid base of a quality location, access to recycled water to ensure a green environment, access to optic fibre communication and many facilities for families such as schools.

"With 42% of land purchasers being families with primary school children, 29% with children requiring secondary schooling and 17% seeking preschool places the proximity of lifestyle facilities and schools is a vital factor in choosing where to build a home.

"The awareness of Sandarra and what it has to offer as a new housing project has been driven to a large extent by word of mouth with 35% of land buyers citing they had been introduced to the project by family and friends who had already purchased on the project.

Ms Kerr said land sold ranged from $160,000 for a 400 m2 lot to $215,000 for a 592 m2 block with the average price being $187,800 and the average size of 570 m2 which represented extremely competitive pricing in the local land market.

Land enquiries contact Trudi Kerr on 9684 8144.

Media Enquiries:
Ron Smith Corporate Media Communications Sandarra Mobile: 0417 329 201