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Block of Land in West Tops Half a Million Dollars at Sanctuary Lakes Resort
Summary

13/01/2009

Sanctuary Lakes

Media Release

13 January 2009

Block of Land in West Tops Half a Million Dollars at Sanctuary Lakes Resort

The selling of a 800 square metre block of land for $535,000 at Sanctuary Lakes in the current market is an indication of the value people place on established master planned communities that have unique environments.

Sanctuary Lakes Resort

Sanctuary Lakes Club and Resort Real Estate Sales Director Ruth Ritchie said the water front block sold last week at $669 a square metre is a confidence booster for the project which has continued to sell well for the past twelve months despite the downturn in the market.

A new land release South Haven has lots from $243,700 for 500 sq. metres and is expected to attract wide attention with record low interest rates and competitive pricing of builders.

Ms Ritchie said people buying onto Sanctuary Lakes are generally making their decision based on the quality of the environment linked to the extensive open space and the large lake that is twice the size of Albert Park Lake and the championship Greg Norman designed 18 hole golf course.

"Lower interest rates and the potential for executive rentals is attracting a combination of investors and owner occupiers who are viewing Sanctuary Lakes as a long term high quality residential environment.

"30% of all land at Sanctuary Lakes is either on the water front or on the golf course with a series of parks and reserves throughout the project. 50% of the entire project is public open space."

Ms Ritchie said that in a softening property market Sanctuary Lakes continues to maintain its premium position as people recognise projects such as Sanctuary Lakes will never be built again in Melbourne so close to the CBD because of planning and land availability constraints.

"Both water front and golf course land is a very limited commodity, particularly in such close proximity to the CBD and this scarcity will have a significant impact on property values over time."

At Sanctuary Lakes Resort, the resident's investment is protected with over fifty staff working with the Club to maintain all of the landscaping, the lake, golf course surrounds and the club services to ensure residents continue to enjoy living in a quality environment.

The first water front lots released in February 1997 sold from $120,000. Today similar water front allotments are selling between $380,000 and $550,000.

Contact Details: Sales Centre Ruth Ritchie (03) 9395 1688 Mobile 0438 088 859 or visit www.sanctuarylakes.com.au

Ron Smith Corporate Media Communications Sanctuary Lakes Resort Mobile: 0417 329 201

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