Sanctuary Lakes Club and Resort Real Estate Sales Director Ruth Ritchie said, home buyers making lifestyle and investment decisions were moving quickly when they discovered we are now selling the last stages of Sanctuary Lakes Resort.

"People are taking advantage of high housing prices in suburbs such as Moonee Valley and Williamstown and using their equity to trade up to the Sanctuary Lakes environment with open space, no through traffic and on site facilities such as gymnasium, tennis courts, indoor swimming pool and spa, and the recently refurbished clubhouse.

The first waterfront lots released in February 1997 sold from $120,000. Today similar waterfront lots are selling from $460,000 to $650,000.

Ms Ritchie said 30% of all land at Sanctuary Lakes is either on the waterfront or on the golf course with many parks and reserves for residents to enjoy. 50% of the entire project is public open space making it highly attractive to people who are living in suburbs with heavy traffic and high rise development pressures in their neighbourhoods.

"With the current planning restrictions reducing land supply, projects similar to Sanctuary Lakes so close to Melbourne will be a thing of the past.

"Both waterfront 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."