This is the first release since the highly-anticipated project received masterplan approval in 2016, under its previous name, Joseph Place. The first tower is offering 61sqm one-bedroom plus study apartments at $298,000 – well below Melbourne’s median price for a one bedroom unit, which according to CoreLogic currently sits at $330,000.
According to the Real Estate Institute of Victoria, Melbourne’s median unit price rose to over $585,000 in the December 2016 Quarter. As prices shoot up in Melbourne’s north, south and east, attention is turning towards Melbourne’s western suburbs.
Footscray, in particular, is rapidly transforming into a vibrant, activated area; highly desirable to first home buyers and astute investors that are recognising the inherent opportunity in its location.
Research by think tank Urbis states Footscray has seen the lowest median unit price but the highest annual unit price growth over the last decade when compared with other suburbs in Melbourne’s inner ring such as Brunswick, Richmond, and Yarraville.
Ronald Chan, CEO of Growland, the developer behind Victoria Square, says as affordability becomes an increasingly pressing social issue, projects such as Victoria Square are a vital piece to solving the puzzle as they provide achievable price points for first time buyers.
“The key to addressing Melbourne’s affordability lies in high rises like Victoria Square – strong, modern communities are created through high density living,” said Chan.