Private greenfield developer Villawood Properties is backing buyer confidence in the face of the coronavirus pandemic as it launches a new housing project in Melbourne’s north.
Villawood will begin selling the first of 2500 lots on its Redstone estate in Sunbury, on the city’s northern outskirts, this weekend. Lots will be transacted online only, in keeping with social distancing restrictions.
Director Rory Costelloe said the company was “optimistic” about demand for new house and land packages despite significant uncertainty.
It decided to launch Redstone after testing interest from its database of potential buyers.
“We’re also finding a number of potential purchasers who were thinking of pulling out due to the quarantine are now more confident. Many had been afraid of losing their jobs – rather than actually being out of work,” he said.
Mr Costelloe said anecdotal evidence suggests that, after an initial pull-back, banks were more willing to lend to home buyers.
Villawood has three housing projects, around 5300 lots in total, that it plans to develop in the area, suggesting big changes for the sleepy satellite city of Sunbury.
Redstone’s sister projects are Sherwood Heights, a boutique 300-lot offering, and the 2500-strong Raes Road precinct.
“We’re expecting buyers will vote with their feet,” he said.