New projects update from Cedar Woods
20 December 2021
The Australian dream
It’s widely known that the property market had a fantastic year in 2021, with 2022 looking to follow a similar path. The past 18-months has produced some remarkable trends exacerbated by the government incentives designed to stimulate the property market. Across the country, buyers are still jumping at the chance to secure their very own piece of the ‘Australian dream’.
As demand for well-located property with nearby amenity continues, developers are expanding their offerings, introducing new projects and products to the market to provide more opportunities for buyers. Cedar Woods continues to bring forward a variety of new and expanded housing solutions across its national portfolio.
Cedar Woods has seen positive growth across all states, reporting a strong first quarter of presales of $460m, which is up 39% on the prior corresponding period. As borders begin to open, we are seeing continued growth in all markets as buyers remain interested in Cedar Woods’ pipeline of projects across Western Australia, South Australia, Victoria and Queensland.
With each state experiencing a significant shift in housing demand over the past 18-months, developments are selling through quicker than expected, with an array of new housing solutions entering the market.
In Perth, Cedar Woods’ Incontro development has seen the benefits of the property boom, with construction commencing after selling through all 41 townhomes in central, sought-after Subiaco in just six short months. Likewise, the latest land release at Cedar Woods’ Ellendale community in Brisbane sold out in record time, highlighting strong demand in the residential market.
Melbourne has also seen the effects of the boom, with its Mason Quarter development selling through 130 lots since February, with buyers attracted to the diverse offerings available. Lot widths range from 8.5m to 16m at the majestic river red gum estate and is a popular choice in the local market.
Cedar Woods’ Managing Director, Nathan Blackburne said demand for land, townhouses and apartments remains strong across the board.
“With accelerated sales across multiple developments and a healthy balance sheet, we have been able to make strategic acquisitions across a number of markets. These include a 40.7-hectare site (South Maclean) and 28-hectare site (Burpengary) in Queensland, a 21.7-hectare site (Frasier Rise) and 39.7-hectare site (Fieldstone) site in Victoria and most recently an 86-hectare site in Western Australia (Eglinton),” Mr Blackburne said.
Timelines have also been accelerated as a result of this demand, with new stages and release brought forward across the country. In South Australia, construction has commenced on the almost sold-out Monarch Apartments, five months earlier than planned.
Demand has also been seen for strata offices, with Melbourne’s Boston Commons providing dynamic spaces for the new-aged 9 to 5 work day. 60% of these offices have sold since launching in September 2021.
Apartments also on the rise
With rising property costs, apartment living has become an attractive option for many Australian buyers looking to enter the property market. Across the Cedar Woods portfolio, apartments are a hot commodity, with more developments providing apartment living options.
Along with its townhomes, the recently launched Incontro apartments sold 30% of the 110 apartments in the first two weeks. Cedar Woods’ Monarch Apartments at Glenside is near sold out, with over 85% of the six-storey apartment building now sold. The rapid sales at Monarch follows the success of the previous two apartment buildings at Glenside, Botanica and Grace, which have both been sold and fully completed.
Cedar Woods’ Williams Landing masterplanned community in Victoria has responded to market demand from owner occupiers looking for lower density apartment living options, launching the Bennett’s Row apartments which is now over 70% sold.
Likewise, the identified need for medium density housing in the Brisbane market has resulted in the launch of the first apartment building at the Greville estate, Francis, just 5km from the Brisbane CBD.
“Apartments are a big part of our portfolio. We are seeing buyers looking for well-designed, open plan apartments, with green spaces, functional communal areas and access to nearby amenities. Cedar Woods will continue to deliver product to meet this demand across the country,” Mr Blackburne said.
Sustainability at the forefront
While Cedar Woods is rapidly moving through releases and focusing on the introduction of new products to meet demand, we are simultaneously aiming to reduce our ecological footprint and improve sustainability across the board.
Earlier this year, the Ellendale estate was recognised for the community’s environmental focus after being awarded the prestigious Australian Institute of Landscape Architects Award for Land Management for the estate’s incorporation of sustainable design practices and ongoing maintenance of the local environment.
Likewise, the Monarch estate has a keen focus on sustainability with its design featuring a high-level of energy saving features including solar powered communal areas, provision for electric vehicle charging stations and a zero-landfill target waste management system. The building carries a 7-star NatHERS Energy Rating.
“We do so much more than create vibrant communities. We are proud of our reputation for being environmentally and socially responsible and we’re continuously looking for ways to improve our sustainability practices,” Mr Blackburne said.
“At Jackson Green in Victoria we have rolled out a Tesla car sharing service through our partnership with Ohmie Go for our residents at the Huntington and Aster apartments. This has been our first car sharing partnership which has provided an alternative to traditional car ownership, encouraging our residents to consider their environmental impact.”
As lockdowns begin to end and migration into Australia restarts, demand for quality and well-located housing will continue to be seen. From new acquisitions to sold out estates, Cedar Woods has secured a strong pipeline of activity for the upcoming calendar year.
It is expected that 2022 will see very strong market conditions and continued demand for quality medium density and greenfield developments.