60% sold: high-end retirement villages target renewed confidence in housing market as spring selling season kicks off

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Check out the two ads above. Both appeared in the Sydney newspapers over the weekend.

As we reported here, Vasey CommunitiesKokoda Residences received the go-ahead for its 12-storey, 117-apartment vertical village in Waitara, 18km northwest of the Sydney CBD, back in January.

Vasey have now achieved 60% pre-sales and while August saw buyers take a break, sales have again picked up this month according to Brand Partners’ Kerry Lehman (pictured).

The group provides the sales and marketing for the village and Kerry says the second lockdown in Melbourne did shake people’s willingness to buy.

However, she says that the rate of enquiry for the development – which was launched in March a week before the first lockdown – has not slowed down and they are now seeing confidence return to the market.

So far, 70% of sales have been from locals while 30% have come from outside the area – usually from people with a previous connection to the area.

“It’s good news for all operators,” she added.

With the village already on its way out of the ground thanks to Richards Crookes Construction, the operator says they are confident of selling out the second stage which is due to start next month with the development due to be completed in late 2021.

Further south, Dr Shane Moran’s Provectus Care is also continuing its expansion, seeking input from potential residents on its 37-apartment development in Cronulla, Sage by Moran.

As we covered last week, the development is being developed in partnership with property fund giant Soul Pattinson.

The DA for the development was lodged last month with the finished village – to be completed in late 2022 – to include a cinema, wellness centre with a special purpose gym and infra-red sauna, a library with business facilities, a rooftop heated swimming pool, communal rooftop gardens and a social rooftop pavilion plus a 24/7 concierge and personal care options.

While many operators consult with the local community on new developments, this process usually takes place after the plans are already well underway.

Could this ‘tailoring’ of developments towards future residents become a new trend?