Westpac honours retirement village for fastest repayment of construction loan
- Loan repaid: Westpac construction finance cleared within six days
- Sales success: 88% of apartments sold before completion
- Value strategy: Revenue increased 20% without heavy discounting
- Debt free: Bellburra is fully sold, occupied and debt free
The bank says it received full repayment of the village’s construction loan just six days after the first resident moved in.
Allambie Heights Village Ltd, on Sydney’s Northern Beaches, has been recognised by Westpac for the outstanding financial achievement of the fastest repayment of a construction loan.
88% of the apartments at its Bellburra retirement village were sold before practical completion in October last year.
Marketability, which has partnered with the Bellburra operator since 2021, said the exceptional result was underpinned by a considered strategy that delivered a 20% increase in Gross Sales Revenue (GSR) in the 14-month period since launching sales.
The final apartment was sold in November 2025 but didn’t progress to settlement due to delays in the sale of the family home. The final apartment was sold last month with settlement on track for August 2026.
Karen Mattingley, who led the sales of Bellburra, told The Weekly SOURCE that while Marketability always believed it had a superior product, the campaign launched into a difficult environment, compounding the normal complexity of off-the-plan sales.
“While we were confident we could overdeliver, it’s not something we take for granted – especially in a competitive market where sales teams are offering significant discounts to attract a discerning Baby Boomer customer,” said Karen.
“The 20% GSR increase and the 88% pre-completion sales rate were not achieved by mirroring competitor discounting. They were the direct result of a calculated and consistent strategy to lead the market on value, not price.”
The sales campaign unfolded against a backdrop of damaging national media coverage around retirement villages, which shook consumer confidence and meant prospective residents took longer to make decisions.
At the same time, high interest rates weighed on demand, with many buyers choosing to sit on the sidelines as the market adjusted after several years of high growth.
Allambie Heights Village Ltd CEO Ciarán Foley, who departed the operator earlier this month, said Westpac had been great partners on the journey.
“We paid back the loan – we’re debt free and we’re full. I wish we had a number of other retirement villages coming on the scene,” he said.
