The next stage of The Thornhill Gardens has been released, giving buyers a chance to build their dream home in this popular growth corridor.
For buyers seeking the perfect block of land, the latest release at The Thornhill Gardens in Northwestern Melbourne has hit the market. The development, in the suburb of Thornhill Park, has already sold around 200 of its 919 lots, with another 45 now for sale, setting the scene for a vibrant new community.
“This is a very attractive area and price point for first home buyers, investors and builders,” says Akash Ahluwalia, director, LandxWise and NBEyeLand.
A variety of block sizes are available starting from just $207,000, with options suitable for building small townhouses through to large, lifestyle homes.
“One of the key attraction points in this estate is the lifestyle lots, which are around 400sqm +. We’ve seen excellent demand from young families looking to build their first or second home at an affordable price-point on these lots,” Ahluwalia says.
Community and convenience
Buyers at The Thornhill Gardens will benefit from the community and convenience that comes from being surrounded by extensive parks, gardens and planned local schools, amenieites and transportation links.
Rockbank and Cobblebank train stations are only a short drive in each direction from the estate, which are on a direct line into Southern Cross Station in the CBD, taking around 30 minutes. In addition, an even more convenient new train station, Thornhill Park, has been proposed.
“When people buy here, they will be very close to the proposed Thornhill Park train station, the $1b Melton Hospital (under construction and due to be finished by 2029) and the planned Thornhill town centre. It will be a very convenient place to live in the future years,” Ahluwalia says.
It is expected to be located on the northern boundary of The Thornhill Gardens, with details to be confirmed by the local council and Victorian State government.
Affordability and space
Along with community and convenience, affordability is another key drawcard to The Thornhill Gardens.
“Despite rising construction costs, The Thornhill Gardens still offers opportunities to come in below $650,000 for a brand-new house on a decent-sized land block. Elsewhere in the west and northern corridors in Melbourne, this affordability is no longer possible,” Ahluwalia says.
“With interest rates rising, it is still possible to come in below $760,500 for a brand-new house. Elsewhere in the west and north corridors in Melbourne, the prices are going up,” Ahluwalia says.
Angus Moore, PropTrack economist, says Thornhill Park has seen a median value of $600,000 for houses over the past year, up 1.7%. It has had a median rent of $400 per week, up a notable 6.7% from the previous year.
“Western Melbourne is one of the more actively developed parts of Australia in terms of new greenfields and has been popular since the pandemic,” he says. “People have been looking for a larger home, an extra bedroom or a study to work from home, or a larger living area and outdoor space.
“Areas such as Western Melbourne are where you can find those larger blocks and larger dwellings in a way that is pretty hard to do in the inner city.”
Ahluwalia adds that once people have purchased their land, they can shop around to find the right builder for their needs, as long as the design meets the estate’s guidelines.
Following a long project hiatus, construction on the Thornhill Gardens is set to recommence under new ownership – a consortium of experienced developers which includes NBEyeLand, Punvec Group and Batra Group, with Winslow appointed as the new construction partner starting on site in July 2023.
“The consortium has been in business for more than 10 years and amongst ourselves we’re currently delivering around 1500 lots in the western and northern corridor of Melbourne. Plus, we have a pipeline of a further 3000 residential lots over the next 5 years,” Ahluwalia explains.
Following this release, another 60 lots are expected to launch at The Thornhill Gardens later in 2023. Site completions are anticipated for Q3 to Q4, 2024, ready for people to start building their dream home.