Ringwood’s development scene and property market remain strong coverage of our HighWood development

09 Oct 2018 coverage of our HighWood development coverage of our HighWood development

Located 23km east of Melbourne’s CBD, Ringwood is beginning to fulfil its potential as a state government-designated development area. Considered fringe suburbia until 15 years ago, Ringwood has enjoyed a substantial growth in recent years, with currently tracking 19 projects at various stages of their respective life cycles within the Ringwood Metropolitan Activity Centre, reinforcing its status as a burgeoning satellite city.

With a population of 17,471* and rising, a range of factors have contributed to Ringwood becoming a key property hot spot with investment from both the private and public sectors. The major catalysts has been the $66 million redevelopment of Ringwood Station and the $665 million expansion of Eastland Shopping Centre, which also included a Sage Hotel – the first to be developed above a shopping centre in Melbourne.

Additionally, as Melbourne seeks to decentralise into a series of 20 minute neighbourhoods, Ringwood is capitalising on its proximity to schools, freeways, public transport and major shopping destinations such as Eastland.

More recently hotel operator IHG announced it had signed an agreement to operate a Holiday Inn-branded mixed-use development, signalling its confidence in Ringwood. The development will feature 82 apartments and a 164-room hotel offering all day dining and bar, conference and meeting facilities, a gym and a swimming pool, along with on-site parking.

Opening in 2020, the Holiday Inn & Suites Melbourne Ringwood is being developed by Ninety Four Feet and Omni Property Group who recently signed Hamilton Marino to build the CHT Architects-designed complex.

We are thrilled to sign our second hotel with IHG, and our first hotel in Australia. Ringwood is an exciting destination, with a vibrant community and growing business investment that has included a $66 million upgrade to Ringwood Train Station and a $665 million expansion of Eastland Shopping Centre. We are confident that, with the world’s largest brand family behind it, Holiday Inn & Suites Ringwood will be a huge success

– Dean Rzechta, Managing Director at Ninety Four Feet Property Development 

Developer OzProperty has also found recent success with its Highwood residential development designed by DKO Architecture, which delivered record-breaking capital appreciation for Ringwood on a challenging site. Completed in late 2017, the master planned development comprises 36 town houses,with an emphasis on maximising light to interiors and providing a variety of architectural typologies along the streetscape.

DKO has designed Highwood with a range of streetscape typologies to reflect families who make up a large proportion of the local area. It is no surprise that one of the homes at Highwood has broken the record for capital appreciation because Ringwood is an exciting area for everyday people who are looking to get onto the property market. It’s one of several government identified growth zones, where infrastructure and industry will be leveraged for capital growth.

– Koos de Keijzer

Purchasers Lu Dongyan & Duan Hongbo purchased Highwood’s Lot 26 off the plan in 2015 for $549,000 and settled the property on 6th November 2017. They decided to sell their home a few months later in April 2018 for $702,500. They making a profit of $153,500 in 5 months.

Highwood has demonstrated that demand for highly considered, architecturally designed medium density homes with multiple typologies, and close to amenity and transport are still highly sought after.

The overall Melbourne market is generally challenging, however areas such as Ringwood are still maintaining strong interest from buyers. The primary reason is the recent infrastructure and private development spending has now been delivered, making Ringwood a great place to be, but another part of the story is price attainability and affordability. You can still get a 4 BR townhouse, suitable for a family, under $1m. We’re all aware the challenge in the current market is the limited liquidity and credit due to the main banks’ lending policy changes, so affordability is critical.

Ringwood was a suburb in transition. The central Ringwood area was earmarked for over $1b in developments including the Eastland expansion, new Costco, Ringwood train station upgrade and a series of mixed use developments. Furthermore, the supply of large parcels of land was limited, so we had a unique opportunity to offer a high quality medium density solution in the backdrop of all the other higher density development activity.

With most of the infrastructure and developments now complete, Ringwood today offers a much higher level of liveability than other suburbs. It’s surprisingly walkable and the green, leafy outlook is just wonderful.

– Raghav Goel, Director, Oz Property

Established in 2007, Oz Property Group is focused on delivering sustainable, considered developments around key activity zones in response to a rapidly evolving and growing Melbourne market.

See the full article HERE

Ringwood off-the-plan townhouse’s record breaking capital appreciation

A fantastic result for our client at our HighWood development

10 Aug 2018

Ringwood off-the-plan townhouse’s record breaking capital appreciation

Ringwood off-the-plan townhouse’s record breaking capital appreciation

A RINGWOOD off-the-plan townhouse has made its buyers a profit of more than $150,000 in just five months.
The townhouse’s capital appreciation of 27 per cent is the highest recorded for the suburb, an area that has been dubbed a burgeoning satellite city.
Investors Lu Dongyan and Duan Hongbo purchased the yet-to-be-built property at 22/37 William Stfor $549,000 in 2015.
A few months after settlement, in November 2017, they sold the three-bedroom pad within the Highwood development for $702,500.
The property was listed via Jellis Craig Doncaster and had initial price hopes of $620,000-$670,000.

Oz Property developer Raghav Goel said it was becoming more common for people to make money from off-the-plan apartments quickly, but some areas had done better than others, Ringwood a prime example.
“There has been a lot of investment made from the government and money being spent helps any property in Ringwood,” Mr Goel said.
“Our focus was the owner-occupier market and there’s strong demand for that in Ringwood.”

Only two of the 36 properties were purchased by investors, the remaining were bought by owner occupiers.

The suburb has been identified as a designated development area by the state government, earmarked as a key property hotspot for Melbourne.

It has experienced 73.6 per cent growth in the last five years, landing it with a $874,000 median house price, CoreLogic data shows.

The master plan enclave consists of 36 spacious townhouses across a 1.3ha site, a property owned by a local vendor for more than 50 years.

“We always had a vision to create a strong community and were conscious of the fact that is a large parcel of land and there are neighbours on all four side,” Mr Goel said.

“We wanted to be sensitive to what was already there.”

Mr Goel said despite the risks involved in buying off the plan there is plenty of money to be made.
“It’s always tricky buying off the plan and research is critical,” he said.
“The research should be about who the developer is, the design team and architect.
“It’s pretty easy to tell if the development fits the purpose you’re going after.”

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Balaclava Residences – Finishing Touches Jul 2018

The scaffolds have (mostly) come down at Balaclava and finishing touches have begun

06 Jul 2018

Balaclava Residences - Finishing Touches

Balaclava Residences - Finishing Touches

The scaffolds have (mostly) come down at Balaclava and finishing touches have begun. The blackbutt cladding has been given a coat of natural protective seal which should silver off beautifully!

Donvale Residences – Early Works Commenced Mar 2018

Early works including demolition has commenced at Donvale Residences

26 Mar 2018

Early works have commenced at Donvale Residences

Early works have commenced at Donvale Residences

Early works have commenced at Donvale Residences

Balaclava Residences Construction Update – Feb 2018

Groundworks including piling and slabs are complete. Framing is now underway

09 Feb 2018

Dream Living in Melbourne’s Leafy East at Donvale Residences

Situated in the green neighbourhood of Donvale, Donvale Residences is a collection of 7 contemporary townhouses that offer comfort and seclusion, affording diverse household types with a luxe place to grow.

12 Oct 2017

Dream Living in Melbourne's Leafy East at Donvale Residences

Dream Living in Melbourne's Leafy East at Donvale Residences

We’ve launched our 9th successful development in leafy Donvale.

Situated in the green neighbourhood of Donvale, Donvale Residences is a collection of 7 contemporary townhouses that offer comfort and seclusion, affording diverse household types with a luxe place to grow.

Oz Property director Raghav Goel believes that the new development will give residents an outstanding introduction to all that Melbourne’s east can offer and ensure that they get instant access to the exceptional amenities that the area boasts.

“At Oz Property Group, we recognise that local culture and heritage is a key part of our approach to developing inspirational spaces. We’re committed to creating projects that make a positive contribution to the communities in which we build, and Donvale Residences is no exception,” said Goel.

Open-plan kitchen featuring a fluted-glass splash back and Fibonacci stone tiles

With an emphasis on craftsmanship, the homes feature high ceilings, exposed timber beams and Fibonacci stone and terrazzo platinum tiling throughout each light-filled open living space. These are quality materials that will remain in style for the foreseeable future.

The principal of Cera Stribley Architects, Chris Stribley, believes that the use of exposed timber celebrates the mid-century architecture that Donvale is known best for by giving it a modern twist.

“Much of the meritable architecture in the area is mid-century post and beam construction. It was through this style of architecture that Australia really found its own identity, and in Donvale Residences we found an opportunity to reimagine this for the contemporary home-buyer,” said Stribley.

“Internally, we have expressed the hardwood ceiling joists were possible, which is a very mid-century approach. We have also used fluted glass and created timber dowel screens—another reflection of the mid-century aesthetic,” said Stribley.

Another highlight of the project is the interaction with the landscape, which is the sum of careful planning and the decision to retain significant natural assets.

“The large gum tree at the front has not only been retained but glorified. It highlights the way that the landscape is much a part of the overall dwellings as the built form, a common theme you will see reflected in the local post and beam houses,” said Stribley.

Donvale Residences is located just a 10-minute drive from Doncaster Westfield and Eastland, surrounded by the best local schools and other fantastic amenities in the area.

To take an exclusive tour of Donvale Residences, register your interest now!

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