By Renee Wood
Four years ago land in Coldstream was earmarked for development and the project has now seen movement with a real estate sign erected on the block.
The team at Tony De Felice Homes received contract approvals for the project dubbed Coldstream Views late last year.
The proposed land is located off Maroondah Highway and Killara Road.
Agent Rachel Muir said council regulation adjustments were needed after the initial plans were submitted, and following pandemic delays the project was given the green light late last year.
The billboard was installed Tuesday 1 March and Ms Muir said 13 parcels of land have already been sold with buying interest high.
“Virtually immediately we were getting inquiries just off the board, so there’s no internet advertising at this point, and we’ve been inundated,” she said.
Lot sizes range between 333sqm to 559sqm, priced from $400,000 to $560,000.
Ms Muir said the overwhelming response is coming from many young families and couples looking to downsize.
“It’s a mix of age groups that have been waiting for quite a few years now.
“I think the hesitation over the last two to three years has increased the demand and a lot of people have been keeping a sharp eye on the development there.”
Ms Muir has noticed a trend among families as well looking into at the sites.
“The children who are in their 20s with their partners they’re buying a block, and then the parents are as well, so it’s becoming very communal.”
The local economy and services are expected to get a boost from more residents moving in once completed.
“It’s a positive thing happening to Coldstream, extra families coming into the area, more money coming into the area – helping small businesses, the supermarket, schools are a big factor.”
A green space with a park is also part of the development.
Infrastructure works on roads, drainage and underground powerlines are expected to begin in eight weeks.
The developer is hopeful titles will be available between September and October.
“The developer himself is very keen to progress very quickly on it and get the land subdivided and the opportunity for people to start building on there.”
