Address sought by many

STRONG demand for housing at Australand’s Discovery Point has led the developers to speed up sales and construction plans.Following the successful sales for Linc — a residential release in which 102 of 126 apartments sold on day one last May — developers launched the fifth residential building Arc late last year. Arc still has 22 of 88 apartments for sale with a construction start date pencilled in for July.

Construction at Linc is slated for March.

Australand NSW general manager for residential division Nigel Edgar said about 60 per cent of transactions at Linc were made to investors with Arc expected to attract similar investor attention.

Current rents at Discovery Point — the first three buildings Greenbank, Verge and Vine have been completed — for a two-bedroom and two-bathroom apartment with views generates between $580 and $600 a week.

“The convenient location just five stops from the CBD by train, coupled with a high quality, low-maintenance apartment means that Discovery Point will consistently have low vacancy rates,” Mr Edgar said.

“This is reflected in the high percentage of apartments bought by investors.”

Discovery Point will have 17 buildings — residential and commercial — and be home to more than 1800 residents when completed. The community will feature three hectares of parks in addition to an indoor-outdoor village retail and cafe precinct.

Next off the rank will be Discovery Tower, the estate’s sixth building. It will feature 184 apartments over 22 levels and is set to be the tallest within the Discovery Point community.