Eager buyers dash to secure property in new Glen Waverley apartment tower

Scott Carbines, News Corp Australia Network
October 21, 2015 12:30pm

BUYERS have rushed to snap up apartments in Glen Waverley’s planned Galleria tower in a property frenzy never seen before in Monash. Apartments in the 15-storey luxury development sold at a rate of about $35 million an hour when they went on sale on October 10, with about $150 million worth of property sold in the first 48 hours. More than 200 groups paid $2500 to be among the first to secure one of the 267 one and two-bedroom apartments to be located opposite The Glen shopping centre at 52 O’Sullivan Rd. Agent John Castran, of John H Castran Pty Ltd, said staff could barely keep up during the registration-only pre-release, which he believed set a record for gross sales and rate of sales in Monash. “I think it caught us by surprise to be honest,” he said. “They were selling so quickly we could barely get the (sold) stickers up on the wall. “We had 20 to 30 staff and no-one was getting out of their seat ... we actually had to have crowd control in the street on Saturday and Sunday.” The launch of the Galleria Apartment tower in Glen Waverley attracted long lines of buyers. Mr Castran said the sale of the apartments eclipsed the local benchmark set by the Ikon tower, where 116 apartments sold in less than 24 hours in 2011, with a rate of sales three times faster. He said a diverse range of people bought in the building, including families who had lived in the area for 50 years, and that the rapid rate of sales showed huge demand for high-rises in Glen Waverley. “Demand is far out-stripping supply,” he said. “About 70 per cent of all the buyers bought them as a place to live. “The existing housing stock is so expensive it makes this kind of apartment living terribly affordable.” Monash resident Ian Jackson said he objected to the scale of the development when it was proposed but decided to buy a property in the tower as an investment.

Mr Jackson, who runs a local travel agency, started his business at the Galleria tower site when it was the Glenway Arcade in 1979 and was one of the original tenants. He relocated to the Ikon Tower late last year after more than 30 years at the location.

Display suite doors opened to registered buyers from 8am on October 10. “I couldn’t come across too many negatives against it,” Mr Jackson said. “You can’t really miss. It’s brand new, there’s access to public transport with the trains right here and the shopping centre. “In a sense, Glen Waverley is close to being the epicentre of Melbourne. It’s 20 minutes to the beach, 20 minutes to the hills.” Mr Jackson said he only decided to buy an apartment in the tower the week beforehand and regretted not registering sooner. He secured a two-bedroom, two-bathroom west facing apartment on the fourth floor on the afternoon of the pre-release, but had already missed out on his first choice. “I would have preferred an east-facing unit but they were all gone,” he said.

Registered buyers rushed in to secure their first choice at the tower’s prerelease. Following the pre-release, there was a private launch at a local cinema that showed a film about the tower to more than 500 attendees in Mandarin, Cantonese and English. The remaining apartments then went on sale to the general public from October 14 and there are about 30 apartments still for sale. One-bedroom apartments were available from $385,000 and two-bedroom apartments started at $510,000. Each apartment included an outdoor space, car park and storage cage on its title. Developer Pomeroy Pacific Pty Ltd is expected to announce a commencement date for work on the project as soon as this week.

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Registered buyers rushed in to secure their first choice at the tower’s prerelease.


Display suite doors opened to registered buyers from 8am on October 10.

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