Villawood Properties announces ballot for next stage release at Aquarevo
Incredible demand for lots in Aquarevo has lead Villawood Properties to introduce a ballot for the next stage of land release in the Lyndhurst based community. Aquarevo is a unique collaboration between developer Villawood Properties and Victorian Government water utility South East Water. The community will be home to 1200 residents and will use three sources of water (drinking, recycled and rainwater) to help reduce drinking water use in each home by up to 70 per cent.
The first two stages at Aquarevo sold out in a matter of hours, and with demand still incredibly strong from buyers who did not secure a lot in these releases, Villawood Properties is committed to maintaining a fair process for the next release. Villawood Properties Executive Director, Rory Costelloe, said the decision to move to a ballot was driven by Villawood’s motivation to deliver a fair and transparent process to the 3,500 potential purchasers who have expressed an interest to buy at Aquarevo. “Due to current market conditions where demand for land in Lyndhurst has steadily increasing over several years, which has been reflected in ongoing price increases, we’re acutely aware that potential purchasers are anxious to secure a lot. Beyond the water and energy efficiency initiatives at Aquarevo, we are committed to delivering a sustained experience that every resident is a highly valued member of this community. Interest in Aquarevo has been extraordinary, so Villawood Properties has reviewed the release process to maintain transparency and to ensure future residents – who are our number one priority – feel they have been given the fairest means possible to secure land in the community,” said Costelloe.
Potential purchasers who have expressed interest in Aquarevo were advised by SMS and email of the decision to release land via ballot, which has been set for 17 June, along with an explanation of the process and the company’s rationale for the approach. Under the new process, registrations will be taken from 9am on the day of ballot, which will be supervised by Pitcher Partners. Registrants will be given a paddle with a number corresponding to a ball within a clear-sided barrel, and will be advised to have multiple lots in mind should their number be drawn.
Costelloe said various options for releasing land in the highly sought after development had been reviewed, but the ballot was the fairest means based on the transparency and minimal impact on land prices: “Several alternate options were considered, including reviewing the notification process or moving to an auction format; given winter is upon us, a process that compels people to camp out puts unnecessary strain on families, whereas an auction has the potential to drive up prices beyond what is listed on the day.”
The purchaser profile at Aquarevo is predominantly families looking to upgrade to their second or third family home. Would-be residents tend to be highly motivated by the combination of the Lyndhurst location, world-class sustainability measures and the company’s reputation in the area. It is anticipated that there will be approximately 150 buyers’ groups in attendance on 17 June hoping to secure one of 49 lots being released. To accommodate the strong attendance, Villawood Properties is staging the ballot at Aquarevo’s neighbouring Lyndhurst Primary School.
Villawood Properties is making every effort to ensure a smooth and fair process and already working towards making subsequent releases available at Aquarevo, while adhering to due process.