The Millstone – Stages 4 & 5 Achieve Title Registration
The Millstone Estate, managed by CFMG Capital is a 303 lot residential community just 35km west of the Melbourne CBD, set beneath the wide skies and offering all the upside of being part of a thriving new growth corridor, but with a more peaceful and tranquil setting. With Stages 1-3 already completed and settled, and residents already moved into the community, construction on Stages 4 & 5 completed in recent months with title registration of all 94 residential lots occurring last week and settlements expected during June.
This now leaves just Stages 6 & 7 to be completed to finalise the project, with construction well advanced and approximately 40 lots remaining for sale.
The Melbourne property market has been one of the strongest and most consistent performers over the last few decades with the median house price increasing by 7.9% per annum over the past 40 years combined. Of course, like all property markets, the Melbourne housing market moves cyclically. After peaking in November 2017 the market took a breather then bottomed in mid-2019 and then Melbourne’s house prices exhibited their fastest recovery ever. The Millstone development has managed to navigate these cycles efficiently, with stock largely held back from the market during the 2019 slow down as construction caught up with sales. With sales and construction progress now essentially on close to level footing, the Millstone is well placed to take advantage of the likely build up of latent demand for new homes due to suppressed transaction activity during the COVID-19 shutdown period.