Assemble’s first release of apartments for its rent-to-buy project at Ballarat St at Brunswick sold out in a weekend, underlining the appetite for the asset class.
The 171-apartment project at Brunswick is the third “rent-with-the-option-to-buy” development the Victorian-based developer has brought to market after the model secured financial backing from AustralianSuper last year.
Launched at the weekend, the first release of more than 50 apartments were all committed within 48 hours, which Assemble’s relationships and marketing director Rebecca Shackleton said demonstrated the viability of the rent-to-buy model.
“Every apartment released in the first stage was committed, approximately 30 per cent of the building,” Shackleton said.
“We knew that our Brunswick project would be popular and that there would be strong demand.
“Several of our newest future residents had been following Assemble for some time, and had a good understanding of Assemble Futures and the alternative pathway to home ownership.”
Shackleton said current market conditions and surging house prices had made the opportunity to rent for five years, with a fixed purchase price at the end, an appealing opportunity.
There was an even mix of apartment types allocated at the weekend—studio, one-, two- and three-bedroom floorplans.
The project has been designed to accommodate a range of resident needs including single first home buyers and families looking for more space.
Thousands of people had initially registered their interest in the Brunswick project. The second release was due to be released this week with construction due to start later this year.
Assemble recently lodged a development applications with the Victorian State Government for two properties on the sites at 4 Ballarat Street, Brunswick, and 15 Thompson Street, Kensington.
The Thompson Street project is a 199-apartment development to be built on the 3986sq m site.