Buyers are galloping to stake a claim in a “residential grandstand” overlooking he track at Moonee Valley Racecourse, with developers already securing $100 million in pre-sales.
Sales opening in October to a waitlist of VIP buyers, with the public able to purchase from March.
Trackside House is the latest building in the sporting precinct’s $2 billion revamp and the only one to offer a view down the final straight of the racecourse where the iconic Cox Plate is held.
Around 100 of its 205 apartments will enable residents to saddle up for the event from their private balcony on race day.
Those without a trackside vantage point will have friends and business contacts swooning from a choice of lounges or from the edge of the rooftop infinity pool 11 storeys above the track while homes on the other side of the complex offer views to the CBD, 6 kilometers away.
For some unique solace, there’s also a wellness sanctuary with a gym, therapy room, sauna and a glass-walled yoga room.
Construction by Icon is imminent on the building, which will feature 15 penthouse and sub-penthouse homes priced from $3.6-$5m, while more affordable one-bedroom options will start at $470,000.
Neighbouring Stonepine House, which is now 80% sold, will be built at the same time.
Trackside House has been popular among downsizing locals with a connection to Moonee Valley Racing Club, Hamton Property Group Executive Chairman Paul Hameister said.
“They are unaffected by the prospect of higher interest rates as they are cash buyers, selling a large home with little to no mortgage and after purchasing one of our homes they have cash set aside to invest for retirement.
“We are also seeing astute investors returning to the market, but with a new perspective in that they are wanting to buy homes where there is a strong exit strategy to owner-occupiers”.
It’s been a sluggish 12 months on the whole for Melbourne’s property market, with prices down 4.3% over the past year, although prices in the city have now risen or four consecutive months, including an increase of 0.22% in May, according to the PropTrack Home Price Index.
Mr Hameister said the lack of similar options on the market has boosted he popularity of Trackside House.
“Melbournians are very loyal to the areas and communities in which they have grown up and raised families. There are very few new premium offerings for downsizers in Melbourne’s inner northwest and we have sought to address that.”
The complex, which is designed by architect Rothelowman and interior design studio Carr, is part of a wider Moonee Valley Park redevelopment that will boast 2,000 townhouses and apartments, and an array of new eateries and retailers, plus 20ha of open space and gardens, all overseen by Development partners Hamton Property Group, superannuation group Hostplus and Moonee Valley Racing Club.
The precinct was launched to the market in 2019, with the first residents moving in last year.
