PROPERTY prices are set to receive a boost with the expansion of Westfield Knox.
Agents expect the $450 million extension of Westfield’s Wantirna South site will enhance the shopping and dining precinct, adding further value to surrounding homes.
"It will certainly improve the value of homes in the area," said Barry Plant Wantirna director Adam Sorrell.
Homes near the entertainment hub already benefited from a price premium due to high buyer demand, said Mr Sorrell.
"Knox has got a lot to offer with the shopping centre as it is," he said.
"With the ageing population, they want good quality homes close to shops."
Mr Sorrell’s agency recently sold a four-bedroom home at 5 Grosvenor Place, Wantirna South.
Positioned within walking distance of Westfield Knox, the home drew a lot of attention from family buyers and sold under the hammer for $782,000 – well above the advertised price of $590,000-plus.
"The demand for such homes in Wantirna South is due to the close proximity of Westfield Knox city shopping centre," he said.
The expansion of Westfield Knox would further fuel demand for homes in the area and support steady market growth in the future, said Mr Sorrell.
Although it was hard to predict exactly how much value would be added to homes in the area, Mr Sorrell was confident there would be price increases, and homes surrounding the Westfield Doncaster shopping precinct had benefited from redevelopment works in recent years and similar affects could be expected in Knox.
Westfield Knox is expected to become one of Australia’s top shopping destinations as a result of the expansion.
Knox City Council said the revamp will involve increasing the number of shops, carparks, food and drink retailers.
Knox mayor Darren Pearce said it would cement the Wantirna South hub as a major drawcard for Knox and beyond and secure the Knox central area as the heart of the municipality.
Set to begin in 2016, the project is expected to create 8000 jobs and will be opened in stages from 2017