Mirvac starts work at The Point

Mirvac Fini has begun construction on The Point, a $210 million, 124-apartment development in Mandurah. All 102 apartments released so far have sold, and Mirvac Fini development director Evan Campbell said the development would be built as a single stage over the next two years. “Mandurah has shown one of the fastest growth rates in Australia in recent years and sales of apartments at The Point indicate that this trend is continuing,” Mr Campbell said. The two-, three- and four-bedroom apartments released at The Point to date ranged in price from $700,000 to $4 million, with a total estimated value of more than $130 million. The remaining 22 apartments are being released for sale later this year. Once completed, The Point will be a fully integrated tourism, residential and commercial precinct. Mandurah has the highest growth rate of any city in Australia, with real estate prices up 21 per cent in the past 12 months. The average annual growth rate for the past five years has been 17 per cent. Mandurah’s population is forecast to increase 167 per cent over the next 30 years.