This is another development by Billbergia, who developed Waterpoint at Shepherds Bay in neighbouring Meadowbank.
Village Quay or VQ, as it is popularly known is located on Walker street in Rhodes. Whilst the development enjoys water views over Homebush Bay, it is considerably further away (about 600 metres) from the convenience of the Rhodes Shopping Centre compared to the Mirvac and Meriton developments located along Rider Boulevard, Mary and Marquet streets. Nevertheless, it is still within walking distance to the Rhodes train station and the shopping centre.
The convenience of the train station means it is only a 30 minute train ride to Central station in the city. It is also close the the M2, M4, M5 and Victoria road.
However, Walker street in Rhodes is not a pretty street for the following reasons:
1. It is very poorly maintained due to potholes, uneven paving, rubbish strewn all along the road and unkempt vegetation.
2. It runs parallel to the train line and therefore, developments along this street will experience train noise.
3. The on-going cleaning of industrial waste along its water foreshores is unsightly, especially in this section of Walker street, and is expected to continue for the next few years.
The development consists of over 250 units of 2 & 3 bedroom townhouses and 1, 2 & 3 bedroom apartments. The finishings are comparable to that of its neighbouring developments. Pricing of its units is from low $400k’s for its 1 bedroom apartments to over $1.2 million for the 3 bedroom townhouses.
According to Australian Property Monitors the median apartment price in Rhodes is $551k in June 2009. This average apartment price is relatively expensive compared to other more established suburbs around metropolitan Sydney. The reason for this relatively higher apartment price is due to the fact that Rhodes’ apartment market consists of mainly new developments in the recent 3 – 4 years. As there are few apartments older than 10 years, the newer apartments have propped up the average prices in this suburb.
Therefore, investors should research entry price points for apartments in Rhodes before diving in.
Please refer to a comprehensive listing of median prices for apartments in metropolitan Sydney.
As at March 2010, most of the 1 and 2 bedroom units in this development have been sold. One bedroom units start around the mid $400k’s and unsold units are predominantly 3 bedroom units.