The exclusive Spencer Street development, named The Stables on Spencer, will include 44 residential dwellings and will see the southern end of Spencer Street upgraded into a cul-de-sac.
Site works started earlier this month after approval was given by the City of Bunbury on Thursday, August 2.
The development will see turn-key house and land packages starting from just $377,990.
Summit South West General Manager David Hunt said the development reflects a feel of optimism with the South West property market.
“Bunbury is a vibrant city that is continuing to grow. The Stables on Spencer is set to echo this,” Mr Hunt said.
“There is definitely a renewed sense of confidence in the local property market. Consumer confidence is slowly growing.”
Mr Hunt said The Stables on Spencer will be unique for the area, while still appealing to a range of home buyers.
“People are looking for homes that are low maintenance but still stylish. They want something safe and secure that they can potentially lock up and leave when they need to.
“The Stables on Spencer will offer single storey and two storey homes that will suit a range of home buyers, from those looking for their first home to those who may be looking to downsize.
“Each individual home will feature innovative designs with high quality finishes, verge trees and uniform fencing, perfectly located close to both the beach and the city.”
The result will be a beautiful, low maintenance residential development surrounded by lush greenery with a centrally located rain garden and boardwalk.
The major development will use local trades and services and is set to be complete by mid-2019.
“Now is the perfect time for developers to take advantage of the growth and opportunities in Bunbury and the South West,” Mr Hunt said.
“Great things are coming.”