Melbourne landbanks are in demand

Chinese developers continue to move in on residential markets in Australia following a strong entry into the apartment market. Now, more chinese based residential developers are moving into house and land markets.

In the most recent deal, Chinese giant Dahua Group has committed to spend a $360 million for three residential development sites in Point Cook in Melbourne's west. The three sites offer the potential for more than 3100 housing lots.

At a price of $360m, the purchase price represents approx $116,000 per lot or $1.97M per hectare. The terms of the purchase are undisclosed however it is believed to be on at least 4 years terms.

The sites are within the Point Cook South PSP area, the development plans for which are yet to be finalised.

On all accounts, the purchase price appears to set a new high in land sales in Melbourne's west.

This follows a recent deal in September by New Sky in Tarneit at $60M for a 64 hectare, 800 lot approved site which equates to $75,000 per lot or $937,000 per hectare.

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