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Melbourne Land Still finds Support

Local development groups supported by Asian based capital continue to be active in the Melbourne land subdivision market with developer Wolfdene, backed by Blueways Group acquiring the latest site near Caroline Springs for $60M ($1.4m/ha).

The rectangular site at 1012 Taylors Road in Fraser Rise had been on the market through Biggins & Scott since February.

The 42ha site could support up to 500 new dwellings within the approved new suburb of Plumpton as was marketed as one of the last available major residential sites within the approved Plumpton PSP.

The Vendors, the Lavecchia and Congiu families, have owned the property since 2012.

Wolfdene & Blueways Group have invested over $275M in Melbourne land over the past 2 years with acquisitions at Ballarto Rd Clyde, Donnybrook Rd Donnybrook, Wedge Rd Skye and now Taylors Rd Fraser Rise.

According to real estate group Oliver Hume, the median price of a housing lot in Melbourne's growth corridors fell by 4 per cent to $312,000 in the three months to June.

George Bougias, Head of Research at Oliver Hume, said rising monthly sales volumes and a reduction in selling durations (time on market) were indications of a "markedly improved" market.

With natural population growth & net migration supporting Melbourne's demand for housing, the land markets will continue to fill, particularly if the apartment market struggles to supply the quantum of housing needed to meet demand.

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