Perth-based developer Peet has staked another claim in Melbourne’s blue-chip greenfield corridor, fending off a fierce line-up of bidders for the balance of an existing estate landholding.
It has purchased a 26ha permit-approved chunk of Greencor Developments’ Mystique Estate at Wollert, in the city’s northern residential growth belt.
Peet was among a highly-competitive field of developers circling the holding in Victoria’s greenfield hotspot.
The site is surrounded by other large masterplanned communities including Cedar Woods’ “Mason Quarter”, Dahua’s “Wollert Rise”, Bauenort’s “FindonView Estate” and AV Jennings’ “Lyndarum North”.
It is expected to yield 300 lots—more than half of the 550 lots in the actively trading Mystique Estate in which 250 lots have already sold, constructed and settled.
Marketing agent Kane Malcolmson from Core Projects said the transaction of the 25.75ha holding reflects and underpins the current strength of the Victorian greenfield land market.
He said the off-market expressions of interest campaign resulted in 15 formal offers being put on the negotiating table.
“The property attracted a strong mix of Australian and off-shore interest from developers relishing the opportunity to purchase an established and trading estate within the highly sought-after Wollert precinct,” Malcolmson said.
“It was extremely well contested under very competitive conditions. Peet Limited will deliver a fantastic project across the balance of 300 lots.”
Low interest rates and government stimulus packages have underpinned the strong demand for house and land sites over the past 12 months.
Victorians accounted for 29 per cent of all HomeBuilder applications with close to 30,000 new build applications.
Melbourne’s growth corridors in the north and west were earmarked for an additional 284,000 dwellings in Melbourne’s Urban Growth Boundary.
Cedar Woods, another Perth-based developer, recently bolstered its land supply in Melbourne’s western growth corridor, acquiring 54-hectares for $63.5 million.
The two separate transactions were for a 14.6ha site at Fraser Rise ($30.5 million) and a 39.7ha site at Fieldstone ($33 million), adding a further 725 lots to its pipeline.
Article Source: www.theurbandeveloper.com
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Regional housing market doubles capital city value growth
Australia’s regional housing market has far outpaced value growth across Australia’s capital cities in the last 12 months, rising 13.0% compared with a 6.4% gain in capital city values.
CoreLogic’s quarterly Regional Market Update, which looks at capital growth over the 12 months to April 2021 in Australia’s 25 largest non-capital city markets, saw Richmond-Tweed take top spot for capital gains across both house and unit markets, with 21.9% and 15.5% annual growth respectively. Bunbury was the worst performer across both house and unit markets, with 3% and -4.4% yearly growth respectively.
CoreLogic’s research director, Tim Lawless, says the faster pace of growth reflects stronger demand flowing into the regional areas of Australia through the COVID-period to date.
“This can partly be explained by the new popularity of remote and flexible working arrangements, but also increased demand for lifestyle oriented properties and holiday homes. No doubt the more affordable housing options across many of Australia’s regional markets is another incentive; in April there was a $247,400 difference between the median value of capital city dwellings and regional dwellings.
“Playing into the lifestyle trend, it’s no surprise to see the Richmond-Tweed area topping the list for capital gains over the past 12 months. This region includes high profile beachside destinations such as Byron Bay, Suffolk Park and Lennox Heads as well as popular hinterland villages such a Bangalow. The median house value across the Byron council area is now $1.4 million, which is higher than Greater Sydney’s median of $1.147 million,” says Mr Lawless.
Best & Worst Performing Regional House Markets – April 2021
Best & Worst Performing Regional Unit Markets – April 2021
“Looking forward, regional housing markets remain well placed to record higher than average levels of demand, especially those markets that are located close enough to capital cities to provide a commuting option, and those lifestyle markets that are popular with sea and tree changers.
“While surging values are probably good news for homeowners in these regions, for those that don’t own a home, affordability is being stretched. Particularly for long-time locals whose incomes are unlikely to be rising at anywhere near the pace of house price appreciation, they may be forced to seek out housing options further afield,” says Mr Lawless.
Article Source: www.corelogic.com.au
Labor housing policy a solid start
The social and affordable housing policy announced by Federal Labor is a solid start to giving people on low and modest incomes greater housing options as they grapple with a runaway housing boom, according to Everybody’s Home, the national campaign against homelessness.
Labor leader Anthony Albanese has committed to a $10 billion dollar fund from which the earnings would finance 20,000 social and 10,000 affordable homes over four years. Critically, the fund would exist in perpetuity, providing a sustainable funding base to give more Australians greater housing options.
“This is a very solid start,” said Kate Colvin, spokesperson for Everybody’s Home. “While this won’t meet the full housing needs of low and modest income Australians, it does lay down a sustainable foundation.
“Booming house and rent prices are driving many Australians to desperation, especially in regional communities. Expanding social and affordable housing means greater choice and relieves pressure.
“It is noteworthy that Federal Labor recognises the important role for the Commonwealth in social and affordable housing. The states simply can not solve the rising problem of housing stress and homelessness without the Commonwealth’s financial firepower.
“The commitment to devote one-fifth of these homes to women and children escaping violence also deserves recognition. Demand for such housing is simply not being met. Last year, one-third of the 54,000 women and children escaping family violence who came to homelessness services needing accommodation had to be turned away because no accommodation was available.
“Social and affordable housing need to be recognised as entirely legitimate housing options. All of us need a home to protect our health, look after families and aspire to stability and prosperity.
Article Source: Medianet
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