Residential Land

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Sydney-based developer Lendlease has secured 1,100 residential lots in the recently approved Pakenham East precinct structure plan (PSP), south-east of Melbourne.

The deal, brokered by Core Projects’ Kane Malcomson and Trent Malcomson, will see an 83-hectare cattle farm transformed into a new masterplanned community.

Located across three titles, the project includes an 11-hectare park with extensive waterways and is close to the future town centre.

“I am delighted to have worked with one of Australia’s leading developers, Lendlease, to broker this deal”, Kane Malcomson said. “Core Projects’ depth of understanding of Melbourne’s South-Eastern growth corridors has helped facilitate a mutually beneficial deal for both developer and landowner and we are proud to be growing our footprint in this region.”

The approval of the new Pakenham East PSP will further fuel growth of Melbourne’s south-east, with proposed plans including future schools, parklands, child services and a range of other facilities.

Melbourne’s south-east has seen immense growth in the past two years with demand for property in the region expected to continue. 
 

<h2>Other masterplanned communities in Victoria on the market right now</h2>

Alongside green spaces, amenities and often affordable entry prices, masterplanned communities offer a great option for first home buyers and families looking to upsize.

Urban takes a look at three townhomes on the market right now, situated within masterplanned communities. 
 

1. Tullamore Homes, Doncaster 
Address: 11 Heritage Boulevard, Doncaster VIC 3108 
Four-bedroom townhomes from $1,450,000

[smartcode_project:default project_id=22803]

Mirvac’s Tullamore homes offers spacious, contemporary residences ideal for family living, situated just 17-kilometres from Melbourne’s CBD.

Set on the former Eastern Golf Course, the development boasts four-bedroom townhomes with views of the nature reserve and a six-star environmental rating. 
 

2. The Terraces at Minta, Berwick 
Address: Soldiers Road, Berwick VIC 3806 
Three-bedroom townhomes from $529,000

[smartcode_project:default project_id=27487]

Also located in Melbourne’s growing south-east is <a href="https://www.urban.com.au/developers/stockland">Stockland</a>’s latest project, the Terraces at Minta. Targeted towards first home buyers, Minta residences offer high-quality design at an affordable price.

Each of the double-storey homes include secure car garages, double glazing, high ceilings and garden landscaping, as well as open-plan living and dining and a fully-fenced garden patio. 
 

3. The Grove Estate, Tarneit 
Address: 180 Davis Road, Tarneit VIC 3029 
Four-bedroom townhomes from $583,755

[smartcode_project:default project_id=28210]

Bordered by both the Davis Creek and Werribee River waterways, the Grove Estate boasts three and four-bedroom townhomes set in a picturesque community setting.

Surrounded by walkable parkland, wetlands and growing town centres, the Grove offers a family-friendly lifestyle with distinct neighbourhoods and a well-established community.
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Purchasing an 83-hectare cattle farm, across three titles, Lendlease hopes to transform the site into a new masterplanned community in Pakenham. 

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Lendlease secures 1,100 residential lots for new Melbourne masterplanned community

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Logan City Council has released an expressions of interest campaign for the development of land comprising six separate adjoining land parcels on the Logan River next to the Pacific Motorway.
The 43 hectare lot has an approved master plan in place and some existing development approvals and will eventually become a new precinct within the City of Logan.
Expressions of interest are being sought through Savills.
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Land development to create new Logan suburb

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The home builder Sekisui House has finalised its acquisition of an 8.1-hectare site in Baulkham Hills in Sydney's northwest for $210 million. 
Sekisui bought the land from property developer Tony Merhi.
It intends to develop it into a masterplanned mixed-use residential community with 1300 apartments. 
Apartment building heights are being considered by the NSW Department of Planning for the site at 47 Spurway Drive.
It is close to the Norwest Business Park and the Castle Hill Country Club.
Toru Abe, the Sekisui House Australia managing director, described it as an "exceptional development" opportunity.
"As the construction of the North West Rail Link continues at pace, we intend to create a masterplanned community set within beautifully landscaped gardens and natural forest," he said.
"We plan to showcase our inherent values of developing ecologically sound communities where residents can entertain, play, reflect and energise with easy access to the surrounds, Parramatta and central Sydney. 
"With Norwest Business Park, one of the largest employment precincts in Sydney and Norwest Train Station at our doorstep, residents will be immediately connected with existing community and future transport links." 
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Sekisui secure Baulkham Hills apartment development site

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The power of The Block seems to be spreading in Port Melbourne, as a small vacant parcel has sold for just over $2 million, setting a suburb record in the process.
The 304 sqm block at <a href="https://www.realestate.com.au/property-house-vic-port+melbourne-123235006" target="_blank">186 Dow Street</a> fetched $2.055 million at auction after having high $1 million price hopes.
On the market for the first time in 112 years, sale represented a $7,000 per sqm record for Port Melbourne.
It was sold by Frank Callaghan and Craig Corby at Frank Gordon - Port Melbourne.
The parcel used to have a family home, but the property was demolished in the 1980s.
Developers "jaws dropped", according to Frank, as owner-occupier bidders took control.
It's just three blocks from the foreshore, adding to its value.
Developers will have to act fast if they want to build from scratch. 
Frank said there were only two empty blocks he knew of in Port Melbourne, which made the Dow Street space particularly rare.
“What was really interesting is that we sent a number of emails, in the thousands, and we have databases for builders that have been bidding on other properties that we had, that we have sold over the past couple of years, to be demolished or where they could seek a permit.
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Land parcel sets suburb record in Port Melbourne

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The Shadow Treasurer Chris Bowen has plans for a holiday home after his recent $295,000 purchase of a block of land at Bawley Point on the NSW south coast.
Bowen bought the 730 sq m building block with wife Rebecca Mifsud, an industrial relations executive at Toll Holdings.
It had been for sale since listed in 2013 at $375,000.
Located on the Bawley headland, the block is only minutes walk from both Bawley and Cormorant beaches.
"The headland area is complimented by luxurious homes in prime positions and vacant building blocks are now almost non existent," selling agent Darryl Leslight at Ray White Surfside Properties said.
Before the luxury set in, Bawley Point made its reputation as popular with the left-thinking Canberra set, highlighted in 1986 when journalists Gregory Hywood and Kate Legge, and Heather Ewart and Barry Cassidy paid $105,000 for their jointly owned coastal retreat, which is about three-and-a-half hours' drive from Sydney and two-and-a-half hours' drive from Canberra.
Only last summer the coastal New South Wales location was the setting of Bill Shorten’s family Christmas holiday - and where he crystallised the steps that almost saw the Opposition Leader take government six months later. It was where he decided he needed to start his days with an early morning run to loose weight.
The Bowen’s live in his McMahon electorate in Smithfield, in Sydney’s west, where they rebuilt after paying $470,000 in 2003.
This article was first published in the Sunday Telegraph.
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Shadow treasurer Chris Bowen buys land in Bawley Point

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Planning delays are costing Queenslanders an additional $36,800 on the price of a new home, according to new research from the Property Council of Australia.
At the same time, the cost per square metre of new greenfield land has gone up even though the lot sizes have shrunk. 
The study by Urbis, on behalf of the Property Council, calculates the cost for homebuyers due to delays in the assessing greenfield sites in Queensland. 
“Assessment delays have a significant impact on housing affordability,” Property Council Queensland executive director Chris Mountford said. 
“For every month that a project is held-up, the developer has to pay more land tax, more council rates, more holding costs and more interest on their loans – adding thousands to the end product.” 
“For each year of approval delay the cost per residential lot increases by $6,450.” 
If a Queensland development is fast-tracked by the state government it is likely to take nearly four years to achieve approval. Left to a local government process, the approval would usually take twice as long, according to the study.
“The research shows that if Queensland developments could be rezoned within the same two-year timeframe that we see in Melbourne, the lot price would be reduced by $36,800,” Mountford said.
“Even if we could improve our local government approval processes to be as quick as the State Government processes, we could achieve a saving of $21,153 per lot.”
On a 30-year mortgage, this translates to about $40,000 savings.
“That’s a real saving for homebuyers and an efficiency gain for the Queensland economy."
Put together, planning delays across Queensland for residential lot sales could be more than $300 million per annum, said Mountford.
<a href="/images/2016/09/12/Greenfieldapproval.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/09/12/Greenfieldapproval.jpg" alt="">
Even the proportion of lot sizes and costs have risen. From 2009 to 2015, the average lot size in South East Queensland reduced from 591 sqm to 515 sqm. Meanwhile, the price of an average lot in the same period has gone up to $236,000 from $227,000. 
“With sizes decreasing and prices increasing over the last six years we have effectively seen a 27 percent increase in the cost of greenfield lots,” Mountford said.
The report suggests the Queensland government review approaches to greenfield approval and tackle planning delays. 
“It is vitally important that the state government’s ongoing South East Queensland Regional Plan review results in a new plan that gets the settings right to facilitate the speedy delivery of greenfield land.”
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Planning delays costing new homebuyers in Queensland: PCA 

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Wallan offers the cheapest newly released residential land at a median of $248 per square metre, the latest Domain Group data shows.
Craigieburn had the most number of land sales over the December quarter.
Doreen in Melbourne's north-east recorded the strongest annual growth for land prices at 18.5 per cent.
The median price for land in Pakenham also jumped 17.3 per cent over the year.
Some western suburbs had weaker values and growth because there was more land, Domain Group chief economist Andrew Wilson noted.
 
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<th class="igc-table-header igicon-sort " data-column="0">Suburb</th>
<th class="igc-table-header igc-table-dynamic-column igicon-sort" data-column="1">Median</th>
<th class="igc-table-header igc-table-dynamic-column igicon-sort" data-column="2">1-year growth</th>
<th class="igc-table-header igc-table-dynamic-column igicon-sort" data-column="3">Median price per m2</th>
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<td class="igc-table-cell">Wallan</td>
<td class="igc-table-cell">$165,000</td>
<td class="igc-table-cell">15.8%</td>
<td class="igc-table-cell">$248</td>
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<td class="igc-table-cell">Bacchus Marsh</td>
<td class="igc-table-cell">$189,500</td>
<td class="igc-table-cell">18.4%</td>
<td class="igc-table-cell">$284</td>
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<td class="igc-table-cell">Sunbury</td>
<td class="igc-table-cell">$235,000</td>
<td class="igc-table-cell">7.8%</td>
<td class="igc-table-cell">$319</td>
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<td class="igc-table-cell">Brookfield</td>
<td class="igc-table-cell">$154,990</td>
<td class="igc-table-cell">3.3%</td>
<td class="igc-table-cell">$326</td>
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<td class="igc-table-cell">Melton South</td>
<td class="igc-table-cell">$147,000</td>
<td class="igc-table-cell">1.4%</td>
<td class="igc-table-cell">$335</td>
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<td class="igc-table-cell">Melton West</td>
<td class="igc-table-cell">$157,500</td>
<td class="igc-table-cell">7.1%</td>
<td class="igc-table-cell">$354</td>
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<td class="igc-table-cell">Wyndham Vale</td>
<td class="igc-table-cell">$180,950</td>
<td class="igc-table-cell">-0.8%</td>
<td class="igc-table-cell">$423</td>
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<td class="igc-table-cell">Pakenham</td>
<td class="igc-table-cell">$230,000</td>
<td class="igc-table-cell">17.3%</td>
<td class="igc-table-cell">$434</td>
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<td class="igc-table-cell">Mickleham</td>
<td class="igc-table-cell">$217,000</td>
<td class="igc-table-cell">6.9%</td>
<td class="igc-table-cell">$480</td>
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<td class="igc-table-cell">Doreen</td>
<td class="igc-table-cell">$237,000</td>
<td class="igc-table-cell">18.5%</td>
<td class="igc-table-cell">$521</td>
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<div class="innertext" data-placeholder="">Source: Domain Group</div>
<div class="innertext" data-placeholder=""> </div>
<div class="innertext" data-placeholder="">A large 11,350 sqm of land at <a href="https://www.realestate.com.au/property-residential+land-vic-doreen-201725862" target="_blank">79D Cookes Road</a>, Doreen (above) has been recently listed for sale.</div>
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Similarly a commercial land at <a href="https://www.realestate.com.au/property-residential+land-vic-wallan-201711450" target="_blank">19 High Street</a>, Wallan (below) has been listed for sale.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/02/20/19%20High%20Street.jpg" alt="">
A residential block at <a href="https://www.realestate.com.au/sold/property-residential+land-vic-wallan-200516515" target="_blank">22 Moondara Terrace</a>, Wallan (below) was recently sold for $151,000.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/02/20/22%20Moondara%20Terrace.jpg" alt="">
Similarly a residential land at <a href="https://www.realestate.com.au/sold/property-residential+land-vic-doreen-201628138" target="_blank">59 Woorawa Drive</a>, Doreen (below) was recently sold for $246,000.
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Wallan ranks as Melbourne's cheapest land release suburb

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A residential development space in the Sunshine Coast region of Palmwoods has been sold to a local developer.
The 18 hectare block sold for $4.4 million to Sunshine Beach Constructions.
The 50 Abbots Road, Palmwoods property has been approved for 109 lots with a rate of $40,367 per lot.
The sale was handled by Colliers International’s Bayden Dodds and Savills’ Dustin Welch,
Dodds said the strength of the Sunshine Coast residential market contributed to interest from a mix of local, south-east Queensland and interstate developers.
"This is due to new land releases selling out in record time as builders, owner occupiers and investors seek to secure suitable housing lots," said Dodds.
"The Sunshine Coast market has trended towards smaller lot sizes in recent times and the large residential housing lots are becoming a rare commodity.
"This was a key attractor for developers with the average lot size of 725 square metres seen as a real advantage in the market."
 
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Residential development block in Palmswoods, Sunshine Coast region sold for $4.4 million

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A block of land that contains an 1850 homestead/shed at Tea Tree, Tasmania has been sold for $175,000.
Located at <a href="https://www.realestate.com.au/sold/property-residential+land-tas-tea+tree-201690074" target="_blank">233 Grices Road</a>, Langtoft is a 10 hectare block of land with the majority being semi-improved pasture subdivided into two paddocks.
The land features a fire damaged 1850s sandstone homestead along with a shingle roofed slab hut originally used as a forge, and large elms from the same era.
Tea Tree is above the average demand for properties in Tasmania with a higher average of people visiting the area than the state average.
It has been marketed as of interest to those seeking a rural lifestyle within 30 minutes of both eastern and western shores of Hobart.
The property was offered through Knight Frank agent Michael Crisp.
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Tea Tree land with 1850 homestead/shed sold for $175,000

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AVID Property Group (AVID) has announced a new $25 million, 205-lot residential project in Melbourne's south-eastern growth suburb of Officer. 
The site will be AVID’s third residential community in Victoria, with the developer currently constructing the $1 billion, 1,658-lot master-planned community in Bloomdale, Diggers Rest and the 619-lot residential community Savana in Wyndham Vale. 
AVID Victoria general manager Peter Vlitas (below with development manager Chris Ravat) said the acquisition forms part of AVID’s ambitious national growth strategy, supporting its goal to triple the company’s size and value by 2021. 
“AVID’s new Officer development will be our next project in the highly sought-after south-eastern growth corridor, just 50kms from Melbourne’s CBD,” Vlitas said. 
“With all planning permits already in place, construction is set to commence quite quickly in early 2019.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/7/11/vlitis.jpg" alt="">
 
“Officer is well-placed to meet demand for the booming population of both Melbourne and nearby Dandenong CBD, creating more job opportunities and a wide range of housing options in the area.” 
“This acquisition is just another step forward for AVID, playing towards our company ambition to expand our residential portfolio and geographic footprint across the eastern seaboard,” he said. 
The Officer development will offer buyers a choice in lot sizes ranging from 200m2 to 550m2 and will feature a prominent one-hectare central park. 
“The south-east corridor has long been a very popular location for families to move to, offering growth, education and employment opportunities all located within a really beautiful location,” Vlitas said. 
“With four established schools located within a 100-metre radius and a further four in the surrounding vicinity, plus the metro train station and future Officer Town Centre only minutes from the site, Officer is an attractive choice for buyers looking for a good selection of facilities and local amenities.” 
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