Sales of residential lots in Melbourne’s greenfield sites in particular the western ring growth corridors have reached their highest level in more than five years as developers release new lots onto the market to meet the rising housing demand.
Given this influx of new land onto the Melbourne market, Melbourne land still remains the most affordable residential land in the greater city areas market by some distance.
On average a Melbourne lot was ($215,000) cheaper than a block in metro Sydney ($395,000) and well under the median of land in Perth ($260,000) and South East Queensland ($250,000).
The affordable land prices have been due to an increase of the number of trading estates, competitive prices, a robust established housing market and historically low interest rates. coupled with this demand, healthy competition between developers is ensuring that Melbourne is producing the highest volumes of affordable land supply in the nation.
There were 8 estates which achieved well over 20 lot sales per month over the last 6 months with Wyndham in south west, incorporating the booming new housing suburbs of Werribee, Williams Landing and Point Cook- in particular the up market Saltwater Coast Estate located on Cheetham Wetlands Port Phillip Bay have been experiencing strong sales from both local and Oversea investors.
The most popular and sought after product in these estates have been those lots that sit close to the shopping and communities centres with in the estates.