This article is from the Australian Property Journal archive
AN “experienced local developer” has forked out $22.5 million for more than 30 hectares of land within Melbourne’s future fringe suburb of Wallan South.
Savills agents Julian Heatherich and Benson Zhou sold 30 Rowes Lane and 185 Darraweit Road, currently part of Wallan.
Wallan topped the nation for consistent residential capital growth in CoreLogic’s July report National Top Performing Suburbs, posting 36.8% median house value growth over 12 months to $533,062, with 55.2% growth in the past three years and 63.1% over five.
The 30.41-hectare site is located at the northernmost section within the designated Wallan South suburb, and part of the future Wallan Precinct Structure Plan. It was offered with a proposed subdivision layout plan providing for 392 lots and reserves and parks.
Last month, the Victorian state government revealed it would create 12 new suburbs across Melbourne’s urban boundary through rezoning that would allow around 50,000 homes to be built. Those included Wallan South and Wallan East, and neighbouring Beveridge North West.
Wallan South will encompass 806 hectares and is expected to have a residential focus and supported by town centres, schools, community centres and parks, while the first stage of Wallan East would cover 140 hectares and is designed to support and complement the existing Wallan township.
Estates in Wallan include Frasers Property and Mondous Property Australia’s Wallara Waters, Resimax Group’s Newbridge Estate, and Springridge Estate.
Forecast.id has projected the Wallan population to grow from just under 13,000 currently to more than 43,700 by 2041.
Australian Property Journal
