This article is from the Australian Property Journal archive
MORE than $150 million of greenfield sites on the Melbourne fringe have been secured over two days on the eve of the new financial year, as developers rushed to snap up sites ahead of increased stamp duty charges being introduced 1st July.
Core Projects managed the seven individual transactions that ranged from $5 million to $60 million.
The transactions, all sold to differing development groups, were completed across Melbourne’s greenfield areas, including a 22-hectare site in Rockbank, a 12-hectare property in Melton, an Epping site with over 100 townhouses and commercial super lots, 26 hectares in Wollert, and a site in Beveridge.
They followed the Victorian government’s 2021/22 budget announcement in May that it would bring in a new premium stamp duty rate for property transactions with a value above $2 million from the beginning of July. Stamp duty payable increased to $110,000 plus 6.5% of the dutiable value in excess of $2 million.
The transactions were negotiated by Kane Malcomson, Chris Jabs, and Trent Malcomson of Core Projects.
“Our vendors across these transactions included both farming families that had owned the farms over a long period time, as well as development groups looking to capitalise on the incredibly strong market conditions that we are currently seeing,” the agents said.
Enquiries and reservations across Victoria’s land markets are expected to hold steady over the short to medium term, despite a weight of activity having been pulled forward by HomeBuilder.
Oliver Hume data shows enquiries have remained elevated after sizable increases throughout the March quarter, and purchasers are buying lots soon after their release, reflecting a range of factors including robust underlying demand, low interest rates and FOMO.
