This article is from the Australian Property Journal archive
CHINESE development giant Country Garden and Singapore-backed Frasers Property Australia have taken their next steps in transforming Melbourne’s south-western fringe suburb Mambourin, which recorded a population of just four at the most recent census.
Country Garden has sold out the first release of 43 lots at its Windermere project within three weeks, part of the 363-hectare site it acquired for a record sum of $400 million one year ago.
Lots started at $254,500, and ranged from 350 sqm to 723 sqm.
“Over 2,000 people have registered their interest in Windermere since April, so we were expecting this to translate into strong sales, and to sell out this quickly is a testament to the strength of our vision for Windermere,” Country Garden Australia CEO Dr Guotao Hu said.
Windermere sales agents, Oliver Hume’s project director Paul Ciprian said the level of interest in Windermere is also indicative of the strong demand for land in Melbourne.
“Our sales have been particularly strong in the first home buyer market, with many younger buyers looking to secure an affordable block on which to build their first home.
“In addition, many of the first release lots were sold to upgrader buyers seeking to build their ‘forever’ home,” he added.
According to Oliver Hume’s latest Quarterly Market Insights report, the Wyndham region’s land prices stack up in line the median of Melbourne’s other major growth corridors. The average median land price grew by 19.2% through Wyndham in the year to March, to $316,000. Across the major growth corridors, the median is $314,000.
The most expensive lots are in the south-east LGA of Casey at $375,000, while neighbouring Cardinia grew by 41.2% to $344,500. Mitchell is the cheapest at$280,000, although it posted the strongest growth of 45.1%, followed by Melton with 41.6% to $280,438.Hume was up 28.6% to $333,888, and Whittlesea by 33.2% to $333,000.
According the Oliver Hume, that growth has priced some first home buyers out of the market. In the three months to the end of March, first home buyers accounted for 45% of purchasers, down from 50% one year prior.
The firm’s recent data also shows the average lot size in the March quarter shrank from 406 sqm to 400 sqm.
Windermere, on Greens Road, has approval for 4,500 house lots, and will include a mix of conventional, terrace and medium-density home sites, around 5,000sqm of commercial office space, 6,000sqm of retail and hospitality offerings, two public primary schools and one public secondary school, with plans for an additional private school in future.
Country Garden purchased the site from Malaysian-backed Phileo, which had paid $14.5 million for the cattle grazing property in 2004. The site’s book value had jumped from around $45.4 million to $120 million with the stroke of a pen in early 2016, when Victorian Planning Minister Richard Wynne approved the Black Forest North Precinct, effectively rezoning the site from rural to residential.
Meanwhile, Frasers has sold 84 land lots at its future 115-hectare community in the suburb.
Frasers paid $91.5 million for the sheep farm at 974 Black Forest Road late in 2016, which had been owned by the same family since the same family since the 1970s.
Stage one plans have been approved and the entire project will comprise dwellings for more than 3,500 people. Frasers is also looking to build a town centre with 25,000 sqm of retail space with a full-line supermarket, up to 40 specialty stores and entertainment precinct with cinema.
A new train station is planned on the existing regional rail link between Werribee and Wyndham Vale.
Australian Property Journal
