This article is from the Australian Property Journal archive
DEVELOPER Growland has acquired a 26.18-hectare site in the new Melbourne suburb of Fraser Rise, for a 430-lot house and land community with an end value of $258 million.
The group intends the site to complement its plans for its recently purchased Tarneit site for 900 lots, saying the Fraser Rise development will feature larger lot sizes for second or third home buyers, and the Tarneit project affordable housing targeted towards first home buyers.
Growland founder Bruce Chan said Melbourne’s land supply is critical to meeting the national housing requirement.
“According to the latest census data, there are over 100,000 people migrating to Victoria every year, indicating that the population will rise to almost 7.5 million by 2036.
“We will need a further estimated 50,000 homes each year to provide appropriate housing for this new group. The infrastructure investment and economic opportunity afforded by the western growth corridor mean it is the perfect location for this expansion to occur,” he said.
The state government announced Fraser Rise as one of 11 new suburbs in the Melton growth corridor last year. It was previously part of the southern area of Plumpton, has a population of 9,230 that is tipped to skyrocket to 240,000 by 2031.
Corelogic data shows house prices in the area have risen by 10.94% over the past 12 months
“Fraser Rise offers an excellent opportunity for home buyers through a strong housing market, a rapidly growing population and significant private and public funding.
“It is also an opportunity for Growland to play an integral role in shaping a new community, and establishing a sense of belonging for residents,” Chan said.
Developer Villa World paid $44 million for two development sites in Plumpton in the middle of last year, expecting to yield more than 500 lots from the site for a mix of house and land products and vacant homes, adding to its Sienna and Sienna Rise projects in the area.
Villa World and Growland’s Fraser Rise project will form part of the local council’s Plumpton Precinct Structure Plan, which plans for 12,000 jobs and around 29,900 residents across 10,680 dwellings once complete.
The community is due to launch in the first half of 2018, and the start of construction in 2019.
Growland’s $600 million high-rise residential project, Victoria Square in the inner-western hub of Footscray saw 90% of its first tower sold in five months, bringing forward the launch of the second tower.
Australian Property Journal
