This article is from the Australian Property Journal archive
AFTER a strong launch in May, with more than $7 million in lots already sold, Jinding is bringing forward the launch of the next stage of its new 500-lot Broadstead Kilmore community in Mitchell Shire.
The Broadstead Kilmore masterplanned community is located around 40 minutes north of Melbourne on a 60-hectare land parcel off Quinns Road–the last remaining greenfield parcel in the suburb–and includes 11-hectares of green space, adjoins a proposed government primary school site, future sporting ovals and connections to the neighbourhood bus line.
Since its May launch, lots purchased have achieved a median price of $352,200 and median lot size of 787sqm, with the strong demand for the first stage of 30 lots seeing Broadstead capture a 12% market share for the Mitchell region.
Kilmore and Kilmore East’s population is set to reach 22,277 by 2041, more than double the current population, with Mitchell Shire’s population to grow 208% from 57,109 in 2023 to 176,261 in 2041.
“If you look at the forecast just for Kilmore and Kilmore East, there’ll be a significant number of new blocks and homes required and we’re proud to be meeting some of that demand now and in the future,” said Chris Ravat, head of development – communities.
“The opportunity to secure a lot double the size of neighbouring areas for around the same price means buyers can achieve the semi-rural lifestyle they are dreaming of at a relatively affordable price.”
In the nearby suburb of Wallan, a 400sqm lot averages $345,000 and in Beveridge, a 400sqm block averages $354,000, according to recent research by Oliver Hume shows.
“The strong response to the first stage means we will bring forward the release of our second stage of land in July,” added Ravat.
Of the purchasers so far, 30% were first home buyers, with 40% second-home buyers and around a third local investors.
First stage lots in Broadstead Kilmore range between 506sqm and 1347sqm.
The community is part of Jinding’s growing masterplanned community portfolio, which also Octave at Junction Village, The Patch in Wollert and Harriott at Armstrong Creek.
