Thousands of future Melbourne homes may be impacted by a $670m housing estate sell off that will end with one of China’s biggest developers bailing out of Victoria entirely.
Four current and future housing developments on the city’s northern and western fringes expected to add a combined 6800 new houses to the city’s fringes are up for grabs in the state’s biggest broadhectare sales run since 2021.
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The latest sale to be revealed is a 160.72ha property at 290 Gunns Gully Rd, Beveridge, expected to add more than 2400 new homes to the outer north when it is finished.
Core Land’s Kane Malcomson and B&S Land’s Andrew Egan are selling the sprawling site on behalf of V-Leader Group.
Mr Malcomson said they believed it would achieve about $200m, despite its part of the Beveridge Precinct Structure Plan being an estimated five years away from the approval needed to commence development.
It’s a significant increase from the $40m the developer paid for the site in 2017.
“Our view is that the north will only get better when more employment and upgrades to rail networks are completed,” Mr Malcomson added.
V-Leader development director Andrew Herbert said they believed the market was “poised for growth”.
“We see potential benefits for both us and the successful purchasers, given the genuinely positive attributes of the site,” Mr Herbert said.
It is one of four future and current housing estates vying for a new developer across Melbourne today, in what Mr Malcomson described as the biggest list of growth-corridor sales since 2021.
It joins an 80.16ha future housing site at Lot 1 Camerons Lane, Beveridge, where 1300 homes are expected to be built next to the Mandalay estate.
LAWD senior director Peter Sagar said the site was expected to make about $120m, with interest from about six developers, including Victorian and national operators.
Mr Sagar also confirmed his firm had been appointed to sell Dahua Australia’s Riverhills estate, though noted it was not yet clear if it would officially be on the market this year or next.
The Wollert development is expected to add about 920 homes to the city, and to sell for about $100m.
Mr Sagar said the listings showed last year’s “peak uncertainty”, likely influenced by skyrocketing interest rates, had faded and there was growing confidence in Melbourne’s future.
“You could count the number of major residential land transactions in the last 12-18 months on one hand,” Mr Sagar said.
Once China’s biggest developer, Country Garden is also among those selling up on Melbourne’s fringe after earlier this month revealing it owes $200bn (US).
The developer, operating as Risland in Victoria, listed the remains of its Windermere estate in Mambourin to Melbourne’s west for about $250m in July. It is the firm’s last development site in the state.
Cushman and Wakefield’s Leon Ma is working on the sale and said there were about 2200 blocks of land yet to be sold at the development.
“It has been receiving pretty decent market feedback,” Mr Ma said. “Good quality property has good interest from the market.”.
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