Developer Blueways Group has won approval for 600 land lots in Melbourne’s north-west, as government stimulus and ultra-low interest rates drive buyer interest in affordable land markets.
Now with permit in hand, Blueways is heading to market at the 42-hectare Fraser Rise estate it acquired last year for about $50 million.
As display suites reopen across Melbourne, the developer has launched the first stage of “Taylors Run” neighbouring Melton City Council’s fast-growing Plumpton.
Blueways development director Andrew Wyatt said that the project has received enquiry from more than 700 buyers.
“We launched the project on Thursday, and sold out half of stage one—50 lots—in the first nine hours,” Wyatt said.
The project is minutes from the 135-hectare Caroline Springs town centre, developed by Lendlease and Delfin in the early aughts, which turned large swathes of farmland in Melton Shire into a major growth hub.
“It was part of what attracted us to Fraser Rise,” Wyatt told The Urban Developer.
“The amenity is established, it’s a good anchor point for us. The fundamentals on our side are really good for amenity—one-third of our site has waterways and wetlands.”
Wyatt said the initial subset of buyers were largely families, first home owners and investors looking for longer settlements.
Red23 managing director Terry Portelli said that investors were beginning to reemerge in Melbourne’s greenfield in the hope of some uplift in the market over the next 18 to 24 months.
“First home buyers continue to be the majority of sales made in the current climate, with investors [now] educated in the price and affordability of land and new homes and seeking long settlements.”
Compared with 5.5 per cent house price falls in the inner city, Melbourne’s regional markets have declined 0.5 per cent since March. According to Red23 data, the average land size in Melton is 392sq m, while median prices remained stable over the September quarter at $296,000.
The Australian arm of Blueways Group was established by Andrew Wyatt and Qingmin Zhang in 2015 and has a 5,000-lot pipeline across Melbourne’s greenfields.
The developer has partnered with Melbourne’s Wolfdene Group for sub-divisions in Skye and Donnybrook.
