A record price of $1.65 million per hectare has been paid for a 12.24-hectare residential development site in Melbourne’s outer south eastern suburbs.
Melbourne developer Nick Corcoris' paid $20.25 million for the site on Rix Road in Officer, 54 kilometres from Melbourne’s CBD. The vendor, a local landowner, is retaining two lots.
Selling agents Red23 said it was a record price paid on a per hectare basis in Officer, a centre for greenfield housing. Melbourne’s population growth is driving the demand for new home sites especially across Melbourne’s outer area.
Other projects in the area include two nearby estates by Banriar and the Arcadia masterplanned development by Satterley Property Group.
Corcoris Group is also developing Epping Views, a major 162-lot project in Melbourne’s north.
[Related reading: National Median Vacant Lot Price Soars 8.5%]
Officer is located in the Shire of Cardinia, which is now one of the most expensive land growth areas with a median lot price of $254,100. Cardinia’s population is projected to grow from 95,000 persons now up to around 175,500 by 2036.
“We listed the site for sale late last year and after receiving multiple offers from several large tier developers the site was sold to The Corcoris Group," Red23 agent Paul Oliver said.
“Its unique location being near the Officer train station and large net developable area made it highly sought after.
“The southern side of Princes Highway where Banriar and Satterley have land estates is also known for its strong sales rates and high retail prices.”