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Melbourne’s western growth corridor continues to run hot with Stockland unveiling plans for a $201-million community in Tarneit.
Stockland Wattle Park will comprise more than 500 lots across the 84ha site 33km west of Melbourne. Stockland paid $82 million for the Sewells Road site in mid-2021.
Wattle Park will have 2.6km of frontage on the Werribee River with lots from 199sq m to 516sq m priced from $217,000. The Sewell's Road site is just 1km away from its 38ha Grand Central estate in Tarneit.
Stockland project director Ed Krushka said demand had driven the decision to create communities in the area.
“With an additional 267,000 people moving into the area since 2010, representing a 38 per cent increase in population, Stockland is proud to deliver another community to meet the demand for quality homes and communities in the west," Krushka said.
Plans for Wattle Park include a sports reserve, community centre, playgrounds, a 26ha conservation area, and a walking trail and park along the Werribee River.
Stockland’s announcement comes as concern about low land availability in Melbourne grows—according to Red23, just 1000 lots were on the market in Melbourne at the end of February.
Greater Geelong and Cardinia’s median land prices had increased by 38.7 and 5.8 per cent respectively.
Intrastate migration has also caused a rental crisis in regional Victoria with rents increasing to the least affordable in 18 years.
The National Housing Finance and Investment Corporation’s State of the Nation's Housing report estimated that housing demand would outstrip supply by 2025 and would be more than 150,000 homes short of the mark by 2032.
Stockland isn’t the only developer interested in Tarneit—in January the SIG Group snapped up 162ha of land in the region for a 2300-lot community.
Work is slated to begin in 2024. The site is near the new $150-million Wyndham City Stadium.
Other Stockland communities in the growth corridor include Mt Atkinson and Grandview, both near Rockbank.
