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Developer Plots 500-Home Farmland Redevelopment

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National Pacific Properties has inked a deal reportedly worth almost $50 million for a 28ha site in Pakenham East.

The group plans to develop 500 homes on the rezoned former farmland in the Cardinia growth corridor, 60km south-east of Melbourne.

The site at 90 Mount Ararat South Road was one of the last large greenfield sites within the Pakenham East Precinct Structure Plan area.

National Pacific Properties already has communities at Clyde and Kalkallo in Victoria and general manager Tom Trevaskis said they were ramping up development in the face of strong demand for land and affordable homes.

“This exciting purchase is aligned with our NPP growth strategy to acquire new sites in greenfield locations in Melbourne,” Trevaskis said.

“This deal replenishes our land supply off the back of the success of Hartleigh which is almost fully sold out; Bella, which is 70 per cent sold almost 12 months ahead of schedule; and Eliston, where we have sold all our traditional detached housing product and now moving into East Quarter.

“We are very positive about the residential outlook in Melbourne and particularly the south-east, which has seen strong demand particularly during the past 12 months and limited land supply.”

Trevaskis said they expected to be selling plots within 12 months.

The site is near the future town centre and next to a planned school, sporting reserve and the proposed Pakenham train station.

The eight growth corridors around Melbourne and Geelong were on track for a record year of sales, despite land stock drying up across the regions, according to real estate group Red23.

More than 12,000 lots have been sold this year—in 2020 15,000 sites were sold in 12 months.

The sales figures were on track to equal the record high of 20,000 lots sold in 2017, which demonstrated the ongoing strong demand for house and land estates, despite the end of the HomeBuilder stimulus package.

Victoria’s house and land package prices now range between $599,000 and $729,500, compared to Melbourne’s median house price, which rose to $753,100 in June.

Land prices continue to increase as a result of limited land availability, which has fallen for the fifth consecutive month.

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Article originally posted at: https://www.theurbandeveloper.com/articles/developer-plots-500-home-farmland-redevelopment