Goldfields Launches 483-Lots Ballarat Greenfield Expansion

Property developer Goldfields has chalked up a strong opening weekend for its new 65ha greenfield development despite a cooling Victorian greenfield market. 

Seventeen of the 483 lots in the expansion of the Ballarat masterplanned community Winterfield were snapped up in the first week on the market. 

Goldfields national director of communities Paul Cicchiello said the greenfield development would providing housing supply to meet growing demand in the rapidly growing region. 

“It is not only land and housing that is in demand, but it’s also vital that infrastructure and services keep up with the pace of population growth,” Cicchiello said. 

We are thrilled to be able to be part of the ongoing evolution of the area by incorporating a wide range of amenity at Winterfield North.”

Core Projects sales agent Ben Steward said local first homebuyer inquiry had ramped up recently. 

“We are starting to see more consistent first homebuyer inquiry and that’s been a missing component in the Ballarat market in recent years,” he said. 

“The continued escalation of rents across the board and long-term shortage of land has meant that early interest in Winterfield North has been very positive, particularly for first homebuyers who like the idea of purchasing houses and land simultaneously.”

▲ Provisions for a large sporting field and schools are included in the masterplanned community expansion at Winterfield North.

The site comprises 483 lots ranging from 200sq m to 799sq m, a 9ha sports reserve, 2ha of wetlands, activity centre and mixed-use precinct, future primary and secondary schools, community facilities, and an indoor leisure centre.

Land sales in Melbourne and Geelong’s growth areas fell for the sixth consecutive quarter to their lowest level in four years in the first quarter of 2023, according to RPM Research.

Just 1879 lots sold in the first quarter of 2023, a 9 per cent decline on the previous quarter, and consistent with the previous pre-pandemic cyclical low in second quarter of 2019. 

But the good news is that buyers were well-researched and ready to purchase, according to RPM managing director of project marketing Luke Kelly. 

“Buyers who understand their borrowing capacity and are in a position to purchase are seeing the opportunity in the market, with more choice available and a genuine willingness from developers to negotiate, particularly on titled lots,” he said.

“Those with a longer-term view are also deciding to get in now at today’s prices to secure land that may not settle for 12 months or so, meaning they won’t start paying their mortgage until what is a potentially different interest rate environment.

“We’re already seeing a number of bank and non-bank lenders lowering their fixed home loan rates, indicating the rising interest rate cycle could be nearing an end, with the Commonwealth Bank of Australia even anticipating a rate drop toward the end of the year.”