Land sales in south-west Sydney have surged in recent weeks, with Risland Australia and development partner, property developer Lang Walker, securing $30.8 million in sales at a new $1.5 billion masterplanned community.
Risland–formerly Chinese-backed Country Garden Australia—will now move forward with a 700-lot subdivision at its 433-hectare Wilton Greens masterplan, the first stage of a project that is expected to yield a total of 3,600 lots at Picton Road and Janderra Lane.
The masterplanned community, which sits within the emerging New South Wales housing growth corridor 80 kilometres south-west of Sydney’s CBD, will eventually be home to more than 12,000 residents.
“Despite the current economic challenges, purchasers have recognised the significant benefits associated with buying early in new communities within the south-west growth corridor,” Risland Australia general manager Paul Irwin said.
Irwin said the project, located in the Wollondilly Shire, has been a hit with buyers who were new on the property ladder, such as young families and young couples, the vast majority of whom were local, residing within 30 kilometres of the masterplan.
Prior to the pandemic, Sydney’s south-west corridor seemed set for a house-and-land boom.
Awash with residential development, the state-identified growth centre has proven popular due to its plentiful land supply along with its proximity to the second Sydney airport at Badgerys Creek.
House and land sales have also been bolstered by the Morrison government’s $670 million HomeBuilder package, introduced in June to prevent a looming collapse in housing construction.
House and land developers will also welcome the federal government’s recent extension of the First Home Loan Deposit Scheme, which will allow an additional 10,000 first home buyers to obtain a loan to build or purchase a newly-built home with a deposit of as little as 5 per cent.
The project’s initial stages will also see infrastructure delivery including a full reconstruction of the Picton Road and Pembroke Parade intersection, a $4.5 million upgrade to Wilton Recreational Reserve and three new community parks and open spaces.
Further public infrastructure projects, set to be delivered across the project’s six stages, will include projects for public transport, social infrastructure, biodiversity and key road upgrades such as the Picton Road and Hume Highway interchange.
Risland rebranded late in 2019 following a year-long review of its international development and site-buying strategies.
The Guangzhou-based business shifted its international property development business to Risland Holdings, independent of its Chinese developments, allowing its Australian arm to drive its own development direction and raise capital separately if necessary.
Risland burst onto the Australian development scene in 2014 after it scooped up a site in Sydney’s north for its 830-unit Ryde Garden apartment project. Now complete, the project is next to the new North Ryde metro station.
Wilton Greens, which is on track to commence construction later this year, marks Risland’s first major house and land masterplan in New South Wales, following the launch of Windermere Estate in Victoria’s Mambourin two years ago.