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Melbourne’s greenfield developers need to ensure they’re responding to the market by offering more diverse product at an affordable price, according to a leader in the field.
Lendlease head of communities in Victoria Alicia Davidge said affordability remained a major market challenge, with buyers exercising more caution before making a commitment.
“Buyers continue to be attracted to quality house and land options in masterplanned communities around Melbourne, as they offer great long-term value and a lifestyle that purchasers can aspire to at a price point they can afford,” she said.
Davidge was speaking in advance of The Urban Developer Melbourne Residential Developer Summit—an in-person conference dedicated to apartment, townhouse and greenfield development.
“While Melbourne’s property market has experienced varied market conditions, demand continues for masterplanned communities which can offer an affordable opportunity compared to the established market,” she said.
“Government incentives for first home buyers also continue to keep the interest buoyant.”
Davidge warned no industry or market was immune from the impacts of supply chain disruptions and global geopolitical uncertainty.
“Developers need to acutely monitor their supply chain and have strategies in place to respond to changing market conditions to keep projects moving safely forward,” she said.
“Working collaboratively with partners is essential to mitigating supply chain risk.”
Davidge urged all levels of government to continue improving planning processes so the industry could deliver what she said was “much needed housing to meet Victoria’s supply shortage and address affordability”.
Her comments were in response to criticisms of Victoria’s planning process last month.
“Our Communities business operates in various locations around Australia, each with its own planning controls and frameworks,” she said.
Davidge will join Villawood Properties’ Rory Costelloe, Dennis Family Corporation’s Grant Dennis and ID_Land’s Matthew Belford, for Transforming Community Living: A Developers’ Perspective on Victoria’s Greenfield Development Sector, a developer discussion on the Victorian greenfield markets and their approach to creating sustainable and thriving communities at the summit.
The Urban Developer Melbourne Residential Developer Summit will take place in Melbourne on Thursday, 13 April. The summit will also offer premium networking opportunities that will allow attendees to connect with like-minded professionals, industry leaders, and potential partners.
