Demand for land in the northern growth corridor’s ‘Lyndarum North’ project continues to outstrip supply, with the master planned community’s latest offering of 25 blocks selling out in 90 minutes.
Developer AVJennings said the demand was fuelled by the community’s inherent affordability; land prices in Lyndarum North’s most recent release started from just $200,000 or the equivalent of approximately 20 percent below the current Victorian median new land price of $249,600.
Since its first release in December 2016, there has been strong engagement from neighbouring suburbs with 75 percent of purchasers coming from established surrounding areas such as Epping, Lalor and Reservoir. Buyers are increasingly finding themselves priced out of the unshakeable established home market, turning instead to the more affordable new land offerings on the suburban fringe.
According to research from specialist property firm Red23, land prices in Melbourne’s growth corridors are set to push through the $250,000 mark for the first time later this year, having reached a record $249,600 in February 2017. Notably, this represents an increase of approximately $190 per day over the last month, resulting in an additional $38,500 added to the average land price year-on-year.
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AVJennings General Manager Angus Johnson said the demand had been consistently strong since the project’s December launch.
“ Selling out stage four in such a short period of time highlights the quality of Lyndarum North’s offering, providing buyers with affordable access to leading industry builders and close proximity to local amenities and key transport routes.”
Located just 25km from Melbourne’s CBD and surrounded by convenient road and public transport links, Lyndarum North will be a well-connected, liveable community with easy access to the Hume Freeway, Epping Road and Craigieburn railway station.
On completion, the master planned community will house the area’s largest town centre and a range of community services such as a proposed train station located within the site.