The property has been purchased by a local townhouse developer who will apply for a permit for greater density on the site beyond the current 36 lot subdivision. The result reflects a land rate of $1,855,000/acre and lot rate of $178,333 based on the existing permit.

The deal was negotiated by Clinton Baxter, Julian Heatherich and Nick Garoni of Savills Australia.

Clinton Baxter said “Despite Melbourne temporarily stalled population growth, the market for townhouse sites and growth corridor subdivision land is as strong as it has ever been.

“This is pushing up land values right across the market.” “With the vaccine rollout in full swing and a return to near normal life just over the horizon developers are actively sourcing landholdings to take advantage of the inevitable surge in migration and population that may only be 6-12 months away now.”

“We’ve also sold multiple sites in growth locations such as Officer, Beaconsfield, Fyansford and Sunbury recently – the land market is on fire right across Melbourne” he said.

*Approximate