Stockland has padded out its development pipeline, buying a 30.6ha site just south of Geelong as regional land demand continues to soar.
The developer plans to build a 500-home masterplanned community on the site at 502-580 Boundary Road, Armstrong Creek.
Land sales in Greater Geelong for the past quarter are at the highest point in more than a decade, according to Oliver Hume market insights.
The research showed regional Victorian market growth was driven by the ongoing shift to working from home, changing consumer preferences and a relatively affordable market.
Stockland Communities chief executive Andrew Whitson said they planned to start initial site works early next year.
“We are excited about returning to the Greater Geelong area, an area that appeals to customers taking advantage of more flexible work arrangements who value easy access to the cities of Melbourne and Geelong,” Whitson said.
“This acquisition aligns with our strategy to re-stock our residential pipeline in corridors with strong demand that cater to continued customer preferences for low density living.”
Jinding is also working on a development in Armstrong Creek, a 94ha site which it purchased for $178 million in 2019.
The demand for land in Geelong doubled from 2019 to 2020 to more than 53,000 lots sold, according to the Urban Development Institute of Australia.
Developers have been quick to respond to this, with Victoria-based Newland Developers setting its sights on creating an entire suburb, announced in February.
The development in Geelong’s northern suburbs would have 15,000 homes across the 1000ha site.
Despite the upswing in developments, land prices in the city have remained relatively unchanged, hovering around $288,767 in the past year, according to Oliver Hume.
Article Source: www.theurbandeveloper.com