A parcel of land in Melbourne’s booming western corridor suburb of Wyndham Vale has been bought by diversified developer Oreana Property Group for $13.8 million.
The 20.77-hectare site at 290 Hobbs Road, was sold via Expressions of Interest by Fitzroys’ Brent Glassford and Marco Sandrin, in conjunction with Andrew Lepa of Oliver Hume, on behalf of a private owner.
Located within the coveted City of Wyndham, the land is situated within the approved Ballan Road Precinct Structure Plan and features Werribee River frontage.
“Oreana Property’s acquisition will bring much-needed housing supply to Melbourne’s western growth corridor,” Glassford said.
“The market showed all the more confidence in the site given it is surrounded by developments by major developers including Stockland, Frasers Property, Villawood, Central Equity and Lotus Living.”
The City of Wyndham’s population of 322,226 is expected to surge to 501,634 by 2041, according to research firm .id Consulting. Wyndham Vale’s population will surge by 67.5% in that time, from 25,662 to 42,986.
“Australia is forecast to receive a record intake of migrants with 400,000 expected this financial year and 315,000 in the following year, for a total of 715,000 people,” Sandrin said.
“There’s currently a severe housing shortage and Australia is about to welcome a record intake of migrants, putting huge upwards pressure on demand for new dwellings.
“Material costs, labour shortages and barriers to funding have made construction of some projects more difficult, but the pending major boost to demand for housing makes this growth corridor site an attractive proposition.
“We had more than 50 enquiries from local and national developers who are all anticipating market conditions to become much more favourable in the short to medium-term.”
A report recently released by Infrastructure Victoria stated that Melbourne will need about 1.3 million new homes by 2051, or around 44,000 new homes every year for 30 years’ prior.
Oreana Group co-managing director Tony Sass said the company’s focus was on delivering essential housing, retail and community services in Melbourne’s greenfield areas.
“The Wyndham Vale acquisition is part of Oreana’s ongoing commitment to provide growing communities with quality, affordable housing that meets the needs of homebuyers now and into the future,” he said.
“Wherever we work, we aim to equip communities with what they need to thrive.
“Wyndham Vale needs modern and affordable housing to keep up with demand and Oreana has the ability to deliver quality homes quickly, and the potential to include additional services depending on community needs.”
Oreana Property’s Wyndham Vale acquisition follows its recent agreement with Dennis Family Corporation to take on a 125-hectare parcel in the northern fringe suburb of Donnybrook for a $700 million-plus house and land subdivision that includes 1,400 lots, a town centre, secondary school, sports fields and other open space.
Also recently, Oreana bought a 1.85-hectare corner development site in Cranbourne from McDonald’s Australia for $8.3 million.
Meanwhile, in the inner suburbs, it is planning a $250 million mixed-use development on the South Yarra Square site on Toorak Road, which will include a 116-room luxury hotel and an office tower.