Dwindling land supplies and a lack of new estates could lead to more expensive prices for residential sites in Wyndham, according to a leading real estate sales and data analysis company.
Last week, RPM Real Estate released its Residential Market Review for April-June.
The report said 7685 residential land lots were sold across Melbourne within the timeframe, including 3121 in the western growth corridor, which covers the Wyndham, Melton and Moorabool municipalities.
Over the three months, the median lot price in Wyndham reached $325,000, compared to $316,000 in Melton.
“Wyndham’s lot prices are the highest in the area and the resulting trend is buyers shifting away from the area and into Melton,” the report read.
Melton added seven new estates during the June quarter, lifting its number of “active” estates to 59.
“Conversely, no new estates came onto the market in Wyndham to offset completed estates, resulting in total active estates decreasing to 32,” the report said.
An RPM spokesperson said that “the vast majority of developable land in Wyndham has now been secured by developers”.
“Most of this is already under development as active land estates and these estates are selling through their stock at a rapid rate,” the spokesperson said.
“In essence, there are very few significant landholdings left in Wyndham for developers to purchase, and those sites which remain are being actively sought.
“In the last 12 months alone, developers have purchased more than 330 hectares of developable land in the Wyndham corridor, paying out more than $610 million – more than was spent in any other growth corridor.
“Over the same period, more than 3800 lots were sold in the corridor, using up around 220 hectares of land.
“Without the addition of new estates or an increase in new releases from existing estates, to match robust demand, supply levels could become more acute and force up lot prices further.”
The spokesperson said that while some residential land purchasers “could be priced out of the conventional lot market in the relatively more expensive suburbs of Point Cook, Truganina and Werribee” there was still “an abundance of more affordable options within Wyndham” such as in Tarneit, Wyndham Vale and Mambourin.
