Wyndham land prices have hit a record high.
The median land price in Wyndham has reached $274,000, up 20 per cent over the past 12 months, rating it the third most expensive growth area behind Casey and Cardinia.
Intrapac chief operating officer Maxwell Shifman, who is behind the new Ellarook estate in Truganina and the Alwood estate in Werribee, said owner-occupiers and investors were flocking to the area because of recent growth and investment.
“Around one-third of Melbourne’s retail land supply is located in Wyndham,” Mr Shifman said.
“It is the largest growth area in Victoria, the closest to town, continues to attract significant population growth and investment … it also benefits from some significant infrastructure upgrades, such as the Western Distributor and Regional Rail Link.”
Mr Shifman’s comments come a month after 16 families camped out overnight to get their hands on one of the 30 housing lots available at Ellarook estate, with some queueing up as early as 4pm the day before the land release.
And many more housing lots will soon become available after Wyndham council and the state government signed a “memorandum of understanding” on projects that will allow the Dennis Family Corporation, Lend Lease, Satterley and Stockland to pay fees in exchange for faster turnarounds on subdivision and engineering works permits.
Other residential developers are expected to join the trial in coming weeks, with 4000 lots due to be fast-tracked.
It is expected the trial will rake in an extra $1.2 million to Wyndham council coffers, which will be used to hire temporary staff to process applications within 60 days.
Wyndham council city operations director Stephen Thorpe said the MoU would help the council streamline its permit approvals and unlock land in key areas, notably in Truganina, Tarneit, Werribee and Wyndham Vale.
