By Alesha Capone
The number of land sales in Wyndham during the September quarter of this year was the second-highest among the nation’s growth areas, according to a new report.
RPM real estate group, a residential development sales, marketing and advisory agency, last week released its residential market review for between July and September.
The report said Wyndham recorded 504 lot sales within the three-month period, which accounted for 19 per cent of all lot sales in Australia’s growth areas.
The Casey municipality in Melbourne’s south-east topped the list with 22 per cent of land sales (at 595 sales).
The report showed the number of total lot sales across Melbourne and Geelong increased 48 per cent to 2657 for the September quarter, from the previous quarter.
For Wyndham, the report stated: “Both demand (gross lot sales) and new lot supply in Wyndham are at parallel levels to 6 years ago when the market was then also coming out of a downturn and entering a recovery phase.”
The RPM review also said new releases of land in Wyndham rose 35 per cent to 479 lots, with this growth also aided by the addition of two new estates during the September quarter.
“Although Wyndham contained a relatively high volume of unsold lots entering the September quarter, higher gross lot sales compared to new lot supply has applied some upward pressure on lot prices,” the review said.
“The median lot value increased 2.8 per cent from the previous quarter to $322,250 despite the median lot size remaining static at 400sqm, resulting in greater per sqm price growth.”
RPM’s head of communities, Luke Kelly, said renewed confidence and increasing housing values in the established market was encouraging some buyers to sell their home and upgrade to a new house and land package.
“This buyer cohort is supporting still prevalent first home buyers who comprise 68 per cent of owner occupier purchases, providing a more balanced land market,” Mr Kelly said.