Earlier this year, the Andrews Labor Government announced it was investing $518 million to duplicate the Ballarat Railway Line from Deer Park to Melton, with works to begin early next year. Development levies will raise a total of $220 million for infrastructure, including a new six-lane arterial road connecting the Western Freeway and Greigs Road.

Land has also been set aside for three government primary schools and a non-government primary school, as well as a government secondary school. Residents will enjoy four new local sports reserves, all with pavilions, and a regional sports reserve to serve the wider growth corridor. Neighbourhoods will be connected by waterways and wetlands, including a dedicated conservation area along Paynes Road.

Source: Urban Life Magazine

The architecture of Queens Place weaves the city’s past, present and future into a striking, tri-form composition that succeeds at every level and from every vantage point.
Gavin Boyd, 3L Alliance General Manager

3L Alliance General Manager Gavin Boyd said the design of the building was inspired by Melbourne’s myriad alleys, and much-loved institutions like the historic Block and Royal Arcades, and is criss-crossed at ground level by a network of intimately scaled laneways.

“The architecture of Queens Place weaves the city’s past, present and future into a striking, tri-form composition that succeeds at every level and from every vantage point,” he said.

“Be it for exercise, entertaining or entertainment, a quiet escape, or to partake in your favourite indulgence, the level of communal amenities is above and beyond that of any residential development in Melbourne’s history.”

“Reaching new heights on floors 69 to 78, the expansive and sublimely appointed ‘Queens Residences’ will reward owners with the ultimate in urban sophistication across a selection of penthouses and sub penthouses.”

The display suite is currently located at 332 La Trobe Street, Melbourne, and is open from 11am to 4pm daily and contactable via 1300 793 798.

Source: The Property Observer

“The results represent the highest volume of transactions for the month of April since 2004 when Oliver Hume began recording the data – back when transaction numbers rarely reached over 500, with April 2004 itself only recording 386 transactions. Recent data reflects the continued strength in the market which we have seen in recent years,” he said.

“Since April 2014, we’ve seen year-on-year annual growth in monthly sales ranging from 62 per cent (April 2014 to April 2013), 38 per cent (April 2015 compared to April 2014) and now 21 per cent (April 2016 compared to April 2015),” Mr Bougias concluded.

“Leading the charge in 2016 are Melbourne’s western corridor markets with 689 sales in April 2016 with Wyndham, Casey and Melton the strongest performing locations accounting for 23 per cent, 19 per cent, and 23 per cent of the total, respectively. “

Sales slowed toward the end of 2015 with expected seasonal drops at Christmas, but 2016 has seen monthly sales consistently rise.

“Sales are expected to remain strong as population growth continues and lower interest rates support demand,” he said.

Top performing regions

“Melton has experienced a significant increase in sales coinciding with Bridgefield’s (Rockbank) launch in March this year, and the resulting interest from buyers,” Mr Bougias said. “The top 10 performing projects have delivered a median sales rate of 28 transactions per month.”

Median land prices

Gross median land prices ranged from $152,275 in Melton to $230,100 in Casey.

“Median lot prices are now seeing a bump in growth after an extended period of relative stability, a marked trend visible in locations including Cardinia, Casey and Whittlesea, indicative of broader movement in outer Melbourne.”

“Buyers are taking the leap and buying land as a true asset which speaks to confidence.

“There is a visible resumption on price growth clearly evident upon looking at the cycles.”

Time on Market

“Average time on market saw a two-third reduction of 62 per cent since 2012 to notch the current all-time low of 2.4 months signifying the pure speed of sales.

“The most recent peak of 6.6 months was recorded during the fourth quarter of 2012.”

Oliver Hume Director Paul Ciprian said the rising Victorian population combined with steadily improving economic conditions while supporting sales.

“As Victoria’s population and economy have continued to grow, so has the number of buyers looking for opportunities to build a home.

“The month of April represents a high point in the market cycle,” he said.

“Sales volumes have seen an historical jump, production levels are now at capacity and prices remain affordable, particularly when compared to Sydney.

“But at the same time, strong land sales activity and development during the last few years has begun to impact inventory and the amount land available for purchase.

“Upward pricing pressures are being restrained by a desire for wider Melbourne projects to secure market share, which is great news for buyers.”

Source: The Urban Developer

The first land release of the 3L Alliance and Goldfields-developed $320 million estate at Rockbank has received unparalleled attention from the local market after more than 20 groups of buyers slept overnight in cars to secure one of the first 57 lots last month.

Oliver Hume Director Paul Ciprian said low interest rates were a key driver for sales.

“The RBA’s rate cuts are certainly an added incentive for buyers on top of Bridgefield’s existing affordability and high quality land and lifestyle offering,” he said.

“A good value, high quality opportunity like Bridgefield will always attract buyers. All signs point strongly to this community (Bridgefield) being very tightly held now and in the coming years,” he said.

Oliver Hume Research Manager George Bougias said the low time on market was a reflection of the strong demand for land across all growth corridors in Melbourne.

“This record low can be attributed to several factors, but primarily it is a function of the declining cost of borrowing and increasing levels of consumer and investor confidence as a result of the strong Victorian economy,” he said.

“Affordability is a key factor which is underpinning demand as well,” he said. “Melbourne is still regarded as one of the most affordable cities in Australia and attracting buyers from all over the country.”

“We expect the time on market statistic to stay relatively low for the rest of the year before heading back to more traditional levels in the medium term,” he said.

While the Melbourne land sales market is the strongest he’s seen in some time, Mr Bougias said buyers need to be conscious that conditions could change over the next 12 months.

“APRA’s move to tighten investment lending affected the market as did banks amending loan serviceability criteria – these changes are now working their way through the system. It’s crucial for investors to continue to remain aware of broader market conditions,” he said.

Source: The Urban Developer

Internationally renowned garden guru Wes Fleming has overseen the design of 16 hectares of botanic gardens and green spaces throughout the community, while buyers will have the choice of one of six free landscape treatments for their front garden, also overseen by Wes Fleming.

“On top of that, the Bridgefield residents’ club – including swimming pool, tennis courts, gym, residents’ lounge and function room – is an entirely new offer for the area.”

Civil construction works are planned to begin in mid-2016, with the first residents expected to move in by mid-2017. Lot sizes in Stage One range from 221 square metres to 799 sqm. Prices start at $134,000.

Source: The Urban Developer