KANE MALCOMSON, DIRECTOR – LAND
It is hard to remember a 12-month period in which Victoria’s metropolitan and regional greenfield land markets saw so much demand.
The 21/22 financial year was dominated by Australian-based development groups securing land within our Victorian greenfield markets, with a notable surge into Victoria from NSW-based development groups looking to diversify their holdings away from an NSW market with diminishing land supply.
Between July 21 and June 22 residential house lot prices across our key metro and regional markets increased on average 25%. This led to per hectare rates across all corridors increasing, with some markets doubling in price in the 12-month period. Record sales volumes of retail lots saw forecasted supply across all growth corridors diminish quickly, contributing to a FOMO (fear of missing out) purchaser market pushing prices to record levels and sharpening settlement terms considerably to secure land parcels.
In the 2021/2022 Financial year, our Core Land team transacted a market-leading 42 greenfield farms, totalling over $1.5 Billion in value.