Melbourne-based Growland has bought a development site in Melbourne’s west for a $258 million residential project as the city’s housing market continues to fire.
The 26.18ha parcel in Fraser Rise, previously Plumpton, will see a 430-lot house and land development and is Growland’s second recent site purchase in Melbourne’s buoyant west. It purchased a site in Tarneit with plans for a 900-lot community to be launched this year.
The Tarneit project will offer premium affordable housing targeted towards first-home buyers, while the Plumpton community will feature larger lot sizes for second or third-home buyers, the company said.
Growland founder Bruce Chan said Melbourne’s land supply was critical to meeting national housing needs.
“According to the latest census data, there are over 100,000 people migrating to Victoria every year, indicating that the population will rise to almost 7.5 million by 2036,” Mr Chan said. “We will need a further estimated 50,000 homes each year to provide appropriate housing for this new group.”
Fraser Rise is one of the 11 new suburbs in the Melton growth area announced by the state government last year to accommodate population growth in the region.
The new suburb was previously part of the southern area of Plumpton, which houses 9230 people and is predicted to reach 240,000 people by 2031.
CoreLogic data shows house prices in the area have gone up by 10.94 per cent in the past 12 months. Growland has also developed the Victoria Square apartment project at Footscray with the first tower 90 per cent sold in five months.> Click here for the full article.