Sarah Oliver
The western growth corridor, which includes Melton and Bacchus Marsh, has been found to have the greatest increase in lot sales across all growth areas.
A report conducted by RPM Real Estate Group found 3332 gross lot sales in September quarter in the western growth corridor, a seven per cent sales volume increase.
The western growth corridor also includes neighbouring area Wyndham, which saw a 29 per cent escalation in gross lot sales, its highest number in four years.
According to the report, property buyers’ needs are changing at pace as Victorians settle into what the new normal looks like after 18 months of lockdowns changing the way people work, study and live.
RPM managing director project marketing Luke Kelly said the Australian dream is changing.
“With prices for house and land in Melbourne’s growth corridors increasingly out of reach for many first home buyers amid housing affordability concerns, there is a growing demand for medium density options including townhomes in greenfield estates,” Mr Kelly said.
Changes in working conditions for many Victorians has made the need for home office space more desirable as many businesses look at more flexible work arrangements continuing into the future, the report said.
“With longer-term work-from-home arrangements, buyers can now look further out, unbound by office locations, making townhomes more attractive to buyers.
“Developers are increasingly aware of this and over the next 12 months, we anticipate seeing strong demand for townhomes and a lift in supply as developers incorporate these products into their masterplans.”
RPM also predicted confidence will remain strong and the land market to continue to experience moderate growth into 2022.
Mr Kelly said the resilience of purchaser sentiment towards the new home market through the pandemic and six periods of lockdown restrictions since March 2020 should not come as a surprise anymore.
“This resilience remains no less remarkable when you consider the adverse impacts witnessed on overall confidence during the pandemic, negative net overseas migration – traditionally a key driver of new home demand, as well forced changes to the buying process with the closure of physical estate sales offices,” Mr Kelly said.
