Unit sales across Melton rose significantly last year, according to a new real estate report.
Research by PRDnationwide shows sales for units and vacant land made an impressive mark on the property market in the year to December 2013 with a 10 per cent growth rate in unit sales (260 transactions), while vacant-land sales were up 79 per cent (549 transactions).
The report also revealed increasing demand for land priced from $100,000 to $200,000. House sales soared in the same period, with 1138 recorded.
Research analyst Augustine Conteh said the improvement in the vacant land market had been driven by a spike in demand as new residential developments take shape.
“Since 2010, over $15 billion has been allocated to residential development to meet the ever-increasing demands of a growing population,” Mr Conteh said.
“The Melton area appears set to sustain gains made in
the property market, with buyer sentiment consistently attracting sellers and land affordability driving further growth.”
Mr Conteh said while the Melbourne market was sluggish at the start of this year, Melton’s residential sector was in good health.
PRDnationwide Melton principal Russell Parker agreed the market was doing well and suggested the best was yet to come.
“We’ve seen increasing inquiries for the established market and that confidence is starting to filter through to new building and commercial developments.”
