Record Demand for Land Fuels Interest in Westwood Fraser Rise

With Melbourne’s median house price passing the million-dollar mark in 2021, buyers have turned to new land developments in greater numbers than ever, driven by affordability and more flexibility in their work arrangements.

Demand for land is hot on the heels of supply

According to RPM’s Q4 2021 Greenfield Market Report, there were close to 32,000 lot sales in Victoria in 2021 – that’s a hefty 50% year-on-year increase. Throughout the year, however, the equivalent of around 35,000 lots of greenfield land – previously undeveloped land – was transacted, showing just how closely demand is chasing supply, as developers attempt to keep up with replenishing stock.

“Across Victoria, there were $3.8 billion in major land transactions throughout 2021, which eclipsed all previous market peaks,” Christian Ranieri, Managing Director of Transactions & Advisory at RPM, says.

Source: RPM Q4 2021 Greenfield Market Report

For first home buyers and downsizers, townhouses are an affordable alternative to detached housing, especially with the potential of further borrowing restrictions and RBA rate rises on the horizon. RPM’s buyer surveys showed first home buyers are already making this move, making up 46% of townhome purchasers in Q4 2021.

The West dominates land sales

The Western and Northern Growth Corridors led the way in Victorian development site transactions in 2021, both reaching approximately $1.2 billion in transactions, followed by the South-East and Geelong corridors.

The Western Growth Corridor took the largest slice of the pie in terms of total sales during the last quarter, with 2,839 lot sales – or 42% of the total lots sold in Victoria during Q4 2021.

Westwood Fraser Rise – the fastest growing land estate in Melbourne’s northwest

Aerial of Westwood Fraser Rise precincts – Artist Impression

At tomorrow, we’ve been working with sales agents RPM and developer Dahua on the Westwood Fraser Rise estate for three years and have seen some fantastic results come through in that time.

2021 was a year of milestones for the Westwood estate. At the beginning of the year Westwood Place was introduced, the extension of the original Westwood masterplan that then became known as Westwood Walk. Combined, Westwood Walk and Westwood Place now make up the largest master-planned development in the Fraser Rise area, at approximately 1,600 lots.

Over the last 12 months, despite being in the heart of the pandemic, we ran a strategic media campaign that generated over 5,700 quality leads. Westwood is attracting buyers with its diverse offering, including various sized land lots, house and land packages, and townhomes. It also boasts a convenient location, close to a future P-12 school, sporting reserve and town centre, along with an abundance of open green space and walking/cycling trails – amenities that make it a highly desirable offering for families.

You can learn more about our work for Westwood in this case study.

If you have any questions about this article or want assistance with advertising in the property industry, contact our Creative Director, Lars Weisenberger, on 0447 133 022 or at lars@tomorrowagency.com.au.