From development land, residential land to townhomes whatever you are looking for RPM has the ideal location for you.
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02.12.2024
The recent $100 million sale of the 47.71-hectare land holding at 562 & 600 Leakes Road, Bonnie Brook by RPM Group Transactions & Advisory, underscores developer confidence in Melbourne’s greenfield sector despite cautious market activity from individual homebuyers.
This acquisition by 888 Property Group reflects the foresight shaping today’s developers, who are focusing on long-term potential over short-term sentiment, particularly in areas where supply and forecasted demand remain imbalanced.
Developers active in Melbourne’s greenfield sector are strategically expanding their land portfolios, anticipating future growth and the transformation of outer suburban areas into connected communities driven by significant infrastructure investments.
Located within the Warrensbrook PSP (Precinct Structure Plan), Bonnie Brook is an extension of the highly sought after Caroline Springs/Plumpton growth region. It is close to some of Melbourne’s most highly regarded major residential communities, including Mount Atkinson, Thornhill Park, and Woodlea.
The Bonnie Brook site could support up to 1,000 new homes. Through strategic acquisitions, 888 Property Group is reinforcing the state’s phased development plan, addressing supply shortages, and positioning itself as a key player in the western corridor’s transformation. It also supports the government’s ‘10 Year Plan for Melbourne’s Greenfields’.
Despite potential challenges, like PSP delays and increasing cultural heritage obligations, forward-thinking developers are pressing ahead, recognising that securing land in growth corridors today is essential for future success. These acquisitions are not only about guaranteeing future housing stock but they also contribute to vital infrastructure that will enhance livability in areas like Bonnie Brook.
The message is clear: Melbourne’s greenfield expansion remains on track. Developers with long-term vision, supported by the government’s structured initiatives, will play a pivotal role in meeting housing demand. Developers who look beyond today’s uncertainties to focus on future needs are positioned to drive Melbourne’s growth, creating attractive and accessible greenfield communities
This article references findings from our Q3 2024 Victoria Greenfield Market Report. Read the full report here.
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