The Urban Development Institute of Australia’s (Victoria) Research Breakfast on the greenfield land market has highlighted September 2016 quarter results from the National Land Survey Program (NLSP), as presented by Robert Papaleo, National Executive Director of Charter Keck Cramer.
According to NLSP greenfield data, the median lot price across Melbourne for the September 2016 quarter was $228,000 which put the quarterly price growth at 2.8% - the fastest pace of growth since 2010.
The recent trading performance by CFMG’s The Millstone project in Melton South is following this trend with 93 contracts now on hand across stages 1 and 2 of the project and a steady increase in prices being reported in line with the demands of the broader Melbourne greenfield market.
CFMG’s project sales team have confirmed that The Millstone project continues to generate high levels of interest from builders and retail buyers alike, and are confident that sales momentum will continue and surge further with the commencement of construction in the first quarter of 2017.
‘While Melbourne’s greenfield market is performing very strongly, the gap between the price of housing in Melbourne and Sydney is growing smaller,’ said Danni Addison, Victorian Chief Executive of the Urban Development Industry of Australia (UDIA).
With the benefit of the strong pre-sales enquiry CFMG have combined the development programs for stages 1 and 2 of The Millstone project and will deliver the first two stages (comprising 101 allotments) in one line.
For more information visit The Millstone Website today.