Drouin housing site trades for $14m

Drouin is a popular suburb for residents who work in Melbourne’s south east.

A low density housing estate site at Drouin – outside of the Urban Growth Boundary but still accessible to metropolitan Melbourne – has sold for about $14m.

The 42.8 hectare parcel, Lot 2, 343 McGlone Road, forms part of an area affected by a 2014 Precinct Structure Plan, encouraging residential.

About 31.67ha is developable.

Real Property’s Joe Catanese and Lucas Gentile closed an expressions of interest campaign in March.

Local and offshore developers contested, they added.

The buyer is an as-yet-undisclosed national builder (story continues below).

“The level of enquiry again demonstrated the competitive interest in the Drouin market and throughout regional Victoria for larger residential sites,” Mr Catanese said.

“The increased interest in regional Victoria is mainlining its momentum,” he added, of the backdrop, since COVID.

Drouin has been marketed as a “hassle free commute to Melbourne” for a decade; a 2010 planning report speculated that over a fifth of its residents worked in town.

The region is 90 kilometres south east of the CBD.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.