Oreana Property Group has bought a low density housing estate site at Wyndham Vale, a growth corridor suburb 31 kilometres south west of Melbourne.
The developer, co-founded and led by brothers Steven and Tony Sass, is paying $13.8 million for the 20.77 hectare parcel at 290 Hobbs Road – the eastern boundary of which abuts the Werribee River.
The deal comes three months since the group applied to develop 23 townhouses, a gym, medical complex and shopping centre on a 1.4ha piece of Satterley’s Bluestone estate at Tarneit – less than 10 kilometres north of Wyndham Vale.
Also in February, Oreana paid McDonald’s $8.29m for a permit-ready town centre site covering 1.85ha on the corner of Ballarto Road and Adrian Street, in Cranbourne East, south east of the CBD.
Last month, meanwhile, the developer bought a 125.35ha piece of the Peppercorn Hill housing estate, in north Donnybrook, for a c1400-lot subdivision, secondary school and town centre.
It also, in 2021, spent $48.15m to acquire an amalgamation of neighbouring sites and strata investments opposite South Yarra train station – all up giving it a 2466 square metre holding – with plans for a 116-suite hotel, office and retail project expected to be worth $250m on completion.
Fitzroys agents Brent Glassford and Marco Sandrin with Oliver Hume’s Andrew Lepa marketed 290 Hobbs Rd.
Another growth corridor site
The Hobbs Rd site is affected by the Ballan Road Precinct Structure Plan which encourages the reuse of farming sites to predominantly residential use.
Central Equity, with its Parkbrook estate, Frasers Property Australia (Mambourin, The Grove), Lotus Living (Jubilee), Stockland (Grand Central, Wattle Park) and Villawood (Alamora) are amongst the groups developing nearby parcels.
The Wyndham Stadium Precinct is also proposed in the area.
“The Wyndham Vale acquisition is part of Oreana’s ongoing commitment to provide growing communities with quality, affordable housing that meets the needs of homebuyers now and into the future,” Tony Sass said.
“Wherever we work, we aim to equip communities with what they need to thrive,” he added (story continues below).
“Wyndham Vale needs modern and affordable housing to keep up with demand and Oreana has the ability to deliver quality homes quickly, and the potential to include additional services depending on community needs,” according to the executive.
Mr Glassford said the site is close to established and proposed amenity at Manor Lakes, and the Wyndham Vale train station.
“Oreana Property’s acquisition will bring much needed housing supply to Melbourne’s western growth corridor,” he added.
“The market showed all the more confidence in the site given it is surrounded by developments by major developers,” according to the executive.
‘The City of Wyndham Vale’s population of 322,226 is expected to surge to 501,634 by 2041.
“Wyndham Vale’s population will surge 67.5 per cent in that time, from 25,662 to 42,986”.
Short supply: agents
Mr Sandrin said Australia set to take in 400,000 migrants this financial year, and at least 315,000 in FY24, and with much of that earmarked for Melbourne, demand for low density housing is set to exceed supply.
“There’s…a severe housing shortage and Australia is about to welcome a record intake of migrants, putting huge upwards pressure on demand for new dwellings,” according to the executive.
“Material costs, labour shortages and barriers to funding have made construction of some projects more difficult, but the pending major boost to demand for housing makes this growth corridor an attractive proposition,” he added, of 290 Hobbs Rd.
“We had more than 50 enquiries from local and national developers who are all anticipating market conditions to become much more favourable in the short and medium term”.
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