THE state government body Places Victoria has appointed Oliver Hume to market a new townhouse development at Point Cook in Melbourne’s west.
As a result, Oliver Hume has won four different projects in the last eight weeks with a combined yield of nearly 1,000 lots, with an estimated value of about $300 million.
The company will work with Places Victoria in Point Cook on a new townhouse development.
At Tarneit, Oliver Hume will market a boutique development comprising approximately 400 lots, set to come to market in October this year.
At Willandra, Melton – it will market a 700-lot development that launched in 2012.
At Mornington, it will handle the sale of 38 half-acre to acre lots.
Oliver Hume director Paul Ciprian said the appointments reflected the company’s ability to provide developers with a competitive edge in the development, marketing and sale of new residential communities.
“While some segments of the property market are displaying signs of stress, the outer suburban land and communities market is still experiencing strong demand from a diversified base of first and second home buyers and investors.
“Our research shows the average time on market for project land in the three months to the end of April was just 2.5 months, down from 6.6 months in the last quarter of 2012,” he said. “This is indicative of the fact we are at the high point of the cycle with sales and production volumes at capacity while prices remain affordable, particularly when compared to Sydney.”
Oliver Hume Victorian research Manager George Bougias said the success of the new communities would be underpinned by Melbourne’s continued population growth and interstate migration, including robust overseas and interstate migration.
“Interest in new land estates remains very robust with value and affordability being key drivers – especially given price growth in Melbourne’s inner and middle suburbs which has been especially strong in the current cycle,” he said.
Australian Property Journal
