"The sale price of $4.14 million is a precinct record for standard density residential zoned land, as it represents an exceptional $414 per sqm."
Whilst inner-city residential developments are being constructed vertically, many are still attached to the notion of open spaces and natural amenity. This is especially true for Melbourne, where these factors are driving the continued growth of outer eastern suburbs like Dandenong, Cranbourne, and Narre Warren. Whilst they might be a fair drive away from the CBD, they often cost significantly less than their metropolitan counterparts, enhancing their value at a time when interest rates are high.
The south-east suburb of Officer, situated between Beaconsfield and Pakenham, is a product of this satellite suburb development. Officer is located within the Cardinia Shire, which has grown substantially over the past decade and will continue to do so going into the future; the population is forecasted to expand from the current 118,194 up to approximately 200,000 by 2041.
As part of accommodating this augmentation, planners have allowed for a suitable amount of space within the suburb to be zoned for Urban Growth, and one such parcel of land has now sold, at 225 Rix Road. Notably, the sale price of $4.14 million is a precinct record for standard density residential zoned land, as it represents an exceptional $414 per sqm.
“The level of bidding and price achieved was incredibly strong,” according to Stonebridge National Partner, Julian White. “It continues the trend we are seeing in the market of buyers really preferencing high quality development sites over more secondary options.”
The sales campaign, conducted by Stonebridge’s Julian White, Chao Zhang, and Dylan Kilner, procured a broad amount of interest, generating a total of 186 enquiries along with 14 bids. The successful buyer purchased the site on an unconditional basis, and expressed an intention to deliver a residential subdivision, in-line with the planning goals expressed by the Cardinia Shire and the state government.
“The land rate achieved was close to $75 per sqm more than the next best result in the precinct, and it was also sold on 90-day settlement terms.”
Stonebridge are also promoting two other sites within the Officer precinct, including a 14.4-hectare landholding at Lots 1, 4 & 5 and 87 Starling Road, and an 11.8-hectare property at 13 Cowdray Crescent. With such a significant figure obtained for 225 Rix Road, it won’t come as much surprise if these other properties prove just as popular.
View the “Sold” listing for the property on DevelopmentReady here.
