A former horse paddock on the banks of the Toolern Creek in Melton South has sold for about $13 million.
The 16.78 hectares at 60-72 Bridge Road is already zoned GRZ1 and can bear about 150 house lots.
The deal, negotiated by Knight Frank agents Stephen Kelly, Danny Clark and Yvonne Zhou, was struck at about $86,000 a lot.
Mr Kelly said a Malaysian group beat eight other offers for the site which is in a Precinct Structure Plan (PSP).
The price is significantly less than the $300,000 a lot achieved recently for land in Leakes Road, Tarneit, but it’s a serious premium on the property’s 1983 purchase price of $57,500.
Located off Exford Road, the property is close to Lendlease’s Atherstone estate and near Melton train station and the Western Freeway.
It has been used as a horse paddock for the past 35 years and is one suburb further out than Rockbank where land has been selling for between $100,000 and $110,000, Mr Kelly said.
“But Rockbank is pretty much done and Melton South is closer to the station. People are already getting pushed out of Rockbank,” he said.
“This is a growth story and we think
the upward trend for Melton South and Bacchus Marsh will continue,” he said.
While the Melton South land is considered a horse paddock, north-east in Beveridge, a 600-hectare, third-generation cattle farm, Deloraine Park is on the market at 500 Old Hume Highway. Biggin & Scott Land is marketing the property as a potential 6000-lot estate and is expecting about $160 million.
Savills is also expecting more than $50 million for a 76-hectare block in Gisborne.
– The Age