Development Manager of Underbank
“You have a situation where prices become unaffordable closer to the CBD which forces home buyers to search for properties further out thereby increasing demand and prices subsequently rise.”
Melbourne remains a hot spot for international tourists, migrants and even the growth of local – interstate migration.
It is dubbed as one of the most liveable cities in the world – a melting pot of cultures with a splendid variety of food, entertainment and even business opportunities.
These are some of the reasons many flock to this gem of Australia, according to Kataland development manager, Allan Carlsson.
“Victoria and more particularly Melbourne are going through a period of high population growth, both from interstate arrivals as well as overseas migration. Most of the interstate arrivals are from NSW and Queensland which is the complete opposite to when I arrived in Melbourne in 1998, when there was a net outflow from Victoria mainly to Queensland,” he said.
The rising cost of housing in Sydney and lack of job opportunities in Queensland have driven the move to Melbourne. On top of this, the increase in Melbourne’s property prices is related to supply and demand – it is evident in the creation of new land estates on the fringes where rezoning of land has not kept the pace with demand.
Underbank – A new home
Allan is currently working on a major development called Underbank in Bacchus Marsh, one of Victoria’s most picturesque and untouched landscapes. This development boasts bountiful greens, parks and natural waterways – the countryside for the new community way of living. As a result of high demand, the Phase 1 has been sold out, Phase 2 is almost sold out with Phase 3 on the way.
“At Bacchus Marsh we have a unique situation where there is an established township with all the amenities such as schools, hospitals, shops, cafes and transportation just outside the official metropolitan area. This allows us to deliver land at a lower price than a few kilometres away at Melton, because we are not subject to the additional government taxes that developers have to pay in the metro area.
“At about 50 kilometres from Melbourne’s CBD, Bacchus Marsh is actually closer than some suburbs within the metro area and with the V-Line train, you can now be in the centre of Melbourne in 45 minutes. This will home about 4000 people within the next 10 years,” said Allan.
A choice investment
Kataland chose to invest in Bacchus Marsh because of the beautiful valley where the former stud farm was situated. “There is not another site like Underbank anywhere around Melbourne that has a combination of elevated land with views, creek side land and higher density living next to the town centre, right alongside an existing village.”
The value of the developed land is estimated at around $250 million, and the cost of the houses to be built on the land could add another $300 million plus to this amount.
Currently, the average selling price is about $165,000 for a 600 square metre block in Stage 3.
“This compares to our initial selling prices of around $145,000 for a similar sized block in Stage 1 when we commenced selling in June last year. Compared to estates nearby in Bacchus Marsh and Melton, our land still represents very good value,” said Allan.
Expect the first round of developments including parks and landscaped creek corridors to be completed in August. A child care centre is currently in the planning stages and is scheduled to open in less than two years. After this, Underbank will see the opening of the resident’s clubhouse that comprise a swimming pool, tennis court, gym, coffee shop and meeting spaces for the community.
Other infrastructure to be delivered includes the town centre with shops and accommodation and a sports precinct where people can participate in AFL football, cricket, tennis and netball.
Kataland will also be involved in the external development of the public areas where it will contribute over $7 million to upgrade facilities such as roads, bridges, roundabouts/ intersections and an early child care centre in and around Bacchus Marsh.
Underbank – 一个全新优质家园
这项在巴克斯马什 (Bacchus Marsh) 进行的 Underbank重大发展计划，Allan Carlsson 作为项目的主要负责人。巴克斯马什以维多利亚州最秀丽优美的风景区闻名，这项发展计划具备充沛绿地，公园和自然水道–结合全新社区生活方式的乡镇。由于供不应求，项目计划第一阶段已售罄，第二阶段近乎售罄，而第三阶段即将到来。
For more information on Underbank please visit: www.underbank.com.au
by Karina Foo