Property group Mirvac are on track to develop a 1700 lot housing estate in Wantirna South in Melbourne’s south-eastern suburbs, with completion planned for 2035 and estimated end value of over $1 billion.
The development will expand over 171 hectares, which is currently the home of a Boral brickworks plant and quarry. Mirvac plans to deliver an expansive, master-planned community, boasting parklands, walking tracks and bike paths.
Mirvac also hopes the development will contribute a lot of value to the local community, with plans to incorporate a neighbourhood centre with retail offerings and community facilities.
When speaking on the housing market upswing at Mirvac’s annual general meeting this month, chief executive Susan Lloyd Hurwitz explained, “ [Mirvac has] used the cycle to our advantage by capitalising on opportunities to restock our portfolio at the right time and in the right location,” with the 1700 lot Wantirna South development being a key indicator of this.
With populations in Melbourne’s south-east set to grow to up to 6 times larger, the area has been highlighted as one of Victoria’s key growth corridors. For this reason, the state government is developing high level integrated land use and transport plans, aiming to provide a strategy for development over the coming decades.
The planned Wantirna South development indicates continued growth well into the 2030’s, contributing to the ever changing Australian real estate landscape.
image source: residential.mirvac.com