Red23: January 2020 Land Report
Red23 recorded over 7,500 land sales in 2019 across Melbourne and Greater Geelong’s 8 growth area municipalities. Sales have tumbled since its peak in 2017 of over 21,000, a dip of approximately 66% in 2019 and 45% 2018.
Despite a high level of current and upcoming supply from the Cardinia Creek South PSP, Casey continues to be popular with buyers with its more established road networks and established facilities.
There were 170 land projects within the growth areas, an increase of 30 projects in 2019. Greater Geelong reported 27 active estates. Increases were recorded in all municipalities.
We are cautiously optimistic demand for land will remain steady across the Melbourne and Greater Geelong regions this year. However, it will be critical economic stimulus is managed during the uncertain times of the Coronavirus.
17 March, 2020