Melton: Land banking opportunity spruiked by AFL legend Kevin Sheedy ‘where the future is’
A sprawling vacant block in Victoria has hit the market with a monster asking price after more than four decades in the owner’s family, and AFL icon Kevin Sheedy has weighed in.
A sprawling property on Melbourne’s outer western fringe has been listed for sale with an $8m-$10m price guide, and a personal promo from AFL legend Kevin Sheedy.
The 18.21ha site at 1192-1218 Ryans Lane, Melton, has been in the owner’s family for more than four decades.
But as they prepare to sell, they’ve brought in AFL legend Kevin Sheedy for an online video to promote the property.
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In the video, Sheedy describes the site 47km from Melbourne’s CBD as one to watch.
“This is equivalent to Berwick in the east,” he says.
“This is where the future is.”
O’Brien Real Estate Melton director David How, who has the listing alongside fellow agent John Rombotis, noted the property was currently in a Green Wedge Zone.
Under the Planning and Environmental Act, green wedges are classified as non-urban areas located outside Melbourne’s urban growth boundary.
Owners of land within the green wedges are limited in what non-rural uses they can pursue and must only have one dwelling per 40ha lot.
The green wedges were designated to protect land’s agricultural and environmental value – and have been implemented in municipalities across Greater Melbourne including Melton, Brimbank, Casey, Greater Dandenong, Frankston, Hume and Wyndham.
However, Mr How said that whoever purchased the Ryans Lane address would be taking an “educated gamble” on the Victorian government potentially deciding to rezone the site to allow residential development in the future.
Land near the site has been earmarked for Precinct Structure Plans (PSPs) by the Victorian Planning Authority.
PSPs set out the development guidelines for future suburbs and estates including roads, shopping centres, schools and housing.
The Melton Council region, one of Australia’s fastest-growing municipalities, has a population of more than 200,000 people.
The council’s website states that, according to figures from data consultancy Informed Decisions, Melton’s population is expected to grow to 440,142 residents by 2051.
Mr How said that if the Ryans Lane block was rezoned, its earning potential “would be out of control in the next 10-15 years”.
“Ultimately, let’s say it’s sold for between $8m to $10m, and it got rezoned, it’s value would double overnight,” he said.
“It’s a lot of money to take a risk on, but anyone who wants to land bank for a period of time, this has the potential for exceptional money should the state government rezone or PSP it.”
However, he added it was important for anyone thinking of land banking a site to do their research before buying.
They must also be prepared to wait up to decades before a site might even be considered for rezoning.
Mr How said that in his 27 years working in Melton, he has seen green wedge areas get rezoned.
However, outside of the Victorian’s government decision-making, the process for having a green wedge land parcel rezoned is a long and involved one.
First, the local council must give their approval and then the Minister for Planning must give a thumbs up.
A planning scheme amendment has to be prepared and the proposal must pass both houses of the Victorian parliament.
Mr How said the Ryans Lane site was close to Melton town centre’s shops and nearby schools.
“If you wanted a rural outlook but the benefit or convenience of a township, it’s exceptionally close,” he said.
The state government has also committed more than $900m to build a new Melton hospital in
Ferris Rd, Cobblebank, by 2029.
Mr How said the future hospital was about a seven-minute drive from the Ryans Lane site.
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Originally published as Melton: Land banking opportunity spruiked by AFL legend Kevin Sheedy ‘where the future is’
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