After a quieter stretch, momentum is building again in Victoria’s development site market, and developers are taking notice. Activity is picking up across both metro and regional growth corridors as buyers start looking ahead to their next opportunity.

Forward thinking mindsets are driving demand

At the core of this renewed interest is a clear shift in mindset. Developers are thinking ahead, targeting land within approved PSPs or those expected to be approved in the near term. In areas where developable land is scarce, competition is intensifying. The goal is to secure the right site now and be ready to deliver when the broader market shifts.

Case in point: Clyde North

We’ve seen this play out in places like Clyde North, where our Transactions & Advisory (T&A) team recently sold two of the last large-scale superlots in a highly competitive campaign. The demand was clear, and the outcome underscored the importance of timing and positioning.

It’s not just the land, it’s the terms

The structure of a deal matters as much as the site itself. In a market where PSP and CHMP processes continue to slow things down, vendors who are prepared to meet the market (especially those offering extended terms linked to planning milestones) are gaining traction.

These flexible structures give developers room to move and the confidence to commit, especially those gearing up for their next delivery phase.

Capital is flowing. Especially from Asia

There’s no shortage of capital ready to be deployed. Japanese and Southeast Asian investors remain active, as does local private capital. These funding sources are helping developers move decisively, particularly when the site is well-located and future-ready.

Not a boom but a rising wave

There’s a rising wave of interest from buyers positioning for the next cycle. And while the cycle may still be around the corner, active developers with a clear strategy and the right capital partners are already laying the groundwork.

This article references findings from our Q1 2025 Victorian Greenfield Market Report. Read the full report here.