Ozzie Kheir: What Shaped Housing Delivery in 2025 and an Outlook for the Year Ahead

Demand from owner occupiers lifted across Melbourne’s outer suburbs in 2025, with the strongest activity centred on homes priced below the Australian Government 5% Deposit Scheme cap of $950,000. At the same time, planning uncertainty saw parts of the development sector hold back. Against that backdrop, Resimax Group took the opportunity to acquire land, secure capital and progress infrastructure that will support delivery over the next decade.

Looking at the year ahead, Ozzie Kheir, Founder and Managing Director at Resimax Group, said the developers who succeed will be those who have built portfolios and can deliver regardless of short-term planning reforms.

Planning constraints are set to persist

Titled lot production across Victoria has been running well below historical averages for several years (UDIA State of the Land Report, 2025). Planning approvals remain slow, infrastructure sequencing is still fragmented across agencies, and the time required to bring land from acquisition through to titled release continues to stretch.

“The planning environment is constrained and will remain that way for the foreseeable future. We finalised delivery of more than one thousand townhomes at Newbridge South this year and acquired another 403 titled lots separately. Titled lots are trading at a premium because they represent certainty in an uncertain system.

“The issue isn’t just approvals. It’s that the entire system operates on timelines that don’t match the pace of population growth. Developers holding land in precincts awaiting approvals face extended timelines with no clear acceleration in sight. Meanwhile, demand from first-home buyers and young families continues to outstrip what’s actually available to purchase,” Ozzie said.

Land acquisitions require conviction, not consensus

Land acquisition activity in 2025 highlighted a clear divide between developers continuing to invest in Melbourne’s northern and western corridors and those choosing to hold back. Cost pressures and planning uncertainty shaped decision-making across the sector, with conviction in long-term fundamentals becoming the defining factor in whether to acquire or hold back.

Resimax Group acquired 2,403 residential lots across Beveridge, Wollert and Thornhill Park, adding to a portfolio that now totals more than 1,400 hectares and an estimated 26,000 future lots.

“We’re continuing to add to our pipeline where pricing remains disciplined and the fundamentals of the precinct are sound. Melbourne’s northern and western growth corridors are among the fastest growing areas in Australia, and that population growth, alongside infrastructure investment, employment and improving transport connectivity, will continue to drive long-term housing demand,” Ozzie said.

Patient capital and strategic partnerships

Traditional project finance structures are often misaligned to the timelines involved in large-scale land development. Short-term debt facilities prioritise rapid sales velocity and clear exit pathways, while precinct-scale projects require extended planning and infrastructure coordination.

Resimax Group finalised a $300 million equity partnership with Banner Asset Management in November to support the delivery of 2,620 residential lots across its Tara and Talisen projects in Beveridge. Banner acquired a 49.75 per cent equity stake in each project vehicle, with Resimax Group retaining 50.25 per cent.

“Capital partners who are prepared to support early-stage works are essential to keeping supply moving quickly. The reality is that this type of capital is not widely available. Many funders are structured for shorter timelines and want certainty around exit dates. Access to patient capital is now a structural advantage, and it’s one of the reasons we’ve been able to continue acquiring and progressing projects in a time when others have pulled back,” Ozzie said.

The partnership builds on previous collaborations between Resimax Group and Banner, including funding for the Neo at Newbridge townhouse project in Wallan, where Banner financed 71 dwellings, and land releases at Eynesbury.

“Working with development partners who have specialist expertise allows us to focus on land delivery and infrastructure sequencing, while commercial and community assets are delivered as populations grow. This staged approach is essential to building masterplanned communities that are sustainable long term,” Ozzie said.

Achieving that goal includes ensuring residents have access to local amenities as soon as they move in. In July, Resimax Group sold the first stage of Eynesbury Village to specialist developer-builder Oreana for approximately $14 million, progressing delivery of the township’s first retail and commercial precinct. Construction is expected to commence in mid-2026, with future stages introducing additional retail and commercial space, conference facilities, and expanded entertainment and community amenities.

Delivering housing supply across multiple timeframes in Victoria

Industry sentiment heading into 2026 reflects cautious optimism tempered by realism about persistent challenges. Construction input costs have stabilised after years of significant increases (The Urban Developer, 2025), and approvals for new houses and multi-unit buildings are strengthening in recent quarters (HIA, 2026). Ozzie says, despite this, the gap between housing demand and delivery remains substantial.

“There’s a lot of discussion in the market about confidence levels and whether conditions will improve in the year ahead. Encouragingly, enquiries and sales volume have steadily increased, especially due to the Australian Government 5% Deposit Scheme. But the real question is whether Victoria’s planning system can actually deliver the supply needed to meet that demand.

“We’ve built a portfolio that can be delivered across multiple timeframes. We’ve got titled stock that can move to market now, and we’ve got projects already through approvals that can be delivered over the next two to three years. We also have longer-term holdings in precincts where we can manage sequencing. That diversification means we’re not sitting idle waiting for one thing to change,” Ozzie said.

That same focus is guiding how infrastructure is planned and staged to support thriving, liveable communities. In 2025, Resimax Group delivered critical operational infrastructure, including a Class A recycled water treatment plant at Eynesbury, producing approximately 220 million litres of recycled water annually.

This will keep the Eynesbury golf course and sporting ovals green and welcoming for players and visitors, while giving residents access to recycled water to maintain their gardens. It also supports greener streetscapes and a healthier local environment across the community. The project was recognised as a finalist in the sustainability category at the 2025 UDIA Victoria Awards.

With more than 1,400 hectares now secured, capital partnerships in place, and infrastructure being delivered across multiple precincts, Resimax Group is positioned to continue meeting demand as market conditions evolve.

“Eynesbury shows how our approach works in practice. We secured the land early, invested in enabling infrastructure upfront and have since staged amenity in line with population growth. That same approach is now being applied across our entire portfolio, and it’s what gives us confidence heading into 2026,” Ozzie concluded.