News & Insights

10 Oct/24

Resimax Group announces acquisition of $8 billion in land parcels across Melbourne’s west and north

Following a string of strategic deals in the state’s growth corridors, Resimax Group has acquired more than 700 hectares of new land across Metropolitan Melbourne, with an estimated end house and land value of $8 billion. Together with our current portfolio, including our flagship project in Eynesbury, the acquisitions cement Resimax Group as one of Victoria’s largest and most active private developers.

“Resimax Group has strategically acquired over 10,000 new land lots in Precinct Structure Plans (PSPs), some of which have readily available infrastructure, allowing us to fast-track the delivery of affordable housing stock into Melbourne, subject to approvals,” said our Founder and Managing Director, Ozzie Kheir.

“We have set our sights on delivering a high volume of affordable family homes in relatively quick succession, at a time when housing supply is facing record lows,” continued Ozzie.

The lots located in Beveridge, Wallan, Sunbury, Rockbank, and Melton, will be delivered in partnership with our in-house builder, Tick Homes. Furthering our build-to-rent (BTR) detached housing model, 500 of the 10,000 lots will be designated rental stock. We have plans in place to construct and lease the BTR rental homes to tenants by 2027 via Leap Real Estate.

The acquisitions come as data from the National Housing Supply and Affordability Council projects that Australia will miss its 2029 housing target by 160,000 homes.

Developing parcels of land in approved PSPs provides access to existing infrastructure and can allow for fast-tracked development approvals. This ensures developers “deliver housing faster and work towards closing this housing shortfall over the next five years,” said Ozzie.

We plan to deliver 1,000 new homes for Melburnians every year for the next five years, from existing and future developments, pending PSP approvals.

“We struck the majority of our funding deals during the pandemic, remaining optimistic during a time when the market was fearful and uncertain of the future. As a business, we are constantly looking for new opportunities, and that didn’t slow down after the effects of 2020. Remaining entrepreneurial allowed us to structure the acquisition deals to benefit the business in the long term.”

“This strategy will allow us to deliver a critical volume of housing in northern and western growth corridors of the state, where land parcels are still affordable and migration is booming,” said Ozzie.

Maximising affordability for purchasers was a key consideration during the masterplanning phase. We consulted with various stakeholders to develop a compact detached housing model, which involves an average-sized lot that is 20-30 per cent less than the average Greater Melbourne residential block.

“From surveying residents actively building and living in our estates, we found that a majority are increasingly sacrificing backyard space to prioritise the size and scale of their internal living spaces.”

“We know that Melburnians want detached housing. The concept of the Australian Dream has changed, and large backyards are no longer critical for family homes, provided there is ample open space for kids to play outdoors nearby,” said Ozzie.

This planning model has already been adopted in New South Wales but has yet to gain widespread acceptance in Victoria.

Discover Resimax Group’s current and future projects here.