Broadstead Kilmore kicks off with strong sales in stage one
Our new 500-lot Broadstead Kilmore community in the booming Mitchell Shire, about 40 minutes north of Melbourne, has had a strong reception from buyers since the launch of the first lots.
More than $7 million of lots have already sold in the first release of the new community, located on a 60-hectare parcel of land off Quinns Road, since its May launch, driven by a desire for country-style living close to the city.
Alongside its homesites, Broadstead Kilmore’s masterplan includes 11 hectares of green space, and adjoins a proposed government primary school site, future sporting ovals and connections to the neighbourhood bus line.
The strong demand for the first stage of 30 lots has seen our new community already capture a 12 per cent market share for the Mitchell region (Q1 CY23, red23).
Homesites snapped up to date have achieved a median price of $352,200 and median lot size of 787sqm.
It follows figures from Population Forecast predicting the Mitchell Shire’s population will grow from 57,109 in 2023 to 176,261 in 2041 - growth of 208 per cent.
Kilmore and Kilmore East’s population alone is tipped to hit 22,277 by 2041, more than double the current population of 10,189.
Jinding Head of Development – Communities Chris Ravat, says the region attracted new residents during the Covid pandemic, with the trend set to continue based on anticipated population figures.
“If you look at the forecast just for Kilmore and Kilmore East, there’ll be a significant number of new blocks and homes required and we’re proud to be meeting some of that demand now and in the future,” he says.
Mr Ravat says sales so far represented good value, when compared to nearby suburbs – where lots half the size were selling for a similar price.
In Wallan, just a 10-minute drive from Kilmore, a 400sqm lot averages $345,000, and in Beveridge, a 20-minute drive away, a 400sqm block averages $354,000, recent research by Oliver Hume shows.
“The opportunity to secure a lot double the size of neighbouring areas for around the same price means buyers can achieve the semi-rural lifestyle they are dreaming of at a relatively affordable price,” he says.
“At the same time, they find the idyllic location of Broadstead appealing, with immediate connections to the Kilmore township, scenic views and a master plan that reflects the values of traditional country living.
“The strong response to the first stage means we will bring forward the release of our second stage of land.”
Mr Ravat says a breakdown of buyers shows 30 per cent were first-home buyers and 40 per cent second-home buyers with roughly a third local investors.
“Most are familiar with the Kilmore area and live close by. They know it is renowned for its heritage and its 19th Century Bluestone buildings, not to mention the strong sporting culture with the Kilmore Racecourse, Kilmore Golf Club and Australian Rules team The Blues all based in the area,” Mr Ravat says.
He says the community’s design placed a large emphasis on country living with amenities nearby.
“That’s why we’ve chosen to feature larger than average lots coupled with an environment where people can enjoy winding creek walks and picturesque trails while the Kilmore town centre, with its cafes and restaurants, is just a short drive away,” says Mr Ravat.
“People want that lifestyle where they can sit out on the veranda and watch the world go by.” For more information about Broadstead Kilmore visit https://broadsteadkilmore.com.au/ or the sales centre at 200 Quinns Road.