Wolfdene has further solidified its presence in Perth’s thriving Greenfields market with the acquisition of 146 lots in Wellard, situated just 30 minutes south of the CBD.
Located in close proximity to Wellard Train Station, the Mitchell Freeway, Bertram Primary School, and Kings College (K-12), the $7.5 million purchase will provide housing for over 350 residents.
Purchased in conjunction with investor partners Blueways Group, the total end value of the Wellard project is estimated at $45 million, with the sales launch slated for Q2 2025.
“The ongoing success of our Western Australia strategy has fuelled our drive to identify and execute new acquisitions to strengthen our holdings in the West,” said Wolfdene Managing Director, Michael Goldthorp.
“In the post-COVID Victorian Greenfields market, it has been extremely challenging to acquire sites that not only stack up financially but present short- to medium-term opportunities to start construction and actually deliver housing.
“The combination of unprecedented interest rate rises, cost-of-living pressures, and an increasingly difficult path to development in Victoria provided us with the impetus to seek alternative economic environments to spread our geographical risk.
“The Victorian Government has made its agenda clear in terms of delivering new housing to a massively undersupplied market and it focuses on middle-ring density development, not so much on the urban growth areas, which have traditionally been the backbone of our business,” Goldthorp said.
This shift in strategy 5 years ago has seen Wolfdene acquire $60 million worth of Perth projects with a combined pipeline value of $1.85 billion (GRV) and capitalise on boom market conditions in direct contrast to the sluggish markets in Victoria.
Since launching its first Western Australian project in 2020 — Austin Lakes in South Yunderup — Wolfdene has generated over $125 million in land sales across the Peel and Yanchep regions. In the 2024/25 financial year, Wolfdene is forecast to settle $80 million worth of land sales from over 300 transactions.
“The Urban Development Institute of Australia’s August data shows a 22.8% year-on-year increase in the average lot price across WA. The median Perth house price is now $655,000 (+18% YoY),” said Wolfdene General Manager (WA), Mitch Brown.
“The First Home Owner Grant (FHOG) applications in Western Australia have risen 31.9% in the past year, reflecting strong demand from the first-home buyer segment, which plays a key role in Wolfdene’s land sales success,” Brown said.
Construction of the Wellard project is set to begin in mid-2025, with the entire development expected to be completed within three years.’
