Woodlea sells out first stage of lots with ballot system

Developers Victoria Investments & Properties (VIP) and Mirvac adopted a ballot system to sell off the first stage of their housing estate in Melbourne's western growth corridor this weekend.

VIP and Mirvac enlisted television personality Livinia Nixon to host the event on Saturday, where registered buyers had the opportunity to select one of 70 plots at Woodlea. Each registrant had placed a $1,000 deposit to enter the draw.

There were 185 buyers registered on the day for a chance to select a lot, which were priced from $183,500 for 500 square metres. All 70 lots have now sold.

Upon completion, the $2 billion masterplanned community located 29 kilometres from the Melbourne CBD will span 711 hectares. Saturday's event at Galli Windery was the first stage of the development's land releases.

In total, the community is expected to hold 7,100 residential lots when completed, with two pre-schools, two primary schools and a secondary school.

There are also plans for childcare facilities, a public library and a town centre. The development, located in the City of Melton, is expected to house 20,000 residents. The planned development is located between Melton to the west and Caroline Springs to the east, and will make use of the Rockbank railway station, the Western Highway, the Deerpark Bypass and the Melton Freeway.

VIP's chairman, K.T. Lim, acquired the Woodlea site 15 years ago. Prior to Woodlea, VIP has largely worked on industrial and office projects, including various commercial redevelopments in the Melbourne CBD.

Photo: Supplied.