Dacland adds to Werribee land subdivsion sites

After eight years ownership, the unlisted property fund manager, ISPT, has sold its 37-hectare Werribee development parcel in Melbourne’s outer south-west for $25 million.

It was bought by the local developer, Dacland Group, led by John Dwyer.

The three adjoining sites come with a permit in place for 500 dwellings.

Robbie Demian of Oliver Hume Real Estate told the Australian Financial Review it was a record price per hectare for the City of Wyndham market.

Wyndham ranked as the second most expensive growth corridor land market this year.

It has a net median lot price of $218,000.

House and land packages start from $347,000, according to Oliver Hume.

The Wyndham Growth Corridor is one of the fastest growing regions of ­Melbourne with its population forecast to reach 200,000 by 2031.