Black Friday home sales, $48k discounts on land | Oliver Hume

Oliver Hume’s Black Friday “Land Grab” comes with discounts up to $48,000.

Black Friday sales are coming to Victoria’s housing estates, with a major land sales group planning discounts up to $48,000 in an August campaign named for the US bargain bonanza.

The hefty reductions could compound into major mortgage savings for those who get one, but with only 90 blocks available for the cut across nine estates the first come, first served, event is expected to be competitive.

And while the sale is set to take place three months before the traditional Black Friday sales event, slated for November 28 this year, it’s unlikely buyers will be able to have a home built in time for Christmas — though they could be well underway if they’re determined to get the ultimate present.

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Project marketing firm Oliver Hume Property Group have aligned the “Land Grab” sales event from August 22-24, with buyers able to get blocks of land for houses and townhouses with discounts anywhere from $25,000-$48,000.

Blocks will be available in Melbourne’s west, north and south-east growth corridors as well as in regional areas including Geelong and Ballarat.

Oliver Hume Property Group chief executive Julian Coppini said a number of developers around Melbourne had already begun pulling back discounts on land over the past month, but with July sales more subdued than expected the promotion had been green lit because “the market needs it”.

“And if consumers can buy clothing, electrical and white goods online, why not property?

“In the true spirit of a Black Friday sale, we have teamed up with some of the country’s best developers to offer savings that will make a huge difference when it comes to buying and building your home.”

Housing estates across Melbourne and regional Victorian cities Geelong and Ballarat are included in the Black Friday promotion.

Julian Coppini believes there is still time for buyers to get discounts on blocks of land, but only for a few more months.

It will also have a hint of the Cyber Monday event, with customers queuing online for the first come, first served sale.

Historically, many land releases were conducted on site — leaving people to queue up for days in the lead up, similar to Black Friday events, particularly in the United States.

While Mr Coppini said Victoria’s land market was showing green shoots, it would still be next year before it had the strength to it that would remove the need for all incentives — though he was not confident a similar rebate scheme would be repeated in the near future.

“November (when Black Friday traditionally occurs) will be too late, given the expected interest rate cuts,” he said.

“We would consider looking at it in other states, however at the moment they aren’t struggling so there’s no rebates in Western Australia, Adelaide or South East Queensland.”

Mr Coppini said he couldn’t recall the last time he’d overseen discounts as high as $48, and that it “would be up there” with the best that had been offered in the past year or so.

Villawood Properties Mt Duneed estate is among those providing discounts.

Villawood’s Redstone estate is being built in a scenic part of Sunbury.

He said while there was one outlying block at 700sq m, most of the larger offerings were 400sq m-500sq m — and more modest townhouse plots would provide affordable options for first-home buyers.

With every block of land in the sale titled, buyers could likely get planning and construction underway fairly quickly — but major builders have said it would be unlikely they could have a home finished in time for Christmas.

Black Friday sales examples

$231,200 (210sq m) at Jubilee, Wyndham Vale (Lotus Living)

$328,900 (294sq m) at Armstrong, Mt Duneed (Villawood Properties)

$245,000 (350sq m) at Alluvium, Winter Valley (Mondous Property Group)

$552,000 (420sq m) at Mondous Island, Clyde North (Mondous Property Group)

The Wallara Waters estate will also be participating in the promotion. Picture: Grace Frost.

Lotus Living’s Jubilee estate features a number of residents’ club and is well advanced in its development, and is now part of the Black Friday sales drive.

$260,000 (441sq m) at Wallara Waters, Wallan (Frasers Property Australia)

$294,000 (365sq m) at Haymont, Charlemont (ID_Land)

$243,000 (354sq m) at Warragul Crownlea, Warragul (Jana Group)

$354,900 (448sq m) at Redstone, Sunbury (Villawood Properties)

$394,900 (507sq m) at Coridale, Lara (Villawood Properties)

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