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A new residential projects team will help Savills harness demand for homes in the Victorian capital’s most sought-after locations.
Savills Australia and New Zealand has announced the foundation of a new residential projects team to better help the brand tap into the growing interest in housing developments in Melbourne’s CBD and inner-city fringes.
Joe Phegan, the Victorian state managing director at Savills, said that the addition is a way to take advantage of the city’s increasingly low-demand market.
“Melbourne is already experiencing a severe shortfall of housing and with the city expected to become Australia’s fastest-growing city, outpacing Sydney’s population by 2030, there’s never been a greater urgency to help meet the steady demands for residential properties in the inner and city fringe Melbourne precincts.
“Apartment projects amongst existing infrastructure are expected to help address this shortage,” he stated.
The new Savills team will focus on selling high and medium-density residential projects that entrepreneurial developers can take on. With projects ranging from high-rise apartments to boutique townhouses, the team intends to sell a varied range of development opportunities.
Mr Phegan suggested that “given their expertise and track records selling residential developments and off-the-plan stock, the team will be invaluable additions to the Melbourne office as they support our clients with strategies for design, marketing and sale of all types of built form residential across Melbourne.”
The new residential projects team will be led by Michael Lang, an off-the-plan sales specialist. Mr Lang commented: “Over the past decade, the apartment market has swung away from being predominantly investor-oriented to a more concentrated owner occupier-dominated market as the value and appeal of city and inner-fringe living has become ever more apparent.
He added that Savills has “identified a void in the marketplace for an offering that can cater to both boutique metro and prestige developers as well as inner-city and CBD towers”.
For Mr Phegan and Mr Lang, the introduction of the new team is a strategic response to rising government pressure to increase housing supply.
“There’s never been a more exciting time to be partnering with our clients as we see a greater focus from all levels of government on providing a meaningful response to Melbourne’s housing shortage and the requirement for substantial new supply here in Melbourne,” Mr Lang said.
Mr Phegan added: “The addition of a residential sales team was a natural progression in the growth trajectory of the dedicated Melbourne office.”
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