Resimax boosts housing estate pipeline by $8bn

Resimax Property Group boss Aziz ‘Ozzie’ Kheir.

Property developer Resimax Group has struck a series of deals in Melbourne’s growth corridors, picking up more than 700ha of land for estates that it says will have an end house and land value of $8bn.

The developer’s portfolio already includes its flagship project, Eynesbury, and the latest moves will make it one of Victoria’s largest and most active private developers.

Resimax is sticking to its core areas and is focused on the West and North Precinct Structure Plan growth corridors of Melbourne.

Its pipeline now includes 274ha in Beveridge and 115ha in Wallan, both in the city’s northern suburbs; 148ha in the northwest suburb of Sunbury; and 116ha in Rockbank and 71ha in Melton, which are both in the western suburbs.

The developer said the pipeline would give it affordable land lots for Melbourne homeowners and allow it to roll out its build-to-rent housing model.

The developer plans to progressively release the land lots available from next year, with 500 of the 10,000 lots held as designated build-to-rent homes across various projects. Resimax plans to construct and lease the rental homes to tenants by 2027, following the rollout of stock in its current portfolio.

Resimax managing director Aziz ‘Ozzie’ Kheir said the developer had ambitious plans to deliver 1000 new homes for Melburnians every year for the next five years, from existing and future developments.

“Resimax Group has strategically acquired over 10,000 new land lots in Precinct Structure Plans, some of which have readily available infrastructure, allowing us to fast-track the delivery of affordable housing stock into Melbourne, subject to approvals,” Mr Kheir said.

Resimax picked up the land parcels for undisclosed sums in a series of opportunistic deals during and shortly after Melbourne’s Covid-19 lockdowns.

Mr Kheir said market uncertainty and low immigration during the pandemic created a chance for the developer to lock in funding and build up a significant pipeline for affordable housing.

“This strategy will allow Resimax Group to deliver a critical volume of housing in northern and western growth corridors of the state, where land parcels are still affordable and migration is booming,” Mr Kheir said

Resimax said additional resources on a state level needed to be put in place now to fast-track PSP approvals.

“If additional resources are put into place on a state government level now, developers such as Resimax Group can deliver housing faster, and work towards closing this housing shortfall over the next five years,” Mr Kheir said.