The Victorian land developer has purchased of a nine-hectare block in East Wanneroo to create a $46 million project, cementing strong interest from residential developers.
Wolfdene has purchased a nine-hectare block in East Wanneroo with a view to develop a $46 million residential project.
The deal cements the strong level of interest in the area from residential developers, and follows several acquisitions by Satterley Property Group.
Wolfdene announced the acquisition this week, which brings its investment in Western Australia to $100 million.
The Victorian-headquartered company plans to develop a 155-lot project in the area, which has been identified as a key growth area by the Urban Development Institute of Australia WA.
It did not disclose the purchase price, but comparable land has sold for about $10 million recently.
It adds to the developers’ sites in North Ellenbrook and Wellard, following its entry into Perth in 2019.
Late last year, Satterley Property Group bought five separate properties in East Wanneroo for a combined $23.57 million, RP data shows.
The properties totalled 20.92 hectares.
Wolfdene’s latest purchase sits within the East Wanneroo District Structure Plan, with urban zoning and local structure plan approval expected imminently.
The company says subdivision approval was also underway, with sales set to launch later this year and construction to begin in 2026.
“This acquisition underscores our confidence in the Western Australian market and aligns with our broader strategy to secure well-located sites in key growth corridors,” Wolfdene managing director Michael Goldthorp said.
“We’re capitalising on strong population growth and buyer demand in Perth’s north, where affordability and connectivity continue to drive interest from first-home buyers and upgraders.”
The City of Wanneroo has forecast the East Wanneroo area to grow by 150,485 people between 2022 and 2041. This represents a 68 per cent increase.
Wolfdene general manager WA Mitchell Brown said the acquisition was well timed given the strong fundamentals underpinning the Perth land market.
“While we expect the Perth market to moderate somewhat over the next 12 months, sites like this close to well established amenity and lifestyle offerings continue to tick all the boxes for our strategic push into WA,” he said.
Sales are set to commence later this year, with construction scheduled for 2026.
The land was purchased from a private landowner who has owned the site for several years.
