Small builder-developers are spearheading a recovery in the volume of serviced land deals in Melbourne's west.
Savills research shows more than 43 hectares of serviced land around Truganina, Ravenhall and Derrimut sold in the 18 months to August, reaping more than $60 million.
The deals, at the low end of the market, point to a recovery in confidence among smaller operators.
Savills industrial director Tim Casanelia said the take-up of serviced land in the west had fallen to as low as 10 hectares during the global financial crisis, but is holding steady at 30 hectares.
"There's no doubt we are seeing a significant recovery. It started early last year but in the past six to nine months we've seen the most dramatic turnaround since the GFC," Mr Casanelia said.
More than 90 transactions occurred across several large estates in the west, including Leighton Properties' 47-hectare WestLink Business Park in Deer Park, the West Park Estate in Truganina and the Kador Group's Mangana Industrial Park.
The sale of a 47,330-square-metre site at 18 Davis Court, Derrimut for $3.92 million was the largest deal. The sale of a 3176-square-metre site at MAB's Orbis Business Park commanded the highest per-square-metre rate of $238.
Savills agent David Norman said: "When developers, speculative builders begin to buy land, you have an early indicator that there is some sort of economic recover underway."
Knight Frank agent Matt Crofts, who has sold about a dozen parcels of land at Orbis, agreed. "It's really positive to see the developers are out there, not just owner-occupiers."
