What is a master planned community? When buying a house and land package you’ll most likely hear about a master planned community. However what does it mean? In this market insight, we highlight and discuss this further.
What is master planned community?
A master planned community is a residential land estate designed for families to live and raise their families. They often feature a number of different sized allotments with recreational areas such as parks and reserves and retail amenities including shops and supermarkets. Many master planned communities have wetlands, pathways and other outdoor facilities such as play grounds and running tracks.
Most master planned communities are located in outer suburban areas. Good examples in Melbourne are suburbs including Clyde in the south east, Donnybrook in the north and Wyndham Vale in the west.
Master planned communities greatly improve suburbs. They introduce new schools (both public and private), medical clinics and infrastructure including new main roads, freeways, bus routes and even new train stations.
In recent times we have seen new estates also include fitness clubs, well-being centres , festivals and swimming pools. These can be exclusive to residents in the master planned community.
Why do people buy in master planned communities?
A master planned community can enhance lifestyles. The main reason people buy into these developments is the happiness and security to be part of a community or neighbourhood.
With the growing population there is great demand for housing. With the increasing pressure of housing affordability, they play an important role in Melbourne’s development.
Who creates a master planned community?
Most master planned communities are created by private developers. They are established on previously undeveloped sites, such as farmlands. Often these are developed with close collaboration with governments and planning bodies.
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While we have taken care to ensure the information above is true and correct at the time of publication, changes in circumstances and legislation after the displayed date may impact the accuracy of this article. If you want to learn more, please contact us. We welcome the opportunity to assist you.
September 2020
