Residential land in Shepparton and Mooroopna has become so scarce that real estate agents have virtually nothing left to sell.
Future stages of major residential estates are already sold, in many cases more than 12 months prior to the titles being available.
Land is also being reserved by desperate buyers long before it comes to market and before pricing is finalised.
The market is so hot that the final stage of Grammar Park Gardens will go to a competitive process rather than be sold at fixed prices.
The lots are currently listed as coming up for auction, which Glenn Young from Youngs & Co Real Estate said was a sign of the times.
“That process may alter, but they won’t be offered for sale at a fixed price, it may be a tender process which will probably now happen mid to late this year,” he said.
Mr Young said his agency managed six estates and, apart from stages 3a and b of Tatura Waters and two lots in The Outlook in Mooroopna, he had no residential lots left.
“A lot of land has gone up between $50,000 and $100,000 over the last 12 months but I still have the unenviable task of telling people I can’t help them at the moment,” he said.
Since June 30 last year larger subdivisions amounting to 386 lots have been listed in the planning system for Greater Shepparton City Council but agents say it has all been pre-sold.
Mr Young said the next three stages of Lauriston Estate north of Shepparton all have names beside them despite being a long way off final pricing and approval.
“A lot of those blocks have second and third options on them,” he said.
Gagliardi Scott Real Estate lists 11 residential developments but only has limited land available on one estate in Numurkah.
There is nothing left in Shepparton or Mooroopna.
Edgewater Place, a staged 88 lot development in Kialla, sold out in 90 minutes and demand elsewhere has been just as strong.
“We had 700 registered buyers at North Quarter for 73 blocks,” Rocky Gagliardi said.
That project is still delayed in planning but the buyers waiting to get titles and build their dream homes are the lucky ones.
Mr Gagliardi said anyone looking for land now had very limited choice and an even longer wait.
“It is actually scary what is going to happen with supply,” he said.
“I just have no land; it’s frustrating, I get six or seven calls a day, I get countless calls asking about next stages.
“There are very frustrated people out there.”
The lack of land for building has also put pressure on the existing home market which in turn has tightened the rental market.