In a historic move for South Australia, a joint venture between Costa Property Group and Grange Development has unveiled plans for nearly 10,000 home lots within the Gifford Hill precinct in Murray Bridge. This project, the largest single residential development in the state's history, is set to reshape the region and provide a substantial boost to the local housing market.
Massive Land Acquisition and Development Vision
The joint venture, led by Shirley Costa's family office, Costa Property Group, and Grange Development, has successfully acquired 909 hectares of the 1860-hectare Gifford Hill precinct. This significant landholding was accumulated over the past 18 months through multiple transactions, giving the joint venture control of 81.4 percent of the developable land in the precinct.
The Gifford Hill project is poised to deliver 17,100 homes, ranging from detached housing to medium-density options. This extensive development will include a new town center, a mixed-use high street, and six neighborhood activity centers, designed to create a self-sufficient and vibrant community. With an expected population of over 44,000 people upon completion, Gifford Hill is being lauded as a "second city" for South Australia.
Key Features of the Development
Beyond its residential offerings, the Gifford Hill precinct is designed with sustainability and community in mind. The project includes seven schools, 285 hectares of conservation space, and 119 hectares of active open space, making up more than 20 percent of the precinct. These features ensure that residents will have access to ample green spaces and educational facilities, fostering a high quality of life.
Central to the development is the new $110-million Murray Bridge Racing Club, which will serve as a major attraction within the precinct. This facility is part of the broader Murray Bridge Structure Plan, which aims to guide the region's growth and development in the coming years.
Addressing Housing Demand in Murray Bridge
The Gifford Hill project comes at a critical time for Murray Bridge, a region that has experienced a severe housing shortage in recent years. According to Domain’s June 2024 Rental Report, rental prices in Murray Bridge have surged by 68.6 percent over the past five years, driven by an undersupply of housing and increased demand resulting from population and employment growth. The region saw a 10.3 percent population increase in the past year alone, further exacerbating the need for new housing.
The Gifford Hill development is expected to alleviate this housing crisis by significantly expanding the housing supply in the area. With nearly 10,000 new lots planned, the project will provide much-needed relief to homebuyers and renters, helping to stabilize the local housing market.
A Future-Proofed Urban Design
Grange Development founder James Dibble has emphasized the forward-thinking nature of the Gifford Hill project, calling it the most significant residential development in South Australia's history. He highlighted the project’s commitment to "future-proofed" urban design, incorporating advanced technology, sustainable materials, and modern construction methods to ensure the development remains relevant and resilient for years to come.
Conclusion
As the largest residential growth area in South Australia since the 1950s, the Gifford Hill project is set to become a cornerstone of the state’s urban landscape. With its comprehensive planning, focus on sustainability, and commitment to community, this development promises to transform Murray Bridge and set new standards for residential projects in the region.
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