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Private developers from Sydney and Melbourne have splashed out on about $400 million to acquire two major land parcels in Melbourne’s outer north and south-east that could accommodate more than 7000 new homes with an end value of more than $4 billion.

The two acquisitions are part of a wave of local and Asian private money being funnelled into greenfield land on Melbourne’s outskirts as developers look to grow their future housing pipelines amid soaring lot prices – up 39 percent in the past 12 months – and a chronic undersupply of new homes.

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