As Director of Stonebridge’s Victorian Development Sites business, Andrew Milligan brings a depth of expertise across Melbourne’s inner-city and metropolitan markets.
His experience spans all major development sectors; residential, commercial, retail and industrial. He has a trusted track record representing prominent private and institutional capital.
In a year defined by renewed confidence and clear momentum across the development landscape, Andrew has been at the forefront of several high-profile campaigns and continues to advise clients navigating a rapidly evolving Victorian market.
What has been your standout achievement in 2025?
The sale of the Mackillop Estate for $20,000,000 was one of the few major suburban development site transactions of 2025.
This complex site featured several heritage‑listed significant buildings, requiring a sophisticated and detail‑driven approach. The campaign highlighted the strength of demand for rare, large‑scale opportunities in Melbourne’s blue‑chip suburbs. The site sold to a residential developer.
What major trends or shifts have you observed in the market this year?
Over the past five months there has been a strong shift in positive market confidence. Improving median house prices, a shortage of quality development stock and reduced cost of debt have all contributed to renewed buyer activity. Developers are actively restocking their pipelines, backed by strong apartment demand in affluent downsizer locations and robust townhouse demand across middle‑ring suburbs.
How has buyer behaviour evolved recently?
Buyers are demonstrating a renewed level of confidence and competitiveness, and are noticeably more active across nearly all development asset classes. Aggressive bidding has become more common, along with increased willingness to adopt dynamic, vendor‑friendly terms and deal structures to secure premium sites.
Where do you see the biggest opportunities in the next 12 months?
Capital is increasingly identifying Melbourne as a strong value proposition relative to other markets. Our population growth, government concessions and the establishment of New Activity Centres promoting density are underpinning strong long‑term fundamentals. Demand will centre on well‑located residential opportunities, particularly apartments and townhouses, in areas with excellent transport connectivity and retail amenity.
For more information or to discuss your 2026 development mandates, contact Andrew
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