Blog

41-49 Wills Crescent, Moolap, has a frontage to Portarlington Road in Geelong’s east.

Geelong investors and developers have made big strategic plays for industrial and mixed use land fronting major arterial roads in the city’s east and south.

The properties at Moolap and Charlemont have sold after expressions of interest campaigns drew buyers from Melbourne and Geelong.

But it was local interest that places a higher premium on the sites fronting Portarlington Road at Moolap and Barwon Heads Road on Geelong’s southern outskirts.

RELATED: Public auctions back in regional Victoria

Geelong rental market ‘manic’ as demand soars

Geelong West house beats price hopes by $100K

Darcy Jarman, Geelong West agent Tim Darcy said a local investor had secured the long-term home of Corio Waste Management at 41-49 Wills Crescent, Moolap.

The 11,441sq m industrial site had sold at the upper end of the $2.5m to $2.75m quoted price range, Mr Darcy said.

CWM has signed a new five-year lease with options to 2040.

“It was a secure investment, it was basically a good land bank with cash flow,” he said.

“With the growth out there and their planned extension of the ring road it will become an even more strategic site.

“Moolap is an older industrial area, but everything probably east of Point Henry Road is quite adaptable and more strategic because of the larger nature.

345-365 Barwon Heads Rd, Charlemont.

“We had quite a bit of interest in it. The local parties were prepared to pay the stronger prices because they probably understood it a bit more.”

Meanwhile, a Geelong investment and development group has paid around $1.55 million for a property with a 200m frontage to Barwon Heads Road at Charlemont.

Mr Darcy said the strategic nature of the property would become evident through the precinct structure plan under way for the Marshall portion of the Armstrong Creek Growth Area on Geelong’s south.

“They’ve bought it as a land bank and when the Marshall precinct structure plan gets rolled out they will look to develop that site,” he said.

345-365 Barwon Heads Rd, Charlemont.

Offered by the mortgagee, Mr Darcy said sold in the middle of the $1.5 to $1.6m quoted range after receiving six offers, predominantly from Melbourne buyers.

“This will suit a raft of residential and potential mixed uses,” he said

It’s very much a strategic play.”

MORE NEWS: Why buyers are chasing these Geelong hot spots

Single mum’s reno sets street price record

New estates launched in Armstrong Creek, Leopold

The post Geelong: Major roads to drive value for strategic sites near growth areas appeared first on realestate.com.au.

Recent price falls have made Sydney more affordable. Picture: John Appleyard

Housing has become more affordable for buyers on middle- and lower-incomes, opening up access to suburbs that were previously out of reach.

Recent falls in prices, spurred on by the economic fallout from the COVID-19 health crisis, has meant those on annual incomes of less than $80,000 can buy in suburbs where the average houses were only affordable for households earning more than $100,000 back in March.

MORE: The Sydney danger zones with an oversupply of units

Vacancies ease as landlords cut rents

An analysis of mortgage and price data by Finder.com.au found that southwest suburbs Elderslie, Spring Farm and Hebersham had seen significant improvements in affordability, thanks to cheaper prices and a fall in home loan rates.

Buying a house in Manly won’t come cheap. Picture: John Appleyard

Buyers in these suburbs only needed to earn around $70,000 to afford monthly repayments if they had a 20 per cent deposit and the lowest rate on the market, which sits around 1.95 per cent.

“The door is now open for lower- and middle-income buyers,” Finder.com.au insights manager Graham Cooke said.

“We are seeing the first sub-2 per cent rates appear in the market, with one 1.95 per cent product available nationally, and many others in the same ballpark.”

There were similar changes on the Central Coast, with suburbs like Chittaway Bay, Bateau Bay and Hamlyn Terrace.

Western suburbs South Penrith, Marsden Park and Emu Plains were also in the same boat.

Sydney’s cheapest markets for a house, Austral and Wilmot, required a minimum income of $43,000 a year.

An income of $80,000 is required to buy in Liverpool, $60,000 in Campbelltown and $76,000 in Fairfield, based off an interest rate of 1.95 per cent

In Castle Hill that number jumps up to $163,000, while Kellyville residents require an income of 128,000 to secure a house.

You would need an income of around $550,000 to buy in Vaucluse. Picture: John Appleyard

For units, Berkeley Vale on the Central Coast is the cheapest market, with a required minimum salary of about $36,000.

To buy a unit in inner west hot spot Leichhardt, a salary of just over $100,000 is required, while the figure drops to $72,000 in Newtown.

In comparison, to buy a house in a premium Sydney area like Vaucluse, you will need a salary of $554,000.

In Bellevue Hill that number rises to $663,000.

To buy a house in Manly you will need an income of just over $300,000, while in Cronulla it is around $230,000.

The post The Sydney suburbs where you can buy based on your salary appeared first on realestate.com.au.

Ray White Werribee director Michelle Chick says the real estate industry just needs to be able to run private inspections to function. Picture: Jay Town

More than 1600 people have signed a petition that calls for Melbourne’s real estate sector to be able to reopen, arguing waiting several more weeks as the government plans will “cripple people financially”.

The petition on the Parliament of Victoria website states the “requirement to find a home is unquestionably essential”, and that both agents and consumers are desperate for physical one-on-one inspections to be allowed again.

It urges the state government to work with the Real Estate Institute of Victoria to “create and implement a COVID-19 Safe Plan” for reopening the sector and running private inspections.

RELATED: Homeowners plea for Melbourne inspections ban to end

Melbourne lockdown real estate restrictions leave homeowners in limbo

Billions to be wiped from Victorian economy as spring market ban extends

This could include checking the temperatures of prospective buyers and tenants upon arrival at homes, sanitising door handles and surfaces, enforcing social distancing, and recording attendees’ contact details to lodge with the Department of Health and Human Services.

The petition said waiting until October 26, as the government planned, to revive the crucial element of the selling and leasing processes would “cripple people financially”.

“Those who have purchased and need to sell, and those who’ve been evicted due to landlords returning to occupy and cannot inspect a new rental home, have been burdened by the COVID-19 restrictions,” it said.

Signatory Frank Valentic, director of Advantage Property Consulting, said his business alone had about 25 would-be vendors “hurting” from being prevented from listing now-vacant investment properties, and 20 buyers ready to pounce but unwilling to purchase without physically inspecting homes.

“I, myself, have sold to downsize, and I can’t get through any properties to buy my next home,” he said.

“There are lots of people in my shoes. It’s pretty traumatic for older people who have sold long-time homes (and) young families.”

Buyer’s advocate Frank Valentic says real estate’s continued closure hurt dozens of associated industries as well.

Those who had already bought new properties but couldn’t sell their old ones were also at risk of being unable to settle on their purchases and losing their deposits, Mr Valentic said: “Daniel Andrews said he wouldn’t stop people from settling, but he is.”

The people working in the many real estate-associated industries were essentially out of work until the sector could reopen, he added, including conveyancers, and photographers and stylists, who were banned from attending properties under stage four restrictions.

“Real estate is an essential service. And we’ve never had any cases of COVID-19 (from real estate activity),” he said.

“The main thing we need is getting one-on-one inspections back, nothing else really needs to happen.

“No one is going to buy without inspecting a property, unless they’re really desperate. People aren’t going to spend hundreds of thousands or millions of dollars and risk buying a lemon they’re not happy with.”

Lyn Davenport and her 12-year-old daughter, Grace, sold their Mornington home in between Melbourne’s two lockdowns but now can’t inspect rentals to move into due to the ban on physical inspections. Picture: Alex Coppel.

Ray White Werribee director Michelle Chick agreed Melbourne’s real estate sector really only needed that one little freedom to save hundreds of homeowners and tenants from financial and mental stress.

“Everything else, we can do virtually — appraisals, listing appointments, signing any documents. We’ve had a lot of success with online auctions,” Ms Chick said.

“We just need that final piece of the puzzle.”

Ms Chick said buyers were embracing online auctions, with Ray White Group running more than 700 of them since COVID-19 restrictions first started in March. But the vast majority were unwilling to commit to homes without “being able to walk through to feel, touch, smell and get to know the property”.

“Some have had to move on for financial reasons, or to get into school zones for their kids,” Ms Chick said.

“People are having to put plans on hold, which is causing a lot of stress, financially and mentally.”

This included clients of hers who needed to move to get their special needs child into a particular school.

“Their house is sitting there on the market. We have 3D virtual walk throughs online, and we’re doing walk throughs with vendors … via Zoom. But buyers are still waiting to go through,” she said.

28 Twin Creek Court, Sunbury sold sight-unseen during lockdown for $999,995.

Ms Chick said her agency would ensure its inspections were COVID-safe by allowing only one agent and one prospective buyer or tenant to attend, providing masks and gloves for both to wear, checking temperatures, carrying out deep cleans on homes, enforcing physical distancing, and record keeping to allow for contact tracing.

The Real Estate Institute of Victoria is campaigning for private inspections to resume as

part of the second step on the state government’s road map to reopening, due to start September 28, rather than the third.

Victoria will need to record fewer than five daily coronavirus cases over the two weeks prior to October 26 to reach the third step, at which point “outdoor auctions subject to gathering limits” will also be allowed.

MORE: ‘Grim day’ as Melbourne’s real estate lockdown extended

Can I start a new lease, move into a new rental during stage four?

Basketball champ Andrew Bogut defends Beaumaris mansion plans

samantha.landy@news.com.au

The post Melbourne lockdown: Petition urging real estate to reopen takes off appeared first on realestate.com.au.

12990 Tasman Highway, Swansea. Picture: SUPPLIED

HOW often does the chance come along to grab a slice of the lauded Freycinet Coast?

Starting at about $500,000, single, double and triple-bedroom residences will be built at the luxurious Piermont Retreat property south of Swansea.

Knight Frank property consultant Adele Plunkett says investors will be able to enjoy the best of both worlds.

She says as well as owning an impressive coastal holiday home — and being able to vacation there themselves — there will be opportunity for Piermont to lease and manage the holiday rental home for the owner.

“A management agreement, specs for furniture and projected income returns are available on request,” she said.

“At present there are a two-bedroom and a three-bedroom property completed and sold.”

Life would be a dream.

Luxurious.

Enticingly, Piermont Retreat’s facilities will be available to the owner, too, including its award-winning restaurant, swimming pool, tennis court, walking trails, private beaches and equestrian parkland.

The accommodation at Piermont has been described as “ecologically sustainable luxury” with a lack of superfluous decorations and glitzy polishes. Its creators prefer lovingly finished details, handcrafted from natural materials.

Adele said the strata titled villas would be built to the high standard that Piermont was renowned for.

“At this stage the vendor is offering a couple of single bedroom villas on Lot 252 and 264.

“These will be constructed of vertical timber and will be single storey; only slightly different from the larger properties.

“There will be a two-bedroom villa on Lot 248 from $895,000, a three-bedroom villa on Lot 266 from $945,000 and a waterfront home with three bedrooms on Lot 244, priced from $1,175,000.”

Raw materials.

Natural beauty.

Prices include building completion and all fixtures, fittings and furniture.

These chic contemporary properties were designed by JCB Architects to blend with the natural landscape and provide luxury accommodation that accentuates an indoor/outdoor seaside lifestyle.

The interiors were designed and styled by Hecker Guthrie with a natural palate and European influence.

The strata allotments have been strategically placed to provide privacy and beautiful vistas over Great Oyster Bay and the iconic Freycinet Peninsula.

The secluded waterfront position at Piermont affords a delightful setting with a serene environment for holiday living.

“These captivating villas will encompass all this with the benefit of a good return for your investment,” Adele said.

Prices for No.12990 Tasman Hwy, Swansea range from $495,000+ to $1,175,000+. Contact Knight Frank for details.

The post Coast with the most a holiday maker’s paradise appeared first on realestate.com.au.

An artist’s render showing Stage 3.1 at GenFyansford housing estate viewing east towards central Geelong.

The redevelopment of the former Fyansford cement works took another step with land sales starting on the old quarry floor.

Significant civil works, including blasting, was undertaken the remediate and reshape the quarry site in Geelong’s west to allow housing construction in the GenFyansford estate.

Stage 3.1 comprises 65 house blocks varying in size from 350sq m to 720sq m and are priced from $310,000 to $485,000.

RELATED: Public auctions back in regional Victoria

Geelong rental market ‘manic’ as demand soars

Why buyers are chasing these Geelong hot spots

The Fyansford quarry before civil works started for the Gen Fyansford housing estate.

GenFyansford sales agent Brett Thompson said some buyers had waiting for house blocks on the old quarry site to be released since the masterplan was revealed in 2014.

The old quarry wall forms a key plank in the parkland network in the estate, with parks and a network of lakes connecting the rock wall to the Moorabool River.

Most of the blocks in the biggest section of estate were on flat land, Mr Thompson said.

Some sloping lots will look out over the rest of the estate.

“It’s the outlook. There’s a lot of construction work that we’ve done but it’s still got a natural outlook to the quarry wall face, where there is a big lake at the bottom of the rock wall,” he said.

The Fyansford quarry during civil works ahead of land sales in the housing estate.

“We started in late 2014. We’ve had people on the books that long just because of that concept — because in one direction you’ve got the quarry wall and the lake and in the other you’ve got the Moorabool River and parks wrapping around.

“Wherever you are, you’ve got hills wherever you’re looking. That’s the big selling point — the land is quite easy to build on but you’ve got that big natural element.”

Mr Thompson said nine blocks had sold since the stage was launched to the public at the weekend following an earlier VIP release.

Civil and housing construction under way at the Gen Fyansford housing estate at Geelong.

The stage offers more affordable land compared to the Pinnacle release in Newtown, where blocks sold as high as $858,000 earlier this year.

“We’ve had slow releases because it’s such a unique development and the construction time is so long.

“But we’re going to have a lot of land coming up, something like 400 blocks coming up so as soon as this is all gone, we will release some more land and have some good stock.”

GenFyansford estate is home to more than 400 residents, with the population expected to rise to 950 by 2021.

The overall project is expected to be completed by 2024, with 1200 lots and a commercial town centre.

The post Fyansford: First house blocks from old quarry floor hit the market appeared first on realestate.com.au.

Tania Tan and Robert Hosker with their children Amber and Ollie Hosker.

When Tania Tan and Robert Hosker listed their Neutral Bay family home for sale in May, Sydney was in the thick of the COVID-19 crisis.

Social distancing rules were well entrenched after the Federal Government introduced them in March, but by May 15, the first easing of restrictions imposed in the nationwide lockdown had arrived.

MORE: Hollywood heart-throb buys in Byron hinterland

Epic mansion comes with 14-car garage

Ms Tan and Mr Hosker were keen to upsize to a larger home in the area, having lived at 20 Bent St, otherwise known as The Corner House, for 13 years.

The couple wanted more space for their growing family, but wanted to sell before they committed to a new property.

20 Bent St, Neutral Bay.

20 Bent St, Neutral Bay.

Ms Tan, former art director for Pacific Magazines and at the BBC, who now works in the financial sector, said the home had been wonderful for raising their young family.

Claudia Portale, of McGrath Mosman, launched the property in May, ahead of a June 6 auction, however it didn’t sell.

“We had such a tough time during the COVID lockdown and afterwards – there was a lot of negativity about the market,” Ms Portale said.

“But come spring and it’s like everyone has sprung seriously into action. The buyers are back.”

Last week Ms Portale relaunched the couple’s property in the hope of a spring sale, setting a September 26 auction.

And what a difference it was this time around.

The kitchen.

The view.

A young couple, originally from Melbourne who had been looking for their dream home for the past year, inspected The Corner House last week.

By 5pm they had signed off on a $3.275 million deal to buy the c1910 home.

It was a great result, considering the price guide was $2.8 million to $3 million – and set a new street sales record.

It blitzed the record set in 2018 with the $2.82 million sale of 64 Bent St, CoreLogic records show.

Ms Tan said it all happened very quickly.

“I was so surprised at how quickly it sold this time ‘round,” she said. “I really had no idea what would happen.”

Meanwhile, the family is still looking for the right new home.

“In this environment we really didn’t want to end up with owning two houses at once,” Ms Tan said. “We definitely plan to stay in the area.”

A TASTE OF BALI

Who needs international travel when you can have a Balinese-style courtyard complete with water feature, towering bamboo and electric rain-sensing louvre roof in the heart of Neutral Bay?

The two-bedroom townhouse at 3/3 Hardie St, is due to go to auction on October 3, with Matthew Smythe and Mark Ryan, of Belle Property Neutral Bay.

Holiday at home – 3/3 Hardie St, Neutral Bay.

They have set an auction guide of $1.4 million price guide for the pet-friendly home, which has 168sqm on title.

Owners Garry and Jacqui Brook have been renting the property out since moving to the Central Coast a year ago.

Ms Brook said the property had been a massive hit on Airbnb, with the couple achieving ‘super host’ status within three months.

“Unfortunately, since COVID-19 hit, we have lost bookings as they were all from overseas,” she said.

So they have decided to sell the townhouse.

“We think our property is a hidden gem,” Ms Brook said. “It caters to the needs of a young couple/family upsizing from an apartment or a couple who are downsizing.”

RARE OPPORTUNITY

A 1930s home set high on the Balmoral ridge, and a level walk from the Mosman village has come to market.

The three-bedroom home at 16 Moruben Rd, is ripe for a renovation, extension, or even a knockdown/rebuild, says Jacqui Rowland-Smith, of Di Jones Mosman.

“The (harbour) views are phenomenal,” she said. “This is a rare find, there is so much opportunity with this property.”

16 Moruben Rd, Mosman.

The view.

The rear view.

Or you could do nothing at all. From the street, the home has plenty of appeal in keeping in line with its Federation history, and there are plenty of classic touches still evident.

The versatile floorplan allows for a range of uses within the living spaces, that open to multiple terraces.

Other features include a skylit kitchen with stainless steel appliances and gas cooktop, fully tiled heated pool and spa surrounded by tropical gardens, massive main bedroom with ensuite, terrace, built-ins and a dressing room, rumpus room and airconditioning.

The home will be privately auctioned on October 3, with a price guide of $5.25 million to $5.75 million. It is open for inspection today and Saturday, from 1-1.30pm.

SIGN UP HERE FOR THE NSW REAL ESTATE NEWSLETTER

The post New season brings fresh optimism to the lower north shore market appeared first on realestate.com.au.