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Geelong: Major roads to drive value for strategic sites near growth areas

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.

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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.”

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Fyansford: First house blocks from old quarry floor hit the market

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.

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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.

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Melbourne lockdown: Petition urging real estate to reopen takes off

Real estate agent on reopening

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.

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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.”

Home Truths portrait of Frank Valentic

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.”

Case study: seller left in limbo

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.

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samantha.landy@news.com.au

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Gold Coast property: new unit market records decline in sales but sales rate is up

DESPITE recording a decline in sales, the Gold Coast new apartment market is showing resilience with a higher sale rate than 12 months ago.

The Urbis Gold Coast Apartment Essentials Insights revealed a decline in sales during the second quarter of 2020 – down from 265 during quarter one to 156.

While this is a lower result than the previous three quarters, the market recorded a higher sales rate than 12 months ago when 153 sales were recorded during quarter two of 2019.

Surfers Paradise Aerial

An aerial view of the Surfers Paradise skyline.

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The report revealed COVID-19 has impacted the momentum that was in the market and caused a slowing of sales rates as overseas and interstate investors are hampered by border restrictions.

“While there is still uncertainty and caution in the market, Queensland’s response and results during COVID-19 will bode well when borders open and interstate and overseas buyers can move freely,” said Urbis director Lynda Campbell.

“As people reset and reassess their living and employment options, the Gold Coast is well placed to see an influx of investors and new residents looking for a lifestyle change.

“The ability to work from home, or from any location with reliable internet, has been proven and is a previous barrier to interstate and overseas migration that has been removed.”

Cannes at Surfers Paradise, a project by Marquee Development Partners.

The weighted average sale price increased $51,813 to $861,624 while supply levels have fallen to their lowest level in six years.

At the end of June 2020, there were 813 new apartments available for sale – the lowest level since quarter two of 2014 when there were 721 remaining on the market.

The majority of new apartment stock for sale is in the GC Central Precinct.

No new projects were launched during the quarter but there are 14 projects pending launch over the next six to nine months containing 723 apartments.

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3 realities broker-owners can’t ignore

As a broker in 2020, if you want to keep your team intact — let alone grow it in numbers — you need to keep your finger on the pulse of what’s going on. Here are three issues you need to factor in and learn from.