GEELONG’S newest urban growth frontier is becoming hot property years before developers will turn the first earth.
Lovely Banks tops the Geelong region’s 10 fastest-growing property markets, according to new figures from realestate.com.au.
The data measuring the median house price from sales for 12 months to the end of May, shows Lovely Banks’ hit $642,500 — a rise of 26 per cent.
Hot on its heels is Drysdale, where the median house price has jumped 24 per cent to $569,250.
Bannockburn notched an 18 per cent gain, with Whittington and Waurn Ponds up 17 and 16 per cent each.
Lovely Banks is part of Geelong’s north and west development front which will accommodate 110,000 new residents between it and Batesford.
Other development hotspots in the top 10 include Lara and St Leonards, where median house prices climbed 12 per cent.
But many of the people buying in Lovely Banks today can watch the development grow around them and as their own value increases while schools, shops and parks open on their doorstep.
Sales data for the suburb shows more buyers are snapping up larger rural-residential homes, include some high-end homes.
Most of the properties selling aren’t in the development zone, where major developers already control more than 750ha of property, but Harcourts, North Geelong agent Joe Grgic said that hasn’t stopped some speculating.
“The fact is it’s not that far away from the opening of a new suburb,” Mr Grgic said.
“Council has announced it — it’s full steam ahead — and you get people speculating what they will be able to do in and around the area.
“When you consider the proximity for these rural living allotments, you’re only 10 minutes from the CBD, from the waterfront, so you’re not that far out.
“You’ve got this lifestyle so people are buying it, moving in or renting it out, and using it as their super fund. If they’re moving in, they’re enjoying life just around the corner.”
Mr Grgic said some are speculating that the minimum size of rural living lots could shrink, opening a potential windfalls.
“Currently you need an average of over 3 acres (for a rural living block in Lovely Banks), yet in Golden Plains Shire they require one-acre allotments,” he said.
“There is a bit of speculation that in due course, whenever that is, that council will allow these 1 acre allotments, which fits within the model of rural living and is allowed in Golden Plains.”
Mr Grgic said if that happens, owners could cut some land off their own block, sell it and not lose much value in their remaining property.
“When the development finally happens and all the services come there, the schools, the shops, the living, how good is that to have there.”
Stockdale & Leggo agent Jan O’Connor said buyers looking at high-end homes in Lovely Banks were either coming off larger properties, or upgrading.
“They’re from neighbouring suburbs, the kids are going off to school at say Kardinia International, and they’re looking to be more central,” Ms O’Connor said.
“They’re looking for the lifestyle, still some land for a pool and views.”
Check out our listing at Whitcombes Road
|Suburb||Median sale price||12 month change|
Source: Realestate.com.au; Median sales price for houses sold in 12 months to end of May, 2019