Estates hot property, stats show
BUILDING approvals and population growth are among the highest in the state in the strip of estates through Armstrong Creek to Ocean Grove.
The estates running through postcodes 3217 and 3226, encompassing Armstrong Creek and Ocean Grove, have exceeded expectations for growth, says a Housing Institute of Australia report.
Postcode 3217 had $192 million of building approved in the year to February while for 3226 it was $189 million.
The increase is coupled with a 7 per cent population growth in 3217, and 4.9 per cent in 3226.
HIA chief economist Shane Garrett said that new building activity was surging across the nation.
“The good news on housing is not confined to the major capital cities — the report shows that regional Australia is also peppered with housing hot spots,” he said.
ABS data confirms this, showing Geelong is the fourth biggest destination for internal migration in Australia.
Its figures show 4216 people moved to the region in 2015-16.
Anthony Barnett, a Warralily resident in Armstrong Creek, said the change over the past seven years had been immense.
“What was paddocks before is now a lot of housing, and from my perspective it’s great to see some of the things that were planned initially coming to fruition,” he said
“We obviously have the new school being built, the new shopping precinct and just close to us we’ve got a new playground that’s gone live.”
Meanwhile, on the peninsula the HIA figures were now reflecting the land boom in Ocean Grove, according to Kingston Estate communica- tions manager Allason Lynch.
Ms Lynch said former and current Ocean Grove residents were the driving force behind the approvals, searching for comfortable and affordable living.
She said returning and current Ocean Grove residents were the driving force behind the approvals.
“We’ve definitely seen a huge surge in land sales in the past five years. We’re now releasing between 100-150 blocks a year,” she said.
“While we’re starting to see growth in the building approvals, we’ve already seen growth two years ago when the demand for land increased significantly — five years ago as well.”
Ms Lynch said that many buyers were selling their Ocean Grove properties to unlock money and were moving to Kingston with the surplus and were able to spend big on houses.
An average block in the Kingston Estate costs about $250,000. Ms Lynch believes buyers are spending that again to build.
“Most people are able to put a home on a block for $250,000-$300,000 that’s bigger and nicer than what they’re coming from,” she said.