Waterfront cash splash

Buyers spend $72m on homes by the water

HOMEBUYERS have splashed almost $72 million on waterfront property in Geelong in the past 18 months, new figures show.

Geelong’s waterfront strip from Eastern Beach to St Helens boat ramp has always been home to the city’s most expensive homes, but Gee

long Advertiser analysis of CoreLogic data, coupled with new figures for off-the-plan sales for a Rippleside development, has shown how much it’s really worth.

The Addy tallied sales results for houses, townhouses and apartments with Corio Bay frontages in the past five years.

The results show that values peaked in the years that new waterfront develop- ments were completed.

The CoreLogic records show waterfront properties worth $24.3 million sold in 2016, while sales so far this year have hit $7.6 million.

Off-the-plan sales at Balmoral Quay won’t be officially recorded until after the individual properties are settled, but figures provided by McGrath, Geelong show buyers have spent $40 million since the McGrath team and Barb Wookey began selling in 2016.

Only two properties re- main in stage two of the fourstage development with prices ranging from $750,000 to $2.5 million.

When coupled with the other sales, buyers have splashed $71.9 million on waterfront dwellings in 18 months.

McGrath founder John McGrath said Geelong provided a cost advantage when compared to the waterfront prices of capital cities.

“Balmoral Quay is a prime example, with square metre rates on waterfront property in Geelong averaging $8500 to $9500 per square metre, compared to premium waterfront apartments and townhouses in Melbourne averaging $15,000 to $20,000 and Sydney averaging $30,000 to $60,000 per square metre,” Mr McGrath said.

“Geelong’s proximity to major transport links is also an incentive for many out-oftowners to make the move and commute.”

McGrath, Geelong agent Jim Cross said Geelong empty nesters were the biggest group buying at Balmoral Quay, though some were relocating from Melbourne and Sydney, or the Surf Coast, to retire or work.

“They’ve put the kids through school and they’ve gone off to university or got jobs. They’ve got the big family home in Newtown or Highton and they’re selling to downsize and really treat themselves,” Mr Cross said.

But the shift in sentiment about living in Geelong is shown most at open homes, where more Melbourne and Sydney buyers were looking in Geelong, Mr Cross said.

“In properties we’ve sold around the waterfront or in the suburbs, where we might have 20 people through an open home, eight or nine are from Melbourne.”

He said five years ago, it was about one in 20.

Mr Cross said it was all about lifestyle benefits.

“Being able to live five minutes from your child’s school and being able to get around town for appointments for work,” he said.

“The feedback we’re getting is people in Melbourne and Sydney can drive up to an hour to drop their kids off at school and another 40 minutes to get to work.

“We have the luxury to be able to get anywhere around Geelong in 15 minutes. That’s a luxury that sometimes as locals we take for granted.”