Battle of blocks
CONSTRUCTION has started at the Wandana estate high above Highton.
Villawood Properties executive director Rory Costelloe said building a new house could cost considerably less than the median price of an established home in the area.
“At Wandana in particular, where land is $300,000 to $400,000 and building a house on it a similar price, the house and land package is between $600,000 to $800,000,” Mr Costelloe said.
“This is significantly cheaper than the surrounding houses yet in a prime location.”
The median house price in Wandana Heights is $665,000, according to CoreLogic.
Recent sales show large blocks of land, more than 1000sq m, tend to sell in the $900,000s, such as 4 Regency Close. It is on 1104sq m of land and sold for $941,000.
Mr Costelloe also said designing and building your own home could be better than buying a preloved house and having to renovate it to meet your needs.
While it may be more affordable to buy a house and land package and design your own home, this is not having an effect on established homes in the area.
Maxwell Collins Geelong agent Duncan Skene said the new housing estate had no im- pact on the sales of established homes in the suburb.
“If anything it has created more interest in the area I think, it has brought more people to recognise Wandana Heights,” Mr Skene said.
“It is a very small pocket compared to Highton and Belmont ... people from Melbourne might never have heard of Wandana Heights before, now they have.”
He said value for money was good in the suburb, with a three-bedroom house for sale at 24 Nireeda Court for $588,000 to $628,000.
More blocks will be released for sale this weekend at Wandana ranging in size from 262sq m to 312sq m of land and from $195,900 in price.