Where to find cheapest land
THE Armstrong Creek growth corridor has emerged as the region’s most affordable new land market.
New research shows lot sales in the Geelong region are continuing to rebound after hitting a low point in April, with nearly 280 lots selling in the three months to September.
RPM Real Estate Group head of communities Luke Kelly said the research showed another 143 lots sold in October alone as historic low interest rates and easing of borrowing rules let more buyers into the market.
While $280,000 is the median lot price across Greater Geelong, the report found Armstrong Creek — including Charlemont and Mount Duneed ($272,500) — and Lara ($274,000) were the most affordable greenfield corridors.
Median lot prices were higher in Geelong ($299,000), the Bellarine Peninsula ($335,000) and Torquay ($430,000). But some house and land packages are priced as low as $350,000 for a threebedroom house on a lot under 250sq m.
The cheapest house and land packages on blocks between 400sq m and 440sq m range from $430,000 to $500,000 in Armstrong Creek, Charlemont, Lara, Mount Duneed and St Leonards.
Mr Kelly said while land prices were more affordable in Geelong, it was also better value for money, with a 448sq m median sized block more than 50sq m bigger than what was offered in greater Melbourne.
In Melbourne, a 395sq m median sized lot comes with a $315,000 price tag.
Mr Kelly said sales were rising across the board in Geelong, including mediumdensity lots, smaller lots and conventional lots.
While improving borrowing conditions helps buyers who are doing their own financial due diligence, increasing competition from 36 active land estates also provided an edge, he said.
New estates opened in Armstrong Creek and Lara West in October, with another 150-lot project, Forest Green, slated for release on Horseshoe Bend Rd soon.
Mr Kelly said new estates tended to launch with good deals.
“The one in Lara, Coridale, is from Villawood, who hit the ground running with some pretty attractive price points after a long lead-in time building a database,” Mr Kelly said.
“There is good competition, good supply to meet demand that keeps the prices steady,” he said.