International and local buyers have snapped up every lot in a new Warrnambool housing estate.
Remarkably all 78 lots at the Plaza Estate development on Dales Road were sold within seven days of being on the market.
The lots range in size from 531 square metres to 975 square metres, with prices starting at $150,000. That means at least $11.7 million worth of land has been sold.
The land was purchased by the Massland Group from owner Stephen Payne through negotiations with Percy Eccles Real Estate.
The lots were then on-sold to a range of buyers including investors, owner-occupiers and builders.
Mr Payne said it was the “end of an era” for himself and the land.
He purchased the acreage in 1987, two years after the Gateway Plaza complex started.
“I purchased it as an investment,” he said. “I’m very patient. I sat on it for a long time.”
Massland Group property development consultant Mick Stewart said there hadn’t been a chance to advertise the lots before they sold out. He said civil works now needed to be completed as well as the continuation of Dales Road towards Horne Road. He expected home building to begin within eight to 10 months.
He said Massland Group had a definite interest in conducting more business in the south-west.
“The demand is here, if you have the right product,” he said.
Percy Eccles Real Estate agent Garry Chisholm said it was excellent for the city.
“It allows more growth and affordability,” he said.
Property consultant and buyer advocate Tamara O’Keefe-Beer said the development would mean an increase in local jobs within the building industry.
“Local business will have a flow-on effect to the community,” she said. “There will be a few hundred more people moving into the area. More people are coming here for lifestyle and affordability. Warrnambool is the most liveable city in Australia.”
Warrnambool City Council’s city growth director Andrew Paton said investment in the residential property market continued to grow.
“Such investment is a further signal of confidence in the future growth of our city,” he said. Council data showed there were 207 vacant land sales in 2017, the first time beyond 200 lots since 2011.