Warrnambool housing estate close to sold-out

Homeseeka director Paul Jellie said there were more than 150 blocks in the Wollaston Road estate.

But they had sold at a very rapid rate.

Mr Jellie said the blocks remaining ranged in size from 400-square-metres to 1500-square-metres, with an average size of 650-square-metres.

"The interest level has been incredible," Mr Jellie said.

He said he was regularly fielding inquiries from buyers right across the state.

Mr Jellie said he didn't think the remaining blocks would last long.

"The level of inquiry is very positive," he said.

Mr Jellie said interest in Warrnambool property remained strong.

"It is still very steady," he said. "Volume of sales continues to be encouraging."

However, Mr Jellie said he believed the market had probably peaked.

"There is no doubt interest rate rises will affect buyers' borrowing capacity and I'd imagine that will probably put the brakes on rising prices, which is not necessarily a bad thing," Mr Jellie said.

He said it could be good news for buyers.

"Having said that, historically Warrnambool hasn't had the highs and lows that some other cities experience," Mr Jellie said. "Traditionally we have seen times of price growth and then it tends to plateau rather than drop substantially."

Blocks in estates in the Wollaston Road precinct have proved very popular in recent years.

There has also been substantial interest in a planned 500-450-lot subdivision called Yallambee.

Ray White Warrnambool director Fergus Torpy said the development had been promoted on social media and more than 150 people had registered interest in the new estate.

"It's a big growth corridor out there and it will be great to have a new high quality estate," he said. "The blocks are expected to range in size from 650-square-metres to beyond 1200-square-metres.

"It will cater for a range of different buyers."

Mr Torpy said there would be smaller blocks that may suit retirees, while there would be larger lifestyle blocks for families wanting some extra space.

"It's going to be very versatile and cater to a range of buyers," he said.

"We've had in excess of 150 pre-registrations, which shows the confidence and appeal in Warrnambool."

A $100 million country club, golf course and housing estate has also been mooted on the south side of Wollaston Road, opposite the proposed Yallambee estate.

IN OTHER NEWS:

Our journalists work hard to provide local, up-to-date news to the community. This is how you can access our trusted content:

Now just one tap with our new app: Digital subscribers now have the convenience of faster news, right at your fingertips with The Standard: