CONSTRUCTION is set to start on rare acreage land within the $245 million Harriott community in Geelong’s Armstrong Creek, and developer Jinding is eyeing off a release of more than 160 townhouses next month.
The 12 acreage blocks span 2,812 sqm to 7,337 sqm and front the 500-hectare Sparrovale Wetlands.
The lots are up to 16 times larger than the current median homesite selling in Geelong of 437 sqm, according to RPM.
Settlement has begun on the five acreage lots in stage 12, with seven homesites in stage 13 anticipated for completion and settlement later this year. The homesites sold for up to $1.2 million.
“We received more than 850 enquiries for the two stages of homesites, which is indicative of the huge demand for these larger lots, particularly from local buyers wanting to upgrade to a lifestyle home in the area,” said Jinding general manager of developments, Andrew Ashwood.
“Lots of this size are extremely hard to come by and the one-of-a-kind location on the wetlands and near Lake Connewaree made these homesites highly desirable.
“Given the significant interest, we’re aiming to release a new collection of acreage lots to the market next year, which will be located close to our Harriott community and offer a similar lifestyle experience.”
Jinding is set to release 164 townhomes in August, in partnership with leading homebuilder Nostra Homes, to complement the mix of lifestyle and traditional lots available in Harriott.
The developer told Australian Property Journal the townhome offering will target the local owner-occupier and first homebuyer markets, as well as investors.
It said that while the team is still working through pricing, the first release is set to have an upper range of over $570,000.
Jinding is working to bring further large lifestyle lots to the market next year, to help meet the high demand and shortage of supply. The number of lots is still being determined by the company’s feasibility team.
Ashwood said traditional lots are more than 90% sold at Harriott and range from 252 sqm to 596 sqm with prices starting from $305,000.
“With a sought-after location at the gateway to the Surf Coast and within easy reach of modern urban amenities, it is appealing to a broad range of purchasers from first home buyers to families upgrading to a new home in the area, and empty nesters.”
Ultimately, Harriott will feature 464 homes and 164 townhomes, set alongside the Sparrovale Wetlands and amongst green space, including the completed Central Park, which offers a 670-metre fitness circuit, and a planned $2.3 million park and playground spanning 7,500 sqm.
