Work starts at Wandana

CONSTRUCTION has started at Villawood Properties’ Wandana, as new industry figures show the Geelong region’s property market surging ahead of Melbourne.

City of Greater Geelong mayor Bruce Harwood and Villawood Properties executive director Rory Costelloe visited the development last week.

The project start comes as Oliver Hume research shows Villawood leading the way as Geelong’s property sector hits a new pace, with median prices half of Melbourne and outstripping anything within 20 kilometres of the capital.

Urban Development Institute of Australia research also shows building approvals in regional Victoria are up 14 per cent on last year.

Sited between Highton and Ceres, interest in Wandana since land was released for sale last October led the developer to stage its first-ever auction, with blocks drawing an average price of $500,000 apiece.

Mr Costelloe said house-and-land packages at Wandana could be bought for between $600,000 and $700,000.

“This is significantly cheaper than the surrounding houses yet in a prime location.

“Buyers who want to live in great area like Wandana – with either bay views or views of rolling hills – are quickly realising the value of their house-and-land package is far more affordable than buying an established house.

“And designing and building your own dream home is better than buying a pre-loved home and having to renovate it to meet your own needs.”

More than 50 lots have been sold, all locally. Construction of Villawood’s Wandana precinct’s Drewan Stage 1 has now started, with the Moncrieff Stage 4 to get under way soon. The latest tranche of Wandana allotments was released for sale at the weekend.

The new estate will also feature a $500,000 upgrade of the neighbouring Drewan Park to include zones for children of varying ages with large grassed areas, footpaths and extensive tree plantings.

Cr Harwood said he was impressed by what Villawood had planned for the estate.

“I think the development’s fantastic as it’s actually maximising the site for its best use – so you’re maximising the views, maximising the access, and maximising the community space around it, which is a great result.”