More Lara land titles
DEVELOPER Villawood Properties has announced new land titles at its Coridale community as other Lara projects languish and the UDIA warns of an urgent need for accelerated planning to boost land releases and ward off price spikes across Geelong.
Stages 4 and 5 at Coridale titled last week, following the project’s first three stages titling several months ago.
By contrast, home-buyers in adjoining estates have been waiting up to three years without a clear indication of when their land’s titles might be ready.
“It is great to be able to deliver our land on time for homebuyers keen to build, start families and also contribute through their investment to the region’s economy,” a Villawood spokesperson said.
“Lara is a tremendous place to live and Coridale, with a spectacular $6.5 million residents’ club due to start construction early next year – not to mention extensive parks, playgrounds, open space and retail and community services – is the premium offering in Lara.”
The contrasting title issues at Lara come as the Urban Development Institute of Australia cautions against sluggish land releases adverse affecting housing affordability and employment in the Geelong region.
According to the UDIA’s Barwon Chapter, the remaining land supply in Geelong’s active greenfield estates could be eOKxhausted in as little as 2.3 years, depending on population growth as COVID drives more people from Melbourne and into the region.
Prior to the pandemic the population growth in Greater Geelong averaged more than 2.6 per cent per annum.
Greenfield lot sales have been strong, at 3750 sales over the 12 months to June 2021 and residential building approvals have similarly surged.
If population grows at 2.5 per cent, greenfield lot sales of 3050 per year are anticipated.
At a 3.0 per cent growth rate, this forecast rises to 3750, yet just 8650 lots remain unsold across Geelong’s 29 greenfield estates.
The UDIA Barwon report states that supply in the immediate term is constrained, there are presently 29 active greenfield estates in Greater Geelong, including 10 in the Bellarine area, 13 in Armstrong Creek, four in Lara, and two in Urban Geelong.
Active greenfield estates will provide a total of approximately 22,300 residential lots of which just 8650 lots remain unsold.
UDIA Victoria says the remaining supply in active greenfield estates will be exhausted in 2.8 years at an annual growth rate of 2.5 per cent, while it falls to 2.3 years at an annual growth rate of 3.0 per cent.
Although council is planning to release new estates in Geelong’s Northern and Western Growth Areas in 2025-26, post-PSP works will delay the release of development-ready land for a number of years beyond that, showing the need to bring these releases forward as a matter of urgency.
With wage growth sluggish, UDIA Victoria is concerned that home ownership is fast becoming out of reach Geelong families.
Greenfield land estates are a major employment generator for the Barwon region.
To put this in perspective, if Geelong’s land estates cease production, about 10,000 jobs would be lost.
These jobs are made up of 3,000 direct construction jobs and 7,000 indirect jobs in the local economy according the UDIA Barwon Chapter.
Figures compiled by Villawood show its Geelong region projects – Coridale, Armstrong Mount Duneed and Wandana – support 1900 jobs, 1500 of them for locals, contributing an estimated $300 million locally a year.