Looking to the New Year, it is worth a quick recap on the remarkable growth area that Armstrong Creek is and what its likely fortunes will be in 2019.
As a growth area, the Armstrong Creek precinct will ultimately have a total of 22,000 lots, hosting a population of some 60,000 people when it’s completed.
Since it began, seven years ago now in 2012, approximately 25 per cent of the total lots across all the Armstrong Creek projects have been sold.
That’s one quarter, leaving another three-quarters – another 75 percent – still to come. It shows what a massive project it is and how much the population of Geelong is growing.
As this growth unfolds, it is interesting to notice the shape the wider region will also take.
For instance, there will be lots of discussion about areas such as Torquay where Spring Creek is now facing a new debate about its future.
Spring Creek’s development was on the cards for a long time in the past.
It is now being re-examined for the future by various parties.
It will be very interesting to see what rolls out, what the result of that discussion will be, in 2019.
In the meantime, Torquay continues to be a strong seller, although with very limited stock available. Other
areas, like the Bellarine, also have reasonably limited supply.
In general, however, Geelong and the Surf Coast, because of the lifestyle and price they offer, will remain really good value compared to Melbourne.
The Melbourne market has slowed down dramatically after the credit squeeze brought on largely by the banking royal commission.
But Geelong and the Surf Coast haven’t been as harshly affected and appear set for a strong future in the New Year compared to the market rollercoaster in Melbourne.