Gen Fyansford is Geelong's largest infill land estate and ICD Property's first broad-acre project.

A pipeline of new rental homes looks to be assured with private investors turning to Geelong’s growth areas to pump in their money. Figures show investment buyers were close to half the purchasers of new land in the region, making up about 75 of 173 sales in the March quarter. New land sales in the Geelong growth corridor lifted 7 per cent in the quarter, a new report by RPM Research, Data & Insights shows.

RPM’s latest Greenfield Market Report revealed Geelong was the only one of Melbourne’s four growth regions to record an uptick in sales at the start of 2023, recovering from the previous quarter’s long-term low. In total, 173 lots sold during the quarter, while new land releases increased 45 per cent as the number of active estates rose, with 145 new lots introduced to the market.

RPM managing director project marketing Luke Kelly said Geelong’s upward trajectory was underpinned by strong investor  appetite for the region. “Investors made up 43 per cent of purchasers during the quarter, the highest of Melbourne’s growth regions, zeroing in on this area because of its desirable location and the significant investments being made in infrastructure and economic diversification to support its growth,” he said.

Glenlee offers great connectivity to the new Armstrong Creek town centre and key regional hubs of Geelong and Barwon heads.

“Sophisticated investors are in the market probably looking at… why not throw their hat in the ring when the things start going up. The investors are wise to see that we’re at the bottom of the trough and it’s a decent time to get yourself a deal.” Growth area suburbs include Armstrong Creek, Charlemont and Mt Duneed in the south, Lara in the north and Curlewis, St Leonards and Ocean Grove on the Bellarine Peninsula.

Mr Kelly said developers were offering deals, such as rebates and referral bonuses from $10,000 up to $25,000, and investors were negotiating prices. Lag time for the land to be titled meant building costs should have peaked by the time buyers secured a builder. Investors typically made up 25 per cent of new land buyers in a normal market, he said. “Upgraders and downsizers led the charge when it came to owner-occupier buyers, which had driven demand for larger homes, with 38 per cent of buyers planning to build sizeable abodes measuring more than 30 squares.”

This article was originally published on The Geelong Advertiser.