Housing market up

Anthony Radford | Bendigo Weekly | 24-Nov-2011 12.46PM

Viilawood Properties executive officer


BENDIGO’S new housing market is going gang busters, providing a great foil for the depressed Melbourne market.
Two of the city’s largest property developers have reported almost unprecedented interest in their house and land packages.
Villawood Properties executive officer and former local, Rory Costelloe, said places like Bendigo continued to set the benchmark for sales success.
He said as people flee Melbourne’s outskirts, they look to Bendigo in search of a more affordable future.
Mr Costelloe said he had witnessed a surge in Villawood’s Bendigo projects, especially in the past six months.
After a slow start, the company’s Akin’s Ridge Estate has taken off.
The first stage of the Golden Square development took “quite a while” to sell, Mr Costelloe said, but stages two and three sold within a year, and the entire project is now sold out.
Mr Costelloe said Eaglewood Estate at Eaglehawk was another example of high demand.
“It was another slow starter, however in the past six months demand has increased and there are only five out of 33 lots still available in the last stage,” he said.
“And the recently released
The Range estate launched in
the second week of October with already five sales on the
board and another four on hold.
 “This pent-up demand for land over the past six months has exceeded Villawood’s expectations and indicates a strong regional pull as buyers leave metropolitan Melbourne in search of greener pastures.”
Another property development company, Simonds Homes, is also experiencing strong growth with its large Evergreen Waters development at Jackass Flat.
Sales manager Nick Ellis said things were progressing well.
“In our first four stages we released over 70 Lots with only seven remaining available.
“It is a great result,” he said.
“Progress here has been moving swiftly which we’re all very pleased about.
”Our first allocation in zone one is for 344 homes, and then in zone two we will have a further 372 residences.
“All these people moving in to the area can only have a positive effect.”
Mr Costelloe said the Bendigo market was strong.
“When I started Villawood in Bendigo back in 1989, Melbourne’s property market was suffering from a massive price correction, however Bendigo remained somewhat immune to Melbourne’s  excessive ebbs and flows,” he said.
“Traditionally, regional Victoria tends to perform well in times like these as regional locations don’t experience the highs or the lows and ultimately the crashes that are likely to affect the metro market.”


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