Ever wanted to live on the bay? New homes on Geelong’s waterfront are proving too good for buyers to resist.
Balmoral Quay, the newest luxury residential development on the Geelong waterfront, has officially hit the market — and it’s selling fast, according to McGrath Projects Geelong principal Jim Cross.
More than a third of the properties, located five minutes from the CBD at Rippleside, have already been snapped up, Cross says.
“There are 64 dwellings in total in this release and we’ve sold 26 of those already,” he says.
“It’s been very exciting and it’s fair to say that we are ahead of time on expected sales results.”
The latest rush comes after the previous two rounds released at Balmoral Quay were sold in full. Many of the apartments and dwellings that already sold have prime waterfront position, but Cross says the parkland properties are also turning heads.
Geelong on the move
Sea changers have been increasingly drawn to Geelong with interest in the area rising for several years now.
The REA Group Regional Australia Report 2020 shows the region’s population increased by 14% over the past five years.
And there’s no sign the influx of interest is abating. Anne Flaherty, economic analyst at REA Group, says views of Geelong properties on realestate.com.au were up 42% year-on-year to January with unit views up 31%.
“We have been seeing it for a while as there’s a lot of good lifestyle reasons to move to somewhere like Geelong,” Flaherty says.
“It’s a more affordable place to buy a house or unit. You’ve got reasonably fast access to Melbourne city, but you’re on the coast so you’ve got access to all these beaches.”
Coastal living is drawing the crowds, but it’s not the only drawcard. Good infrastructure, amenities and a thriving local economy are also playing a part.
Commuters can be in the Melbourne CBD within 55-minutes on the train, which will be even easier with the proposed Geelong Fast Rail set to strip 15 minutes off the journey.
The city itself has a stable job market with several state and federal agencies choosing the regional city for their headquarters. Plus, there is also the Deakin University campus, which brings thousands of domestic and international students to the area.
Buyers have always had an insatiable appetite for bayside property, but for years Geelong’s foreshore had been underdeveloped. Now, Balmoral Quay is breathing new life into previously underutilised foreshore in North Geelong.
“With the Balmoral Quay development at Rippleside, it’s completely revolutionised how we actually use the waterfront around that side of the bay,” Cross says.
“It’s allowed the construction of the promenade walkway to go all the way to Helens Beach, which is on the northern end.
“There is also a rejuvenation of the beachfront at Rippleside Park Beach. The whole waterfront has been opened up as part of the development making it really sought-after real estate.”
Designed by SJB Architects in Melbourne, the one-to-four-bedroom townhouses and apartments have big balconies to enjoy the bay.
The array of sizes and price points means the project ticks the boxes for all demographics, says Cross, which will result in a well-rounded community when residents move in.
“It is mostly owner occupiers; however, we have also sold some to investors who see the value in investing in waterfront property,’’ Cross says.
“We’re seeing the expensive product being sold to a lot of downsizers in that 45 to 70-year-old bracket, but we also have a lot of professional couples as well.
“The Mews is the more affordable product in the development and we are actually finding a lot of first home buyers are interested in that — there is a real mix.”
Life on the bay
While buyers come for the water views, Balmoral Quay also promises spacious layouts with an open and natural flow, complimented with elegant coastal style.
Buyers can also personalise the interior with the option of both light and dark colour palettes.
“What we’re selling is very much luxury,” says Cross.
“The fixtures and fittings are very high-end, say granite benchtops, and floor-to-ceiling marble tiles in the bathrooms. We’re using top of the line Smeg appliances, so you get the pyrolytic oven, and the steam oven, dishwasher, fridge, freezer included.
“Balmoral Quay has the power of modern design and style, but it’s very comfortable living, and it’s all next to the water.”
All pictures are courtesy of Balmoral Quay.
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