Victoria's Geelong project sees beeline from over 45s for affordable housing project
There is growing demand from Geelong locals looking to capitalise on increased median house prices in the area and downsize, as indicated by the sale of a number of new homes over a recent open day weekend at Active Lifestyle Estates Lara, owned and operated by Ingenia Communities.
The dwellings are located at 40 Watt Street, Lara, 20 minutes north of Geelong. New homes are available from $175,000 (with exit fee), or alternatively, from $189,000 (with no exit fee). These homes are less than half of Lara’s current median house price of $378,000 and well below Geelong’s current median house price of $632,000.
A high level of interest was recorded from overs 45s, according to the developers.
Ingenia Communities general manager, Sales, Kate Melrose said the majority of open-day attendees were Geelong locals looking for more than just a new home.
“With more than sixty homes already sold in the community’s first two stages, we have fielded exceptional levels of enquiries ahead of our next stages and coming display village,” Melrose said. “The feedback from our open day was that locals were not only looking to downsize but to also improve their overall lifestyle."
“By providing choice, purchasers can select based on their individual needs and lifestyle, while both options deliver a brand new home in a safe and secure community, and the opportunity to keep 100 per cent of the capital gains without having to pay stamp duty or body corporate charges,” Melrose said.
The growing population in southern Victoria has seen the local demand for affordable housing skyrocket, with estimates that almost 40 per cent of Geelong’s population will be aged 50 or over by 20313.
According to senior living finance expert and author Rachel Lane, homeowners could boost their cash reserve by tens or hundreds of thousands of dollars by selling while prices were high and moving into more affordable accommodation.
“While housing affordability is generally considered a young person’s issue restricting entry to the market, it is also a major problem for those that do own a home but rely on a low weekly income,” Lane said.
