Block sales surge as buyers chase $45K grants

PHOTO: Homebuyers Kyarna Cloke and Ben McCarthy with Warralily estate manager Claire Almond at Armstrong Creek on Monday. Picture: Peter Ristevski Source: News Limited

New land sales have surged in the wake of the launch of the Federal Government’s HomeBuilder package.

Geelong developers noticed an immediate spike in inquiry after Prime Minister Scott Morrison announced the $25,000 grant for home builders and renovators last week.

That translated into the biggest weekend for sales that some developers haven’t seen since 2017.

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Nearly two-thirds were first-home buyers, which stand to get $45,000 with a Victorian grant for building in a regional area.

It also highlighted the turnaround in confidence since the COVID-19 pandemic hit as buyers headed to sales offices over the weekend, continuing on Monday’s public holiday.

Eight weeks ago Villawood Properties sold just five blocks nationally in a week.

It booked 58 nationally to Sunday, including 17 blocks at Geelong estates, underlining buyers’ growing confidence, executive director Rory Costelloe said.

“We’ve gone from single digit weekly sales in March to low-20s in April and May to mid-30s and now this,” Mr Costelloe said.

“There’s been a massive boost in enquiry of more than 30 per cent, with sales following.”

Slow land sales over 2019 has allowed civil construction to catch up, boosting the amount of titled land available.