Coast new-release land disappearing

ERIN PEARSON
TORQUAY is down to 10 new-release residential blocks for sale amid a land shortage crisis, according to real estate agents.
Industry veteran Graeme McCartney said agents were selling anything they could get their hands on in just weeks as demand continued to rise above supply.
“There are seven blocks left in Ocean Views Estate…and three in Quay Estate,” he said.
“Normally there would be hundred available but that’s it, that’s all that’s left to sell.
“Three of the real estate offices in Torquay would generally sell 80 blocks a year.”
Mr McCartney said the short supply of land at Torquay was the worst he had seen.
He blamed the shortage on council delaying land subdivision approvals and dumping plans for housing in Spring Creek.
“There are subdivisions that have had proposed plans with council since 2002 and 2004 and they’re still waiting for permits,” he said.
“As a result of that, land has increase in value around 33 per cent in the past 15 months.
“The demand is there from first-home buyers but we haven’t sold them one for nearly 12 months.
“They don’t want Armstrong Creek”
The Independent reported last week that Melbourne-based developer Ritzcorp had spent four years trying to open an 882-lot development in Torquay’s north off South Beach Rd.
Airey’s Inlet-based agent James Worssam said blocks were hard to find on the Surf Coast due to the physical constraints of a national park and the ocean.
“I sold four blocks on the beach side of the Great Ocean Road in Airey’s Inlet for between $330,000 and $350,000 in a couple of weeks, which for here is very quick,” he said.