Developers have welcomed Barwon Water into the residential land market, with their chief lobby group saying the area “urgently” needs more homes.
Barwon Water began selling its Salt estate at Torquay on the weekend after revealing a second development, Highton’s Cumulus, last week.
The forays into development coincided with storage capacities falling below 50 per cent, prompting state shadow minister Steph Ryan to remind the authority that supplying water and sewage services was its “number-one priority”.
But developers lobby group Urban Development Institute of Australia said Barwon Water had a welcome role in land supply.
“UDIA Victoria welcomes players from both the private and public sectors to work together in delivering the homes our state urgently needs, especially in areas surrounding our second biggest metropolis,” said UDIA Victoria chief Danni Hunter.
“In Victoria, we are looking at the need to create over 100 new homes every single day, every single year to 2051 to meet the demands of population growth. Without an adequate supply of housing in all parts of Victoria we will see housing affordability issues continue to render home ownership out of reach for many hard-working Victorians.”
“I commend Barwon Water on their focus in delivering highly sustainable homes for the Bellarine community.”
The Salt estate sold five of its 81 allotments on the weekend, said Barwon Water’s selling agent, Hocking Stuart’s Leigh Hall Sullivan.
The allotments, measuring from 302 to 827 square metres, sold for $330,000 to $550,000.
“It’s priced to sell,” Mr Hall Sullivan said.
“The market’s gone quiet quickly – it’s gone right back – but we’re lucky with Salt because it’s more central and has water views.”
Mr Hall Sullivan said he continued fielding enquiries about the estate following last weekend’s release.
Barwon Water unveiled Salt last year, putting a $50 million value on the estate.
The authority declined to put a price on Cumulus when the Indy enquired last week.
Both estates are on disused water basins.
Barwon Water also declined last week to comment on any further plans for residential development but said it was “exploring options” for a former depot site in South Geelong.