THE Anchoridge Estate, in Armstrong Creek in Geelong, Victoria has recorded a 233% increase in sales, as regional land estates outperform those in the suburbs.
The APD Projects development, Anchoridge, is averaging more than 20 sales per month, compared to the six sales per month average of the previous financial year.
Armstrong Creek, itself is seeing its population jump by 4,000 people per annum, with the region expected to be home to more than 65,000 people once fully developed, according to data from the City of Greater Geelong.
Lending to owner occupiers in Armstrong Creek is also up 97%, according to NAB. With quarterly transactions more than doubling from 35 to 71 in January.
With 83% of purchasers in Anchoridge made up of owner occupiers and 81% first home buyers, due in part to the appeal of amenities and the rising preference for lifestyle locations.
“Not only has Anchoridge proven popular among local families and up-sizers, but we are now seeing a significant number of buyers from Melbourne who are keen to embrace a coastal life,” said Brad Paddon, director of APD Projects.
Additionally, Anchoridge offers purchasers close proximity to school catchment zones, retail and hospitality offerings and precincts and a train station.
In the Armstrong Creek, developers ID_Land recently brought their development pipeline in the region to over $400 million, as confidence remaining high in the regional property market post-COVID preference shifts.
“The community’s incredible wetlands, $3 million central park and abundance of bike and walking paths, means there is something for everyone who chooses Anchoridge as their home,” concluded Paddon.
Land sales across the country were also bolstered by the federal government’s HomeBuilder scheme, which wrapped up at the end of March, with its success also reflecting strong demand for regional living.