Geelong growth corridor planning delays spook landbankers

Geelong growth corridor planning delays spook landbankers

Planning delays in Geelong’s northern and western growth corridor have spooked investors, with a Lovely Banks property taking a year and three agents to sell. The post Geelong growth corridor planning delays spook landbankers appeared first on realestate.com.au . Add as a preferred source on Google The 2.2ha property at 760 Anakie Rd, Lovely Banks, has sold for $1.2m. Speculation over lengthy delays in bringing land ready to create new suburbs in Geelong’s northern and western growth corridor is giving potential investors in the area cold feet. The slowdown within the corridor comes as a Lovely Banks property spent a year on the market as three separate real estate agents sought to bring a purchaser to the negotiating table. An urban growth zoning would typically bring out landbankers to a 2.2ha property such as the home offered for sale at 760 Anakie Rd, HF Richardson Property agent Matt Poustie said. RELATED: Funding fights threatens to derail Geelong’s 128,000 homes plan ‘Unbankable’: Developer warns growth plan will push land prices past $500,000 a lot Geelong cements status as top relocation hub despite growing land shortage But Mr Poustie said coverage of existing and future delays besetting the growth corridor was concerning for potential buyers in Geelong’s west. The property sold last week for $1.2m. “It was probably a more complex sale than we’d expected,” Mr Poustie .