Geelong to Double by 2051

Ben Stewart presented at November’s UDIA Victoria Geelong Summit.

With the recently announced DCP’s for the Creamery Road PSP a hot topic of conversation, Ben delved into a case study demonstrating the estimated cost to deliver a lot in the new precinct and the likely associated price tag for buyers.

The Creamery Road PSP is critical in delivering short term supply to support Geelong’s ambitious housing target. With the proposed DCP’s at $1.6m per hectare, there’s substantial risk to the feasibility of projects in this PSP.

Breaking it down:

🏡 Geelong Draft Housing Target : 139,800 ADDITIONAL homes

📅 That’s 4,993 homes per annum

🌱 At 50%, that’s 2,497 dwellings required from Greenfields

⌛ Or 208 per month!

➡ Geelong’s 5yr land sales average = 147p/m

▶ 2024 average land sales to date = 50.8p/m

🤔 Unlocking supply is critical to increasing new dwellings for the City of Geelong. But this will only be effective where projects can VIABLY deliver diverse and affordable options to market.

Core is actively engaged in advocating for the increased supply of affordable new home options for Victoria. If you’d like more information on upcoming supply for Melbourne’s Greenfields reach out to James Thomas or Grant Neilson.