East West Link homes sit on real estate market in popular inner City Melbourne suburbs

EAST West Link homes are languishing on the market, with eight more inner city units failing to sell on Saturday.

HOMES acquired by the State of Victoria to make way for the since-axed East West Link remain unsold because potential buyers are wary that they might be reclaimed if the road project were to be revived.

The government’s sale of 15 acquired houses has recouped $22 million of the $1.24 billion lost when the project was axed.

But despite a strong Melbourne property market, almost a dozen others in Collingwood and Parkville have been passed in at auction.

Victorian Premier Daniel Andrews dumped the East West Link after being elected in 2014. Picture: Rob Blakers.

Nine two-bedroom units were up for grabs at a complex at 117 Manningham St in Parkville last Saturday, but only one found a buyer, for $440,000.

And though Collingwood is one of the more popular areas in Melbourne to buy, auctions of properties there earlier this year had similar outcomes.

Houses were passed in or sold at only $50,000 above the reserve price.

A further 12 acquired properties are due to be sold in the coming weeks.

Government spokesman Elliot Giakalis said they would push ahead with more sales.

“The government continues to finalise the sale of all properties to maximise value for Victorian taxpayers,’’ he said.

EAST WEST LINK HOUSES EMPTY: PEOPLE ORDERED OUT OF $1.1 BILLION SQUAT

EAST WEST LINK DECISION RETURNS TO HAUNT VICTORIAN PREMIER DANIEL ANDREWS

Squatters living in homes purchased for the East West link were evicted. Picture: Norm Oorloff

The Department of Treasury and Finance hopes to sell off the Parkville units within this financial year.

Director of real estate agency Compton Green, Adrian Butera, said “a lot of interest” remained in the units.

The difficulty in selling the acquired properties follows drama last year, when police and private security guards had to be brought in to evict up to 50 squatters who had occupied some homes left empty after the acquisitions.

Opposition housing affordability spokesman ­Tim Smith said the continuing saga was a waste of taxpayers’ money.

“(Premier) Daniel Andrews’s decision to tear up the East West Link contract cost Victorian taxpayers $1.2 billion and these houses which haven’t sold is another few million dollars flushed down the toilet,” Mr Smith said.

“People don’t want to buy there, because everyone knows that the East West Link will have to be built one day.

“And no one believes the Premier when he claims traffic congestion isn’t already out of control,” he said.

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