Ryrie Home: Young buyers flock to coastal city living
Early sales in a new Geelong apartment project are coming from an interesting quarter as developer edges towards construction.
APARTMENT living in Geelong is about to go next level at 44 Ryrie St.
Ryrie Home, a 109-apartment tower offering a mix of luxury one, two and three-bedroom dwellings, is set to become part of the Geelong CBD skyline.
Designed by Architectus for Franze Developments, the apartments offer simple, stylish and, low-maintenance living and, believe it or not, affordability.
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Ryrie Home, agent Nic Cuni said the development was proving an attractive option to first-home buyers keen to capitalise on government incentives, and investors.
He said a high level of inquiry and early sales were from professional young women from Melbourne and Geelong.
“They know exactly what they want and are determined to get into the city,” Mr Cuni said.
“They love Little Malop Street, the laneways revitalisation project, and that there are great jobs from where they will be living.
“There’s pent up demand in Melbourne with “city swappers” who are looking at packing up and moving can’t come down at the moment.”
Franze Developments’ managing director, Paul Franze, said government incentives were also an attraction for buyers.
“They like the design of the building and with government incentives such as the regional first-home owner grant of $20,000, the $25,000 Homebuilder grant and savings on stamp duty these buyers can save as much as $75,000,” Mr Franze said.
“And with entry level prices from $375,000 for a one-bedroom apartment, first-home buyers see an added incentive to buy,” he said.
“These buyers like the fact the development is low maintenance and in a thriving and vibrant location among the action. They also know the area well and are saying this as an ideal way to break into the property market.
“As their career progress, the property will be a sound investment,” he said.
Mr Cuni said local investors were also showing interest due to the huge forecast population to Geelong and low vacancy rates for investments.
“These people have been living in the area for quite some time, want to do something with the equity in their home, and believe in the rise of Geelong,” he said.
Each apartment offers high ceilings with exposed concrete soffit, floor-to-ceiling windows, engineered European oak flooring.
New owners can choose from a light or dark colour palette.
The kitchens have porcelain stone benchtops and mirrored splashbacks, and are kitted out with Fischer & Paykel appliances.
A rooftop with barbecue sets the scene for many a gathering, there’s waste chutes on each level and secure basement parking and storage unit.
The new development is part of the Geelong Quarter which will form a visual gateway to central Geelong, offering a 180-room Holiday Inn and Suites hotel, and above the hotel, Ryrie Residences, 14 luxury apartments.
There will be a retail plaza on the ground level.
Construction will start on Geelong Quarter later this year with completion late 2022.
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Originally published as Ryrie Home: Young buyers flock to coastal city living