Underrated Geelong waterfront patch hits $1.295m paydirt

Find out why this patch of earth on Geelong’s most underrated waterfront strip has gained almost $500,000 in value in five years.

A property positioned on one of Geelong’s most underrated waterfront residential strips is destined to be the site of a landmark family after selling.

The 919sq m vacant block at 53 The Esplanade, North Shore, sold for $1.295m.

Gartland, Geelong agent Michael Tricarico said the local buyers plan to build a family home on the property, opposite Moorpanyal Park.

But he said there had been both local and interstate developers also circling the property considering the planning potential of building townhouses which would have views across Corio Bay overlooking Geelong’s growing CBD skyline.

53 The Esplanade, North Shore has sold for $1.295m. In four years, the 919sq m block has been bought and sold three times, rising $485,000.

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“However, in the end we also had other buyers that were local people, Geelong people, wanting to build family homes with water views, and ultimately that’s who bought it.”

“It’s quite peaceful. You sometimes forget about that little pocket of North Shore. It’s quite nice and the outlook is spectacular looking back towards Geelong and across the bay and you’ve got the Spirit of Tasmania there now as well. It’s a nice outlook that’s for sure.

The property had been owned by Sydney developers who had an intention to build, but ultimately chose to focus on other projects.

The property’s changing fortunes over the past five years also provide a clear example of the impact of the pandemic on the value of residential land in Geelong.

The Spirit of Tasmania wharf comes into view near the North Shore property.

The northern suburbs waterfront strip is often overlooked by homebuyers seeking property near Corio Bay.

Tracking its value before and after the pandemic demonstrates the difference between a normal market for a vacant block and the heady days during Covid lockdowns when Geelong property owners could almost demand their price.

The $1.295m sale realised a $25,000 increase in value from the last time it sold in 2021, records show, not enough to cover the stamp duty or the estimated costs holding the property.

But the previous seller in 2021 couldn’t be blamed for thinking they’d won the lottery, having walked away with a $460,000 windfall on the property they owned for just 18 months.

They too had proposed developing the near 1000sq m block, with GJ Gardner marketing off-the-plan townhouses.

Having paid $810,000 for the block in May 2020, they cashed out in September 2021 for $1.27m, but would probably have had to fork out a hefty tax bill on the capital gain.

To prove that lightning didn’t strike twice, the owner between 2016 and 2021 earned just a $20,000 increase in value over four years.

The most expensive house on the strip at 31 The Esplanade sold for $3.4m in 2022, with two more homes selling for more than the vacant block at number 53.

Originally published as Underrated Geelong waterfront patch hits $1.295m paydirt