Rush on Geelong home, apartment projects as $20K first-home buyer grant, stamp duty discount expire

A Geelong developer signed up $6 million in 72 hours amid a buyers’ dash to beat an end of financial year deadline for the $20,000 first-home buyer grant and 50% stamp duty discount.

The long-awaited Geelong Quarter project is a step closer as a large crane was erected at the site. The crane will be onsite for about 12 months as builders develop the $200 million project, home to the Holiday Inn hotel Ryrie Residences and Ryrie Home apartments. Picture: Alan Barber

GEELONG developers have secured millions as homebuyers made a last-minute dash before state government incentives expire at the end of the financial year.

One Geelong project signed up more than $6 million in sales in three days leading up to the June 30 deadline.

A host of government incentives expire at midnight on June 30, including the $20,000 regional first-home owners bonus (which reverts to $10,000 offered to eligible first-homebuyers in metropolitan Melbourne), and a 50 per cent stamp duty waiver on property purchases worth up to $1 million.

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An artist’s render of the Geelong Quarter project at 44 Ryrie Street, Geelong.

Franze Developments’ Ryrie Home project sold eight apartments in a 72 hour period this week as buyers raced to beat the deadline.

A spokesperson for the project said $5.5 million work of sales came in 48 hours, with another apartment — worth $785,000 — secured on Wednesday.

First-home buyers were the most active group, though owner-occupiers and investors were also in the action securing homes in the 109 apartment tower on Ryrie St.

The project is a part of the Geelong Quarter development now under construction on Ryrie St.

The development is anchored by a 180-room Holiday Inn and Suites hotel, with two residential components, including the luxury Ryrie Residences, which sit above the hotel.

A large crane has now started work on the 44 Ryrie Street site that will host the Geelong Quarter apartments and Holiday Inn. Picture: Alan Barber

Ryrie Home offering a mix of luxury one, two and three-bedroom dwellings, is set to become part of the Geelong CBD skyline.

The end of financial year rush was also experienced in the greenfield land sector, although a lot of first-home buyer purchasers were brought forward by the federal government’s additional HomeBuilder subsidy.

Armstrong Creek estate, Warralily had a record June, with 132 lots signed up, estate manager Ben Stewart said.

“First-home buyers accounted for 45 per cent of June sales as purchasers rushed to take advantage of the $20,000 first-home buyer grant in the 20/21 financial year,” he said.

Newland Victorian general manager Mark Whinfield, left, Mayor Stephanie Asher and Warralily urban design manager Jeremy Minter at the site of a new park near the highest point of the Armstrong Creek growth corridor. Picture: Alan Barber

“Warralily also experienced growth in the proportion of out-of-town buyers at approximately 37 per cent.

“Driven by the pandemic and the change to more flexible working arrangements, Melburnians flocked to Warralily for the combination of lifestyle, amenity and relative affordability.”

Villawood Properties executive director Rory Costelloe said June sales figures were phenomenal.
“The only thing holding us back is we can’t get engineering plans (in Lara) approved by council,” he said.

Villawood executive director Rory Costelloe, Barwon Health midwife Andrea Moore and Barwon Health Foundation executive Zoe Waters, getting the Get Vaccinated message across. Villawood has updated its Wandana Heights signage to say Get Vaccinated. Picture: Alan Barber

The developer this year sold out at Wandana and Sanctuary estates, is selling the final 10 per cent of the Armstrong estate and is waiting on planning approval to restart selling at Ash Rd, Leopold.

Mr Costelloe said sales data shows young professionals, many who are typically first-home buyers, make up 56 per cent of buyers in Geelong.

He said the federal government Homebuilder grant had pulled forward sales to first-home buyers.

“What they are rushing around is they may have paid deposits in the past month or two but they are making sure the vendors signs the contract because if the vendor hasn’t signed the contract, they can’t get the grant.”

Originally published as Rush on Geelong home, apartment projects as $20K first-home buyer grant, stamp duty discount expire