Buyers are banking on the popularity of the Bellarine Peninsula to pump up the value of a nearly 40ha lifestyle property on the edge of Drysdale after a big sale.
Buyers are banking on the popularity of the Bellarine Peninsula to pump up the value of a nearly 40ha lifestyle property on the edge of Drysdale.
The property at 72-80 Waterson Place sold for more than $3.5m, data sources show, following an expressions of interest campaign.
HF Richardson, Newtown agent Matt Poustie said he couldn’t reveal the final sale price, but said three offers were tendered at the conclusion of the campaign.
“It was a mixture of greater Geelong and Melbourne buyers. We received some quality offers at and above the $3m mark,” he said.
The property, Bella-Wein, showcased a five-bedroom pavilion-style house draped in northern sunshine through walls of north-facing double glazed and tinted eco-glass on a home block stocked with an orchard.
It all sits on a 39.26ha land holding that’s ideal to run sheep and cattle or for horse enthusiasts.
It had been listed with $2.8m-$3.1m price hopes.
“An investor group purchased the property but we had multiple owner occupiers who have found it difficult over the years to try and get approximately 100 acres in that area, because a lot of the properties are carved up into smaller allotments,” Mr Poustie said.
“It turned out the investor buyers pushed it quite a bit higher than the owner occupiers who were looking to have a little farming property for themselves.”
Location was a key factor in the sale, with the property adjacent to the Drysdale Bypass connecting Geelong and Portarlington and on the outskirts of the town.
“As it’s on the edge of the Drysdale-Clifton Springs Precinct Structure Plan (PSP), they are looking for long-term growth of 20 to 30 years, plus for potential subdivision or potential development,” Mr Poustie said.
“At the same time, they do like quality locations and farming land of decent acreage.
Given this was 100 acres that ticked the box.”
Mr Poustie said the quality of the house made it an ideal rental prospect, or the buyers could use it as a weekender.
“It’s a huge growth zone there. That one is outside the PSP, so we don’t know if it will ever become subdivision, but if it doesn’t it is going to very price rural lifestyle farming land in the long term either way,” he said.
“Most people who came through commented that the bypass, although adjacent to the property, did make the commute from Geelong to that part of the Bellarine Peninsula much more easy to navigate than in past years.”
Originally published as Drysdale lifestyle property beats $3.1m price hopes