Realestate

A NEW suburban frontier is set to engulf once-sleepy holiday towns on the Bellarine coast.

In rezoned farm paddocks on the road to Torquay, a transformation is under way that began late in 2008 when the first section of Geelong’s ring road was unveiled.

After much speculation in recent months over the interest rate cut effect on property prices, recent data proves it was certainly a gear changer in November 2011, with the greatest increases recorded since December 2010, according to RP Data-Rismark‘s November Hedonic Home Value Index results.

There’s a widening gap between the demand for homes and the number being delivered, according to the Residential Development Council (RDC).
Executive director Caryn Kakas says the Australian Government’s National Housing Supply Council – State of Supply Report 2011 confirms there’s a projected housing shortfall of 215,000 dwellings nationally.

Foreign developers are making the most of bargain buying conditions in Australia and snapping up property.