The Summerfields Estate in Wonthaggi enjoys a lovely rural aspect while still being located close to the centre of town. With blocks starting at a special entry price of $99,950, they are rated as exceptionally good buying.
THE trick to buying well in real estate is being able to recognise a bargain when you see one and acting on it.
Such is certainly the case with the new Summerfields Estate, on Fuller Road, in Wonthaggi North.
When the estate was first launched a few months ago, developers listed the first stage allotments at the ‘special entry price’ of $125,000.
Compared to the cost of other home sites in the town, it was good buying.
But, with several other large housing estates coming on line locally, it wasn’t enough to get sales moving, so they’ve gone even lower, to virtually cost price, according to the selling agent Blair Hodges of Southcoast First National.
“The developers have decided that they want to get it moving so they’ve dropped the price to $99,950 which is an absolutely unheard of price for a new block of land,” Mr Hodges said.
“This is a genuine offer and one that’s unlikely ever to be repeated again but we feel that once this estate starts, it is going to be a great place to live.
“Unlike some of the other residential land in the town, which can be low-lying, this is a nicely rising piece of land with a lovely rural aspect.
“There will also be wetlands on the other side of the road.
“And we’re not talking small blocks either.
“They average around the 600m2 mark and you can secure one with as little a $5000 deposit initially, coming up to 10 per cent in time.
“We’d like people who are possibly renting now or who would like to build their own home, to talk to a builder and their bank and see how it adds up.
“At this price, it’s definitely a way to beat the rent trap and be paying into something that has a future.”
Mr Hodges said there would be 32 blocks released in Stage 1A but that it was unlikely the $99,950 price would be repeated.
“As part of the project, the developers are constructing and sealing Fuller Road, and with the other services they are putting in, it’s not much more than cost price. It’s certainly the lowest we’ve seen for a long while.
“All the approvals are in place and the construction work is ready to go so we are looking at six to 12 months for settlement which is why we’re encouraging people to make their plans and to take advantage of this terrific offer.”
Easily accessible off White Road (Bass Highway), there will eventually be 200 residential blocks in the Summerfields Estate, which runs along Fuller Road.
Some of the streets in the estate will be named after former coal miners in present and future stages.
Those wishing to make further inquiries should contact Blair Hodges at Southcoast First National on 5674 2255 or mobile 0418 358 275. Or you could simply visit the onsite office at the new estate on Fuller Road.
“We have a builder interested in quoting on house and land packages or you can make your own arrangements. We feel, at this price, that it really adds up to an excellent opportunity for new home owners,” Mr Hodges said.