Resi Ventures has just signed two deals for residential subdivision developments in Sunbury and Ballarat’s north. The Sunbury purchase was the missing piece of the puzzle as Resi Ventures already had a land development agreement with the two neighbouring landowners, paving the way to launch the $105 million estate. Located just off the Calder Highway the new estate will be called Watsons Reach, and will be home to almost 900 residents once complete.
The deals were finalised before 1 July 2021 to beat the hikes in land tax and stamp duty.
Resi Ventures Co-Founders Khurram Saeed and Anthony Braunthal believe in the long-term investment of the Ballarat area and were committed to seeing this deal through even though the windfall tax, if passed, will have a negative impact on the bottom line.
Not only will developers feel the pinch of the proposed windfall tax, but it will significantly affect the home buyer market by consequently driving up the price of a new home with this cost being passed onto the consumer. It will kill supply in the regional areas at a time when these areas need more affordable land to cater for the ever-growing demand.
The Ballarat north development with a gross realisation value of over $200 million earmarked for release in 2023 will comprise a 500+ lot master planned community as well as dedicated commercial and mixed-use zones for the benefit of the locals. Over 55 acres of the estate will be set aside for recreation reserve and water features for the wider community to enjoy.
At a time when regional markets are booming and many city dwellers are seeking an escape from COVID 19 lockdowns, the addition of a windfall tax will result in affordability declining and reduce the incentive for buyers to move to regional areas.
The sales office for Watsons Reach is slated to open early 2022.
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