Real Estate

buyers pay big premium to secure exclusive river views

Written by The ReReport

Boon, Matthew, Janet and Ryan Kweh were feeling sky high after securing a 1260sq block at Pinnacle Newtown. Picture: Alan Barber

GEELONG buyers have shown they are prepared to splash cash to secure some of the city’s best views with two Fyansford blocks fetching a combined $1.775 million at auction.
A Highton family paid $900,000 for one of the first allotments offered in Gen Fyansford’s Pinnacle Newtown release on Saturday.
Boon and Janet Kweh, with children Matthew and Ryan, plan to build a grand family home on the 1260sq m block with front row views over Queens Park and the Barwon River.

Helicopter flight and auction at Gen FyansfordRPM Real Estate Group auctioneer Eric Dick said the land was among the best he had seen in 40 years in the industry. Picture: Alan Barber

It was the largest of four blocks offered at the onsite auction and earned its new owners a helicopter flight over the housing development.

Helicopter flight and auction at Gen FyansfordThe view from the helicopter flight offered to buyers of blocks at the launch of Pinnacle Newtown. Picture: Alan Barber

The block had been tipped hit $1 million but, despite attracting two bidders, fell short of that mark.
Another family was the lone bidder for the neighbouring 1048sq m block, which sold for $875,000.
Two smaller blocks of 758sq m and 691sq m were passed in on the day for $700,000 and $540,000 respectively.

Helicopter flight and auction at Gen FyansfordThe big crowd packed the marque but only a handful of bidders put their hand up. Picture: Alan Barber

Mr Kweh said it was hard to beat the location overlooking the river and Queens Park.
“We have been looking for flat land and this is the only flat land with a view,” he said.
“(The kids) go to school at Geelong College so they can walk to school.
“We’re going to have a swimming pool and I hope a tennis court, but I’m not sure if it’ll fit.”

Helicopter flight and auction at Gen FyansfordAn aerial view of the Gen Fyansford development, which has already sold more than 400 lots. Picture: Alan Barber

There will be 35 premium allotments in the Pinnacle Newtown release, on top of the Herne Hill hillside, with later stages to offer views over the Moorabool River.
Joint developer ICD Property deputy managing director Matthew Khoo said the combination of the larger blocks, flat land and views made for an exclusive address.

“It’s a once in a lifetime opportunity,” Mr Khoo said.
“There are limited lots in this release and it’s not something that hasn’t been tested.
“We have already created a masterplan and 400-plus lots have already been sold and the blocks have been increasing in terms of value.”

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