Cedar Woods Properties has paid nearly $35m for this 18.6ha property on Plantation Rd, Corio.
A property developer with more than 10,000 lots in the pipeline has secured an 18.6ha block and revealed plans for about 400 new homes in Geelong’s northern suburbs.
Cedar Woods Properties revealed it had purchased the large block of residential zoned land on Plantation Rd, Corio, in a $34.9m off-market deal.
The purchase is expected to be settled in January 2026, the company confirmed.
The site is the most northwestern parcel of undeveloped land in Corio, located between Sutcliffe Reserve and the southbound BP service station on the Geelong Ring Road.
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The residential estate would add about 400 homes to the area, with the majority of the development expected to comprise single storey, three- and four-bedroom homes designed to appeal to young families and those looking to enter the market at a more affordable price point.
Cedar Woods managing director Nathan Blackburne described the acquisition as a countercyclical, strategic opportunity given the Geelong property market was at a low ebb and faces a predicted shortfall in supply.
Cedar Woods Properties has paid nearly $35m for this 18.6ha property on Plantation Rd, Corio.
“The Geelong housing market is forecast to enter a period of undersupply with a significant housing shortfall predicted,” Mr Blackburne said.
“We are capitalising on the opportunity now to ensure we are ready to respond with affordable land supply, in a sub sector that is tipped to outperform in Victoria when it recovers.
“In the interim, we will progress planning approvals to ensure the project is market ready when this occurs.”
New housing supply in Geelong’s northern suburbs, outside of the Lara growth corridor, has been limited to in-fill sites or land hugging the freeway in Corio, with Bisinella Developments selling out the Wattle Grove Estate recently.
Cedar Woods managing director Nathan Blackburne. Picture: Brad Fleet
The last major development approved in the suburb was a $50m housing project for 107 single and double-storey dwellings, including 72 apartments and 35 townhouses, at 26-34 Sharland Rd.
The project, with links to billionaire businessman James Packer, was approved by the state’s planning umpire after Geelong’s council had previously labelled it a “significant overdevelopment”.
It’s Cedar Woods first foray into the Geelong housing market.
The firm’s biggest entry into Victoria was the housing and commercial development at Williams Landing, on the old RAAF Williams air base in Melbourne’s western suburbs, which included the Target Australia headquarters and a shopping centre which the developer sold for $60m in 2024.
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