Construction is well underway on the Panorama Portarlington housing estate.
Planning rules blocking future expansion of Portarlington’s town boundary are driving FOMO among buyers eyeing off land in the Bellarine Peninsula holiday hotspot.
Healthy sales have been reported in the new 350-lot Panorama Portarlington housing estate which is being developed on the site of a former olive grove.
Neville Richards, Portarlington agent Luke Campbell said about 80 per cent of blocks in the first three titled stages had sold.
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Construction has started at the Panorama Portarlington housing estate.
He said bay views from the elevated site, bordering the settlement boundary at the corner of Portarlington and Batman roads, had proven a big drawcard.
But he said the scarcity of other greenfield development sites in Portarlington was also weighing on buyers’ minds.
“We now have the Distinctive Areas and Landscapes, it’s been legislated, which means the town boundary is locked in, so really this is one of the last opportunities to buy residential land,” Mr Richards said.
He said buyers from other parts of the peninsula were among those trying to get a foothold in Portarlington before land supplies dwindled.
The estate is on the edge of Portarlington, not far from wineries.
The views over the You Yangs have been a big selling point.
“We had a lot of interest from Ocean Grove, quite a number of Ocean Grove buyers,” he said. “They are looking to move to Portarlington because its much quieter, like Ocean Grove 10 years ago, and we have had a lot of Melbourne buyers.
“A lot of people are buying for the lifestyle or retirement and there has been some first-home buyer activity.”
He said Panorama Portarlington occupied a “pretty remarkable position” on a hillside overlooking the bay and the You Yangs beyond.
It will have an amphitheatre design, with quality retaining, to maximise views across the estate, many of which will be uninterrupted.
“One of the key differences with this one is the views from the new development,” Mr Neville said.
“There is nothing like it.”
Boutique Homes is building the Bayview Townhouses as part of the development.
Blocks ranging from 350sq m to 809sq m are selling in the estate from $485,000.
The developer has also joined up with Boutique Homes to build eight turnkey townhouses overlooking future parkland.
Half of these are already sold.
Another six completed homes will be available as part of the Ready Collection. They will only required a 10 per cent deposit and avoid the progress payments normally associated with new builds.
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