‘Unbankable’: Villawood warns Geelong growth plan will push block prices past $500,000

Australia’s biggest home builder Metricon built its first modular homes in Victoria recently. COMMENT Prime Minister Anthony Albanese hit the nail on the head at the recent Bush Summit when he quipped if Australia was created again, there wouldn’t be three levels of government. Certainly the nation’s governments are singing from the same hymn sheet when it comes to solving Australia’s housing crisis through boosting supply. But somewhere between all the mayors, premiers and prime ministers’ talk, actions are having the opposite effect to their words. Take City of Greater Geelong council’s narrow vote to approve a precinct structure plan (PSP) to guide the development of the first part of the western growth corridor, despite warnings the plan was “unbankable”, would push land prices above what people could afford, or stall housing development in the corridor completely. It doesn’t make sense. RELATED: Funding fights threatens to derail Geelong’s 128,000 homes plan Victorian city cements status as top relocation hub despite growing land shortage Why Geelong homes are flying off the market Villawood Properties executive director Rory Costelloe has been on record for months, including ...