Developer Cedar Woods has spent $34.9 million on a vacant block for 400 homes near Geelong to capitalise on a predicted supply shortfall in the area.
The 18.6ha site on Plantation Road at Corio, north of the centre of Geelong, is often referred to as Victoria’s second city and was bought off market from a private seller.
Cedar Woods intends to create a residential subdivision with 400 lots and parkland. The deal is due to settle in January, 2026.
Cedar Woods managing director Nathan Blackburne said the move made sense in light of predictions about the city’s housing market.
“The Geelong housing market is forecast to enter a period of undersupply with a significant housing shortfall predicted,” Blackburne said.
“We are capitalising on the opportunity now to ensure we are ready to respond with affordable land supply, in a subsector 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.”
Much of the estate is expected to comprise single-storey three and four-bedroom homes. Further details are yet to be released.
Cedar Woods hopes to have the site contribute to earnings by 2027.
The undeveloped site is less than 10km from the Geelong CBD, near the Princes Highway and Avalon Airport.
Cedar Woods, which holds a national portfolio of residential communities and commercial assets, has been developing communities since 1987.
“With our strong balance sheet, Cedar Woods remains well positioned to continue our strategy of diversification, strengthening our portfolio with quality products that can provide supply into a housing market where projected supply shortfalls are significant,” Blackburne said.
The developer currently has 40 projects across Western Australia, Victoria, Queensland and South Australia for a pipeline of 10,000 lots.
