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