Developers keen to snap up medium density housing property in Warrnambool's east

Northeast Stockdale and Leggo director Matt Northeast said there had been plenty of interest in the 4690-square-metre parcel of land.

"The interest has been very encouraging," Mr Northeast said.

"We've had a number of developers inquiring both locally and from metropolitan areas.

"Warrnambool is currently seen as a very popular investment opportunity location and together with the shortage of accommodation that the south-west region is experiencing and the relatively lower purchasing costs for an investor/developer compared to the metro areas, the site is drawing good interest."

Mr Northeast said the site had approval for medium density housing.

"There is currently a permit application at council for 14 two-bedroom, two-bathroom townhouses and two three-bedroom, two-bathroom townhouses," he said.

"One of these townhouses has been allocated for affordable housing."

Mr Northeast said the land was in a highly sought after location, given its proximity to public open space at Brierly Reserve, the Warrnambool racecourse, Gateway shopping centre and Bunnings.

"Also, the demand for low maintenance living is becoming increasingly popular," he said.

Mr Northeast said rising interest rates had seen a decline in the number of buyers seeking property.

"However, buyers are still seeing value in Warrnambool and the surrounding district," he said.

Mr Northeast said he believed Warrnambool property had been undervalued for some years. However, he believed prices were now more in line with property values.

"We are fortunate to live in a growing, energetic and picturesque city surrounded by the Southern Ocean and two beautiful rivers," Mr Northeast said. "Combine that with good employment, excellent schools, excellent health care systems with two hospitals and being surrounded by the best dairying country you could ask for, I believe we are in a pretty fortunate place and the market can see that and therefore we do not experience the highs and lows that other areas witness."

The property is being sold via expressions of interest, which close on March 30. It is being jointly sold with Talbots Commercial.

"This property provides an exclusive development opportunity within a thriving coastal city which will play a key role in Victoria's growth," the information memorandum states.

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