The Warralily masterplanned community at Armstrong Creek.

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Geelong residential land sales have reached near-record levels as the region’s greenfields property market continues to ride enormous demand.

Armstrong Creek’s Warralily development has remained the region’s most-popular destination for new home buyers, rounding off the financial year selling about 725 lots.

It’s a sales record in Geelong and crowns the development as the top-performing masterplanned community in Victoria for the previous 12 months.

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Core Projects greenfields specialist Grant Neilson said Geelong has always been popular, however post-second wave pandemic demand has gone to another level and shows no sign of slowing down.

New figures shows Warralily held a 27 per cent market share in the June quarter, with the region’s other big projects including Austin, which maintained a 41-lot monthly sales average in the past three months, Glenlee, Anchoridge and The Reserve also remain major destinations for buyers.

The Warralily masterplanned community at Armstrong Creek.

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Core Projects data shows the top five estates accounted for 67 per cent of sales in Greater Geelong, where there are 31 active estates.

More than 70 per cent of Geelong land sales are in the Armstrong Creek growth area.

“We are seeing Melburnians flock to Geelong with families viewing it as the perfect place to migrate,” Mr Neilson said.

Mr Neilson said first-home buyers wanted to take advantage of the regional first-home buyers grant, which finished in July, while investors were seeking high rental yields and strong long-term capital growth.

“What sets Geelong apart from metropolitan Melbourne is having lifestyle and amenity on your doorstep with relative affordability,” he said.

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Meanwhile Oliver Hume research conducted for Villawood Properties shows land prices continue to rise, reaching $288,700 in the June quarter with solid rises across all 350sq m, 400sq m and 448sq m blocks.

City of Greater Geelong building approvals for houses alone were above 3600 for the financial year to May, the highest ever.

Oliver Hume national head of research George Bougas said people were rediscovering the regions.

Warralily activities in Armstrong Creek.

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“After multiple lockdowns, many people looking at their work-life balance and thinking what’s important?

“An area like Geelong is also close to the coast, close to Melbourne and has a critical mass in terms of population and employment.

“Geelong also offers great value for money. Many people in Melbourne are finding they have an appreciable asset that goes a long way to the regions.”