Browsing Golf Industry NewsVIEW ALL

Home buyers rescue Victorias second oldest golf course

POSTED ON September 23, 2013 @ 10:00 am

Residential home buyers have come to the rescue of Victoria’s second oldest golf course, as struggling country clubs cash in on surging property prices.

Title deeds were issued this weekend to 200 people who bought home sites on the Geelong Golf Course and have effectively become joint owners of the country club.

The 18-hole golf course, closed for the past 10 years, is being transformed into a nine-hole course with a new clubhouse and dining facilities along with 320 homes.

The project is being spearheaded by golf community developer Links ­Living, responsible for similar projects at Sanctuary Lakes and Sandhurst Club in Melbourne.

Links Living managing director Stephen Head said transforming the golf club to include residential was an alternative solution to struggling courses selling their land and being forced into mergers, as happened recently to the 105-year-old Kingswood Golf Club. It merged with the Peninsula Country Golf Club near Frankston, and the land was sold to developers for an estimated $80 million.

Geelong residents, who purchased blocks priced from $200,000 to $400,000, pay annual body corporate fees of around $1000 each.

PART OF THE CLUB
“This provides an opportunity to create a business model and structure with a new income stream where residents contribute to the cost of maintaining the golf course and become part of the club either playing golf or socialising at club facilities,” said Mr Head.

Elsewhere, the property market surged again with Sydney and Melbourne auction clearance rates rising above 80 per cent, according to Australian Property Monitors.

The Sydney clearance rate hit 86.3 per cent while Melbourne’s rate was 80.1 per cent. This time last year, auction clearance rates for both cities were just above 60 per cent.

APM senior economist Andrew Wilson said it was panning out as one of the strongest springs in some time.

“We are approaching clearance levels last seen in Melbourne in 2009 and in Sydney, near all-time highs of 2001 and 2002.”

Dr Wilson said he sensed buyers were bringing forward their decision in the rising market.

He said it was an “even market” across Melbourne in terms of competition for property, but that in Sydney the middle and lower price brackets were still stronger, though there are signs of increased activity in the prestige $5 million to $7 million range.

Click here for full golf story and golf news source Home buyers rescue Victoria’s second oldest golf course


CLICK HERE TO Sign Up for the GIC Newsletter for all the latest Industry News.

Please enter your details:

I am interested in:

  • News
  • Operations
  • Marketing
  • Recruitment / Jobs
  • Grow the Game
Golf Industry Central Grow the Game Central Golf Recruitment Central Golf Operations Central
2016-05-25_1957

Greg Norman Shares His Secrets to Success in Business...

When I was a professional golfer, I was...

2016-05-25_1302

Royal Canberra Golf Club postpones final stage of redevelopm...

Royal Canberra Golf Club insists the final stage...

static1.squarespace.com

Golf Business Forum 2016 – Event Program Now Available...

The program for Australia’s largest ever gathering of...

Hyundai joins GA in groundbreaking deal...

2016-05-28_1020

Hyundai and Golf Australia have signed a landmark agreement to help drive Australian golf into the future. Through its award-winning prestige Genesis...

Greg Norman Shares His Secrets to Success in Business...

2016-05-25_1957

When I was a professional golfer, I was pretty good. I could hit a little white ball from point A to point...

Royal Canberra Golf Club postpones final stage of redevelopment...

2016-05-25_1302

Royal Canberra Golf Club insists the final stage of their 27-hole redevelopment isn’t on the scrap heap, despite postponing the upgrade of the final...

Golf QLD elite players to refine skills at The Brisbane Golf Club...

images

The Queensland Academy of Sport (QAS) golf squad’s move came as a result of the Brookwater Golf and Country Club redevelopment but...

Greg Norman Shares His Secrets to Success in Business...

2016-05-25_1957

When I was a professional golfer, I was pretty good. I could hit a little white ball from point...

Muirfield loses British Open rights over female membership refusa...

2016-05-20_1500

Scottish golf club Muirfield has lost its right to host the Open Championship after voting against allowing female member...

Sime Darby LPGA Malaysia returns again for its seventh year!...

2016-05-25_2100

Kuala Lumpur, 25 May 2016 –  For the seventh year running, Sime Darby will support the Sime Darby LPGA...

Kiradech wins Hilton Asian Tour Golfer of the Month for April...

Kiradech Aphibarnrat

Sentosa, Singapore, May 20: Thailand’s Kiradech Aphibarnrat was honoured as the Hilton Asian Tour Golfer of the Month for...

Greg Norman Shares His Secrets to Success in Business...

2016-05-25_1957

When I was a professional golfer, I was pretty good. I could hit a little white ball from point...

Work set to begin on $66 million Shortland Waters Golf Club villa...

2016-05-23_1932

CONSTRUCTION on the $66 million Shortland Waters Golf Club and retirement village complex off Sandgate Road is “imminent”, and the once...