Featured Golf Course Real Estate Developments
Sanctuary Lakes Resort - Melbourne,
Victoria
Thirteenth Beach Golf Links - Bellarine
Peninsula, Victoria
Moonah Links - Mornington Peninsula, Victoria
GOLF COURSE LIVING -
by ausgolf writer Selwyn Berg
Australia’s earliest ‘golf
community’ may well have been Tura Beach on the NSW Sapphire Coast,
which was conceived by Jennings Industries in 1975 as a housing development surrounding a
country club. But it is Queensland’s Gold Coast that has dominated the scene ever
since.
In May 1991, ‘Golf In
Victoria’ reported that 31 new courses were underway or planned between Tweed Heads
and Pimpana. As an alternative to beachfront and canal developments, first-class golf
course frontage was in demand. Typically, ‘worthless’ marsh and swampland was
converted into raised fairways draining into a series of interconnected lakes or
‘water hazards’, with other drained areas set aside for housing, land sales
financing the project.
Many projects were funded initially
by Japanese and SE Asian investors, and have experienced lean times until recent
acquisitions by new owners and a phenomenal upsurge in demand as Australia’s 6
million baby boomers consider a lifestyle investment over the next decade.
Sanctuary Cove,
Australia’s first Integrated Tourist Resort opened in 1987 with a gala performance by
Frank Sinatra and Whitney Houston. ITR status, granted to a handful of developments in the
1980’s, means that sales and resales to an overseas entity are permitted without
additional foreign investment approvals. Mulpha took ownership in 2002 and have overseen a
resurgence of land releases that will ultimately provide 2000 residences in the resort.
Next door, Hope Island,
another ITR commenced by Shinko (Aust) in 1991, has been revitalised under new owner Lang
Walker with a marina and shopping centre and a similar boost in property sales. Locals as
well as retirees or near-retirees from NSW and Vic are seeking the upmarket golf resort
lifestyle. As with similar resorts, residents enjoy exclusive golf membership
privileges.
At Royal Pines, the
original owner, Matsushita, continues to slowly develop the residential precincts around
the hotel and convention centre.
A total of 5-600 luxury residences
are planned at The Glades, with almost all vacant land sold since Thakral
Holdings purchased the project from Dong Ah in 2000. The 141ha gated community provides
‘citizenship’ status to residents only, and ultimately pay-for-play access to
the course will cease.
After aquiring Lakelands
from its Japanese owner, The ClubCorp/Multiplex j-v appears set to proceed with an
upmarket secure estate, with transferable membership privileges.
Private courses on the Coast that
offer residential options for the well-heeled include Arundel where 850 blocks sold
between 1992 and 2001 and The Grand where 40 luxury residences for members only are under
construction.
A $6b master planned community on
2800 ha was originally conceived in 1991 by the Springfield Land Corp. In partnership with
Medallist, stage one at Brookwater, just south of Brisbane, went on sale
late 2001 with budget pricing that appeals to local first and second homebuyers. Here only
around one third of residents are anticipated to take up golf membership.
Another option for this market is
Northlakes, Brisbane, where Delfin LendLease are developing a new community of 8500 homes,
a Westfield shopping centre, schools and a light industrial area.
Queensland’s Sunshine Coast
boasts golf course living options at Coolum, Pelican Waters
and Noosa Springs. The well-established Novotel Twin Waters
Resort has recent house and land releases with residents able to enjoy all the sport,
dining and lifestyle amenities within the vast resort. Just south of Bundaberg Coral
Cove offers affordable land and ocean access.
Isolation hindered the initial 1992
Japanese development at Laguna Quays. Now that David Marriner’s
group owns the giant ITR property, an international airport (mid – 2003) and two new
courses (Karrie Webb’s Jagabara course to commence in 2003 and Pandanus, by Peter
Thomson a few more years away) are proposed.
Juniper Group have recently
purchased The Links from Port Douglas Reef Developments and will complete
the balance of 300 villas over the next 2 years, then plan to develop a “Sea
Temple” health Spa. Nearby, at Paradise Palms, houses are occasionally offered for
resale.
Golf community living had scarcely
made an impact until very recently in our most populous State, NSW. Apart from Tura
Beach, which sold out in the 80’s, limited residential resale opportunities
exist in the villas at Cypress Lakes. A number of villas and terraces are
on offer at Katoomba Golf Club, and Riverside Oaks has
just released almost 200 residences, together with plans for a second course.
The 237ha residential community of
1000 lots at Tallwoods is one major new project that has seen 350 lots sold since course
completion in 1999.
Macquarie Links is a private golf
club in south-west Sydney, where land sales commenced Feb 1998 and most of the 308 lots
have been sold. Limited land is available from $300,000. A new release of 15 Villas are on
offer from $500,000 with a few executive homes currently under construction expected to
sell above $700,000.
Land, villas, a hotel and resort
units are all part of the new Greg Norman designed Vintage project in the
Hunter Valley.
Not content to be merely the player
who dominated the game for two decades, inspiring many of the baby boomers that are now
purchasing golf real estate, Australia’s most charismatic golfer has continued his
involvement as designer and joint venturer (with Macquarie Bank in Medallist Golf
Developments).
Greg Norman planted a tree at Sanctuary Lakes in Melbourne in 1997, and
the course opened in 1999, marking the first large scale golf course residential project
for Victoria. Prices have doubled since inception. A smaller residential precinct
surrounds the Heritage course in Melbourne’s east. Both are private clubs.
More recently, there has been a
flurry of activity that is offering Victorians a range of opportunities to invest in a
golf lifestyle in their home state.
Hidden Valley, 45
minutes north of Melbourne, is a golf and country club offering affordable land and
exclusive membership to residents. A second course is proposed.
The Sandhurst Club
at Carrum Downs will be a ‘private town’ with two golf courses and some 1800
residences. The North Course is scheduled for Dec 2003. The project is now anticipated to
sell out in 5 years compared with the initial estimate of 10 years. Australand are
developing 178 homes at the established Patterson River Golf Club nearby.
Although the course is not yet
complete, Primelife have planned a total of 450 ‘golf and retirement’ units for
the over-55’s at Waterford Valley also in Melbourne’s
southeast. A hotel and convention centre are also planned.
Of the Public Access courses, Moonah Links on the Mornington Peninsula will
be home to the Australian Open and to those wealthy few who were quick enough to purchase
land there. More land is available on the Legends course.
On the Bellarine Peninsula land
around the original links at Thirteenth Beach
has sold rapidly with remaining blocks fronting the new Faldo/Cashmore designed parkland
course. In the future, the same team will design a cliff top course at San Remo complete
with residential opportunities.
A little further along
Victoria’s coastline, land has been snapped up for development at the site of Torquay
Sands due to open late 2003.
In country Victoria, a resort
community of 160 residences is being developed at Creswick, near
Ballarat, around the existing golf course.
South Australia’s Fleurieu
Peninsula development is perhaps some seven years behind the Mornington Peninsula in terms
of highway access, and establishment of first quality courses to support residential
development. Ultimately 400 homes will be built around Links Lady Bay,
and a further 150 at Fleurieu.
Not surprisingly, given the climate
and the abundance of excellent sandy seaside land, Western Australia’s small
population is well served with golf lifestyle options.
Most of the 850 lots released in
1989 at The Vines are now sold, with member residents having exclusive
use of each of the two championship courses in turn. The Novotel Resort Hotel provides
plush amenities for dining and recreation.
Joondalup in
Perth’s north received ITR status in the mid-80’s and land sales commenced in
1994. Townhouses occasionally present for resale. Full resort hotel facilities are
available.
There are new land developments all
down the coast south of Perth, including several golf projects on the ‘Golf
Coast’ 45 minutes south on the freeway. As with other successful regions, highway
access to capital city infrastructure, together with a critical mass of population and
services, plus the essential quality of the golf facility are desirable prerequisites.
After a slow start in 1999, land
sales have taken off around the highly rated links at Kennedy Bay. At Meadow
Springs a retirement village for the active over 55’s is about to be
released. The ambitious Ravenswood project proposes at least one and possibly two Graham
Marsh designed courses, with a nine-hole par three course scheduled to open early 2003.
There are 1200 lots at modest prices on 450ha fronting the Pinjarra Golf Course, the river
or the new courses.
It is very obvious that Australian
golf course residential development has come of age in the new millennium. The leisure
lifestyle options on upmarket resorts are a prime consideration for the baby boomers, but
there are plenty of estates targeting young families who seek a green environment and
sporting facilities, not necessarily just golf. Of paramount importance to many in this
era of global unrest is the safety and security that a master planned community can
provide.
Please feel free to e-mail us with your enquiries
about Golf Real Estate
There are
fabulous golf course Real Estate opportunities available all over Australia.
Here is a sample from around Australia. realestate@ausgolf.com.au for more
information.
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