In a town with steady growth in recent years and a 1.6 percent unemployment rate, Corangamite Shire councillors expected an eight-lot subdivision of a chunk of its vacant land in Timboon would soon sell.
But after being put up for sale two years ago, with the cheapest block priced at $170,000, the council has failed to land a single sale at Timboon Trestle Estate and is now seeking a developer to take on the lots.
What happened: Councillors backed a Request For Proposal (RFP) at last Tuesday’s meeting, allowing developers to submit detailed plans and prices to build housing at the Timboon Trestle Estate.
The background: The estate went to market in June 2024, with the first 90 days of sale reserved for potential buyers who would build housing for key workers in the shire’s most important industries, such as agriculture.
“Whilst there was interest in the sale … it unfortunately did not translate to the sale of any of the lots,” sustainable development director Justine Linley told the meeting.
Councillor Ruth Gstrein said the plan had assumed preferential access would fill the blocks quickly, but council “didn’t have a crystal ball” to predict the decline in the market for development-ready land.
According to a council report, developers have since shown interest in buying the entire site or partnering with council to deliver housing in the estate.
Councillor Jo Beard told the meeting she doubted the market’s ability to improve “any time soon”, saying the RFP was the “safest bet” and “took a lot more of the risk off us”.
Councillor Jamie Vogels said the RFP "is not locking anything in" and would let the council find out what was possible after considerable money had already been invested.
“I think the real risk here is not doing anything,” Councillor Nick Cole weighed in at the meeting. “We've got an opportunity with vacant land down here at Timboon, and we know Timboon needs it as one of the few towns that's actually growing in population in our shire.”
Why it matters: The council agenda put rental availability in the shire at 0.4 to 0.5 percent. This means that there is half a house available for rent in every 100 homes.
The council has a target of reaching 1,300 homes in Timboon by 2051. Census data in 2021 put the number of dwellings in town at about 600.
Vogels said more homes would help fill jobs in hospitals and on farms and bring more children to schools, kindergarten and sporting teams.
Header image: Trestle Estate Timboon