Seagrass funds lift real estate outlook

The real estate industry is preparing for a house price comeback in Port Geographe after the State Government’s $28.15 million injection to solve the seagrass problem at the controversial development.

Transport minister and Vasse MLA Troy Buswell revealed the rescue package would pay for a major groyne reconfiguration next year to attract a private investor and get the development back on course.

Harcourts real estate director Neil Honey, who has sold properties at Port Geographe for nine years, said the good news had boosted confidence. “I don’t expect prices to dramatically increase in the short term, but it will give buyers more confidence the seagrass problem is finally being dealt with,” Mr Honey said.

“Some might look to do something before Christmas, so they get in there before prices fully recover.”

Mr Honey said property prices in the area had long been undervalued by 30 per cent.

“People have lost a lot of money,” he said.

“I’ve been selling north-facing canals blocks for $360,000 when the owners paid $460,000 off-plan.”

But Mr Honey was so confident the sea grass problem would be fixed he moved to Port Geographe.

“I live right where the seagrass gathers and I bought the block knowing full well what the problem was,” he said.

“I knew it would have to be fixed eventually and finally it’s come to fruition.”

Ron and Thelma Torrent are among the home owners who have been severely affected.

They have been trying to sell their property on the corner of Casuarina Drive and Freycinet Drive for three years.

Mrs Torrent said the State Government action was “not before time” as far as she was concerned.

“When we built here eight years ago the general understanding was the sea grass problem would be sorted out,” she said.

“Every year we heard it was going to happen but every year nothing would happen. I’m always wary, but at least now it’s on the public record that the Government is doing something about it.”