Sun shines on Victorian coastal property prices as home buyers seek a permanent lifestyle

Sun shines on Victorian coastal property prices as home buyers seek a permanent lifestyle
Features
1862
23,Jul

Sun shines on Victorian coastal property prices as home buyers seek a permanent lifestyle

Eager home buyers have been sleeping outside an real estate office about 100 kilometres out of Melbourne to get first dibs on a slice of the Surf Coast.

about 20 people camped overnight — some for two nights — to be first in line for vacant land at the Zeally Sands Estate in late March. The 27 available parcels were snapped up by 8am, exemplifying the strength of the market in a clutch of Victorian coastal towns that have experienced a wave of capital growth in the past year.

Torquay’s median house price climbed 6 per cent in a year to $325,000, Domain Group data shows, while Jan Juc’s median jumped 30.3 per cent.

Mr Hayden said permanent residents were now the strongest part of the market in Torquay, Ocean Grove and Anglesea.

“It hasn’t always been the case, but it is now,” he said. “People want to get out of Melbourne at all costs, we’ve got some of the best beaches in the world.

“People wanted to get out of Melbourne to the Surf Coast for recreational purposes, but they’ve learnt that not only do they enjoy their living down here more, but also there’s opportunity to live here and work at the same time.”

On the other side of Melbourne, Inverloch’s median house prices rose 10.5 per cent in a year to $470,000.

Stockdale and Leggo Inverloch director Adam Leys said sales and interest was by far at its strongest since their office opened more than six years ago.