WHILE there has been much speculation about what the property markets in Melbourne and Sydney may do in 2018, it is safe to say that the market along the Great Ocean Road continued strongly to the end of 2017.
This was especially evident in the ever-popular area of Aireys Inlet, specifically for houses under $800,000 or vacant land.
Great Ocean Road Real Estate’s James Worssam and Ben Jackson reported high enquiry levels for such properties with two sold late in the year before even going to market, and both sold to first home buyers living in the area.
This bucks the trend somewhat of the stereotypical buyer being the baby-boomer looking to downsize in Melbourne and find a coastal getaway.
However, on only the second day of 2018, Great Ocean Road Real Estate sold 70 Aireys Street in the mid $700,000s to just such a buyer.
In October, Great Ocean Road Real Estate sold a 1960s fibro beach house in Lighthouse Road for $780,000, well above the initial expectations.
They also sold a house in Brent Avenue under the hammer in November for $1.05 million, significantly above the reserve of $900,000 after receiving 26 bids. This strong demand with continued low supply has led to agents leaning towards auction as the preferred method of sale, a trend not seen for many years.
Great Ocean Road Real Estate director James Worssam is offering a 1,000sqm block for sale by auction on Sunday January 28 at 2 Wright Street Aireys Inlet.
“In the past we would never have considered an auction for such a property, however, we believe the demand for vacant land on the beachside of the Great Ocean Road to be at such a level that an auction is best likely to benefit our vendor,” Mr Worssam said.
“It gets thrown around a lot, but they aren’t making any more land, and the geographical barriers of the Great Ocean Road and the ocean means that properties here are only ever likely to increase in value.
“We also have an upcoming sale of a house in Kingsley Drive, which we believe will generate a lot of interest.
“Unknown to many, Kingsley Drive is a brilliant little court only metres from the sand at Gully beach.
“I think the last house sold there was in the late 1990s,” Mr Worssam said.