AS WE see out 2017, the end of the year has been a flurry of activity along the Surf Coast, with strong sales being recorded in both Anglesea and Aireys Inlet with nine properties selling in the first two weeks of December.
The median house price in Anglesea has seen an increase of 7.5 per cent since July this year with demand high. This especially applies to properties in the $750,000-and-under category, which are being snapped up most quickly.
The golf course precinct in Anglesea has seen high activity in the last few months, which saw 37 Niblick Street selling in 14 days at 3 per cent above the listed price, with 23 groups coming through the two opens before being sold.
Anglesea is still proving very popular when it comes to online searches for property, with 1,281 views per property being 430 views per property above the state average.
Aireys Inlet has seen growth in this period but not at the same speed as Anglesea, with the median house price increasing by one per cent since July. It is still proving to be popular with internet searches, averaging 250 views per property above the state average.
Land continues to be in short supply, with limited listings in Anglesea and Aireys Inlet.
As we head into the peak holiday period, there are some exciting new listings that will hit the market in Anglesea and Aireys Inlet, and will attract high interest.
With the Torquay market still in its strongest position that we have seen in a long time – some even saying as long ago as 40 years – most homes are selling in just two to four weeks, with a lot of records being set in different pockets on the Surf Coast.
There is a lot of talk around town asking if the higher pricing is being driven by the Melbourne market.
Although there is nothing stating this exactly, there have been many instances of homes being sold to buyers moving to the area, so this may be a factor.
Torquay North estates have also seen increases with several homes selling for over $1 million.
The closer you are to the beach and Old Torquay seems to be a large factor that a lot of buyers are wanting and are willing to pay for, with several homes breaking the $3 million barrier.
As we head into the new year and get past this busy Christmas/New Year period on the Surf Coast, we look forward to releasing many new listings to the market.
Demand for all types of property has been extremely strong, as we have seen lower levels of supply with fewer homes hitting the market.
We see the highest level of demand for vacant land and four-bedroom family homes in the $650,000-$850,000 range.
Land prices have seen dramatic increases in the past 12 months, with subdivisions being sold out within a day.
Developers are now forced to sell off the plan up to 18 months before titles will be delivered, to try to keep up with the demand for land in Torquay.
This demand is fueled by local families, builders and out of town investors looking for a piece of the coast.
With interest rates at historically low levels, first home buyer grants and high demand, we see the continuation of a strong market for the remainder of 2017 and into 2018.
The market will also be fueled by those looking to escape escalating Melbourne prices and enjoy the beauty the Surf Coast has to offer.