Surf Coast Market Report – July 2017
The Start of the new financial year is always an interesting time in the Surf Coast market. Traditionally, this along with the colder weather and school holidays sees a slow down in sales and has traditionally been seen as a bad time to sell. Not anymore!
With the market in its strongest position in a very long time, we are still seeing record prices being achieved for vacant land and family homes.
The latest REIV figures show a median house price in Torquay of $715,000 and a median unit price of $532,000. This shows an increase in the median house price of around 10% over the past 12 months and around 15% increase in the median unit price.
The common theme across the industry in Anglesea this July other than the biting cold and rarely seen frosts, has been the shortage of new listings. Currently in Anglesea there are 22 properties listed for sale with Hayden Real Estate holding 10 of these. Through July there were 5 sales across Anglesea ranging from $475,000 to $1,050,000.
The median price for Anglesea for July sits at $670,000 with still large demand for property, with visits per property throughrealestate.com.au listed at 1077 per property. Well above the state average of 733. In comparison Aireys Inlet’s median price sits at $725,000 with 878 visits per property, Fairhaven’s median price is $862,500 with 595 visits per property and finally Lorne with a median price of $1,050,000 with 312 visits per property so there are still plenty of buyers out there looking for properties.
As we head into Spring there is a buzz in the air with new listings expected as we hit the warmer months and buyers look to have their first Christmas on the Surf Coast in their new property.
First home buyers:
With the introduction of further relief for first home buyers on the 1st July this year, we have seen an influx of first home buyers back in the market. Homes under $650,000 have been highly sought after.
Demand for all types of property has been extremely strong, where 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 a 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 fuelled by both local families, builders and out of town investors looking for a piece of the coast. We are certainly looking forward to new land releases in Spring.
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 fuelled by those looking to escape escalating Melbourne prices and enjoy the beauty the Surf Coast has to offer.