Surf Coast Market Wrap
As one of the fastest growing regions in the state, the Surf Coast has experienced strong sales and increasing property values for a number of years.
2018 so far has continued to uphold these trends, with our four top markets all experiencing growth.
Utilising view.com.au data, we have summarised the current market trends for Jan Juc, Lorne, Torquay and Anglesea.
With the lowest entry point at $550,000 for a unit, Jan Juc is the ideal location for first home buyers. The value of homes in this area continues to rise, with the current median value at $876,500 -increasing on last year by 11%. The average weekly wage for Jan Juc residents is $1,916 and 38% of people moved here within the last five years.
With just 33% of homeowners moving to Lorne within the last five years, it represents the slowest market, and the one where residents are most likely to stay long-term. Lorne is also the most expensive market on our list, with the median house value sitting at $1.18m, up 11% on last year. Lorne may also be the market for investors looking at units, with the median price sitting at just $605,000, up 12% on last year.
Over the past year the Torquay median house price has risen from $710,000 to $820,000 – an increase of over 13%. Units in the area have enjoyed a similar increase from $540,000 to $600,000 for an 10% rise in value. The average weekly income of residents in the Torquay area sits around $1,757 and a whopping 50% of homeowners moved here within the last five years, making it the most active of the four markets.
Anglesea is where you are most likely to get the best bang for your buck with home prices at around the $795,000 mark, a 10% increase on last year. Unit prices in Anglesea have seen the most growth of any market, increasing by 19% on the previous year for a median value of $685,000. The average income of a resident here is $1,284 and 38% of the population moved in within the past five years.