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Hot property

 

 

SOUTH Gippsland’s booming house prices are benefiting from the downward trend of residential returns in Melbourne, with Meeniyan gaining popularity, and prices climbing by more than 20 percent in Venus Bay and across Bass Coast.

The local scene is being driven by city dwellers, with many coming to affordable Meeniyan and still commuting to work in the suburban fringes or seeking cheaper living in the country.

The REA Group’s www.realestate.com.au website noted the median price for homes sold in Meeniyan for the year to July was $248,000.

Kellie Thomas, licensed estate agent at Landmark Harcourts Leongatha, a 20 year Meeniyan resident, said, “Meeniyan is an

interesting little nook, gaining much popularity over the years. The land here is well held and quite compact, and there is a shortage of large land quantities opened up for development. Nevertheless, a small acreage between 1.5-4 acres will be coming onto the market in the coming months.

“We have a large database of waiting clients, ready to purchase. Buyer enquiries at the moment are quite good locally and we note the area is well suited to lifestyle properties, similarly in Koonwarra. Meeniyan is a destination town.

“The town attracts foodies and those interested in the arts, with our galleries, great eateries and infrastructure like V/Line bus services to Melbourne.

“We see many buyer enquiries from the Mornington Peninsula and Melbourne. Buyers are looking for a tree change, still willing to commute to Melbourne’s eastern suburbs for work, preferring the country roads to city traffic whilst taking advantage of our country lifestyle.”

Peter Bellingham, of Stevens Egan Johnston Real Estate Leongatha, said prices have risen around the Bass Coast and South Gippsland shires due to little competition.

Alan Steenhold, agent at Alex Scott Leongatha, confirmed solid sales growth over the past 10 months, with strong demand from retirees.

In Venus Bay, median prices increased by 21.2 percent in the past year, driven by an influx of people moving to live locally, said Daniel Lawrie, real estate agent at Alex Scott and Staff Real Estate, Venus Bay.

“Some have bought existing homes and some have bought blocks with a view to build their permanent home. It’s a shift that we really haven’t seen in the last 20 years or so. Traditionally Venus Bay has been predominately a holiday home market,” he said.

“Because of this, average turnover of homes was five to seven years, which meant stock levels were high, sense of urgency for purchasers was low, and the median house price sat at around $250,000-$260,000.

“Fast forward to 2018 and we now have a high demand of permanents making use of the high prices in the Melbourne market, selling up their homes and making the affordable sea change to Venus Bay. This has resulted in much lower stock levels of houses and blocks of land, making the market much more competitive which in turn has driven the median house price up to around $315,000, an increase of roughly 20 percent.”

Buyers are coming from such outer suburbs of Melbourne as Ferntree Gully, Rowville and Ringwood, and more people from Greensborough.

There is a mix of families, couples and retirees, drawn by the chance to live with a smaller mortgage or event mortgage free.

Median house prices jumped by more than 20 percent in the Bass Coast Shire in the past year.

Cowes recorded a 22.6 per cent increase in the median house price from $383,000 to $485,000 and Wonthaggi followed suit with a 22.2 per cent rise in price to $339,000.

Inverloch also recorded growth of more than 20 per cent in its median house price.

The cost of land grew considerably in Phillip Island, according to Alex Scott and Staff Real Estate, Phillip Island director Greg Price who said around June last year, the market for the Island almost panicked.

“Resales jumped by about $60,000 with half the amount of blocks to choose from. The land is where the value is and it pushed the market up across the Bass Coast,” he said.

“For our population to grow it can’t come out of the retiree market – it is one of the big shifts in our communities. People are looking for proximity to Melbourne, good schools and lifestyle and this area is perfect for that.”

Wonthaggi has ample land and the market, according to Mr Price has seen extraordinary value for money.

Buyers are learning Wonthaggi is a beach town with Harmers Haven, and Cutlers and Baxter’s beaches nearby and with quality services.

He also said South Gippsland towns including Korumburra and Leongatha offered value for money, given the lifestyle opportunities coupled with the towns’ proximity to Melbourne.

Hot property: Alex Scott and Staff Wonthaggi sales consultant Cal Nation and auctioneer Philip Hanley are being kept busy in a buyers’ market.

Short URL: http://thestar.com.au/?p=26405

Posted by on Nov 6 2018. Filed under Featured, News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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