Wonthaggi beckons investors
WONTHAGGI is an investor’s dream in the current market.
LJ Hooker sales executive Brett Tessari said the market is flying, with high demand for properties and rentals alike.
“Sales are going strong and we are looking for new stock,” he said.
“We have more people looking to rent than rental properties, so it’s a great opportunity for investors.”
PBE Real Estate director Danny Crellin said the recent election caused the market to slow compared to last six to eight months, but agreed the election result implied it is prime time for investors to get involved in the market.
The median house price for Wonthaggi is sitting around $315,000 with the price of units closer to the $240,000 mark.
To rent a property, the average price is $300 per week.
Purchasing a unit is an opportunity for investors to turn a profit by leasing the property.
“The rental market is going very well and we are always looking for new properties,” Mr Crellin said.
Mr Tessari said the town’s location is the main contributor when buyers make the decision to move to Wonthaggi.
“It’s still all about the closeness to Melbourne, as well as our beautiful coast and beaches,” he said.
“It’s about the dream of having a better lifestyle in the country.”
Mr Crellin said PBE is seeing more retirees making the tree change to Wonthaggi than any other demographic.
“Our medical services and the hospital are attracting people to the area. There are more retirees settling down in this area,” he said.
Alex Scott and Staff sales department representative Dan Huther said lifestyle properties are growing in popularity.
“I think our market has rebounded since the election and enquiries are still coming in,” he said.
“Lifestyle properties are selling well. We had a property on West Creek Road under contract and received two phone calls about the property within 24 hours.
“There’s a lot of interest from retirees and people looking to make a tree change, especially from the Peninsula and Eastern Suburbs.”
Mr Huther said competitive prices drew people in.
“People find they can quite easily afford a small acreage here, compared to the Peninsula,” he said.
“They are looking for a better lifestyle and Wonthaggi has everything they need when it comes to infrastructure, shopping and employment.”
Wonthaggi is still growing and more houses will be appearing in new estates.
“The Summerfields Estate is coming along nicely and hopefully it will be titled by the end of this year,” he said.
“We have about half a dozen blocks left, the others went fairly quickly. In Summerfields, we saw 15 lots from stage four sell within a couple of days.
“In Parklands, we sold 22 lots in stage two in a day around 12 months ago.”
Despite negative publicity in Melbourne’s property market, Wonthaggi’s market has marched on and is an ideal location for investors.
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