{"id":12479,"date":"2023-11-30T17:18:55","date_gmt":"2023-11-30T17:18:55","guid":{"rendered":"http:\/\/thestar.test\/2023\/11\/30\/house-prices-grow-with-demand-2\/"},"modified":"2023-12-02T18:30:43","modified_gmt":"2023-12-02T18:30:43","slug":"house-prices-grow-with-demand-2","status":"publish","type":"post","link":"https:\/\/thestar.com.au\/blog\/house-prices-grow-with-demand-2\/","title":{"rendered":"House prices grow with demand"},"content":{"rendered":"
\t\t\t\tTuesday, July 17th, 2018<\/span> | Posted by Tayla Kershaw<\/a><\/span> \t\t\t<\/div>\n

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House prices grow with demand<\/h1>\n

STRONG demand from buyers wanting a quieter lifestyle has seen median property prices lift in South Gippsland and Bass Coast significantly in the past 12 months.
People are flocking to rural towns like Korumburra, Kilcunda, Wonthaggi, Inverloch and Venus Bay, with demand often outweighing supply.
Adam Leys from Stockdale and Leggo Inverloch said since the start of 2017, median house prices in Inverloch had increased by over $100,000.
He said there were a number of factors driving the price increase.
\u201cOne significant factor is an influx of buyers coming from the Mornington Peninsula who are seeing great value in our market,\u201d he said.
\u201cThey are tired of the traffic and general crowding on the peninsula and prefer the more relaxed vibe of Inverloch.\u201d
Mr Leys said another factor was a shortage of vacant land, making homes in new estates hard to find.
\u201cThis drives people to buy in more established areas which come with higher price tags,\u201d he said.
Mr Leys said a consistent decline in available properties had caused a degree of urgency among buyers.
\u201cBuyers in our market are used to having plenty of time to consider purchases, but now they are seeing the places they like sold before they are in a position to make an offer themselves,\u201d he said.
\u201cThis results in a shorter time on the market than we have seen in previous years. I don\u2019t see this situation changing in the near future.
\u201cAnything within two hours drive of Melbourne is highly sought after.\u201d
Alex Scott and Staff Venus Bay director Daniel Lawrie said the median price for property in Venus Bay had increased by around $35,000 in a short period of time.
He said with a median price of around $310,000, Venus Bay was still very affordable compared to other coastal locations such as the Mornington Peninsula and Inverloch.
\u201cIt is good news for the area, our permanent population is building and that means more people to be active in the community and down the track, could mean more infrastructure,\u201d he said.
\u201cIt is very positive news for us down here.\u201d
PBE Wonthaggi director Adam Mabilia said the whole Bass Coast region was benefitting from real estate demand.
With an increase to the median property price of around $28,000 in Wonthaggi and $51,000 in Kilcunda, he said buyers from Melbourne\u2019s south east still find properties in Bass Coast affordable.
\u201cThere is a big wave at the moment and there is no sign of it slowing down in the future,\u201d he said.
\u201cStock levels are short through every town in Bass Coast at the moment and that is not likely to change. It is healthy for the region.\u201d
Real estate manager at Elders Korumburra Don Olden said the median property price in Korumburra has lifted around 10 percent in the last 18 months.
He said strong demand means that properties are selling shortly after they come on to the market, causing a shortage.
\u201cWe are getting a lot of interest from the Mornington Peninsula and the south eastern suburbs,\u201d he said.
\u201cHousing is cheaper and we have a quieter, rural atmosphere while still being close to Melbourne.\u201d
Mr Olden said he expected the demand to continue, which was great for the town.<\/p>\n

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Going up: Adam Leys from Stockdale and Leggo in Inverloch said house prices are steadily increasing in the seaside town, reflective of higher demand, mainly from metropolitan based buyers.<\/p>\n<\/div>\n

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\t\t\t\t\t\t\t\t\t\tPosted by Tayla Kershaw<\/a> \t\t\t\t\t\t\t\t\t\ton Jul 17 2018. Filed under Featured<\/a>, News<\/a>. \t\t\t\t\tYou can follow any responses to this entry through the RSS 2.0<\/a>. \t\t\t\t\t\t\t\t\t\tYou can leave a response or trackback to this entry\t\t\t\t\t\t \t\t\t\t\t<\/p>\n
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Tuesday, July 17th, 2018 | Posted by Tayla Kershaw House prices grow with demand STRONG demand from buyers wanting a quieter lifestyle has seen median property prices lift in South Gippsland and Bass Coast significantly in the past 12 months. People are flocking to rural towns like Korumburra, Kilcunda, Wonthaggi, Inverloch and Venus Bay, with […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,1],"tags":[],"_links":{"self":[{"href":"https:\/\/thestar.com.au\/wp-json\/wp\/v2\/posts\/12479"}],"collection":[{"href":"https:\/\/thestar.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thestar.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thestar.com.au\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thestar.com.au\/wp-json\/wp\/v2\/comments?post=12479"}],"version-history":[{"count":1,"href":"https:\/\/thestar.com.au\/wp-json\/wp\/v2\/posts\/12479\/revisions"}],"predecessor-version":[{"id":15221,"href":"https:\/\/thestar.com.au\/wp-json\/wp\/v2\/posts\/12479\/revisions\/15221"}],"wp:attachment":[{"href":"https:\/\/thestar.com.au\/wp-json\/wp\/v2\/media?parent=12479"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thestar.com.au\/wp-json\/wp\/v2\/categories?post=12479"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thestar.com.au\/wp-json\/wp\/v2\/tags?post=12479"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}