Barwon Heads continues to lead local price rises

WITH 2017 now behind us, the Bellarine remains a standout region for real estate activity with Barwon Heads continuing to demand a premium as Melbourne-based sea-changers and investors competing with locals drive prices to all-time highs, in what is a very tightly held market.

The Ocean Grove property market has seen its strongest growth during 2017 with both land in new estates and the high-end townhouse market seeing exceptional demand.

Point Lonsdale and Queenscliff, once the preferred retirement settlements on the Bellarine, are slowly seeing a transition to more owner-occupiers, who compete with holiday home buyers to drive the medians higher.

Leopold is now also firmly on the radar of young families and downsizers with demand peaking in 2017 for this once undervalued market that is now being realised for it convenient location close to Geelong and the peninsula, with fantastic shopping and education facilities at their doorstep.

Bellarine Property’s Levi Turner said he had been seeing some exceptional results in these areas.

“In 2017, we saw 13 Jasper Avenue Barwon Heads sell at auction for $230,000 over reserve and 46 Wallington Road Ocean Grove sold for $110,000 more than the vendor bought it for seven months prior.

“Also, the evolving Kingston Estate in Ocean Grove is now being recognised for its potential with 15 Greenview Rise setting a new record for estate.”

Colleague Lee Martin reported that Leopold was one of the “hot areas” of 2017.

“Leopold has seen the highest amount of sales of around 200 and also the lowest average days on market of approximately four weeks.

“Point Lonsdale and Queenscliff rounded out the year with highest median values of $687,500 and $775,000 respectively.”

RT Edgar Bellarine has also seen unprecedented demand for property in the Bellarine throughout 2017.

Director Michael Ramsay said that Barwon Heads had witnessed exceptional popularity during 2017, which has resulted in the median price of $950,000.

“This far exceeds that of Melbourne and has arguably become the most sought-after coastal town in Victoria.

“Sales volume and prices continue to grow at an impressive rate with annual appreciation of 15 per cent per annum being achieved.

“Sales in excess of $1.5 million are now becoming the norm rather than the exception with RT Edgar having recently sold three properties in Barwon Heads between $1.5 and $2 million.”

At RT Edgar’s Point Lonsdale office, Felix Hakins said that they have had an amazing 2017 with strong buyer interest from Melbourne, western districts and beyond.

“Some highlight sales for 2017 were an O’Dowd-built home selling in old Point Lonsdale at 35 Winterley Road, and 13 Fraser Crescent Queenscliff which boasted uninterrupted views of Port Phillip and the Rip.”

At Ocean Grove, RT Edgar’s John Brodie reported that rental properties are in high demand from both investors and tenants.

“We are seeing our Ocean Grove rental properties tenanted almost immediately upon listing,” Mr Brodie said.

“This demand for rental property is also driving the property market with investors keen to add Ocean Grove to their portfolios.

“At the high end of the Ocean Grove market, we have seen strong demand for townhouses throughout 2017 with exceptional sales results in the $800,000 area up to the millions.”

All agent report that the confidence they have seen in the Bellarine market during 2017 will continue throughout 2018 with more records being broken.