There is no holding back the Lorne property market as one of the town’s old timers achieved $4.85 million at auction last week, smashing the reserve by $1.45 million.
The property at 122 Mountjoy Parade came to market for the first time in 34 years, and was a much-loved original beachside residence and self-contained flat that sits on an absolute blue-chip allotment of just over a quarter acre with mesmerising views of Louttit Bay and the entire coastline.
Great Ocean Road Real Estate director Ian Stewart said the retro beachfront home was positioned in arguably the best position on Lorne’s Golden Mile.
“Nestled below towering blue gums that give way to an expansive opening allowing an uninterrupted ocean experience, this property has been admired by many for generations,” Mr Stewart said.
“With the Lorne surfing point in full view, and the sound and smell of the ocean being an absolute highlight, it’s no wonder the property achieved such a fantastic result.
“The enquiry was amazing and with hundreds in attendance, the bidding quickly saw the property on the market at $3.4million with five active bidders pushing the price well beyond $4million.
“The new owners, who are already part of the Lorne community, are planning to move down the hill to this absolute beachfront property.”
According to CoreLogic data, the current median house price for Lorne is $1,477,500 which has seen a massive increase of $700,000 from 2016.