In defiance of a pandemic and a recession that is apparently no longer, the coastal property market is on fire, with the Bellarine leading the way.
Listings are tight, homes are being bought sight unseen, locals competing with Melbourne, Geelong and country buyers looking for a getaway pad, fight it out to see stock levels at an all time low.
Bellarine Property director Levi Turner says the Bellarine market is hot.
“Barwon Heads is up 14 per cent since June, Ocean Grove up 7 per cent since April and in Barwon Heads there is only one house on the market,” Mr Turner said.
“There are about 5 per cent more buyers from Melbourne than usual, but a lot of buyers are local, with a heap from Geelong and buyers from country Victoria buying holiday homes.
“Best performing part of the market are properties in Barwon Heads above $2 million which are being highly sought by Melbourne buyers.
“There is a high demand in Ocean Grove for good family homes between $800,000 and $1.2 million.
“In Curlewis, it is out of control; anything listed just sells, that market is super hot.”
Like the Surf Coast, it is lifestyle is the driving force behind the intense interest in Bellarine real estate which offers more diversity than in most regions.
Fuelling this interest is regional purchasers battling it out with city based buyers who have endured harsh lockdown measures which have bought forward their escape plans and purchase a coastal property.
Hayeswinckle Drysdale sales consultant Michaela Miller said the demand they
had experienced in the Bellarine for the second half of 2020 had been incredible.
“We did experience those hurdles again back at the start of August when it was announced we were going back into lockdown 2.0, with Melbourne’s restrictions obviously at Stage 4.
“There are Melbourne groups around, however what is fuelling the market for us, is still our regional, older demographic groups.
“Those who are looking to move closer to family in Geelong but wanting the lifestyle that the Bellarine offers.
“The price ranges seeing the most interest in the past two to three months, are those between $550,000 and $700,000.
“This may sound surprising, however again those regional groups who have sold up big acreage in regional Victoria are looking for a ‘downsize’ but not a ‘downgrade’.
“As we head into the tail end of 2020 and forecasting what 2021 may look like, it will be very interesting to see!
“The stock levels at the moment are incredibly low, with a lot of groups now wanting to see out the year and take their property to market in the New Year.
“The start of every year sees a rise in available property on the market, especially between mid-January to mid-February.
“The Bellarine market has kept incredibly strong throughout this pandemic, and I don’t see any sign of it slowing down in 2021.”