Juc house sale smashes Surf Coast price record

A NEW record price has been set for a residential property on the Surf Coast with last week’s sale of 4 Ocean Boulevard in Jan Juc.

Selling agent Great Ocean Properties has not disclosed the exact price nor the buyer, but some real estate agencies have reported the figure is as high as $8 million.

Great Ocean Properties director Marty Maher confirmed the price “substantially surpassed” the previous mark of $7.25 million paid for a property in Lorne in early 2020.

Advertised as “Jan Juc’s best view”, 4 Ocean Boulevard overlooks the Steps surf break and offers ocean views as far as Port Philip Heads and Cape Schanck.

It was advertised over five weeks with a range of $5.25 million-$5.75 million.

“The Surf Coast property market has obviously been very buoyant and we wanted to capitalise on this despite the threat of COVID lockdowns,” Mr Maher said

“The current lockdown did interrupt the last part of the campaign but by then we felt we had enough interest in the property to have a meaningful result.”

He said negotiations with four parties stretched over two days, with the final result being well above expectations.

The previous record sale in Jan Juc was $6 million for a property in Broadbeach Avenue, sold off-market last year.

Michael Ferris, director of Torquay real estate agency Ferris Gold, said it was “inevitable” a new record would be set.

“We live in a beautiful part of the world, and it’s still good buying – let’s say if you’re exiting Melbourne for three-and-a-half (million), and you’re buying something for two (million), you’re getting pretty good bang for your buck down on the coast.

“We’ve got the lifestyle, plus we’ve got the beach, plus we’ve got the Great Ocean Road… there’s just heaps of positives to support the numbers we’re starting to achieve.”

He said the COVID-19 pandemic was a definite factor.

“We’ve never seen this kind of growth or frenzied buying. Melbourne cash buyers are driving the prices up. We’re not even seeing finance clauses at the moment; they’re just coming in and paying cash.

“It’s an unprecedented market.

“I think perspectives have changed, I think family values have changed, I think priorities have changed.

“Spending time with your family, working from home down the coast and still achieving what you can achieve in Melbourne is looking pretty good.”

Mr Ferris said there would be very few properties in the area that would fetch a comparable amount to 4 Ocean Boulevard on the market.

“There’s some beautiful farms around, Bells Beach and surrounds has got some ripping properties so there’d be some absolute bangers up there.

“I think it might take a while for it (the record) to be surpassed.

“The fear that I have now is that with low stock levels, agents are trying to buy listings and overpricing properties, and it’s more of a promise of a price than a promise of a strategy to get you top dollar.”