Great Ocean Road medians jump
WITH the Great Ocean Road region attracting 5.1 million visitors annually, it’s no wonder that the towns that make up the start of this iconic tourist trail, are proving to be both popular with investors, holidaymakers and “lifestylers” alike.
Lorne passed through the $1 million median point during 2017, showing a significant median increase of $277,000 over a 12-month period.
The townships of Aireys Inlet and Anglesea have also seen great interest during 2017 with medians in both villages increasing more the $50,000.
Great Ocean Road Real Estate’s Ian Stewart said that 2017 was a year that will go down as the “changing of the tide” in the Lorne property market.
“In 2017, we have seen stock numbers reduce and prices firm for the first time since the Global Financial Crisis of 2009.
“There have been a number of defining sales with a highlight being the sale of one of Lorne’s most significant historical properties KinCraig, which sold for in excess of $3 million.
“When the Russell Family built the summer residence back in the late 1800s, it was to be one of a select few ‘summer homes’ for Western District graziers.
“Another market defining result has been the release of the Oceania development on the former Ocean Lodge Motel site.
“The 15 architect-designed residences, all with spectacular northern views, are luxurious in every regard.
“The sale of nine of these off the plan with a 10th pending, and the old motel demolition only completed recently, shows extreme confidence in the future ahead.
“What reinforces this even more is that seven of those nine sales have been completed to people who have an existing property in Lorne.”
Great Ocean Properties’ Marty Maher also reported that 2017 was a very buoyant period for the coastal markets with some exceptional results, especially around the median price points.
“Some stand-out results for Great Ocean Properties was the auction of 10 Philip Street Aireys Inlet that sold $265,000 over the reserve,” he said.
“Another recent sale at 31 Hopkins Street Aireys Inlet sold for $90,000 over the reserve, making $685,000 at auction.
“The fact that this was a one-bedroom 1969 fibro cottage makes the result even more impressive.
“Much of the buying demographic in the lifestyle towns of Aireys Inlet, Anglesea and Lorne still firmly remains with the baby boomers, who are setting up their retirement plans.
“Torquay and Jan Juc continue to attract a more owner-occupier demographic, however, lifestyle remains a strong motivation.”