The property peninsula: northern Bellarine booms

AS THE end of 2017 approaches, we can look back on what was a spectacular year in real estate for our region, in some cases exceeding the 2010 boom year.

Although the Melbourne and Sydney markets are showing signs of softening, the Surf Coast, Bellarine and Armstrong Creek show no signs of heading down the same path, quite the opposite.

The Bellarine Peninsula has been the outstanding performer, with all townships experiencing a high demand for property, especially those areas coming off a lower entry point where affordability is the key factor.

The smaller coastal hamlets of St Leonards, Portarlington and Indented Head have seen the greatest level of enquiry due to being considered an entry-level opportunity.

But this is changing, as home buyers and investors swarm to these attractive coastal hamlets made more attractive by the new ferry service connecting the Bellarine to the city.

This interest will be further boosted by the impending ring road link from the Surf Coast Highway to the Bellarine.

Residential estates in this area like Swan View, Arlington Rise and Seachange St Leonards are seeing stronger demand for land than ever, with Seachange seeing 175 lots sold in six months, exceeding predicted sales of 50 per year, and Arlington Rise selling 120 lots since January.

Neville Richards property consultant Trevor McManus said that 2017 has been a huge year for the Bellarine Peninsula, with record sales prices and record land sale numbers.

“In the last 12 months, we have seen the entry level in Portarlington increase significantly and the median price level increasing by approximately 10 per cent.

“We have had a 90 per cent clearance rate on auctions with some properties being sold up to $130,000 over reserve price and a few sold prior to auction.

“Land sales have been astronomical with unprecedented results in both Arlington Rise in Portarlington and Seachange Estate at St Leonards, where buyers were camping out overnight, just to secure their block of choice.”

Stockdale & Leggo Portarlington director Loretta Sullivan also confirmed an incredible year of changing market trends for St Leonards, Indented Head and Portarlington.

“Permanent residing home buyers are by far now our largest growing market, younger couples are attracted to our peninsula, they not only see potential in this area but opportunities to earn high wages in Geelong and Melbourne.

“Mature couples are drawn to this beautiful casual district, their input to our property market and communities cannot be underestimated.

“Outstanding growth in the quality of lifestyle and tourism business on our peninsula plays a strong part in driving our popularity, we are all reaping the benefits.”

The more mature towns in this area of the Bellarine, Drysdale and Clifton Springs, have also seen strong growth as young families flock to these two towns, conveniently close to Geelong, with ample community infrastructure, shopping facilities and schools to support this burgeoning population.

Residential estates such as Central Walk and Curlewis Parks Drysdale have contributed to the success of this area, with nearby Curlewis, effectively rising from farmland a few years ago, to become a vibrant new community expecting to double in size within a few years.

Estates such as Bayview and Baywater have filled quickly, with new homes supported by the Woolworths Shopping Centre in Bayview Central Curlewis.

The Curlewis median house price has remained mostly unchanged for the past 12 months, which is to be expected with a young community that has ample land supply, once available developable land is taken up, median house prices in Curlewis should reflect a similar growth rate as the neighbouring townships.