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<\/p>\nA NEW record price has been set for a residential property on the Surf Coast with last week\u2019s sale of 4 Ocean Boulevard in Jan Juc.<\/p>\n
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.<\/p>\n
Great Ocean Properties director Marty Maher confirmed the price \u201csubstantially surpassed\u201d the previous mark of $7.25 million paid for a property in Lorne in early 2020.<\/p>\n
Advertised as \u201cJan Juc\u2019s best view\u201d, 4 Ocean Boulevard overlooks the Steps surf break and offers ocean views as far as Port Philip Heads and Cape Schanck.<\/p>\n
It was advertised over five weeks with a range of $5.25 million-$5.75 million.<\/p>\n
\u201cThe Surf Coast property market has obviously been very buoyant and we wanted to capitalise on this despite the threat of COVID lockdowns,\u201d Mr Maher said<\/p>\n
\u201cThe 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.\u201d<\/p>\n
He said negotiations with four parties stretched over two days, with the final result being well above expectations.<\/p>\n
The previous record sale in Jan Juc was $6 million for a property in Broadbeach Avenue, sold off-market last year.<\/p>\n
<\/p>\n
Michael Ferris, director of Torquay real estate agency Ferris Gold, said it was \u201cinevitable\u201d a new record would be set.<\/p>\n
\u201cWe live in a beautiful part of the world, and it\u2019s still good buying \u2013 let\u2019s say if you\u2019re exiting Melbourne for three-and-a-half (million), and you\u2019re buying something for two (million), you\u2019re getting pretty good bang for your buck down on the coast.<\/p>\n
\u201cWe\u2019ve got the lifestyle, plus we\u2019ve got the beach, plus we\u2019ve got the Great Ocean Road… there\u2019s just heaps of positives to support the numbers we\u2019re starting to achieve.\u201d<\/p>\n
He said the COVID-19 pandemic was a definite factor.<\/p>\n
\u201cWe\u2019ve never seen this kind of growth or frenzied buying. Melbourne cash buyers are driving the prices up. We\u2019re not even seeing finance clauses at the moment; they\u2019re just coming in and paying cash.<\/p>\n
\u201cIt\u2019s an unprecedented market.<\/p>\n
\u201cI think perspectives have changed, I think family values have changed, I think priorities have changed.<\/p>\n
\u201cSpending time with your family, working from home down the coast and still achieving what you can achieve in Melbourne is looking pretty good.\u201d<\/p>\n
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.<\/p>\n
\u201cThere\u2019s some beautiful farms around, Bells Beach and surrounds has got some ripping properties so there\u2019d be some absolute bangers up there.<\/p>\n
\u201cI think it might take a while for it (the record) to be surpassed.<\/p>\n
\u201cThe fear that I have now is that with low stock levels, agents are trying to buy listings and overpricing properties, and it\u2019s more of a promise of a price than a promise of a strategy to get you top dollar.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
A NEW record price has been set for a residential property on the Surf Coast with last week\u2019s 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. […]<\/p>\n