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Market Wrap

Beachside properties reeling in buyers

Whether it’s the Mornington Peninsula, the bayside suburbs, or the surf coast, seaside properties across Melbourne have been reeling in some exceptional prices in recent weeks.

The auction action turned to the coast over Australia Day weekend, with plenty of seaside sales being snapped up at a clearance rate of 82%. 

Our Frankston office recently sold a two-bedroom house in Frankston right across the road from the beach for $717,000 – 19% higher than the area’s median house price ($599,000), showing the best waterfront locations command a premium.

The surf coast is just as hot. REIV data shows suburbs in greater Geelong area are booming. Ocean Grove has experienced double digit price growth over the past year, while Torquay has seen a 6.5% median house price rise.

But it’s not just beach houses that are in high demand – our Dromana office recently sold a beach box, complete with fishing boats, kayaks and boating equipment, for $590,000 – that’s more than the median house price of a quarter of Melbourne suburbs (according to CoreLogic data).

Looking ahead, a quarter of hockingstuart’s February auctions are based near the water, so there’s plenty of options for holiday makers, investors and home hunters to seek a beachside property.

Market Wrap