The Bellarine Peninsula’s most remoted beachside city holds the area’s most in-demand waterside property, new information exhibits.
Demand for properties in St Leonards nearly doubled in 2020, new realestate.com.au information reveals, with curiosity in homes climbing 85 per cent and items 105 per cent.
The northern peninsula city, which is the farthest from central Geelong, can be one of many area’s least expensive areas and a preferred summer time vacation scorching spot with a protected seaside and fishing, with a median home worth of $550,000.
St Leonards joined Aireys Inlet and Apollo Bay within the 10 most in demand regional scorching spots in 2020.
The information exhibits a correlation between affordability and demand, with Victoria’s Gippsland coast not solely the most affordable, however seeing the very best rise in curiosity from consumers.
Neville Richards, St Leonards agent Luke Campbell stated the push of consumers went into overdrive as soon as Melbourne’s lockdown lifted final spring.
“When Melbourne was launched we simply noticed the inquiry undergo the roof, then we noticed issues begin to transact actually shortly,” he stated.
“That concern of lacking out kicks in, which is related as a result of there may be not lots of inventory now and there may be loads of purchaser exercise.”
Mr Campbell stated consumers snapped up every little thing, from probably the most fundamental unit to an entry-level seaside cottage proper via to costly seaside properties.
St Leonards additionally has a brand new land market, with a number of property developments in excessive demand.
Mr Campbell stated many consumers had purchased ahead their property choices because of the pandemic, with many placing life-style entrance of thoughts.
“There’s definitely a component that’s on the lookout for a everlasting dwelling and there may be fairly a robust aspect that’s on the lookout for life-style, with a view that may turn into their long-term retirement choice.”
Whereas some consumers had hyperlinks to the world, affordability was additionally driving exercise.
“For some, the place in all probability the most affordable choice on Bellarine. So, having been priced out of Ocean Grove, Barwon Heads or Queenscliff, that is the possible choice.
“And folks truly like the very fact we’re a contact quieter. We’re not as massive when it comes to quantity of individuals, so that they really feel like we’ve nonetheless bought a component of nation on the Bellarine coast down right here.”
Excessive demand in beachside suburbs has additionally pushed median costs, with the strongest development in central Geelong and East Geelong at round 30 per cent. to $884,000 and $760,000 respectively.
Home costs had additionally jumped 20 per cent at Barwon Heads to $1.16m.
Buxton, East Geelong agent Jarrod Leonard stated funnily sufficient the proximity to the town’s waterfront was not at all times consumers high precedence.
“However I feel as soon as they realise after they’re right here is how near precise waterfront is after which it turns into an actual issue,” he stated.
“From elements of East Geelong and positively elements of Geelong the waterfront is walkable.
“You don’t get that wherever else in Geelong to have the ability to simply to stroll all the way down to the waterfront, with all of the goings on mixed with the parkland. It simply provides that life-style that our metropolis can supply.”
Geelong’s most in demand seaside scorching spots
Suburb % Rise in demand (12 months)
St Leonards 84.7%
Aireys Inlet 83.0%
Apollo Bay 81.7%
North Geelong 69.4%
Ocean Grove 59.6%
Level Lonsdale 57.7%
Geelong’s fastest-growing seaside scorching spots
Suburb Median worth 12 month change in worth
Geelong $883,500 32.9%
East Geelong $760,000 27.7%
Connewarre $1,615,000 26.2%
Barwon Heads $1,162,500 19.5%
Aireys Inlet $1,010,000 14.1%
Lorne $1,455,000 12.1%
Level Lonsdale $920,000 10.7%
Corio $385,000 9.7%
Ocean Grove $756,050 8.8%
Jan Juc $940,500 8.1%