The 2016/17 financial year saw a very active coastal market once again, buoyed by low interest rates and continued positive sentiment from the metropolitan property markets.

So let’s look at the performance of each of the towns during this period. As a reference, these sales are house sales, that is a free standing dwelling on its own title. We do not include land sales or units although freestanding dwellings with common driveways are included. The median house price is calculated as the “middle” sale price when all the sales are ranked from lowest to highest.

Torquay again continues to have significant turnover with 330 house sales for the year. The median house price has been calculated at $720,000, up considerably from $642,000 in 2015/16. There were 34 sales above $1m, 2 sales between $2m – $3m and just the one at $3,000,000 which was the top sale for the year. For context, there are currently 8,128 rateable properties in Torquay.

Jan Juc recorded 65 house sales (well down from 82 in 2015/16) with the median house price coming in at $810,000, which was a substantial increase from $603,000 in the previous financial year. The top sale was an undisclosed figure not far short of the $3,950,000 advertised price, which to our knowledge was the top sale for the Surfcoast for the financial year. There were 12 sales between $1m-$2m, no sales between $2m-$3m and only one above $3m. There are 1,990 rateable properties in Jan Juc.

Anglesea saw increased turn over from the previous year with 98 sales recorded, down from the 107 recorded in 2015/16. The median house price was $753,000, significantly up from $672,500 the year before. The top sale for the year was $2,200,000. There were 15 sales between $1m-$2m (down from 16 the year before) and 1 above $2m. Again, for context, there are 3,272 rateable properties in Anglesea.

Aireys Inlet recorded 36 house sales for the 2016/17 financial year which was 8 fewer than in the 2015/16 financial year. This was a direct result of lack of available houses for sale rather than a lack of buyers. The median house price again saw a significant jump to $782,500 up from $732,500 the previous year. The top sale was $2,105,000. There were 5 sales recorded between $1m – $2m and 1 sale above $2m. Aireys Inlet has 1,195 rateable properties. We are very proud that Great Ocean Properties sold 24 out of the 36 houses that were sold.

Due to the low numbers of sales we have always grouped Fairhaven, Moggs Creek and Eastern View together. There are only 856 rateable properties in this area. There were 28 sales for the financial year, which was slightly up from 25 the year before. The median house price came in at $876,300, which was down from $1,000,000 the year before. The median price figure in this area has historically moved around significantly due to the low sample numbers. The top sale for the year was $3,000,000. There were 8 sales between $1m-$2m and 3 between $2m-$3m.

Lorne had a very good year and was particularly active in the upper end price ranges. The total number of house sales was 57, which was up from the previous year of 51. There is also a lot of unit activity in Lorne each year due to the prevalence of that type of property in the town. The median house price rose to an incredible $1,124,500 which was a significant increase from $900,000 the year before. The top sale for the year was $3,300,000. There were 29 sales between $1m-$2m, 3 sales between $2m-$3m and 1 above $3m. There are 2,375 rateable properties in Lorne.

Although we sell across all price points, we are very proud of that fact that Great Ocean Properties achieved the highest sale prices in Aireys Inlet ($2,105,000), Fairhaven/Moggs Creek/Eastern View ($3,000,000), Torquay ($3,000,000) and Jan Juc (undisclosed but close to $3,950,000, this was also the top sale for the Surfcoast) and second highest in Anglesea ($1,675,000) for the 2015/16 financial year. Overall a very positive year.

The general number of properties for sale remains at historically low levels which has facilitated many of the positive results we have reported. Baby Boomers continue to make themselves present in the market place as they design their lifestyle plans. This is particularly prevalent in Lorne, Aireys Inlet and Anglesea. Torquay and Jan Juc continue to grow their owner/occupier demographic who is seeking access to Geelong and Melbourne for work purposes. The infrastructure of these towns continues to be a strong drawcard for permanent living. Price differentiation between the Melbourne metropolitan market and the coastal market continue to benefit the latter and it is difficult to see this changing, especially given the downsizing Baby Boomers being so active in the market place at present.