The 2021/22 financial year was, in many ways, a tale of two halves. The June to December period was the end period of FOMO (fear of missing out) that was the overriding sentiment of the previous financial year. Whereas the January to June period saw FOMO dissipate as interest rate rises dampened the overall buyer activity but with still some outstanding sales recorded along the coast. Quality buyers with less reliance on bank funding or those trading in the same market still pursued their lifestyle property goals.

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” price when all the sales are ranked from lowest to highest.

Torquay again continues to have significant turnover with 342 house sales for the year, which was slightly down from 382 in the 20/21 financial year.  The median house price has been calculated at $1,305,000 up significantly from $980,000 in 20/21.  There were 243 sales between $1m – $2m up dramatically from 174 the year before, 27 above $2m, 4 above $3m, 1 above $4m and 1 above $5m which was the top sale for the year at $5,800,000.  For context, there are approximately 9,500 rateable properties in Torquay.

Jan Juc recorded 61 house sales, slightly down from 71 in 20/21, with the median house price coming in at $1,410,000 which was well up from $1,251,000 in the previous financial year.  The top sale for Jan Juc was a substantial $8,000,000 (sold by Great Ocean Properties). There were 51 sales between $1m – $2m (up from 41 in 20/21), 2 above $2m, 4 above $3m and 1 above $4m plus the top sale.  There are 2,019 rateable properties in Jan Juc.

Anglesea saw 76 house sales recorded for the financial year, well down from the 100 recorded in 2020/21.  The median house price was $1,700,000, dramatically up from $1,250,000 the year before.  The top sale for the year was $5.3m (sold by Great Ocean Properties). There were 47 sales above $1m, a decrease from 58 the year before, 20 above $2m well up from 9 previously, 2 above $3m and 2 above $4m plus the top sale.   Again, for context, there are 3,313 rateable properties in Anglesea.

Aireys Inlet recorded 27 house sales for the 2021/22 financial year which was a decrease from 33 in the 2020/21 financial year. The median house price again saw a significant jump to come in at $1,850,000 up from $1,360,000 the previous year.  The top sale was $2,900,000.  There were 17 sales recorded between $1m – $2m down from 22 the previous year, 9 sales above $2m.  Aireys Inlet has 1,208 rateable properties.

Due to the low numbers of sales, we have always grouped Fairhaven, Moggs Creek and Eastern View together.  There are only 863 rateable properties in this area.  There

were 17 sales for the financial year, which was down from 24 the year before.   The median house price came in at $2,525,000, which was a considerable increase from $1,700,000 the year before.  The top sale for the year was $10,000,000 (sold by Great Ocean Properties) which was the highest sale also for the Surfcoast.  There were 6 sales between $1m-$2m, 6 above $2m and 5 above $4m plus the top sale.

Lorne saw the total number of house sales at 39, down from the previous year’s 54.   The median house price rose slightly because of this and came in at $1,950,000 which was well up from $1,547,500 the year before.  The top sale for the year however was $6,100,000 (sold by Great Ocean Properties).  There were 20 sales between $1m – $2m, 11 sales between $2m – $3m, 4 above $3m and 2 above $4m plus the top sale.  There are 2,375 rateable properties in Lorne.

Apollo Bay recorded 104 house sales for the year, down from 120 the year before with the median house price coming in at $965,000, which was a substantial increase on $820,000 the previous year.  The top sale for the year was $3.5m.  The relatively affordable price point continues to be an attraction and the town attracts buyers from a wide variety of sources including regional areas.

As a company, we were very proud to achieve the four highest house sales recorded on the Surfcoast for the 21/22 financial year and the top sale in Jan Juc, Anglesea, Aireys Inlet, Fairhaven, Lorne and Apollo Bay.

We hope you found this Great Ocean Report informative and if we can ever be of any assistance in any real estate matter, please do not hesitate to call.