The 2022/23 financial year was dominated by interest rate rises which reduced sales volumes along the Surfcoast. While the volumes were down the values were remarkably steady from the previous financial year in most areas.

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 continues to be a very active market however the volumes were significantly reduced with 241 house sales for the financial year, which was down from 342 in the 21/22 financial year. The median house price has been calculated at $1,300,000 which is remarkably consistent with the previous financial year of $1,305,000 in 21/22. There were 168 sales between $1m – $2m, 30 between $2m and $3m, 6 above $3m, 4 above $4m and 1 above $7m which was the top sale for the year at $7,600,000. For context, there are approximately 9,500 rateable properties in Torquay.

Jan Juc recorded 34 house sales, significantly down from 61 in 21/22, with the median house price coming in at $1,325,000 which was down from $1,410,000 in the previous financial year. The top sale for Jan Juc was a substantial $5,330,000. There were 31 sales between $1m – $2m, 1 above $2m, 1 above $3m and 1 above $5m which was the top sale. There are 2,019 rateable properties in Jan Juc.

Anglesea saw 62 house sales recorded for the financial year, well down from the 76 recorded in 2021/22. The median house price was $1,710,000, which held steady, up slightly from $1,700,000 the year before. The top sale for the year was $5,250,00. There were 40 sales between $1m and $2m, 17 between $2m and $3m, 4 above $3m including the top sale. Again, for context there are 3,313 rateable properties in Anglesea.

Aireys Inlet recorded 23 house sales for the 2022/23 financial year which was a decrease from 27 in the 2021/22 financial year. The median house price again came in at $1,800,000 slightly down from $1,850,000 the previous year. The top sale was $3,500,000 (sold by Great Ocean Properties). There were 16 sales recorded between $1m – $2m slightly down from 17 the previous year, 5 sales above $2m and 2 sales $3m or above. 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 only 11 sales for the financial year, which was down from 17 the year before. The median house price came in at $2,125,000, which was down from $2,525,000 the year before. The top sale for the year was $3,450,000 (sold by Great Ocean Properties). There were 5 sales between $1m-$2m, 3 above $2m and 2 above $3m.

Lorne saw the total number of house sales at 34, down from the previous year’s 39. The median house price rose to $2,100,000 which was up from $1,950,000 the year before. The top sale for the year however was $8,250,000 (sold by Great Ocean Properties). There were 13 sales between $1m – $2m, 14 sales between $2m – $3m, 5 above $3m and 1 above $4m plus the top sale. There are 2,375 rateable properties in Lorne.

Apollo Bay, Skenes Creek, Marengo and Wongarra: recorded 90 sales for the year, down from 104 on the previous year, with the median house price coming in at $932,500, which is a decrease on $965,000 in the previous year. The top sale for the year was $4,350,000 (sold by Great Ocean Properties). There was a shift this last year with more sales related to permanent dwellings rather than holiday houses, as more families and couples sought a coastal lifestyle change.

As a company, we were very proud to have again achieved the highest house sale on the Surfcoast for the financial year and the top sales in 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.