The 2024/25 financial year was an interesting year where we saw the volume of sales generally increase and with a clear indication of where most of the activity is occurring – in the lower price points.
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.
Anglesea saw 69 house sales recorded for the financial year, which was 7 more than in 2023/24. The median house price was $1,400,000, which was down from $1,460,000 the year before. The top sale for the year was $4,875,000. The sub $2m price range dominated the statistics with 61 of the 69 sales below this price point, hence the correction in the median house price. Anglesea attracts a mixed demographic of owner occupiers, lifestyle buyers and retirees. Land Tax is an issue that affects this market and is reflected in the results.
Aireys Inlet recorded 14 house sales for the 2024/25 financial year which was a significant decrease from 25 in the 2023/24 financial year. The median house price also decreased to $1,450,000 down from $1,600,000 the previous year. The top sale was $2,650,000. This was the only one sale recorded above $2m, which is similar trend to Anglesea and the town attracts a similar demographic.
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 18 sales for the financial year, which was up from 12 the year before. For context the average amount of sales over the past 30 years has been 18. The median house price came in at $1,875,000, which was down from $2,350,000 the year before (with the low number of sample numbers this figure does move around depending on what sold that year). The top sale for the year was $2,700,000. There were 11 sales between $1m-$2m, 7 between above $2m and $3m.
Lorne saw the total number of house sales at 33, slightly up from the previous year’s 27. The median house price dipped to $1,700,000 which was down from $1,910,000 the year before. The top sale for the year however was $5,200,000. There were 22 sales below $2m, 6 sales between $2m – $3m, 2 in the $3m – $4m and 3 above $4m. Again, a strong indication of what price points have been selling.
Torquay continues to be a very active owner-occupier market with 339house sales for the financial year, which was up from 272 in the 23/24 financial year. The median house price has been calculated at $1,170,000 which is down from the previous financial year of $1,210,000 in 23/24. The top sale for the year at $6,000,000. Torquay is primarily an owner – occupier market now where affordability is a prime driver in price setting and this is reflected in these results.
Jan Juc recorded 50 house sales, up from 36 in 23/24, with the median house price coming in at $1,265,000 which was slightly down from $1,272,000 in the previous financial year. The top sale for Jan Juc was a substantial $5,575,000. The demographic is similar to Torquay.
Apollo Bay, Skenes Creek, Marengo and Wongarra: recorded 52 house sales for the year, up from the previous year, with the median house price coming in at $890,000 down from $935,000 in the previous year. The top sale for the year was $3,300,000
In summary, it is clear that the lower price points have been much more active than the higher price points and this a direct correlation with affordability and the amount of Land Tax liability that the higher price points attract if they are not to be a personal place of residence (PPR). This was a similar theme in the previous financial year.
We do now feel that we are now past the bottom of the cycle and enquiry levels have definitely increased since the election. We expect to see volumes continue to increase as interest rates decrease and the Melbourne metropolitan market continues to improve. The metropolitan market is a major driver of sentiment for the coastal markets and we typically see tangible positive signs of this by Spring.