High demand for properties in Phillip Island and Inverloch
Melburnians are fleeing the city to escape to regional Victoria. With a boom in property only set to increase, find out where Victorians are buying in the Bass Coast.
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Interest in Bass Coast property has spiked during COVID-19 with real estate agents saying Melburnians are fleeing the city to escape to the coastline.
LJ Hooker Inverloch, Grantville and Phillip Island managing director Allan Mann said he has seen a “massive increase” in prospective buyers and renters in the area.
“At the moment Melburnians are ramping up the internet inquiries like you wouldn’t believe,” Mr Mann said.
“We have sold a number of properties via Zoom and unseen, one of those well over the million dollar mark in Inverloch”.
According to realestate.com.au, there’s been a 58 per cent increase in demand for regional Victorian properties in the past year.
This is nearly four times the growth of metro demand.
Sales at LJ Hooker Inverloch are up by 20 per cent in the most recent quarter compared to last year.
Mr Mann said LJ Hooker have received up to a dozen applicants for rental properties along The Waterline.
Realestate.com.au Chief Economist Nerida Conisbee said when comparing the change in views per listing from April to August 2019 and April to August 2020, Latrobe-Gippsland jumped 65.5 per cent.
“Since COVID-19 restrictions began in mid-March, Latrobe-Gippsland has seen the second highest jump in views per listing in Victoria,” she said.
The Bass Coast has seen decent price growth over the past 12 months at 4.8 per cent and
Cape Paterson and Cape Woolamai are two suburbs that have seen double-digit growth.
“Nationally, COVID-19 restrictions have made regional Australia more attractive. This is certainly the case in the Latrobe Gippsland area,” Ms Conisbee said.
O’Brien Real Estate Cowes general manager Jush Dunstan said they had seen a “huge increase” in inquiries from buyers in Melbourne and overseas expats keen to return to Australia due to COVID-19.
“We have seen a 50 per cent increase in online inquiry for listings currently on the market and a similar increase in phone inquiries from buyers wanting to leave their details so we can find them a suitable property,” Mr Dunstan said.
“We are seeing buyers that want to get out of Melbourne to live permanently on the island and either commute to work or work from home.
“We are also seeing buyers wanting to purchase a holiday home to take advantage of rentals which should boom due to the lack of international travel.”
Although there’s been an increase in demand, this hasn’t correlated in sales for O’Brien Real Estate Cowes.
They saw a 50 per cent reduction in sales during the start of the first lockdown in April and 20-30 per cent reduction in sales in June.
“As we are a holiday destination, we rely heavily on Melbourne buyers, buying holiday homes,” Mr Dunstan said.
He believes the decrease in sales is due to the fact Melburnians cannot inspect homes and holiday home owners can’t visit to conduct a market appraisal to list their property for sale, due to stage 4 restrictions.
Both Dr Dunstan and Mr Mann have seen a large number of young families and retirees looking for properties across the Bass Coast.
Mr Mann believes it’s just the start of the “exodus out of Melbourne” with more people wanting a beach lifestyle.
He said people are searching for a “simpler and safer lifestyle” with less people and bigger properties that are more affordable.
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Contact Brooke at brooke.grebert-craig@news.com.au
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