Holiday rentals and fixer upper's: Cheapest Phillip Island real estate finds

Property prices on Phillip Island have gone through the roof but there are still some bargains around. See six holiday homes you can buy for less than $500k.

Real estate on Phillip Island has seen a price boom over the past few years, with people desperate to escape the city and snap up a slice of paradise.

Alex Scott and Staff director and licenced estate agent Greg Price said the market was still “incredibly difficult” for first home buyers.

“You would struggle to find anything below $600,00,” he said.

“Which is still a lot of money.”

According to Mr Price the most affordable regions on the Island are Sunset Strip and Wimbledon Heights.

However, after the summer holiday season is over there could be more options available, he said. .

“We find people come down to their holiday properties over the summer period and then once the period is over they make a decision based on how much they used it whether or not to keep it, rent it, or sell it,” he said.

Here are the cheapest buys on Phillip Island.

449/1/3 The Esplanade, Cowes

$290,000 to $310,000

One bedroom, one bathroom, one car space apartment right on the foreshore.

The fully furnished apartment with a secure car park on site has all the comforts available.

Apartment for sale in Waves Complex.

With excellent access to all Cowes has to offer, including restaurants, shops and supermarkets.

Enjoy long walks on the beach, coffee, or time relaxing.

The Waves Complex manages this property.

19/9-11 Bass Ave, Cowes

$325,000 to $345,000

The perfect opportunity for an investment with a central Cowes location with excellent access to the beach, shops and dining options.

This is a well known accommodation destination, with a good track record of holiday rental income.

Apartment for sale in Phillip Island Apartments.

The complex will be undergoing renovations which will only improve the income and clients experience of the complex.

It has two bedrooms, one bathroom and an on site carparking space. The complex also has a shared pool.

159/48-80 Settlement Rd, Cowes

$359,000

This two bedroom, one bathroom Villa is up for sale in a gated community in Cowes.

Palm Lake Resort is a secure, gated, Over-55‘s community, nestled between the Cowes Golf Course, the Phillip Island Lawn Bowls Club and a beautiful north-facing bay beach.

This light-filled villa and is ideal for those looking to downsize but remain in independent living.

Villa in Palm Lake for sale. Cowes Phillip Island

As you enter the front door from the covered porch area, you are greeted by the living area with high, raked ceiling, generously sized and complimented by a spacious kitchen and dining space.

The functional kitchen provides plenty of storage and offers gas cooktop, electric oven and stone benchtops.

Two bedrooms, both with built in robes, are serviced by a central bathroom with toilet, and a second toilet off the laundry.

The single car garage is extra long, allowing room for storage or a workshop area, and has remote control door & internal access via the laundry.

There is also access from the garage to the private rear, low maintenance courtyard.

155/48-80 Settlement Road, Cowes

$360,000

Another unit located in the beautiful Palm Lake Resort.

This well-presented two bedroom unit is perfect for those over 55 seeking a low maintenance lifestyle that provides both comfort and affordability.

Unit in Palm Lake Resort Phillip Island.

A functional floor plan comprises an open plan living area, two spacious bedrooms with built in robes, well-appointed kitchen with stone benchtops and an abundance of storage accompanied by a versatile bathroom and euro laundry.

The social spirit of the resort is captured with its own indoor bowls area, indoor heated pool, movie theatre, library with broadband internet and exercise classes which is loved by the locals.

All situated within minutes of the main street of Cowes and all amenities, it‘s time for you to embrace all Palm lake has to offer.

Lot 2, 51 Plover Street, Cowes

$399,000 – $415,000

Tucked away in a quiet street and only a short distance from Cowes North Facing beaches, this allotment is set on a 366 sqm (approx.) and is titled and ready to be built on.

Lot 2, 51 Plover Street, Cowes, Vic 3922

This property is also only a short drive into the Cowes shops, schools and amenities.

9/137 Settlement Road, Cowes

$469,000

Situated in the safe and secure Parklands Village and only a short stroll to the Cowes shopping precinct and beach, is this lovely two bedroom unit perfect for permanent living or as a holiday retreat.

The unit comprises a freshly painted open plan living, dining and kitchen area, two bedrooms including a good sized master bedroom featuring a walk in robe and direct access to the recently renovated bathroom with a large walk in shower.

137 Settlement Road Cowes, Phillip Island.

The property has a sunny north facing front terrace as well as a shaded terrace and pretty garden at the rear.

The complex has lovely lawn areas and gardens to create a parkland feel.

Additional features include: single remote lock up garage plus an open car space, dishwasher, ceiling fans, split system heating and cooling.