Where to get a beach house for less than $350k in Victoria
Seaside holiday home prices have skyrocketed since the pandemic began, but buyers can still find beachside bargains — if they know where to look.
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Seaside homes have skyrocketed to multimillion-dollar prices since the pandemic began, but Victorians can still find beachside bargains in some of the state’s lesser known coastal gems.
Markets across the sprawling Bass Coast are offering buyers listings for just a fraction of the prices of traditional summer haunts along the Mornington and Bellarine peninsulas.
Gippsland’s Paynesville ($420,000 median house price) and Lakes Entrance ($395,000) are among the cheapest coastal housing markets in the state, according to Real Estate Institute of Victoria data.
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Tourist town Loch Sport also made the list, with the typical house fetching a median sale price of $320,000 in the last quarter.
CShell Real Estate Loch Sport director Rachelle Potts said the pandemic had prompted more Melburnians to consider a sea-change, with a “crazy” surge of buyer demand.
“People are buying whatever they can get their hands on,” Ms Potts said.
“We’ve been busy all the way through Covid, and people have gotten used to the new norm of buying sight unseen. Anything around the $300,000 price point is being snapped up in 24 hours.”
MELBOURNE’S CHEAPEST COASTAL SUBURBS
Suburb, Sep-21 Median, Quarterly Change
FRANKSTON NORTH*, $600,000, 3.4%
CARRUM DOWNS, $687,000, 2.2%
SEABROOK*, $735,000, 5.0%
FRANKSTON, $752,000, 4.2%
SOMERVILLE*, $780,000, -5.5%
*Indicates that less than 30 sales were recorded during the quarter
“The affordability does attract them here, but we also have people selling and getting out of Phillip Island, Rye and Rosebud because they’ve gotten too popular — they are after that sleepy little holiday home.”
She said the small town also had “everything those towns offer”.
Positioned halfway along the famous Ninety Mile Beach, it was a popular spot for camping, swimming and fishing in summer.
“People want a holiday home that they know they can go to — a lot of people don’t want to leave the state for a holiday because of Covid,” Ms Potts added.
Meanwhile, Wonthaggi’s median house price had jumped a staggering 8.5 per cent in the past quarter alone to $483,000, and North Wonthaggi a smaller rise of 1.7 per cent to $454,500.
Hudson Property director Nikki Hudson said Portland was also experiencing one of the busiest markets she’d ever seen, as metro buyers tussled with locals for limited listings.
VICTORIA’S CHEAPEST COASTAL SPOTS
Suburb, Sep-21 Median, Quarterly Change
LOCH SPORT*, $320,000, -2.3%
BAIRNSDALE, $340,000, 5.1%
PORTLAND, $360,000, 4.3%
LAKES ENTRANCE*, $395,000, 0.6%
LUCKNOW*, $395,000, –
*Indicates that less than 50 sales were recorded during the 12 months ending period
“Prices have really skyrocketed, especially in the past 12 months,” Ms Hudson said.
“Basic blocks of land, 700-800sq m blocks, are selling for almost double what they sold for 12 months ago. There’s certainly a lot of interest from metropolitan people wanting to snap up a bit of land in Portland.”
Ms Hudson said the coastal town, about an hour west of Warrnambool, was “a bit undiscovered” until recently and “Covid really put it on the map”.
“It’s a really nice little tourist destination and demand is much higher than supply at the moment. There are a lot of people looking for a rural or coastal lifestyle change, or looking at buying something affordable that they can use as a holiday home.
“Bidding wars are not uncommon … there are a lot of local buyers trying to get into the market as well and along with the influx of metropolitan buyers, it’s made locals think they’ve got to get into the market themselves otherwise they’re going to miss out."
Meanwhile, in metropolitan Melbourne, househunters hoping to score a holiday house by the beach for less than $750,000 should target Frankston North, Carrum Downs and Seabrook.
And not far from the prestigious hot spots of Sorrento and Portsea, where the median sale price for houses has soared well beyond $2m, more modest pads were still up for grabs in Capel Sound and Somerville.
Stockdale & Leggo chief executive Charlotte Pascoe said the Mornington Peninsula had gone “gangbusters” in the past two years.
“People have realised there’s more than just Portsea to the Peninsula,” Ms Pascoe said.
“There’s a lot of suburbs that were the forgotten, beautiful part of the Victorian coastline, and now there’s records being set everywhere.”
For sale: $300,000
Ms Potts was selling a three-bedroom house at 8 Anthony Court for $300,000.
It’s been advertised as the “perfect starter for your first holiday home” with potential for a buyer to add their own updates.
The 570sq m block is also within walking distance to the picturesque shores of Lake Victoria.
43 Manns Beach Rd, Manns Beach
For sale: $295,000
44 McLoughlins Rd, McLoughlins Beach
For sale: $285,000
Buyers chasing a waterfront lifestyle could secure it for a measly $285,000 in McLoughlins Beach in South Gippsland.
The three-bedroom house 44 McLoughlins Rd has been a been a family home for almost 30 years, and now it’s “someone else’s turn to enjoy it”, the Tarra Real Estate listing reads.
“If you are looking for a good quality holiday home at one of the District’s beach locations this represent excellent value. Get in quick for this one,” it added.
For sale: $350,000
Retirees could also find a beachside pad that won’t break the bank in Inverloch, where a two-bedroom home 33 Julia St had hit the market with a $350,000 price tag — just in time for summer.
The listing said it was in a “tightly held and sought-after” location within the popular Sunny Sands Residential Village complex for over 50s.
It is also well connected to walking paths into town and its multiple beaches.
For sale: $350,000
Investors or first-home buyers were tipped to be lured to this two-bedroom “renovators’ delight” with distant views of the Bass Strait.
It is only a “short drive” from the heart of Lakes Entrance’s cafes, restaurants, shops, boardwalk and pristine lakes, according to the Elders Real Estate listing.
“This home is awaiting new owners for some tender loving renovations,” it notes.
For sale: $399,000
For sale: $399,000
Portland local Natasha Wilson is selling her longtime home at 19 Salthouse Place with price hopes of $399,000 after snapping up more land with partner Andrew Stephenson last year.
The couple love the relaxed lifestyle, convenience and natural wonder their town offers.
CoreLogic records show she paid $30,000 for the 550sq m property in 1998. She’s since renovated it entirely.
For sale: $450,000-$490,000
This lush holiday home was still considerably less than the properties further along the Mornington Peninsula with achievable $450,000-$490,000 price hopes.
The 425sq m allotment was available to “renovate or detonate,” the Barry Plant Rosebud listing said.
“Set in an enviable location, an easy 10-minute stroll to local shops, cinemas and the pristine foreshore reserve is this three bedroom house in need of a full renovation, or to knock down and rebuild your dream home”, it added.
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