Gippsland median house prices: Gippsland-Latrobe luring buyers
Affordable inland locations are experiencing speedy home sales, while getaway destinations are shifting from holiday home buyers to residents. Here’s where prices stand in Gippsland-Latrobe.
Beautiful beaches and bushland are luring property buyers to the Gippsland-Latrobe region.
Affordable inland locations are experiencing speedy home sales, while getaway destinations Phillip Island, Lakes Entrance and Inverloch are shifting from a population of holiday home buyers to permanent residents attracted to the lifestyle.
Median house prices in Phillip Island’s Smiths Beach and Cape Paterson have notably doubled in the past three years to $695,000 and $611,000 respectively, according to realestate.com.au data.
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Cowes also had strong growth, with its median house price rising 31.3 per cent in the same period to $525,000.
Ray White Phillip Island agent Bec Anderson praised the area for its coastal community culture and closeness to Melbourne.
“Some people are drawn to the (Mornington) Peninsula, but the value they can get on the island is fantastic,” Ms Anderson said.
She said a mix of families and retirees were discovering the area as it became more self sufficient, home to quality schools, new restaurants and businesses.
“Now people in Melbourne are realising they have the ability to work from home, we are seeing buyers broaden their horizons and set their sights on the region,” she said.
Ms Anderson said she’d seen “a lot of frustration” from metro buyers who were eager to make a move amid lockdown restrictions.
“It’s hot competition with the limited stock at the moment. We’re having properties sell within just a few days sight unseen,” she said.
In the Latrobe Valley, Stockdale & Leggo agent Graeme Yalden said homes were flying off the Moe market within 24 hours, with some selling before they were even listed.
“It’s been out of control,” he said.
“Within the last few weeks alone, we have sold about five listings off market because demand is so high.”
Mr Yalden said prices were beginning to “skyrocket” as more Victorians discovered the hidden regional gem, where the median house price was $235,000.
“Moe has flown under the radar for a while, but people have realised how beautiful the town is and how much they want to live here,” he said.
“Within a two-hour radius, you can have any lifestyle you want — from skiing or fishing, to high country and beaches.”
Warragul is another top-performing suburb deeper in the region, with the median house price jumping 42 per cent to $490,000 in the past three years.
O’Brien Clark Warragul agent Daniel Sheehan said the West Gippsland market had defied the coronavirus-driven downturn.
“Warragul’s market has always been steady and doesn’t fluctuate as much Melbourne does,” he said. “Our July numbers were some of our best figures across the last two years.”
Mr Sheehan said a combination of “phenomenal residential growth”, land sales and new developments had kept property prices buoyant.
“The vacancy rate is less than 1 per cent, so there is strong demand from renters at the moment. It’s a good time to consider an investment property.”
He said more than half of all property inquiries were coming from Melbourne buyers, with a potential “boost” in demand expected after stage four restrictions eased.
LATROBE-GIPPSLAND MEDIAN HOUSE PRICES
Smiths Beach: $695,000
Cape Paterson: $611,000
North Wonthaggi: $410,000
Warragul: $490,000
Eagle Point: $411,250
Inverloch: $649,000
Cowes: $525,000
Moe: $235,000
Source: realestate.com.au
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Originally published as Gippsland median house prices: Gippsland-Latrobe luring buyers