LOCAL real estate agents say 2017 has been a “huge” year for coastal property sales. Estate Agent at Alex Scott and Staff Inverloch Marni Lee Redmond says from January 2017 to now there’s been a 10 and 20 per cent increase in Inverloch property prices and buyers are “snapping up” properties faster than agents can list them.
“People don’t have a lot to choose from now. Everything that’s listed is getting sold very quickly. Sometimes we can’t even get it up onto the net before it’s already gone because we’re contacting our buyers in our database and they’re just snapping properties up left, right and centre,” she said.
Marni says the team at Alex Scott started seeing increased activity in the market in Inverloch in the winter of 2016 but she says 2017 has been “crazy”.
“There’s not much available and what is available is commanding excellent prices for our vendors. We’re getting really good results and it doesn’t seem to be stopping,” she said.
Even high end properties, which traditionally might have stayed on the market for a while, are attracting a lot of interest, and Marni says a lot of buyers are coming from Melbourne, attracted by Inverloch’s lifestyle and affordability. “People with good equity in their properties in Melbourne have sold out and they can come down here and buy a top end property and still have some change left over. A lot of people who were looking over on the Peninsula side are finding that that’s too developed now and too expensive so they’re coming over here. And also people from over at the Valley,” she said.
Young families are moving to the area for its proximity to good schools and hospitals and it’s also attracting older people wanting to secure a property now with a view to retiring in the future.
Marni says they’re starting to see developers enter the market again as well, and with very few vacant blocks for sale in town, Inverloch is spreading out to the estates on either side of town.
This “vibrant” market means Inverloch is a bustling place all year round. “Summer is always busy but it doesn’t even really stop in winter now,” Marni says. “We’re finding the cafes are still busy because Inverloch’s just got so much going on.”