BASS Coast’s best-kept secret is finally out.
In the past six months, online and media platforms have been quoting the rise in real estate values at Cape Paterson.
In a recent article by Bianca Dabu, published by Smart Property Investment, it was reported real estate values in the town were up by 17.9 per cent for the 12 months to December 2020.
It put Cape Paterson on top of the ladder for small town growth rates (under 1000 residences), with Ventnor on Phillip Island 10.4 per cent and Venus Bay also on that list, up 9.3 per cent in the year.
And according to partner at PBE, Adam Mabilia, that trend has only continued into 2021.
“Yes, we’ve seen Cape Paterson regularly quoted in those reports and there would certainly be an aspect in that of it being previously ‘undiscovered’
outside the local area,” Mr Mabilia said.
“With the scarcity of property generally, people widened their view and Cape Paterson also came strongly into focus as well.
“And with so few properties on the market at Cape, values increased.
“We’ve seen that continue this year as well with rises of 5 per cent-plus in the first quarter of 2021.”
Mr Mabilia said two additional properties, which came on to the market last week, were already keenly in demand, and many more would-be buyers were waiting in the wings.
“The same goes for Wonthaggi, Dalyston and all of the locations along the coast.”
It’s a good position to be in if you’ve got a property to sell but tough if you’re trying to buy, or even rent, locally.
According to the article by Bianca Dabu, COVID-19 had altered the dynamics of real estate, putting the spotlight on regional towns as more people looked to swap the city rush with the laidback regional lifestyle.
And this week’s lockdown may well have freshened up that trend.
The rising interest in Aussie regions has been touted as one of the biggest positives to come out of the pandemic, as migrating city folk drive job creation and economic growth in towns less favoured a year ago.
According to REA Group chief economist Nerida Conisbee, interest in regional towns was not only being witnessed in the bigger, more established areas, but it was rapidly rising in the smaller towns with fewer than 1000 residents.
This was due to an increasing demand for bigger spaces as people were forced to spend more time at home.
But with overseas travel still off the cards for the foreseeable future, and frequently closed state borders, people are also increasingly cashing out on a second home.
Looking at the data, Victoria’s small towns have proven the most popular, with this state boasting four of the top 10 fastest-growing small towns. Queensland and NSW have two small towns each.
Among Australia’s fastest-growing small towns over the last 12 months to December 2020 were:
1. Cape Paterson, Vic – median: $625,000, growth: 17.9 per cent.
2. Charlemont, Vic – median: $533,500, growth: 14.7 per cent.
3. Callala Beach, NSW – median: $730,500, growth: 14.1 per cent.
4. Rosebery, Tas – median: $96,500, growth: 12.2 per cent.
5. Dundee Beach, NT – median: $230,000, growth: 12.2 per cent.
6. Dundowran, Qld – median: $455,000, growth: 11.5 per cent.
7. Taroomball, Qld – median: $460,000, growth: 11 per cent.
8. Ventnor, Vic – median: $585,000, growth: 10.4 per cent.
9. Renwick, NSW – median: $815,500, growth: 10.2 per cent.
10. Venus Bay, Vic – median: $360,000, growth: 9.3 per cent.
Moving on to 2021, Ms Conisbee said the regional house price growth would continue, with the beachside areas close to Melbourne – such as Cape Paterson, Ventnor and Venus Bay – garnering the strongest demand.