LOOK up the Inverloch map on Realestate.com at the moment and you’ll find a sea of red dots signifying the number of properties on the market.
It lists 188 properties for sale within the Inverloch settlement boundary, not a record for the town, but a significant number all the same.
And if an “auction extravaganza” put on by Ray White of Inverloch last Sunday, January 21 proves anything, it proved what the experts have been saying for a while, that it’s very much a “buyers’ market” in the town right now.
But, with sales concluded on two of the four properties after market, it underscores another of the truths about the Inverloch market, that interest remains strong.
Ray White went to market with four properties on the day, three at Inverloch and one at Venus Bay and attracted a good level of interest at all locations, but especially at Venus Bay and the ever-popular location on Lohr Avenue.
It might be a buyers’ market but it’s definitely not all doom and gloom for sellers, according to experienced local agent, Kevin McMahon, while at the same time, being a great time to buy for those interested.
“We’ve seen these ebbs and flows in the market many times in Inverloch,” said Mr McMahon.
“The level of interest we saw during COVID was just unsustainable. People buying properties that they had never set foot on, over the phone, for inflated prices driven by lack of supply.
“There had to be a correction and we’re seeing that now, but the underlying strength of the Inverloch market has always been there.
“So, has the churn in property sales here. There are three distinct sectors in the Inverloch market; the permanents including the families and those that have always lived in the area, the holiday homeowners and the retirees.
“The permanents stay and maybe move up to a better home over the years, The holiday homeowners buy when the kids are young and move the house on when no one is coming anymore. And the retirees come down here to enjoy their retirement, and whether it’s for family reasons or to be closer to health care, they often move back to Melbourne later.
“So, we traditionally have more properties on the market here on average than the likes of Leongatha or Wonthaggi.
“Going way back, I remember us having over 200 properties on the market at one stage, but that was a much higher percentage than what we have at the moment.
“Values have settled back from the unrealistic highs of a few years ago but the properties are moving. Sales are still being made at good prices.”
Principal of Ray White Inverloch Fiona McMahon-Hughes concurred.
“An auction is a process. It’s not just about getting a result on the day. It’s about finding people who might be interested in buying at a price, identifying what the level of interest is and where the market is at,” Ms McMahon-Hughes said.
“We had a phenomenal amount of interest at Venus Bay. A terrific amount of people came out and while we didn’t sell it on the day, we have six or seven people who have expressed a keen interest (41 Louis Road Venus Bay).”
Number 37 Powlett Street, Inverloch was also passed in at auction at 2pm last Sunday.
“We had offers after the auction and negotiations are ongoing.”
About 12 people turned out for the auction of a four-bedroom, brick home located at 40 Anderson Avenue, Inverloch which reached $670,000 on a vendors’ bid by Ray White auctioneer Jeremy Terryll.
“We’re looking for something above $700,000 and I promise you I won’t be making any vendor’s bids passed that point but take a look at Realestate.com, you simply won’t find a brick, four-bedroom home in town for this price,” he told those at the auction.
Ms McMahon-Hughes said there was a genuine bid on the day from someone with ongoing interest and the firm would continue working with them.
A crowd of about 50 people, many of them from the Lohr Avenue area, turned out at the last auction of the day, at 2 Lohr Avenue but it was passed in at $850,000.
Auctioneer Tyrrell sang the praises of Lohr Avenue as arguably the town’s most popular residential and holiday street, and while there was interest on the day, it didn’t reach the reserve which was not disclosed.
“Again, we have ongoing interest and we’ve also discovered some new interest, which is good and that’s often what auctions are about,” Ms McMahon-Hughes said.
“Putting them up, seeing what the level of interest is and then trying to proceed through to a sale.”
Ms McMahon-Hughes has since advised that two of the four properties have been sold and Ray White is working with people interested in the other two.
One young couple, trying to get into the market, who attended two of the auctions on the day wrapped up the sentiment.
“Prices have come down, but they may have further to go and we’re just sitting back for now to see what happens. Anything that comes off the price is less on the mortgage,” they said.