Beach houses in many popular spots have recorded double-digit price drops over the past couple of years, and buyers have their pick.
Buyers can now secure beach houses at a 20 per cent discount in some of Victoria’s most sought-after coastal towns, thanks to rising interest rates, increased land taxes and workers returning to city offices.
There were falls of at least 20 per cent in Barwon Heads , Mount Eliza , Rye , Sorrento , Blairgowrie and Tootgarook .soared during the lockdown years, but demand and growth fell as fewer people migrated regionally, affordability became strained and land taxes increased. Lawless predicted affordability might attract buyers to these areas, particularly those within commuting distance of Melbourne. Still, he issued a caution.
“Every month, there are more listings than the last – that’s part of the battle for vendors,” Grainger said. Carman said buyers could purchase a family home for much less than the high pandemic prices. He recently sold an updated four-bedroom home in Wensleydale Drive, Mornington for $1.11 million.“If you have the money, it’s a good time to buy,” he said.
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