Sought-after inner Melbourne suburbs, and postcodes on the coast are among the spots where home owners are raking in windfall gains.
Home owners are doubling – and in some cases, tripling – their money when selling property in some of Victoria’s most sought-after destinations.
“Many of the lower prices were pre-pandemic and over the last few years, as people have decoupled work from location and have been able to work from home or work remotely, it’s really opened up the regions, so that’s led to significant price increases in some of those lifestyle regional areas,” he said.
“It’s almost like the perfect storm,” Gardiner said. “You’ve got low stock volume, you’ve got period homes, and you’ve got large blocks of land, and when you combine those three together in both of those suburbs, they’re few and far between, and then when they come up for sale, they’re hotly contested.”He said a lot of downsizers were selling large homes to families willing to pay more for big blocks in a premium location.
“If you look at Mornington Peninsula, it was pretty extreme, but it’s now come back and hasn’t bounced back up again,” she said.Sorrento, McCrae and Blairgowrie were among the peninsula spots where home sellers over the last financial year sold their houses for more than double what they paid.
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