This Summer, locals and tourists alike are already flocking to Victoria’s coastal hot spots in search of fun, sand and, for some, a new home!
But what should you be looking for when hunting for or selling the ideal beachside property?
Three of Stockdale & Leggo Real Estate’s top agents from Inverloch, Phillip Island and Dromana know the answers.
According to Adam Leys, Director of Stockdale & Leggo Inverloch, there are a few must haves to ensure success.
He said, “For vendors, it is important to price your property to meet the current market. That is not to say you need to be cheap, but you do need to be realistic. For buyers, get yourself prepared to make a very simple offer. For example, if you need finance, get a pre-approval or ideally get yourself into a position to make an unconditional offer for the right property.”
Leys has this advice for buyers right now. “Register your interest with proactive agents so they know what you are looking for. There are off-market sales happening and only those who are registered with agents will know about these.”
And his best bet for anyone in the market, “There are some good buys out there if you are in a position to make an unconditional offer to vendors. And for prospective vendors, summer always brings in a flood of new buyers to coastal regions so take advantage of that and give your agents plenty of lead time to get the listing up before the summer holidays.”
A little further along the coastline, back towards Melbourne, Stockdale & Leggo Phillip Island and San Remo Director, Jaime Morris is equally excited by the prospect of a bumper summer sales season.
“It’s a great time to sell due to the influx of tourists and holidaymakers being inspired to purchase a holiday home. We had an influx of property come on the market in Spring and stock levels seem to have eased now coming into summer, so demand has picked up for our vendors,” she said.
Her immediate advice to buyers and sellers is straightforward. “Potential buyers should follow our social media channels for all the latest property and company updates, and we always love people to come in and have a chat to us about their needs. Interest rate rises have made buyers and sellers more cautious translating to longer days on market for vendors and slowed price growth.”
“Post COVID there was definitely an increase in metropolitan clients moving to regional areas and the option of being able to work from home has made it possible to live coastal and keep their work/life balance,” Morris added.
An hour’s drive from Melbourne lands buyers on the sandy shores of the Mornington Peninsula. It’s the location Ben Kenyon, Principal and Auctioneer at Stockdale & Leggo Rye and Dromana/Rosebud, believes offers home buyers paradise with big city accessibility.
His top tip is to do your homework. “If someone is ready to buy we would recommend going to as many open for inspections as possible, there are a lot of different types of property within the areas we work (bay beach, back beach, acreage, near town, secluded etc.) so we would suggest getting out and seeing it all so that you can decide what you want and where you would like to be positioned.”
He believes interest rate rises have added another layer of complexity.
“There is so much uncertainty in the market, will there be another rate rise or won’t there? There are always buyers out looking in Summer and there is still a possibility of rate rises and other economic factors bringing prices down further and for that reason I would recommend selling now rather than waiting.” He said, adding, “On the flip side, values have dropped significantly in the area in the last 18 months and there is a lot of property on the market and homes that are offering really good value so if I were a buyer, I would be snapping something up now rather than holding out.”
Kenyon added, “If you own the home you get to set it up exactly to your needs and keep your things there so that it is easier to come and go from your primary residence, you can spend as much or as little time as you like. And you can always make a little extra money letting it out if you’re not using it for a particular amount of time.”
The overall top tips:
- Do your research
- Get expert advice
- Great views are always a good return on investment
- Don’t be afraid to ask questions
- Consider your lifestyle – but don’t wait too long