13th April 2023
APOLLO BAY- HERE AND THERE
WHEN WILL THE TIDE TURN ON HOME VALUES- APOLLO BAY
With new data Victorian wide being released from Prop-Track showing a wide range of variants across Victoria with quarterly data showing Victoria’s market peaked in March last year when median house value hit $897,000, it has since shed 5.8% to $789,000.
One of the worst performed areas being Apollo Bay, the 4th worst in the state with -8.5% fall in annual change, leaving the median at $979,473. Though the slightly concerning stat, showing Apollo Bay to be in the worst 5 for the state with quarterly change -4%, with this information we may still be witnessing a further correction in the market.
Hopefully we are close to the end of this current trend and with other coastal towns displaying significantly higher median prices and Apollo Bay’s natural beauty, improving infrastructure and features combined with one of the coasts only available future land allocation, we look forward to a strong and healthy market future.
What is going to happen for the rest of the year? The signs of mortgage stress are showing some signs, though strong rental markets either long term or short-term help relieve those pressures. So we are hopeful the rest of the year to remain positive with potentially some added value growth appearing back in the market late to new year. There is no doubt the rising impact of rate rises will badly affect some parts of Australia but hopefully that won’t impact our market significantly. It’s always worth remembering that real estate is a long-term investment and investing in lifestyle destinations like Apollo Bay will be a strong investment, property values can change quickly!
Property values can change quickly, so if it would assist your forward financial planning to have a personal update, please contact any of our agents. It will be our pleasure to help.
Kind regards,
Darren Brimacombe
For and on behalf of the entire Great Ocean Road Real Estate team
APOLLO BAY- A LITTLE SECRET
APOLLO BAY FARMERS MARKET
Head on down to the local farmers market this Sunday where you can meet the maker or the producer of local foods or food products. Enjoy the relaxed atmosphere and shop for local products, Market to be held outside at the Apollo Bay Youth Club.
APOLLO BAY- QUOTE OF THE WEEK
“Don’t settle for average. Bring your best to the moment. Then, whether it fails or succeeds, at least you know you gave all you had.”
CURRENT LISTINGS:
Click HERE to view our current listings
