APOLLO BAY- HERE AND THERE

A re-correction in the housing market post-COVID, rising interest rates and buyers returning to the city have led to plunging Apollo Bay house prices. PropTrack data shows Bay house prices dropped by 8.5 per cent in the past year, with a quarterly drop of 4.1 per cent. Apollo Bay’s housing price drop was the fourth highest in regional Victoria, behind Ventnor, Queenscliff and Marong. The median price was $979,743 in March this year.

What those trends are showing is the further away you tend to be from the Melbourne main central buyer profile – which is 80 per cent of our buyers – the greater the impact on the change in the median has been, It’s pretty much the norm when there are fluctuations in the market.

The concerning factor is that the last quarter is one of the highest in the state, possibly meaning that we haven’t bottomed out yet. We may go through another quarter of downtrend and then start to level itself out a bit.  We probably got over-inflated during the COVID period where the demand on the market just pushed the prices a little bit too far beyond expectation, The market is recorrecting itself. Where that re-correction is going to lie, it will be interesting to see what comes out next quarter. We may end up around that 10-per-cent annual change, we’re at 8.5 now, we might end up at 10 per cent and then start to level out a bit.

But the future of housing opportunities at the Bay is looking bright, despite current concerning trends, it’s the only coastal town that’s got future subdivision, we’ve got plenty of blocks for sale and you can’t get them in the those other coastal areas. The long-term growth for Apollo Bay looks secure because our compound growth over 10 years is always consistently strong. 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!

APOLLO BAY TOWN SNAPSHOT

Data Sources: Proptrack & Times News Group

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- QUOTE OF THE WEEK

“You gain strength, courage, and confidence by every experience in which you really stop to look fear in the face.”

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