APOLLO BAY- 2023-2024 END OF FINANCIAL YEAR MARKET REPORT

As the end of the financial year comes to a close, the sales trends of 2023 to 2024 have seen a few changes on recent years, making for another interesting 12 months in the Real Estate Industry.

Across the township, there has been a total of 70 properties transact with the total dollar value for these transactions coming in at $77,663,000. 45% of these transactions were residential homes, 17% of the value attributed to commercial properties, 15% from unit/townhouse/apartment sales, 12% from rural properties and the final 11% from residential land.
Outside of these sales there have been a further 26 separate ‘nils and wills’ transactions, whether this be as a result of refinancing, separation and or death.

Source: Corelogic

As one would expect, transactions across the board are down in this past financial year in comparison with the 2022 to 2023 financial year which saw 86 properties transacting with a total dollar value of $108,032,526. These sales comprised of: 62% residential homes, 11% residential land, 20% unit/townhouses/apartments, 5% commercial property and 2% Rural properties, with a further 23 separate ‘nils & wills’ transactions.

In comparison with last financial year the median pricing for this financial year gives some interesting figures as tabled below, with the market seeing an overall reduction from last year despite growth in some sectors. The median house price is approx. 23% lower than last year, land 8% lower than last year, unit/townhouse/apartments seeing 25% growth, commercial property a 12% reduction, rural property approx. 29% growth.

Source: Corelogic

The outlook for housing values remains uncertain amid an expectation of potentially higher interest rate rises, continued weaker economic conditions and already stretched household budgets. The trajectory of interest rates will be a critical factor in the housing markets performance. Predicted higher interest rates results in less readily available credit, as leaders become more cautious, with further reductions to high debt-to-income ratio and high loan to valuation ratio lending. Another key risk for housing conditions over the next financial year is the continued rise of advertised housing stock entering the market, noting there are currently 163 publicly advertised available listings across the township.

Despite current concerning trends, Apollo Bay is the only coastal town with future subdivision, we’ve got plenty of blocks for sale, something other coastal locations cannot offer. Long term growth for Apollo Bay looks secure because our compound growth over 10 years is always consistently strong. It is 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 as we have seen time and time again.

Our agents have over 45 years combined experience working in these markets and are able to have the clearest understanding of market trends, with advice on what lies ahead over the next three to six months. So, if you are thinking of selling or purchasing why not take advantage or our specialised advice, accurately tailored to you.

Kind regards,

Darren Brimacombe
For and on behalf of the entire Great Ocean Road Real Estate team

APOLLO BAY- QUOTE OF THE WEEK

“Do not allow negative thoughts to enter your mind for they are the weeds that strangle confidence.”

APOLLO BAY- A LITTLE SECRET

Seanook Townhouses are nearing completion- Set in an elevated position these six exclusive townhouses redefine coastal living, with each offering 3 bedrooms, 3 bathrooms, private lifts, and generous luxurious living spaces with spectacular views. Take a peek this Saturday 5th July, open for inspection 1pm-3pm

CURRENT LISTINGS:

Thinking of buying? Click HERE to view our current sale listings

Thinking of trying a seachange? Click HERE to check out our Permanent Rental listings