13th December 2024
As expected, things have slowed down in the lead up to Christmas. Buying a coastal home often takes a back seat during the festive season rush. We are excited about the opening of a great new eatery right next to our Aireys Inlet office, Keim’s Dining, open Thursday to Sunday at this stage; we wish them luck and look forward to trying out the menu. This weekend, we’ll only have two homes open for inspection, but we’re always available for private viewings if you’d like to see any of our properties.
There’s been a lot of media attention on the state of the real estate market in Victoria, particularly in coastal areas. I wanted to share a recent article from the Herald Sun that offers a positive outlook. It highlights that cashed up Baby Boomers are expected to drive significant property price growth in Victorian coastal towns in 2025 as they gain full access to their superannuation.
Retirement moves and downsizing are predicted to rise, with towns such as Lorne, Portarlington, Point Lonsdale, Paynesville, and Mornington set to benefit. These areas already have a large proportion of residents aged 65 and older, making them attractive to downsizers looking for a sea change.
John McGrath, CEO of McGrath Estate Agents, forecasts steady price increases in these locations as Baby Boomers sell suburban homes and invest in more affordable seaside properties. Research also shows that retirees often buy outright, further driving demand and prices in these coastal markets.
The coastal lifestyle, relative affordability compared to cities, and ongoing buyer interest are expected to make these towns boom markets. As more Boomers access their superannuation, competition for homes in these areas is likely to heat up, fueling robust price growth along Victoria’s coastline.
