9th July 2021
APOLLO BAY- HERE & THERE
With lockdowns having been imposed across numerous states over the past fortnight Victorian’s are avoiding the hassle of interstate holidays and instead turning to holidays in their own backyard and choosing to explore more locally. It has been another beautiful week here on the coast after a very chilly weekend, with crisp mornings, sunny winter days and post card perfect sunsets, so it is no wonder our booking levels have been at approximately 85% occupancy over the school holidays!
Looking for inspiration? Check out Visit Great Ocean Road’s ’52 Great Weekends’ for some fantastic weekend and day trips for the whole family to enjoy!
APOLLO BAY- MARKET ROUND UP
Financial Year 2021: Results like no other
As the 2021 financial year closes, it will be remembered as one of the most active for the Apollo Bay real estate market, and possibly one like no other, with 190 sales across Apollo Bay, Marengo & Skenes Creek since June 2020.
July & August 2020 began with buyer fresh out of a Covid lockdown and a market fuelled by highly motivated buyers making snap lifestyle and work-related decisions. The record low cost of debt combined with an unprecedented amount of government support extended the financial capacity of buyers.
An abundance of buyers competing for a historically low number of available properties created windfall value rises for regional property owners. Buyers simply had more credit available to them, and those who had just sold a property were re-entering the market with deeper pockets.
Expressions of Interest and online platforms emerged as the best strategy for realising the best prices with buyers lining up in multiples on most properties, and clearance rates exceeding 98%.
The desperation and buyer fatigue was setting in hard with many active purchasers having missed out on multiple properties they had tried to buy. These extenuating circumstances also saw a numbers of sales transacted without a buyer inspection as we quickly adapted to technology in order to to present and facilitate virtual inspections to our clients. Pleasingly, all clients who entered into remote purchases were more than pleased when they were able to physically attend their new properties!
Despite the record prices on offer, the reluctance of property owners to sell has never been more evident. The common concern from many potential sellers being “If I sell where will I go, and what if I can’t get into the market again?” While the property market is showing no signs of slowing, it is easy to delay selling decisions while continuing to ride a wave of success. In the background we know some owners are simply postponing the sale, but once they see evidence of a slowdown or an increase in available properties, they will put their properties on the market. The most common reasons to sell being up or down-sizing, relocation, work changes, ageing, and freeing up money.
In the past we have experienced the market going from undersupply to an oversupply almost overnight, and it is this backlog of sellers who have kicked the can down the road on decisions to sell, that can shift the supply demand balance quickly. Frustrated buyers who are yet to purchase are certainly hoping for that to happen.
And what about the 2022 financial year? The next foreseeable major influence on Australian markets will be the reopening of international borders, and even though it will be some time off, it is worth giving it some thought, as well as expecting the unexpected.
In these unique and unpredictable circumstances, we are reluctant to forecast the market too far ahead, but right now there are no dark clouds on the horizon, with the cost of money set to remain low, interest in Apollo Bay will remain high, plus ‘they’re’ not making any more of it.
If you are thinking of selling or would just like an updated appraisal please feel free to speak with any of our team.
For and on behalf of the entire Great Ocean Road Real Estate team
APOLLO BAY- A LITTLE SECRET
The Apollo Bay Hotel
Built in 1885 and originally named Kambruk Public Hall, the Hotel had 30 rooms and remained virtually unaltered for 70 years. In 1901 the Hotel was purchased by Mrs A. E. Cawood, publican until 1905 when it was acquired by the Pengilley family who retained management until the 1930s.
Over its existence (and more recently), Apollo Bay Hotel has undergone some major developments including a total refurbishment of its public bar and bistro, as well as the addition of an outdoor alfresco dining area, a function room and a conversion of the original bottle shop into a pool lounge, recently winning the Australian Hotel Association Best Pub Bar Region Award.
Apollo Bay Hotel is proud to house part of the wreckage from the famous SS Casino – an iron steamship which sank on 10 July, 1932 while trying to secure a mooring at Apollo Bay pier. The SS Casino made 2,500 voyages in the treacherous waters of Bass Strait and was considered one of the “immortals” of Port Phillip. The steamer had several brushes with disaster; it collided with another boat off Point Gellibrand, ran aground on a reef near Grey River, and was beached at Warrnambool while entering Lady Bay in a power blackout. Following each incident, the steamer was repaired and returned to its west coast run. This time, the steamer could not be saved and the Captain and nine other crew lost their lives.
APOLLO BAY- QUOTE OF THE WEEK
“Believe you can and you’re halfway there.”
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