7th July 2022
APOLLO BAY- END OF FINANCIAL YEAR REPORT
As financial year has come to a close, we reflect on the extraordinary 12 months that has passed, the highs and lows, and the forecasts that practically everyone, even economists, got wrong. We were all subjected to lockdowns; some of us were under the extra stress and time limits of home schooling, while others continued to be subjected to the unpredictability of job and company restrictions. While everything was going on, the Apollo Bay property market continued to defy any fears of job losses or industry.
Over the winter months, Apollo Bay, like the rest of Melbourne, was obliged to impose new real-estate restrictions. In the same way that we faced restrictions on inspections in the 2020 financial year. This led some buyers yet again to purchase properties sight unseen – a risky tactic particularly on homes that carry significant value in the building.
There has been a constant trickle of individuals relocating to regional communities on the outside of large cities for many years. When the lock downs began in March 2020, the number of persons looking for property in remote Australia skyrocketed. With the option to work from home and lifestyle choices driving a move towards regional markets and smaller capitals, the Apollo Bay market remained strong during the lock downs, with Melbourne and other City purchasers eager to discover their own piece of paradise whenever boarders re-opened.
The housing market on the coast had a phenomenal year. Throughout the year of 2021, new records were set in Apollo Bay for all property types. As purchasers hurried to get their names on title deeds of properties in the Apollo Bay region throughout the year, buyer enthusiasm and property sales transactions were at historic levels, and property values soared by up to 30%.
As Victoria emerged from the 12-week-long lock down, overhanging homes were immediately scooped up, and any dreams of a more balanced supply were dashed as new listings arrived in dribs and drabs.
The demand for apartments and townhouses was high, with median prices hovering around $638,000. Land had also been in great demand, with purchasers swooping on land in new developments, sales records high demand and record prices in excess of $600,000, with the median sitting around $602,200, while houses in premium locations set new records and benchmarks, with the Apollo Bay median currently resting at $970,000.
As the year ticked on into 2022, 23 Panorama Crescent Marengo, a classic Marengo beach home on a large 699m2 with much sought-after ocean frontage, sold following an expression of interest campaign via an online Zoom bidding procedure in which seven interest linked up to compete for the property. A total of 39 bids were received, with the property selling for $1,950,000, $350,000 more than the reserve price.
High demand and low stock levels helped produce these amazing selling prices for Vendors. The Apollo Bay entry level now sits in the $700,000 to $770,000 range with top end properties hitting $6,000,000.
The popularity of regional Australia does not appear to be diminishing. On realestate.com.au, we continue to notice a tendency towards rural property in search activity, and price increase in regional regions has been significantly stronger than in capital cities. The pandemic spurred activity, with the highest year-on-year increase occurring in June 21, when realestate.com.au enquiry more than doubled.
21-22 FINANCIAL YEAR PROPERTY TRANSACTIONS
Apollo Bay: 140
Skenes Creek: 16
With a total of 171 property transactions across Apollo Bay, Marengo & Skenes Creek over the 2021-2022 financial year, will the market continue to rise throughout 2022, or have we hit a stalemate? What will be the next step?
APOLLO BAY- SALES & GROWTH
APOLLO BAY- FAST FACTS
APOLLO BAY- MARKET SHARE (RATEMYAGENT)
To have one of the award winning team assist you to achieve the best price through our premium marketing and large database of buyers, contact our office today.
For and on behalf of the entire Great Ocean Road Real Estate team
APOLLO BAY- A LITTLE SECRET
WinterWild Arts Festival
We are proud to announce we will this year be sponsoring the WinterWild Arts Festival! Occurring over two weekends in August- 12-14th & 26-28th Apollo Bay’s dark and mysterious winter festival returns once again. Including Amyl and The Sniffers, Cash Savage and The Last Drinks, Emma Donovan, ORB, Floodlights, Leah Senior and much more. Dance around a beachside bonfire, take a tour through cemeteries, feast on fresh Apollo Bay seafood, play a late-night water polo match illuminated by balls of light and more. Click HERE for further info & to book your tickets!
APOLLO BAY- QUOTE OF THE WEEK
“Setting goals is the first step in turning the invisible into the visible.”
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