19th January 2024
APOLLO BAY- HERE AND THERE
What a great start to the year, the beach weather has finally arrived and the town is expected to be full to the brim with holiday makers enjoying all our town has to offer over this long weekend!
We have a great selection of property currently available, with several homes open for inspection this weekend. Don’t miss your chance to get down and secure your own slice of our special coastal hamlet!
If you are wanting to come and enjoy Apollo Bay or neighbouring coastal towns over the January break, Great Ocean Road Holidays has some last-minute accommodation options available, please click here for more information.
APOLLO BAY- MARKET ROUND-UP
As we are now entering our traditional selling periods, I have noticed a considerable lack of interest and more importantly, urgency to purchase, over the period 20th December to mid January. We have had only a small amount of interest with one person offering on a property listed on the market around the $850-$950 range, also on one parcel of land. With that said, both those interests have now finalised negotiations and progressed to contract, though we are overall disappointed with the early enquiry.
PropTrack data reveals a -7% 12 month change in value in the Apollo Bay market, with the reported estimated median value to be $995,000. This trend is evident along the Surf Coast, Bellarine and even Mornington Peninsula with the 12 month change in values showing Lorne has experienced a -1% change, Torquay a -4% change, Ocean Grove -7% change, Portarlington a -3% change, Sorrento a -2% change, & Mount Martha a -3% change.
Though the general trend we see in price cycles is when prices are falling, more expensive areas tend to, on average, see larger falls. On the flipside, when prices are rising more expensive areas tend to see a larger upswing.
As we enter 2024, property owners, on the whole, seem to be financially secure and buyers who hesitated earlier in the year due to market uncertainties are now slowly rejoining others who remained active throughout. Economists at the nation’s Big Four banks now predict that consumers will be treated to a rate cut in the second half of this year, although as RateCity points out, the size of this predicted cut varies.
Overall, these factors indicate another positive year for residential property owners in 2024 and beyond.
We maintain an unwaveringly positive outlook on the Apollo Bay property market, both in the short and long term. This positive attitude is greatly appreciated by owners when they choose to sell through our company.
For and on behalf of the entire Great Ocean Road Real Estate team
APOLLO BAY- QUOTE OF THE WEEK
“The moment you doubt whether you can fly, you cease forever to be able to do it.”
APOLLO BAY- A LITTLE SECRET
Check out the Apollo Bay Hotel’s recently refurbished beer garden this long weekend, with live music across the weekend and a fresh summer menu, it’s the perfect place to relax and unwind after a lazy beach day!
Click HERE to view our current listings