After experiencing an extraordinary surge in demand during the pandemic, prompted by the mass migration of Melburnians to the region’s beautiful coastline, the market has now stabilised.
However, while the rapid influx may have subsided, there are still many active and motivated buyers. Momentum is building around well-priced homes in good locations and we continue to see strong enquiry and competition – particularly from out-of-town buyers looking to relocate and call the Bellarine home.
Building has slowed somewhat in recent times, and building costs, supply chains and interest rates have played a big role in this. This has also impacted renovations and we are now seeing more buyers looking for that ‘move-in ready’ home, compared to two years ago when people were taking on renovation projects. The townhouse development space is still strong for those seeking prime locations and views.
The next 12 months will be an exciting and buoyant time on the Bellarine.
With more families looking for a sea change and the benefits of a relaxed lifestyle for growing families, good quality homes will be in high demand. Coupled with the proximity to Geelong and improved links to Melbourne, a fantastic balance can be found. We also expect to see retirees making more permanent moves to the Bellarine to enjoy a slightly slower, more peaceful lifestyle.
In this year’s edition of The Report, we uncover five pivotal factors driving current property trends, and Jellis Craig CEO Nick Dowling reveals what’s really going on in the Melbourne property market. We also shed light on the significant infrastructure improvements enhancing liveability in Bayside and examine how the market is shaping up in major cities around the globe.
We hope you find our 2023 edition of The Report enjoyable and informative. We look forward to sharing our expert advice and guidance to help you in the next phase of your property journey.