House values on the Surf Coast boomed 43 per cent after the pandemic hit, then fell 8.4 per cent.Locals praise the beach, community and easy access to transport.The Surf Coast’s property market has slowed this year, but not as much as one might think.
The drop is comparable to Melbourne’s overall property market, down 7.1 per cent from its high, although Melbourne’s boom was not as extreme. As the Millennial generation has children, they will move to wherever family-sized homes are available - which, if they are knowledge workers, can mean lifestyle locations such as the Surf Coast, he said.“Remote work will be part of the working life, for sure, forever. It’s too good of an offer, and it’s something the workers will demand,” he said, but added the model would be hybrid.
He said many buyers are based in Melbourne, Geelong or other regional cities, already own property on the coast and are trading up or down.“Traditionally what happens is that they buy a house for holiday purposes, or an apartment, and experience the lifestyle, and ultimately repurchase a bigger property and transfer their principal place of residence.”
Buyers now have more time to look at four or five properties – whereas during lockdown once a home was listed as many as 10 buyers might be interested.