Affordable Victorian coastal towns under $1m,
Victorians seeking coastal homes can purchase properties below $1 million in affordable towns along the Bellarine and Mornington Peninsula.
Although Sorrento’s prestigious beachside homes cost over $2 million, nearby Tootgarook and Rosebud offer more affordable options.
In fact, the median house price in Tootgarook is $910,000, while Rosebud’s median price is significantly lower at $755,000.
On the Bellarine Peninsula, affordable beachside suburbs like St Leonards, Portarlington, and Ocean Grove offer homes under $1 million.
These towns provide lower prices compared to the Surf Coast towns of Anglesea and Torquay, where homes are pricier.
Domain’s Dr Nicola Powell stated that buyers may find larger properties at lower prices by exploring lesser-known coastal locations.
She mentioned that factors influencing price include location, amenities, community, and the types of homes available in an area.
Powell noted that coastal towns saw price drops post-lockdown, but areas with long-term holiday homeowners maintained high property values.
While demand decreased, these coastal areas experienced price growth relative to Melbourne, although extreme increases have slowed recently.
In sought-after locations, limited property availability increases competition, driving up prices when homes finally become available.
Alexander Selway, 28, chose to buy land and build a house in Ocean Grove, where the median price is $970,000.
As a Geelong real estate agent, he and his partner Olivia sought to live closer to the beach.
However, they soon realized that popular towns like Torquay and Barwon Heads were too expensive for their budget.
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“We considered Torquay, but in Ocean Grove, we found you could get much more for your money,” Selway explained.
He added that buying a home further from the waterfront significantly lowered the price of the property.
“For properties closer to the beach, you’d likely pay $2 million or $3 million, but this one’s a bit further.”
Matt Turner, Selway’s mortgage broker, suggested that buyers could find better value in lesser-known areas or growth corridors.
While many buyers focus on the Surf Coast, Turner recommended considering the Bellarine Peninsula for more value for money.
Turner acknowledged the challenge of persuading buyers away from Surf Coast towns like Torquay, but also emphasized available options.
He highlighted that buyers could find good properties in Drysdale, which is still just five minutes from the beach.
The median house price in Drysdale stands at $720,000, offering great affordability compared to other nearby areas.
Turner noticed a downturn in holiday home purchases due to recent tax changes, but Bellarine remains a popular option.
First-time buyers priced out of the Surf Coast are increasingly looking to Bellarine towns like Drysdale and Curlewis.
These towns, close to the beach, are seeing new housing developments and offer more affordable housing options.
For those considering properties on the other side of the bay, South Gippsland is an affordable alternative to the Peninsula.
Venus Bay and Inverloch offer homes at a median of $592,500 and $890,000, respectively, which is more affordable.
Ray White Inverloch agent Fiona McMahon-Hughes noted that Venus Bay and Inverloch provide a beach lifestyle with fewer crowds.
These areas, just a two and a half-hour drive from Melbourne, offer a peaceful alternative to the Mornington Peninsula.
McMahon-Hughes pointed out that buyers priced out of the Mornington Peninsula are turning to Inverloch for better value.
