The Borough of Queenscliffe might carry the perhaps unkind reputation for being “God’s waiting room”, but it’s often homebuyers who are stuck in the queue waiting for the right property to become available in the tightly-held towns.
The towns of Queenscliff and Point Lonsdale have been the choice for generations of holiday home owners, but times are changing.
The Borough is the most tightly-held pocket with an average hold period of 18 years for houses sold in the past year, the longest of any area in the Geelong region.
Felix Hakins, left, says the Borough of Queenscliffe is so tightly held that buyers are often waiting for the right property to come on the market to pounce. He’s pictured with auctioneer Lee Botsios at a King St home that was auctioned in August, selling for the first time since the home was built in 1975.
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RT Edgar Bellarine director Felix Hakins said retirees dominate the market, but others are in the mix especially in the wake of the Covid pandemic when families discovered they could live on the coast and commute to work in Melbourne several days a week.
A changing market is opening the door to more buyers, he said.
“Unfortunately, with the spike in land tax, there has been some properties that are coming on that have been with a family for generations that’s can’t sustain that land tax price,” he said.
The traditional fibro beach shack in Kirk Rd, Point Lonsdale, was sold recently for $1.385m after being owned by the same family since 1978.
“We’re lucky being a seaside destination that’s only an hour a bit outside Melbourne that it’s still very attractive and is still bustling with holiday home owners.”
Many older people are adopting a “buy now, rent first, move later” strategy to lock in a preferred position in the tightly-held towns several years before they retire.
“We’ve actually got buyers who have sold their property up in Melbourne and they’re ready to buy in the borough, and they want a particular type of home,” he said.
“So they’re hanging back and waiting for other properties to come onto the market and then pounce.”
36 Beach St, Queenscliff, is listed for the sale for the first time since 1993. It has a $1.2m to $1.3m price guide.
But Mr Hakins said younger families, like himself years ago who have enjoyed the community, participating in nippers and sending kids to local schools, who have made a permanent move.
“Many years ago when I first moved down here, a lot of my friends said ‘you’re crazy’ to move out of Melbourne,” he said.
“Now, a good handful of those friends have actually moved down here and relocated with their families, moving in to schools around the area.”
The median house price in Queenscliff is $1.45m, with Point Lonsdale at $1.17m, according to PropTrack.
The number of homes listed for sale in Anglesea is significantly higher than usual for this time of year as long-term owners sell due to rising costs such as land tax. Picture: Alison Wynd
Data shows just 12 houses sold in Queenscliff in the year to August, although 28 are up for sale. Developments such as Lonsdale Links and The Point has swelled annual property sales in Point Lonsdale to 51, with 59 properties up for sale.
Suburbs and towns with the longest average hold time between 14 and 17 years include Anglesea, Jan Juc, Thomson, Manifold Heights, Portarlington, Moolap, Herne Hill and Drysdale.
Areas that have really long hold times usually appeal to people at different life stages, PropTrack senior economist Anne Flaherty said.
21 Carnarvon Ave, Jan Juc, is listed for sale for the first time since 2007. The house near the surf beach has $2.1m to $2.3m price hopes.
“Those two life stages are generally when people are raising families and then when people find their place where they want to retire,” she said.
“And a lot of these particularly in the Geelong area and the more scenic towns are very appealing to a lot of older people who are moving to that next phase of their life.
“They’re not close to CBDs, so the don’t attract that younger worker cohort, people tend to settle in these areas as their forever homes.”
The three-bedroom house overlooks Port Phillip Bay at 12 The Esplanade, Portarlington. Expressions of interest close for the waterfront property on September 14, with price hopes from $1.75m to $1.925. Records show the home last sold in 1988.
It’s not just the rising cost of land tax, but property maintenance in a tough, coastal bushland environment for typically older homeowners that’s bringing some properties owned for more than 50 years to market, Hayden, Anglesea director Darcy Bennett said.
Mr Bennett said Anglesea’s median house prices doubled during the pandemic, boosting the value of homes people have owned for upwards of 50 years.
There have been 52 sales in the past year, PropTrack data shows, though Mr Bennett said the amount of stock on the market is close to double what would typically be for sale at this time of year.
The four-bedroom house at 13 Tenth Ave, Anglesea, is selling for the first time since 1980. It has price hopes of $1.845m to $1.895m. The property is 400m from the Point Roadknight beach.
He said typical buyers in Anglesea fell into three categories – young families (though not first-time buyers) looking to break into the coastal market and live with their kids; holiday home buyers; and Melbourne-based baby boomers who have sold their big family home and are looking to live in Anglesea while maintaining a city apartment to see their family.
Mr Bennett said Anglesea remains landlocked leaving little room for development, while strict planning rules limiting that new block sizes to a minimum 800sq m or more than 1600sq m in certain pockets also dictate the total area allowed for buildings and permeable surfaces.
The three-bedroom house at 50 Godfrey St, Thomson, sold for $485,000 recently. Records show it previously sold in 1976.
“That’s what has held pricing, because we haven’t really seen pricing start to drop until the last six to 12 months, even though other markets had softened previously.
“We are a niche area that is landlocked.
“The council are really trying to keep the feel of the township to make sure that it is a bushy, coastal area.”
The three-bedroom house at 7 Herne St, Manifold Heights, sold for $840,000 in August. Records don’t reveal when it previously was on the market.
Mr Bennett said Melbourne people made up 50 per cent of out-of-town buyers, with the remaining drawn from Torquay, Geelong, Ballarat and other parts of regional Victoria.
Anglesea has a $1.46m median house price, which has dropped nearly 15 per cent in a year.
However, the typical house is still worth more than $600,000 more than five years ago.
SUBURBS OWNERS DON’T WANT TO LEAVE
| Suburb | Average hold period | Median price |
| Queenscliffe Borough* | 18.4 years | $1,362,500 |
| Anglesea | 17.1 years | $1,467,500 |
| Jan Juc | 17.0 years | $1,275,000 |
| Thomson | 16.8 years | $525,000 |
| Manifold Heights | 16.0 years | $1,175,000 |
| Portarlington | 15.4 years | $967,500 |
| Moolap | 15.0 years | $1,057,500 |
| Herne Hill | 14.9 years | $700,000 |
| Lorne | 14.6 years | $1,975,000 |
| Drysdale | 14.2 years | $765,000 |
Source: PropTrack. Average hold period for houses sold in 12 months to August, 2024. *Queenscliffe Borough combines the towns of Queenscliff and most of Point Lonsdale
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