Cashed up, moving in

MELBOURNE homebuyers are cashing in the ballooning equity in their homes and buying holiday homes on the Bellarine Peninsula and the Surf Coast.

The push from Melbourne buyers into our region is one of the factors behind an 8.3 per cent lift in Geelong median house values to $490,000, according to a new CoreLogic report into regional property markets.

While the number of property sales fell 1 per cent, to 6425, compared to the same time last year, CoreLogic research analyst Cameron Kusher said a sustained increase in values in Melbourne was filtering into the Geelong region.

The fall in sales was attributed to a drop in units selling, while house sales, which account for 84 per cent of the market, were unchanged.

Mr Kusher said demand for holiday homes on the Surf Coast was really picking up as Melbourne buyers realised the equity in their homes.

“(Melbourne people) are looking at something they might want to retire to one day,” he said.

McCartney, Torquay agent Tim Carson said he was seeing a lot of older people in Melbourne selling up, moving to Torquay and topping up their superannuation.

“I would say about 50 per cent of our buyers are from Melbourne. W are seeing a lot of people looking but there is not much on the market,” Mr Carson said.

Torquay’s median house price has increased 7.9 per cent in the past year to $700,000, according to CoreLogic. There are 69 properties on the market, a significant decrease from the same time last year when there were 97.

Mr Kusher said this could accelerate the rate of growth.

Melbourne buyers are also attracted to the Bellarine Peninsula. But the type of property they are looking for has shifted from a few years ago.

Fletchers, Queenscliff agent James Gladman said it used to be people buying traditional weekenders where they spent about one weekend a month.

“Now we are seeing more early retirees. They are selling their big place in Melbourne, keeping a Melbourne base but have bought a property down here too,” Mr Gladman said.

“They are not using it as a holiday house but as a half time home and spending half their time in Melbourne and half here.”

He recently sold 9 Old Geelong Rd, Point Lonsdale for $912,500 to Melbourne buyers.