For those that have followed the development of Erskine House “Mantra” over the past 9 years, you may have noticed the volatility of the movements of the apartments. 2001 – 2002 saw an absolute “feeding frenzy” of buyers basically purchasing the entire complex (360 apartments) over the time frame of a year.
As the market turned by early 2004 and plateaued for the last 6 years, pre-sales have been extremely difficult to negotiate.
The trend has changed! 5 transactions have taken place this month and 11 since December. Simply put there is some unprecedented buying opportunity in this development and provides “would be buyers” to enter the Lorne market at atypical price points compared to residential property.
Please be aware the levels of return per annum are negligible and capital growth over the past 9 years has been negative. This is a lifestyle purchase not an investment decision. This position is brilliant and the facilities are unique to the area. At the current asking price for a large sample of apartment sizes (studio, 1 bedroom, 2 bedroom), it presents as a great opportunity to gain a foot hold in the “blue chip Lorne Market”.
Email tyrone@greatoceanroadrealestate.com.au for further details or call on (03) 5289 4222.
3 properties also changed hands in Wye / Kennett this month, 1 in the rural area and 2 in Lorne. The strong market fuelled by positive Melbourne buying enquiry continues to strengthen our coastal market.
Please call or email me for further information.
Open Houses this weekend
Saturday 20th February
12:00pm – 12:45pm 5/3-9 Armytage Street
1:00pm – 1:30pm 14a Charles Street
1:00pm – 1:45pm 181 Great Ocean Road
2:00pm – 2:45pm 1/21 Smith Street
Sunday 21st February
1:00pm – 1:45pm 63 Ocean Road
Michael Coutts
michael@greatoceanroadrealestate.com.au
0438 356 624
