Our Backyard

LORNE – HERE AND THERE

An interesting trend over many years has been the performance by comparison of leisure resorts on the eastern Australian sea-board. Whether it be Byron Bay, Port Douglas, Portsea/Sorrento or Lorne, they all remarkably follow a very similar trend. Being a frequent visitor to far north Queensland, and an interested property following, the trends I have tracked in Port Douglas are all but a replica of what has happened in the Lorne market.
In the far north, property values over the past 18 months have been at their most active since the Global Financial Crisis in 2009. Like Lorne and other leisure zones, capital depreciation across most real estate asset classes has been the norm.
Like our areas of comparison, Lorne has definitely begun to turn the trend from being a buyer’s market to one that favours sellers and we are optimistic that this trend will continue.

LORNE – MARKET ROUND UP

After a busy week in the trenches last week we came up for a bit of air over the past seven days, albeit demand has continued to be strong. With the completion of the sale of one of the Waterfront Apartments at full asking price the momentum was still strong and the week concluded with a result that took us all by surprise.  One of Lorne’s favourite holiday homes, Aura 24, has been on the market for the past three years with minimal serious buyer interest – until last Friday! What followed was a chain of events that reinforces the level of optimism that we hold within our coastal market. Two inspections were completed back to back and before we knew it, two parties both wanted to purchase the same property. After implementing a multiple interest process, giving both clients the opportunity, and providing our vendor the ability to maximise their asset, the property sold for an amazing six figure increment above the asking price!

A LITTLE SECRET

If you’re in Lorne, its worthwhile taking a drive past the former Ocean Lodge Motel site which is now in the final stages of demolition. The site is ready to make way for one of the most exciting recent boutique developments on the Great Ocean Road. There remains only six residences out of the 15 that are proposed for the site.

QUOTE OF THE WEEK

“The fears we don’t face become our limits”.

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