Prices only go up â€“ or do they?
Itâ€™s been a given for many years that values along the Great Ocean Road only increase. Since I started selling real estate here in early 1997 the cheaper houses in Aireys Inlet and Anglesea have increased from around $80,000 – $90,000 to $480,000 – $500,000.
That said, it appears that as global uncertainty continues as well as worsening local economic conditions, prices are flattening out and may even be falling. Two sales in the past week in
Aireys Inlet support this theory. 10 Anderson Street has sold after fourteen months on the market at a figure 20% below its original listed price. Also 5 Fraser Drive has sold after twelve months on the market at a figure over 10% below its original listed price.
This week in an endeavour to generate more activity, we have seen more price reductions.
47 Aireys Street, Aireys Inlet reduced from $550,000 (it started at $600,000) to a value price of $525,000.
12 Ridge Road, Fairhaven reduced to $1,200,000 to $1,300,000 from its original price of $1,600,000.
8 Bachli Court, Anglesea reduced to $539,000.
15 Aireys Street, Aireys Inlet reduced to $595,000 from $610,000, from its original price of $655,000.
Of course some of this might be explained by the fact that the properties were listed too high to start with, rather than a falling market. I would suggest a combination of both.
Buying conditions currently exist, such as those not seen since the mid 1990â€™s.
The time to buy may be now.
Properties Open for Inspection
Saturday April 28, 2012
2.30 â€“ 3.00 8 Bachli Court
3.00 -3.30 126 Harvey Street
Sunday April 29, 2012
11.00 -11.45 Narani Way
12.30 -1.00 25 Alice Street
1.00 -1.30 1 Werona Road
1.30 – 2.00 28 Old Neuk Road
0418 585 815