VIC Booming prices in Phillip Island 2018/2019

Discussion in 'Where to Buy' started by johnmteliza, 4th Dec, 2018.

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  1. Redwood

    Redwood Well-Known Member Business Member

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    Good thread just picked up on it. I have a place in Surf Beach - bought it for $280k in 2004 and probably worth $420-440k now. Thats a guess, I didn't buy for growth and would never sell. The building around San Remo is going nuts with the new estate and even in Surf Beach, quite a few dwellings going up and one in particular is blocking my view of the bay.

    PI will always be a sleepy coastal town. It will never be a Rye, and thankfully so. Personally I find the the place a dream and love to getaway but its hard to live there. Mates who do have to travel for work as there is not much around the beach and its hard for business, with cyclical demand based on tourism. The place that flourishes is the chocolate factory with all those bloody chinese tourist buses.

    Good insights above
    Cheers Ivan
     
  2. johnmteliza

    johnmteliza Well-Known Member

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    This is a game changer for medical services in the area.

    I don't see property price rises, strong demand, declining stock on market, low days on market, growing tourism, high construction and development and increasing online search interest changing anytime soon.
     
  3. johnmteliza

    johnmteliza Well-Known Member

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    Surf Beach has seen growth of $130,000 in the median house price since 2010. Because of this I would assume your house has seen higher capital growth than the $130,000 - $160,000 you think on top of its 2004 value. Phillip Island has a lot of residents who tend to never sell and consequently it has become very tightly held. This has been fundamental in supporting property price growth accompanied by an increase in demand.

    Construction as well as tourism significantly grow to the local economy. There is also a nearby estate being built in Newhaven which has really changed the overall look of the area.

    The car ferry will likely make it easier to commute from Phillip Island and provide new opportunities for more accessible work on the Mornington Peninsula. The carry ferry would also see tourist numbers increase in Phillip Island. This is especially in the colder months as the Mornington Peninsula would still attract visitors who could then more easily explore Phillip Island as well.

    International visitors continue be high in the area and are the top spenders. 'International Visitor Survey data revealed 53,000 international visitors flocked to experience tourism attractions on the island, spending $16 million in the year to December 2017. Tourism Research Australia’s survey shows international visitors rose by 54 per cent and spending increased by 23 per cent from the previous three years.'
     
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  4. johnmteliza

    johnmteliza Well-Known Member

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    Phillip Island is like Somers, Merricks Beach, Balnarring Beach and Shoreham on the Mornington Peninsula. Very peaceful and somewhat undiscovered.
     
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  5. johnmteliza

    johnmteliza Well-Known Member

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    The broader area of Bass Coast is also performing very well being one of the top 8th growth regions across Australia in 2018.
    Screen Shot 2019-01-07 at 4.12.41 pm.png
     
    Last edited: 7th Jan, 2019
  6. johnmteliza

    johnmteliza Well-Known Member

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    The 2019 Phillip Island Superbike World Championship is set to see almost 190,000 check ins at Phillip Island this month which will attract new interest in the holiday real estate market.

    Phillip Island Circuit - Home
     
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  7. johnmteliza

    johnmteliza Well-Known Member

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    Last edited: 8th Feb, 2019
  8. johnmteliza

    johnmteliza Well-Known Member

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  9. johnmteliza

    johnmteliza Well-Known Member

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