An old Barwon Heads property a few doors from the pub and opposite the river would typically be teeming with interest from local and Melbourne buyers all clambering to break into the seaside town’s property market.
But that was last October, said Bellarine Property, Barwon Heads agent Levi Turner, who negotiated the post-auction sale at 16 Ewing Blyth Dr at the weekend.
A solitary bid from Bellarine Peninsula buyers was presented before the property was passed in, Mr Turner said.
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Still, the four-bedroom house, Dalry, sold for $2.9m, beating the $2.8m quoted during the campaign as the buyers look to move in and enjoy the enviable position.
The character-filled beach house 90m from the foreshore and 300m to the village shops where the owners have enjoyed the sounds of the surf since 2010, when they paid $870,000 for the property.
“That’s pretty good. Walk across the road and you’re at the river and for that reason it was a really good spot,” Mr Turner said.
The house offered two bathrooms and two living spaces, with an east-facing front veranda.
But it seems the tide is receding on the seaside town’s property market, at least in terms of holiday home buyers, with demand returning to a more normal level, Mr Turner said.
“We probably thought we would have had more (buyers) from Melbourne but we didn’t,” he said.
“There was a couple interested – if it was on the market in October last year there probably would have been more.
“We are finding that the owner-occupier buyers are absolutely very active, especially in Barwon Heads.
“In everything above $2m where people are going to live in, it is really strong.
“But the holiday-home buyer has thinned out a fair bit. A lot of them probably bought in the past year or two.”
Barwon Heads, which is already one of the priciest spots in the Geelong region at $1,725m, experienced a 25 per cent jump in median house price in the past 12 months, according to PropTrack data.
But there’s plenty of evidence that the rush for lifestyle has evened out, such as the median time on market receding from 25 days in 2021 to 41 days this year.
Across the river, a 1218sq m riverfront property at 25 Peer Crescent, Ocean Grove, was reported as the region’s most expensive sale last week.
The three-bedroom, two-storey house overlooking the Barwon River estuary, sold for $3.3m after a six-week campaign.
It was offered with approved plans for a luxury 40-square, two-storey residence designed by S8 Building Designs, although buyers could also renew what’s already there.
The property offers 180-degree river views, including the landmark Barwon Heads Bridge.