Unlike our northern neighbour, absolute waterfront property in Melbourne is difficult to find; apply a price limit of less than $2 million and it is almost impossible, except in these suburbs.
Traditionally, suburbs like Brighton, Elwood and Hampton were the heart of Melbourne’s bayside residential property market, boasting some of city’s most expensive beachside real estate.
But the rise of the bridesmaid bayside suburbs has been driven by buyers seeking the beach lifestyle without the prestige price tag.
Beach side location at Altona
In the west, Altona, with a median house price of $732,000, has become increasingly popular with both families and developers for its large blocks.
First National Barlow McEwan Tribe’s managing director Scott Murdoch says the slowing of the local industry has shifted buyers’ perception of the once-industrial suburb.
“As the industry has sort of retracted, people are looking at [Altona] more as a bayside suburb and focusing on the benefits that that offers” he said.
Out the back door is the beach at 34 Bowman Street in Aspendale. Photo: Supplied
“As a result we are starting to see a real influx of young families that are perhaps moving from the inner west.”
Earlier this month, Mr Murdoch’s agency sold a 590-square-metre ’70s home located just metres from the sand on Esplanade – Altona’s main beach road – for $1.8 million. A developer purchased the home with the intent to build on the site.
“The Esplanade is quite unique, it is really the last remaining part of Port Phillip Bay that you can still develop [in the west]. The next part is around Wyndham Harbour, which is a long way away,” Mr Murdoch said.
At 203 Esplanade, Altona, another home is on the market with a similar price tag. The three-bedroom property sits on just over 676 square metres of land, with uninterrupted sea views. Also for sale through First National, they are guiding between $1.7 million and $1.8 million.
Across the bay in Aspendale, a suburb not known for its prestige property, has seen the prices of its waterfront property skyrocket.
RT Edgar’s Ross Walker says one of the advantages Aspendale’s beachside property has over the more prestigious inner bayside suburbs is the opportunity for buyers to secure properties with gated beach access.
Houses in these locations can go for more than three times the median house price of $773,000 thanks to the rare beachside location.
On Saturday, Mr Walker’s office auctioned a three-bedroom home on Bowman Street, with the buyer securing the absolute waterfront property for $3,065,000.
Absolute waterfront: 34 Bowman Street, Aspendale.
Mr Walker said there had been an ignorance about what Aspendale had to offer home buyers for a long time. It was only just in the past few years that the vast majority of people had begun to discover it.
So great are is the beachside lifestyle on offer in Aspendale, Mr Walker said, that he even had potential buyers looking to purchase the home as a holiday property.
“They can have a holiday house on the beach in Aspendale and walk along the beach, which is probably better than what they would have in Portsea.”
By Alexandra Spangaro, this article originally appeared on Domain.com.au
