Beachside Seaford homes: median prices for units grow while houses see sharp falls
Being newer, low-maintenance and affordable have seen Seaford units ride out the sharp decline that hit houses.
Demand from younger buyers and older downsizers for units and townhouses has seen prices grow in the beachside suburb.
This contrasted with the market and prices for houses that declined sharply over the past 18 months.
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The Seaford unit median price increased 9.8 per cent to $515,875 over 12 months to April, CoreLogic data shows.
Meanwhile, the house median price fell 8.1 per cent, the worst performing among six suburbs in the Frankston council region.
Over the past five years, Seaford had been one of the strongest performing suburbs in Melbourne, popular among buyers for its prices and proximity to the water and train line.
It was also a favourite of investors and developers who snapped up the larger blocks and turned them into units, townhouses and apartments.
In the quarter to April, the unit median price still grew 1 per cent while for houses, it tumbled 3.3 per cent in Seaford.
“The strong performance for units is due to the beachside location and being newer and low-maintenance which appeals to buyers,” Ash Marton Realty agent Josh Wells said.
“They also make good investments and the suburb has changed for the better and getting more popular.”
He noted that new townhouses meant buyers could move into a quality home with features such as stone benchtops instead of older houses.
Mr Wells said the Seaford market for houses has begun to improve and he expected prices to increase gradually as demand picked up.
“There is more buyer confidence and prices for houses and units should do better in coming months,” he said.
Among the listings is 217 Nepean Highway which offers an interesting package of a shopfront along the main road, a house and a bonus bungalow.
The 850sq m block stretches from the “beach to the creek” and has permits for three luxury townhouses.
It has a $1.1-$1.2 million price guide.
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