Why peninsula holiday homes give buyers development options
HOLIDAY home buyers will have plenty of time to consider the development potential of their Portarlington property.
The buyers secured the three-bedroom traditional beach house at 44 Mercer St for $450,000.
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But LJ Hooker, St Leonards agent Paul Sayers said the campaign to sell the 674sq m property took longer than anticipated as buyers faced headwinds obtaining finance in a changing market.
“It did take a little bit to sell, which is reflective of the market stabilising,” Mr Sayers said.
“The ways things are at the moment, finance is getting so much harder to achieve. The people who bought it had a few hassles with finance but they finally got things over the line.”
Mr Sayers said there was a lot of interest in the property which offered subdivision potential and was close to Port Phillip Bay and the Portarlington Golf Club.
“They’re looking to use it themselves as a holiday residence, with the potential to develop later down the track,” he said.
Mr Sayers said the benefit of buying in the older parts of towns like Portarlington was they traditionally offered larger blocks.
“It had that flexibility — it could be used as a rental, it could be used as a holiday place and down the track there is the potential for development if that’s the way you wanted to go.
“With a lot of the newer houses that people are buying, they’re not coming with the land.
They’re looking at a great house but on a smaller block and that’s the benefit of buying the older properties because in the older areas you are getting the larger blocks which give the potential for development down the track.”
The house has three bedrooms, the original kitchen and dining area with a breakfast bar, a cosy lounge room with gas wall heater and a combined bathroom and laundry.
Portarlington house prices climbed 21 per cent in 12 months to $622,500, CoreLogic results show, as the arrival of the Port Phillip Ferries service to Melbourne has energised the market.