The median sale price for houses in Ocean Grove was more than 28 per cent higher in the first quarter of 2022 compared to the same period last year, according to the Real Estate Institute of Victoria’s (REIV) March quarterly report.
The median selling price for houses in Ocean Grove during the first quarter of 2022 was $1.09 million, which was an 11.3 per cent increase compared to the last quarter of 2021 and a 28.7 annual increase.
In Barwon Heads, the median sale price for houses during the first quarter of 2022 was $1.73 million, which was a 10.8 per cent increase compared to the last quarter of 2021 and a 29.7 per cent annual jump, while Portarlington saw a 0.6 per cent quarterly drop in prices to $845,000.
However, Hodges Ocean Grove director Jason Burmistrow said there had been a reduction in activity from buyers over March and April, with open inspections in Ocean Grove attracting one to four groups on average.
“There’s no doubt there has been a slowing down with buyer activity,” he said.
“The craziness in the market has definitely finished.”
Mr Burmistrow said the Reserve Bank of Australia’s recent cash rate target increase was among the potential factors leading to the reduction in buyer activity.
“I think there’s a lot of global factors,” he said.
Mr Burmistrow said he predicted that prices were unlikely to drop significantly but houses would remain on the market for longer.
“I think it’s going to be a slow and steady market over the next three to six months,” he said.
In terms of median unit sale prices, Ocean Grove saw a 31.5 annual increase in median unit prices to $940,000, while Barwon Heads units spiked by 34.4 per cent compared to the first quarter of 2021 to $1.35 million.
