Make waves with a beachside property purchase this summer

“Summer always brings a flood of new buyers to coastal regions,” said Adam Leys, director at Stockdale & Leggo Inverloch.

Both he and Jaime Morris, director at Stockdale & Leggo San Remo and Phillip Island, predicted that this summer will see a “bumper sales season” in Victoria’s holiday hotspots.

“We had an influx of property come onto the market in spring and stock levels seem to have eased now coming into summer, so demand has picked up,” Ms Morris revealed.

For vendors, she stated: “It’s a great time to sell due to the influx of tourists and holiday-makers inspired to purchase a holiday home.” But for those seeking to buy, navigating this tight property market may not be so easy.

Here are three top tips for buyers looking to snag a good deal in Victoria’s beachside honeypots.

1. Time it right

Looking to buy, but haven’t got finance sorted? According to Mr Leys, buyers should wait until all loose threads are tied up before making an offer on a property.

“Get yourself prepared to make a very simple offer,” the Inverloch agent advised. “For example, if you need finance, get a pre-approval or ideally get yourself into a position to make an unconditional offer for the right property.”

He noted: “There are some good buys out there if you are in a position to make an unconditional offer to vendors.”

In a highly competitive market, the absence of contingencies can also help aspiring buyers get ahead of the pack.

2. Look off-market

When it comes to finding a property goldmine, not all good buys are on the open market.

“Register your interest with proactive agents so they know what you are looking for,” Mr Leys recommended.

“There are off-market sales happening and only those who are registered with agents will know about these.”

Over in San Remo and Phillip Island, Ms Morris similarly advised potential buyers to keep up to date with agency news and social media updates to ensure they don’t miss a good deal.

3. Do your homework

Ben Kenyon, principal at Stockdale & Leggo Rye and Rosebud/Dromana, has one top piece of advice for those looking to buy a holiday home in coastal Victoria.

“If someone is ready to buy, we would recommend going to as many open for inspections as possible,” he stated.

“There are a lot of different types of property within the areas we work – bay beach, back beach, acreage, near town, secluded etc. – so we would suggest getting out and seeing it all so that you can decide what you want and where you would like to be positioned.”

4. Future-proof your purchase

Mr Kenyon argued there are two main advantages to owning your own holiday home rather than hiring a short-term rental.

“If you own the home, you get to set it up exactly to your needs and keep your things there so that it is easier to come and go from your primary residence.

“And you can always make a little extra money letting it out if you’re not using it for a particular amount of time,” he continued.

While much of Australia is holding its breath about the future of another rate rise, Mr Kenyon believes that buyers can take advantage of this economic anxiety by striking while the iron is hot.

“Values have dropped significantly in the area in the last 18 months, and there is a lot of property on the market and homes that are offering really good value, so if I were a buyer, I would be snapping something up now rather than holding out,” the Dromana agent concluded.