Hemsworth link could help make Phillip Island next Byron Bay
And the former Block destination has one big advantage over other contenders nationwide: the Hemsworths already own a home there.
The revelation comes as Ray White economics team research has revealed the best places to buy a holiday home with room to boom, and why the middle of winter might be the best time to sign up for a sea-change.
Frankston South house price record set by clifftop mansion
Adrian Portelli selling entire Block compound at Phillip Island
For those on a budget, the best spots are in the state's far east and west.
House prices in the Glenelg region on the South Australian boarder can be as low as $352,000, according to the Ray White data.
While on Victoria's southeast coast the Longford-Loch Sport area isn't much more expensive with homes for $407,000.
Those looking for something closer to Melbourne will get the best value in the southern end of Werribee, where the median house price is just $746,599, or the wider Frankston region, which has an $840,217 typical value.
The research tracked Statistical Area level two regions, which are typically slightly bigger than suburbs of the same name, and can yield differing median prices to the suburb, but capture a broader range of homes that have the coast close at hand.
And now could be the best time to make a move.
Ray White Group chief economist Nerida Conisbee said buying a holiday home in winter could prove advantageous due to reduced competition from other buyers, leading to better deals and more favourable negotiation terms.
'Selling in winter in a beach side location is generally not something people do. If they are selling, they are potentially a highly motivated seller and that's where you could get a bargain.
'While you'll have greater choices in summer, it's in winter that buyers will have a higher chance to save money.'
While potential savings will vary in each state and location, some studies suggest an average of 0.51 per cent to 1 per cent less than other times of the year.
As for those looking to get a piece of the next Byron Bay, before prices take off, Ms Conisbee tipped Phillip Island.
With a surf lifestyle and community appeal, as well as property prices typically still well under $800,000, it shares many hallmarks of the NSW playground of Hollywood A-listers and Aussie richlisters — but not the price, with Byron Bay's typical house costing about $2.243m.
'So for people seeking a similar lifestyle, Phillip Island is becoming quite popular,' Ms Conisbee said.
'However, Victoria seems to be the area that's still a bit undiscovered (as a holiday destination) and hasn't seen the same (price growth) as other areas.
'So for those looking for a bargain – and a similar lifestyle to Byron – you'll find that the cheaper areas are in the east, starting at Phillip Island.'
And while the coastal hamlet hosted The Block in 2024, it's had its own star-power appeal for a lot longer.
Property records show Liam and Chris Hemsworth, alongside their parents Craig and Leonie, bought a home for $1.6m in a secluded pocket of Phillip Island in 2012.
It's a more modest space than the sprawling compounds the Hollywood heavyweight brothers own in Byron Bay, but might be a bit closer to the surfing-centric lifestyle they enjoyed while growing up on the island in the 2000s.
Phillip Island based real estate agent Greg Davis said the popular spot had been going through a transformation since the pandemic that was making it more like Byron Bay than ever before.
Mr Davis said in addition to Hollywood heart-throbs the Hemsworths, others calling it their home away from home included famous musicians, sporting greats and business leaders.
Most are drawn to the million-dollar water views on offer along its coastline, available for the about $2m you'd pay for a standard home in Byron.
Phillip Island has also hosted its share of music festivals – but goes a step further with the annual Moto Grand Prix, which has lured Hollywood A-listers including Eric Bana and Keanu Reeves.
Mr Davis said the Island had been transforming in recent years, with about 60 per cent of buyers today looking for a home there as a permanent residence — driving an increase in the presence of cafes, breweries and boutiques.
'It's certainly been busier than it was before Covid,' he said.
It's also going cheap at the moment, with prices in most suburbs around the Island still below their post-Covid peak, though Mr Davis said it wasn't likely to stay that way for long.
He's tipped areas like Smiths Beach and Cape Woolamai to be the first back into the million-dollar club, and popular Cowes might not be far behind.
'I've sold three in the past few weeks around the $2m mark,' he added.
Mornington Peninsula-based buyer's advocate Michael Sier said this winter and spring would likely be among buyers' last chances to really take advantage of a broader decline in Victoria's coastal property markets.
Mr Sier said additional land tax costs introduced by the Victorian government at the start of 2024 had turned many off of owning a beach house, unless it was their permanent residence.
However the Buyer X buyer's agent has noticed rising numbers of holiday home buyers contacting him this year.
While he noted that there were very different vibes in some of the most affordable pockets identified by the Ray White research, particularly suburban areas like Frankston, the wider Mornington Peninsula was still as much as 10 per cent below its peak for prices.
'So buyers still have an opportunity for properties where sellers are motivated to get it sold,' Mr Sier said.
VICTORIA'S MOST AFFORDABLE COASTAL HOUSE LOCATIONS
Source: Ray White Economics, figures track Statistical Area 2 regions that extend beyond named towns and locales.
Region (Statistical Area 2) Median house price Median unit price
GLENELG (VIC.) $352,674 N/A
LONGFORD – LOCH SPORT $407,134 N/A
ORBOST $416,170 N/A
YARRAM $443,210 $306,029.00
PORTLAND $449,102 $339,028.00
MOYNE – EAST $459,863 N/A
CORANGAMITE – SOUTH $489,394 $419,347
BAIRNSDALE $502,813 $367,490
LAKES ENTRANCE $556,134 $425,591
FOSTER $565,597 $395,198
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News.com.au
28 minutes ago
- News.com.au
Grollo family sell Kooroora Hotel on Mt Buller after 20-plus years
Melbourne's wealthy Grollo family have sold the Kooroora Hotel on Mt Buller in a $3.8m deal that's believed to be the biggest so far this year for the mountain. The Grollo Group, owned by the prominent construction and property family that first made headlines under the guidance of Bruno and Rino Grollo, bought the alpine watering hole in 2004. They have subsequently redeveloped the Kooroora site, including adding apartments and refreshing the basement nightclub, with the recent hotel sale just a fraction of the wider properties now at the address. Melb's biggest eyesore seeking $60m+ The family still owns significant chunks of the mountain under its Buller Ski Lifts firm, including the Mt Buller Chalet Hotel and the ABOM Hotel, as well as the nearby Mt Hotham airport, which it bought in 2023 for more than $6m, and plans to further develop. It's not the first time the Grollos have been behind a major sale on the mountain, having made headlines in 2012 as they sold off 17 properties in one afternoon as part of one of the biggest sell offs ever recorded for Mt Buller. Their latest sale attracted offers from 27 groups for the popular hotel, with the property ultimately sold to a Melbourne-based high-net worth individual. The hotel, set on 811sq m in the heart of the mountain's main village square, and includes a licensed bar and a basement nightclub, with an eight-year lease in place, and options for another 10 years for the Maisano Group that are currently running the venue. It currently pays $259,192, plus GST, a year in rent The 18-room Kooroora apartment complex above the hotel was not part of the sale. The sale was arranged by commercial real estate firm Burgess Rawson from CBRE's Raoul Holderhead and Mark Foster as well as John Castran, of Castran Real Estate. Mr Holderhead said he believed the result was the biggest this year on the mountain, and noted that the vast majority of the interest had come from Melbourne-based parties who already owned property on Mt Buller. Mr Foster said the recently renewed lease and the location had helped lure in buyers. 'The sale of the Kooroora Hotel confirms the strong investor demand for well-located hospitality assets in key regional centres,' he said. Mr Castran said the sale showed the mountain's continued appeal for tourists. 'The Kooroora Hotel benefits from consistent year-round trading and a loyal customer base, underpinning its strong investment fundamentals,' he said.
News.com.au
31 minutes ago
- News.com.au
‘Unbelievable': Two bedroom home in Rhodes sells for staggering sum
The owner of a one-storey house in Sydney's west has walked away with an eye-watering $8m in their pockets following years of controversy with surrounding developers. Located at 16 Walker Street in Rhodes, the two-bedroom, one-bathroom property is the last freestanding home on what is now an apartment-lined stretch of road. On Saturday, the 676 sq m block went under the hammer in front of a crowd of 150 people – selling for $8,150,000. The site had potential as 14 apartments, a boarding house, a pub, a fitness centre or a daycare, Strathfield Partners selling agent Vanessa Kim told 'It's not a normal house – it has a lot of potential,' she said. 'We had several inquiries for a lot of future development.' Ms Kim said the agency was not expecting the price range, with the owner originally asking for a hefty price of $9m. 'I asked the owner how they got the price? They said nothing,' she said. 'Then they finally said, 'it's my dreaming price'.' The bids started at $6m, and went up in increments of $25,000 and $20,000 to $7.2m. It then rose in bids of $10,000 to $8m, before the final $150,000 was achieved through quickfire round of $5000 bids. The guide sat between $6m and $7m. 'When (the price) was increasing, everybody said 'wow',' Ms Kim said. 'It was like watching the tennis (as the bidder's paddles went up). 'Eight (bidders) registered was unbelievable.' The home last sold in 2017 for $978,000. Before that, it brought for $1.7m in 2012. The house itself does look to be freshly renovated but has kept some of its older features, including ornate stain glass windows and detailed pressed ceilings and cornices. A fireplace still remains along with a grand sliding door from the living room, an open backyard and long winding driveway make up much of the large land. There's traditional fences however, with large blocks built to suit the surrounding units. A small outhouse sits at the rear of the home – a nod to its vintage. Sandwiched between highrises, the site has been a point of interest for developers in recent years. In 2022, the home was leased for $900 per week. Joe, who managed a nearby building, told Daily Mail Australia at the time the owner refused to sell for less than $20m. She had reportedly fought against property giant Billbergia, who started construction on Rhodes Central a few years prior, to stop building unit blocks around her property. It is understood she lost that bid.
ABC News
37 minutes ago
- ABC News
$8.1m Sydney home advertised as potential future boarding house to now be a hotel
A single-level brick home swamped by high rises in Sydney's inner west has sold for over $8 million — but don't expect a residential apartment development to crop up in its place. Over the weekend at 16 Walker Street, Rhodes, the owner was left with a cool $8.15 million in their pocket after waiting for their almost dream price to sell. The property was billed as an "extremely rare development site in the heart of Rhodes CBD". About 170 people were at the auction — many of whom were keen on transforming the two-bedroom property into something far bigger. But despite a highly sought-after housing market in the suburb, and with renters and first home buyers galore, a hotel will instead be in the pipeline for this 676.6 square metre site. In an online advertisement, the real estate agency representing the property suggested two potential development options — subject to council approval — either a 7-storey mixed-use building or a 66-room boarding house. Due to recent rule changes by the state government, additional parking requirements for boarding houses meant the address was not a big enough lot to include the necessary amount of car spaces, said selling agent Vanessa Kim. Revisions to the State Environment Planning Policy (Housing) in 2021 mean there must be at least two off-street car parking spaces provided on the site where a group home is erected. "Regulation has changed a lot," Ms Kim said. "We found the buyer — [a] hotel business. Walker Street doesn't have any hotel. They're all high rise neighbours, all between [this] one house. "[The] hotel is good for in this area." Another prospective buyer was looking to establish a fitness centre, Ms Kim said, with the multi-million-dollar reserve pushing most prospective residential buyers to the kerb. Ms Kim said her vendor had initially been pushing for a $9 million price tag, but they were advised to lower their expectations slightly. "If you find the right buyer, they can create their future," she said of the prospective hotel. Sydney YIMBY is a grassroots group of volunteers who are part of the Yes In My Backyard movement, supporting greater-density housing in a bid to make the city more affordable and liveable. Chair Justin Simon said the residential and hotel market are now more linked than ever. "If you don't build enough hotels, you have more residential units ending up on Airbnb … because that ends up being a higher value use for them," he said. With Sydney's shortage of space for both homes and hotels, Mr Simon said the new hotel could ultimately provide a social benefit for the community. The missed opportunity instead is that many suburbs across the inner west are not open to development at all — whether a boarding house, hotel or high-rise apartment block. "If councils don't build enough housing for the community what they're going to see is schools with shrinking populations, hospitals which cannot employ nurses and get them to move to the area because they cannot afford to live there, and they're going to see an electorate which is going to calcify further and further against any change." In a statement, a spokesperson from Canada Bay Council said the height, density and scale of Rhodes' CBD comes down to the state government's planning framework. "Within this framework, the City of Canada Bay's Development Control Plans for Rhodes guides development in the area, and highlights the need for high-quality, diverse housing options," they said. "A variety of land uses are permissible on this site and Council will continue to support the redevelopment of this site where it is consistent with the planning framework."
