Inverloch, VIC

J

justmad

Hi,

Spend the long Easter weekend in Inverloch, and have been there for a couple of weekends before as well. I am thinking now of buying a beach house there primariy for the weekend, and keeping it for 5 to 10 years. Any thoughts on Inverloch at the moment? Is it good value? I have seen the median house price fairly steady at 350k.

Can anyone recommend a buyer's agent in the area? I don't have a lot of time to look around, so will need to hire an agent to support the process and who knows the local market.

Cheers,
JM
 
justmad said:
Spend the long Easter weekend in Inverloch, and have been there for a couple of weekends before as well. I am thinking now of buying a beach house there primariy for the weekend, and keeping it for 5 to 10 years. Any thoughts on Inverloch at the moment? Is it good value? I have seen the median house price fairly steady at 350k.
Click to expand...

justmad, it sounds like you're trying to combine lifestyle and investment, which, contrary to the spruikings of timeshare salesmen, doesn't always work out.

Eg the best value for money property you find might not be the same one that you'll most enjoy as a beach house.

You might like being there a few weekends, but that's time the house isn't available for rental, so your holiday's going to be dearer than you thought. If the house is not rented then its expenses aren't tax deductible. And if it is, then you've (potentially) got the hassles of short-term tenancies, management and the house not being available when you want it.

As for value for money, I haven't been there but it sounds like a terrific place. But consider Inverloch's location, demographics, number of jobs, number of absentee owners, average incomes, etc.

Then look at what $350k will buy in other areas near water with more jobs, enduring residential demand (both owners and tenants), better infrastructure and closer to Melbourne.

Make a judgement and buy whatever is safest and best value. But be wary about combining investment and leisure, since it's hard enough to find a great investment without adding other complicating factors (and vice versa probably).
 
Spiderman said:
justmad, it sounds like you're trying to combine lifestyle and investment, which, contrary to the spruikings of timeshare salesmen, doesn't always work out.

Eg the best value for money property you find might not be the same one that you'll most enjoy as a beach house.

You might like being there a few weekends, but that's time the house isn't available for rental, so your holiday's going to be dearer than you thought. If the house is not rented then its expenses aren't tax deductible. And if it is, then you've (potentially) got the hassles of short-term tenancies, management and the house not being available when you want it.

As for value for money, I haven't been there but it sounds like a terrific place. But consider Inverloch's location, demographics, number of jobs, number of absentee owners, average incomes, etc.

Then look at what $350k will buy in other areas near water with more jobs, enduring residential demand (both owners and tenants), better infrastructure and closer to Melbourne.

Make a judgement and buy whatever is safest and best value. But be wary about combining investment and leisure, since it's hard enough to find a great investment without adding other complicating factors (and vice versa probably).
Click to expand...

couldn't have summarised it better.

at the end of the day, often for many, its much more economical to pay the high peak season prices for the few weekends a year rather then buy a property and rent it out!
 
Hubby's family lives at Leongatha, not far away from Inverloch, and friends of his family live at Inverloch. We usually go there when we visit hubby's family - it's a really lovely little place, and great to visit in summer and at Easter ..... but the rest of the year???

But as for buying a beach house for a weekender ..... well, I tend to agree with Spiderman and Property Meister. IMHO, it's a lot of $$$ tied up in a property when you can't claim outgoings (? presumably you're not going to rent it out ?) and you will have to pay CGT when you eventually sell.

My 2c worth .....

Cheers
LynnH
 
JM, was in Inverloch weekend before last.

Not commenting on the suitability of Inverloch for an IP, that's been highlighted by others, BUT, you could possibly go below that 350 median judging by no. of houses for sale there. My subjective impression was that it seemd like every 3rd house had a sign out the front.

-bB
 
bunjiBing said:
JM, was in Inverloch weekend before last.

Not commenting on the suitability of Inverloch for an IP, that's been highlighted by others, BUT, you could possibly go below that 350 median judging by no. of houses for sale there. My subjective impression was that it seemd like every 3rd house had a sign out the front.
Click to expand...

Another thing I noticed a few weeks back is when the agents were starved of local listings they'd devote a page or two in their glossy weekly property guides to far out country places.

And Inverloch was one such place featured - maybe the yuppies selling up need a dollar or two, or self-funded retirees weren't any longer?
 
bunjiBing said:
JM, was in Inverloch weekend before last.

Not commenting on the suitability of Inverloch for an IP, that's been highlighted by others, BUT, you could possibly go below that 350 median judging by no. of houses for sale there. My subjective impression was that it seemd like every 3rd house had a sign out the front.

-bB
Click to expand...

Yep; it's a sleepy little hollow for much of the year.

I used to go surfing there with one of my mates when were younger; his parents had a holiday house down there (like virtually everyone else) The rest of the population was mostly retired and living there permanently, and few families trying to get away from the world.

In tough times like now, a lot of people will have to offload the holiday shack if they get into hot water; hence the signs out front now.

Goes mad over Jan and slowly runs out of steam by end of Easter - back to the local retirees and empty holiday houses, and the odd short term rental.
 
I live nearby to Inverloch, 1 in 5 houses are holiday homes I would imagine something similar in Inverloch. Permanent rentals offer very low returns. High turnover in house properties. The only ones really selling are at the bottom of the market, around 200-250k, often with major money being spent on them, then put straight back on the market, these are usually well positioned homes ie close to beach. Overall prices have been on the decline for the past 12-18 months.
 
I live in Inverloch

Hi,
I bought a block 3 yrs ago about 400m from surf beach in Inverloch. Paid 140k. Block is now worth 200k. Built a AVJennings spec PPOR house worth 195k. Now been offered 495k plus for it. Only spent about 20k on window furnishings, drive, decking and garden.

Just bought an investment block for 140k about 500m further back from beach and building a 175k 24sq AVJ fully decked out house with Stone benches, SS Upright Blanco cooker, tiles, carpets, drive, downlights, the whole lot. Only need a fence on 1 side, letterbox, TV antenna and Clothesline to finish it off. Total cost under 330k. Interest only $310 wk loan.
Desal plant being built down the road and agents are saying they want 3-400 house at +$350/wk to rent for workers. Not nearly enough available at the moment.

Positive cash flow is possible form this project. I have been told i could get 375k for it when finished.

Invy has boomed over past 5yrs. But it is location location location, surf beach side is the must have atm.
You cant get anything under 250k, not even a beach fibro shack. Check it out at www.realestate.com.au.
 
see the attached article, that gives this area a great thumbs up, in the local papers this week:
 

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Was talking to a REA on saturday and he said he alone sold 10 blocks of land in Inverloch last week...they talk alot of BS but he had no reason to lie to me as he has sold me my last 3 here!!


Not many left now!!
 
Is that Lj Hooker legs as they look to have the bulk of it ( land for sale)? Also seem to have the agents that have the local knowledge etc.
 
They seem to be picking up the new estates and i tell you something they are moving fast. I bought into one b4 it was advertised and it sold 2 weeks into the advertisement start date. Some 30 blocks only, but for a small town of about 2000 ppl thats pretty good.
 
Legs said:
Hi,
I bought a block 3 yrs ago about 400m from surf beach in Inverloch. Paid 140k. Block is now worth 200k. Built a AVJennings spec PPOR house worth 195k. Now been offered 495k plus for it. Only spent about 20k on window furnishings, drive, decking and garden.

Just bought an investment block for 140k about 500m further back from beach and building a 175k 24sq AVJ fully decked out house with Stone benches, SS Upright Blanco cooker, tiles, carpets, drive, downlights, the whole lot. Only need a fence on 1 side, letterbox, TV antenna and Clothesline to finish it off. Total cost under 330k. Interest only $310 wk loan.
Desal plant being built down the road and agents are saying they want 3-400 house at +$350/wk to rent for workers. Not nearly enough available at the moment.

Positive cash flow is possible form this project. I have been told i could get 375k for it when finished.

Invy has boomed over past 5yrs. But it is location location location, surf beach side is the must have atm.
You cant get anything under 250k, not even a beach fibro shack. Check it out at www.realestate.com.au.
Click to expand...

Update:
Sold PPOR for 520k. Moving into IP when done in April. Purchased another 1166m2 block for 220k further back from beach. IP revalued recently at 400k even though its not finished.
 
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