A friend of mine had a house which he sold last year (privately).
I went with him to a RE agent who said something to the effect, that every property on the Island was for sale, they just don't have signs out the front. He had so many listings he did not want any more.
Don't know if the situation has changed much since.
"A government that robs Peter to pay Paul can always count on the support of Paul."
Of course, Paul's support is obvious, but it is equally obvious that to rob from Peter to pay Paul will make Peter
very, very angry.
My question is this: "How can you run a good government with a sore Peter?"
I must agree with Anony Mouse.
Phillip Island is a great place to holiday and has good surf beaches. It has lots of holiday homes and retirees, but very little, in fact negative growth. The young people are leaving the area because of lack of jobs.
When looking for an investment property look for an area of strong capital growth.
The average capital growth in Melbourne for the last 20 years has been almost 10% per annum.
And the good thing about property (as opposed to shares)is that it is easy to beat the averages. Because the average is pulled down by places like Phillip Island all you have to do is choose areas with above average growth.
Four years ago I bought a block of land in Cowes West for $16,500 last week the bank revalued it and it came in at $90,000.
I would consider this above average growth!!
I am also interested in where you get your information about young people leaving the Island due to lack of Jobs. From the information I have gathered the number of permanent residents on the Island are on the increase.