St Andrews Beach - What have I missed?

Thought I'd share a potential goldmine as I'm new to this, I would appreciate any feedback as I'm always looking to improve my research.

Long term growth statistics point to an enormous recovery:

http://www.smartpropertyinvestment.com.au/data/vic/3941/st-andrews-beach

Valuer general reports say the same thing, 800k-900k median in 2010, now the median is just touching 500k, I believe the data is rather credible.

But I can't find any information on the area itself, was there a toxic oil spill? a war? what's caused it to bottom out so drastically? Massive de-gentrification? Or people selling their holiday homes to get more growth in inner suburbs?

I guess what I really want to know is what caused such massive degentrification. It's half of it's price 5 years ago and in the middle of a hot market. Perhaps it's now to considered to rural? Or is part of a different market cycle like regionals and Gold Coast? I've heard Gold Coast and coastal area's indeed do follow their own cycle, and their time generally comes after Melbourne/Sydney have peaked.

I think I've finally found a potential goldmine and I'm seriously considering buying here, probably not the smartest idea to mention it on a public forum but I thought it was interesting :)

Any thoughts on the area? Cheers
 
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I live 15 mins from there.

When it first became "public knowledge" ST.AB was very cheap, out in the middle of nowhere... a sleepy hollow holiday house destination with no amenities...mostly a getaway spot for surfers, campers, hippies and druggies.

All off a sudden; due to the quiet location and cheap land, folks started to buy and build holiday homes there, then the area improved a little bit by way of amenities, the overflow from Rye (which was becoming horribly over-crowded and too busy over summer)...

More golf courses, the freeway improvements, a bit of publicity..off it went.

But like everywhere; if things go a bit off (in the economy) the holiday houses and toys get sold off.

The excitement died down, and the realization that it is still not close to really cool shops etc - it is still basically a sleepy hollow and the nearest action requires a car to Rye.

A number of the cheaper houses have become permanent residences for younger working families, but still basically holiday homes.

I think it is here to stay, but I don't know about the CG aspect - no amenities, not close to public transport or large job supply (other than hospitality and a bit of tourism). Maybe a good holiday rental possibility for some cashflow.

There is no doubt that the Peninsula is steadily growing, but ST.AB might still be one of the last places to go due to location.
 
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I live 15 mins from there.

When it first became "public knowledge" ST.AB was very cheap, out in the middle of nowhere... a sleepy hollow holiday house destination with no amenities...mostly a getaway spot for surfers, campers, hippies and druggies.

All off a sudden; due to the quiet location and cheap land, folks started to buy and build holiday homes there, then the area improved a little bit by way of amenities, the overflow from Rye (which was becoming horribly over-crowded and too busy over summer)...

More golf courses, the freeway improvements, a bit of publicity..off it went.

But like everywhere; if things go a bit off (in the economy) the holiday houses and toys get sold off.

The excitement died down, and the realization that it is still not close to really cool shops etc - it is still basically a sleepy hollow and the nearest action requires a car to Rye.

A number of the cheaper houses have become permanent residences for younger working families, but still basically holiday homes.

I think it is here to stay, but I don't know about the CG aspect - no amenities, not close to public transport or large job supply (other than hospitality and a bit of tourism). Maybe a good holiday rental possibility for some cashflow.

There is no doubt that the Peninsula is steadily growing, but ST.AB might still be one of the last places to go due to location.

Thanks Bayview very informative reply! Considering that St Andrews is probably to risky for us as we're after reliable short to mid term growth. We've now upped our borrowing amount and we're looking closer into the city. I'll admit St Andrews still really interests me, the median was near 900k and is currently 500k (apparently) but looking at recent sales I can't even find one under 700k :eek:

Makes you wonder how reliable all these growth reports are :confused:

cheers
 
Makes you wonder how reliable all these growth reports are :confused:

cheers

Hi

Maybe the growth reports are real?, and maybe the current vendor's asking prices are un-realistic and are nowhere near the current selling prices the area is achieving?:confused:

Regards,

alicudi
 
Maybe something in that when the baby boomers retire, I personally think MP is really going to benefit from it when they finally do, but who knowzzzz
 
Yeah I actually think the whole baby boomer "sea change" move to the peninsula might be a 50/50 bet. I see alot of boomers staying in place or working longer. Might even be a glut of holiday homes on market if they "need" to sell to help fund retirement.
 
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