2008 Looking Like a Boom Year For Coastal Property
BIS Shrapnel analyst Angie Zigomanis says Melbourne-based buyers, cashed up from having newfound equity in their Melbourne properties, will drive the demand, as will baby boomers setting themselves up for imminent retirement.
This is evidenced in the sale results of at least one coastal project, with almost two thirds of the units in Lorne’s controversial Cumberland development selling out, before any formal marketing had even commenced.
The 18-year old units, which have been fully refurbished, formed part of the Cumberland Resort – and despite being just three levels tall, are amongst the highest apartment buildings along the Great Ocean Road…for the moment anyway.
Colliers PRD managing director Tim Storey confirmed he has received 60 paid registrations of interest for the 102-unit project on Mountjoy Road prior to any formal marketing commencing. He anticipates the remaining apartments to sell before the end of the year.
