At least that’s the view of buyers advocate David Morrell, of Morrell & Koren, who said the string of bad economic news, particularly since October, is continuing to have negative knock-on effects to Victoria’s once-booming coastal playground.
He said the dim prospect for jobs has shrunk the pool of prospective buyers this year, while pressure from the banks for cash is expected to increase the amount of stock coming onto the market.
The worst performing Victorian coastal precincts this Summer, according to Mr Morrell, were Blairgowrie, Lorne, Portsea, Rye, Torquay and the back beaches of Sorrento.
“The ‘have-to-have’ mentality which drove the market in 2006 and 2007, hasn’t been there in 2009,” Mr Morrell said, adding that many buyers with money to spend, are choosing to put their purchasing plans on ice.
He said expatriate executives returning to Australia, and doctors, were amongst the most prevalent holiday home buyers this Summer.