Victoria’s southwest coast and Gippsland are a beach house buyer’s best bet to find a bargain.
Waterfront holiday houses can be had for as little as $310,000 in the tiny town of Bolwarra near Portland.
Asking just $309,900, a three-bedroom cabin at 342 Dutton Way is the cheapest absolute beachfront home for sale in Victoria today.
“You don’t get too many like that,” Assets Real Estate Portland’s Kevin Hughes said.
An influx of Melbourne-based buyers had been turning to the region to buy a beach house or to retire as prices in Melbourne rose over most of the past few years.
On a 99-year-lease in a holiday park, the property could also be lived in as a permanent residence.
It last sold for $225,000 in 2015.
Five of the state’s ten most affordable coastal towns — all with median prices below $300,000 — are near Portland, according to realestate.com.au.
“If you want to get cheap beachfront, you’d go west,” realestate.com.au chief economist Nerida Conisbee said.
The Gippsland region is home to four more, including Port Albert and Loch Sport where the median house price is just $220,000.
But with many of the most affordable spots hours from Melbourne, bargain hunters will have to travel.
“The idea of getting cheap waterfront homes is pretty much gone anywhere close to Melbourne,” Ms Conisbee said.
But for those with the money, about 70 of Melbourne’s beach access homes were along the shore from Bonbeach to Chelsea — the vast majority with multimillion-dollar asking prices, according to Asset Property’s Mike Joy.
“It is the hot spot for beachfront,” Mr Joy said.
“There are very few other areas where you get them.”
Sue and Danny Brigham and their dog Molly have lived the dream at 24B Camp St, Chelsea for the past five years.
With striking sunsets, dolphin sightings, and the perfect spot for a swim or to walk the dog on their doorstep, it brought new meaning to the term beach house, Ms Brigham said.
“The view is like having a painting on your wall that’s changing all day,” she said.
The pair is selling the home with $1.985-$2.16 million in mind. It topped $1.3 million in 2013.
10 CHEAPEST BEACH HOUSE TOWNS
Port Albert — $220,000
Loch Sport — $220,001
Portland — $237,000
Toora — $241,250
Nelson — $246,000
Allansford — $247,450
Walkerville — $276,250
Port Welshpool — $282,000
Mallacoota — $288,500
Dalyston — $290,000