The median home price of Patterson Lakes was $ 1 million, thanks to unique waterfront properties for sale in the area.
This is the first time home prices in the suburbs of the waterfront, 35 km southeast of Melbourne's central business district, reached the seven-digit threshold, according to CoreLogic.
Daniel Wright, director of real estate agency Buxton Chelsea, said in an article published on realestate.com.au that the lifestyle offered by Patterson Lakes was beginning to attract more and more buyers .
"You can go boating, fishing, swimming and more from your own door. New mooring improvements, a new Coles supermarket and better restaurants have also contributed to this attraction in recent years, "Wright said.
Patterson Lakes is also home to the house where the comical series Kath and Kim was shot. The property, located at 4 Lagoon Place, was purchased for $ 1.485 million in November 2016.
CoreLogic found that the median price of real estate in the suburbs had steadily increased from 1.7% to exactly $ 1 million during the 12-month period ended in October. Over the past five years, the median price of Patterson Lakes has increased 62.6%.
According to Stephen Hill, director of the Ray White Patterson Lakes Realty Corporation, there are many properties in the area. Houses range from $ 600,000 to over $ 1.5 million.
Hill said people move around the area to be able to downsize, or just enjoy, renovate, or rebuild.
The median Patterson Lakes selling price is expected to remain above $ 1 million in 2019, despite milder conditions.
"This is a niche market because of its waterfront, so I think it will remain an element of growth. If you want to get around with boats, fishing boats and artificial canals that allow access to Port Phillip Bay, you really can not look elsewhere, "said Hill.
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