The one-of-a-kind waterfront lifestyle on offer in Patterson Lakes has pushed the suburb’s median house price to $1 million.
Houses in the waterfront suburb 35km southeast of the Melbourne CBD recently hit the seven-figure benchmark for the first time, according to CoreLogic data.
Buxton Chelsea director Daniel Wright said more buyers were starting to appreciate the lifestyle Patterson Lakes provided.
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“You can go boating, fishing, swimming and more all from your own doorstep,” Mr Wright said.
“New upgrades to moorings, a new Coles supermarket and better restaurants have also added to the appeal in the past few years.”
The noice, different, unusual locale is home to the house where Kath and Kim was filmed. That property, at 4 Lagoon Place, changed hands for $1.485 million in November 2016.
CoreLogic data shows the median house price has steadily increased, with an 11.7 per cent jump to exactly $1 million in the 12 months to October 2018. In the past five years, the suburb’s median price increased 62.6 per cent.
Ray White Patterson Lakes director Stephen Hill said there was still a wide variety of properties on the market in the popular ‘burb.
“There are houses which range from $600,000 to over $1.5 million, which shows the strength and diversity of the market,” Mr Hill said.
“There are people moving here to downsize, and families are also buying properties to enjoy, renovate or rebuild.”
Mr Hill said Patterson Lakes’ median sale price should remain above $1 million this year, despite softer conditions.
“It’s a niche market because of its waterfront, so I think there will continue to be an element of growth,” he said.
“If you want to move somewhere with boating, fishing and man-made canals that access Port Phillip Bay, you really can’t look anywhere else.”
Palm Beach Drive, which hugs a man-made beach and canal in the suburb, was also named one of the state’s most popular streets on realestate.com.au last year.
The website’s chief economist Nerida Conisbee said the suburb’s unusual lifestyle perks were what made it popular for buyers in Melbourne.
“It’s not a city that’s built around the water like Sydney,” Ms Conisbee said at the time.
“Water frontage is so unusual in Melbourne, even in the beachside suburbs, there’s still a main road between you and the water.”
SUBURB PROFILE: Patterson Lakes
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