Patterson Lakes’ median house price has hit $1 million, thanks to the unique waterfront properties up for sale in the area.
This marked the first time that home prices in the waterfront suburb 35km southeast of the Melbourne CBD reached the seven-figure benchmark, according to CoreLogic.
Daniel Wright, director at real estate agency Buxton Chelsea, said in an article published on realestate.com.au that the lifestyle that Patterson Lakes provides was beginning to attract more buyers.
“You can go boating, fishing, swimming and more all from your own doorstep. New upgrades to moorings, a new Coles supermarket and better restaurants have also added to the appeal in the past few years,” Wright said.
Patterson Lakes is also home to the house where comedy series Kath and Kim was filmed. The property, which was located at 4 Lagoon Place, was bought for $1.485 million in November 2016.
CoreLogic found that the median house price in the suburb has steadily risen, with an 11.7% jump to exactly $1 million in the 12 months to October. In the last five years, Patterson Lakes’ median price increased 62.6%.
There are a lot of properties to choose from in the area, according to Stephen Hill, director of real estate firm Ray White Patterson Lakes. Houses range from $600,000 to over $1.5 million.
Hill said that people are moving to the area so they can downsize, or simply enjoy, renovate or rebuild.
It is anticipated that Patterson Lakes’ median sale price will remain above $1 million in 2019, despite softer conditions.
“It’s a niche market because of its waterfront, so I think there will continue to be an element of growth. 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,” Hill said.