Thinking about buying in Banksia Peninsula? Now could not be a better time, with just 52 residential dwellings it's a highly sought after location. The average property price in this area is in the region of $588,000 with prices in this suburb ranging from $582,000 to $896,000. Banksia Peninsula is located fairly close to the coast at just 4Km so as well as great views of the ocean and access to beaches, demand and valuations are likely to be a bit higher here.

Banksia Peninsula Real Estate Market Outlook

Consistent high demand relative to supply is a key feature in Banksia Peninsula driving regular price increases. Recent rapid price increases however may constrain future growth by limiting demand. In this area of average incomes, there is a mix of housing size and quality. While this may present buying opportunities, growth may be constrained. As buyers begin to examine Banksia Peninsula due to other areas being out of the price range and the trend to working from home, "gentrification" may incease price growth. The slightly lower than average earnings from occupations in Banksia Peninsula changes the housing and lifestyle preference. It is more a matter of what can be afforded rather than what would we prefer, leading to slower price increases over time. Lower than average population density constrains growth in Banksia Peninsula to an extent. However, where buyers are willing to compromise on housing and lifestyle choice, there are affordable options. With very low industrial sector presence in Banksia Peninsula the focus is on lifestyle, driving specific demand around facilities, services, and open space. Most people are employed in service sectors with a higher than average proportion being able to work from home. This may incease demand over the medium term.

Properties for sale Banksia Peninsula

123 cranswick rd, banksia peninsula, vic, 3875

3

1

2

$699,000

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