A Port Fairy house with 180-degree panoramic views of the East Beach has been sold for just shy of $5 million, setting a new record for property in the coastal town.
The three-bedroom property which sits on a 1597-square-metre block, has been in the one family for 50 years. It is surrounded by ti trees and has absolute beach frontage plus views of the Moyne River. The house at 72 Griffiths Street was listed for sale under expressions of interest with an estimated price range of between $4.4 million to $4.6 million but real estate industry sources said the property sold for more then $4.6 million.
Nicole Dwyer, agent for Port Fairy's Stockdale and Leggo that sold the property declined to comment to The Standard.
The sale tops the previous record of $3.5 million for a three-bedroom cottage on Gipps Street that backs onto the Moyne River which was sold by Port Fairy's Lockett Real Estate in June this year.
Garry Lockett, who has been selling property in the town for more than 45 years told The Standard a lack of listings was one of the reasons for the record breaking sales.
"The property market in Port Fairy is gridlocked and is red hot," Mr Lockett said. "There's a lack of listings. We are getting a lot of phone calls from potential buyers from Melbourne, interstate and all over the place trying to get into the market but there's not much on offer. Coastal properties around Australia have increased and when you've been to Port Fairy and seen what it offers it's no wonder prices have increased significantly over the last few years."