Thinking about buying in Lima South? Now could not be a better time, with just 68 residential dwellings it's a highly sought after location.
The average property price for this area is $932,000 with prices in this suburb ranging from $468,000 to $1,582,000.Distance to the coast is 139 Km.
Good balance between supply and demand ensures a range of affordable options within budget limits. Recent increases in listings may provide buying opportunities. 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 Lima South 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 Lima South 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. Low population density implies low demand and limits housing choices and price increases. Could be a good entry point for first home buyers needing to somehow get into the market. With very low industrial sector presence in Lima South 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.
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|Average Properties Within 50M|
|3245 MIDLAND HWY, LIMA SOUTH, VIC, 3673||3||2||2||$850,000 - $935,000|
None within suburb boundary(While the above schools are located with the suburb of Lima South there may also be nearby schools whose catchments cover this suburb)
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source: Australian Government Bureau of Meteorology
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