Portsea real estate prices skyrocketed over the years, Domain reports.
A house in Portsea that was bought for $500,000 19 years ago is now rebuilt and listed on the market for $3.5 million. Another example is the Illuka Mansion of Computershare co-founder Michele O'Halloran's that is now valued at $26 million mansion. Only 15 years ago, it was bought for just $5 million. For that, Portsea is said to have become the playground of the rich and famous. Home values have increased steeply even if Portsea still has the same mid-'70s appeal and retail spaces are rare in the region.
Domain quotes Lisa Vecchio, one of the residents, "As soon as you drive out of [Sorrento] and you're on your way to Portsea, you're in a relaxed area, a true holiday place." The main retail strips are said to be 200 meters away with four shops reportedly empty. Most of the commercial spaces are actually occupied by real estate agencies who cater to wealthy clients.
Kay & Burton's Liz Jensen began her real estate career working as an estate agent in Portsea 30 years ago. At that time, freelance artists still drew homes by hand for listings. Nearly two decades ago she sold a house on 47 Beach Road for $292,000 and now the sellers are asking $1.35 million for it. Another pricey property listed in the Portsea market currently is Rovina and it was built in the 1960s.
According to Domain, Portsea still has the relaxed atmosphere. More people visit the place every year during winter. Real estate in this part of the peninsula is said to be booming, but the number of properties set the limit to how busy the real estate market can become. However, it seems undeniable that people are willing to pay whatever price to own a piece of property located in Australia's mini version of The Hamptons.