According to the latest report from Prop Tracks, home price index, home prices held steady in December.

This was due to growth in regional areas, which counteracted falls in the capital cities.

Overall, prices rose by 5.52 per cent in 2023, while in regional Victoria house prices grew by 3.31 per cent in the past year.

Anne Flaherty Economist, PropTrack, said interest rate rises and more houses on the market contributed to a slow down in the last quarter of 2023, on a national level.

However she said regional areas experienced higher growth in December than capital cities.

Local insight

With visitors flocking to Victoria's coastal hot spots, including Bass Coast, local agents offer their tips on buying or selling the ideal beachside property.

What should you be looking for when hunting for or selling the ideal beachside property?

Stockdale & Leggo Phillip Island and San Remo Director, Jaime Morris said she was excited by the prospect of a bumper summer sales season.

"It's a great time to sell due to the influx of tourists and holidaymakers being inspired to purchase a holiday home.

"We had an influx of property come on the market in spring and stock levels seem to have eased now coming into summer, so demand has picked up for our vendors," she said.

Her immediate advice to buyers and sellers is straightforward.

"Potential buyers should follow our social media channels for all the latest property and company updates, and we always love people to come in and have a chat to us about their needs.

"Interest rate rises have made buyers and sellers more cautious translating to longer days on market for vendors and slowed price growth.

"Post Covid there was definitely an increase in metropolitan clients moving to regional areas and the option of being able to work from home has made it possible to live coastal and keep their work/life balance," Morris added.

According to Adam Leys, Director of Stockdale & Leggo Inverloch, there are a few must haves to ensure success.

For vendors, being realistic on prices was key.

"It is important to price your property to meet the current market," Adam advised.

"That is not to say you need to be cheap, but you do need to be realistic.

"For buyers, get yourself prepared to make a very simple offer. For example, if you need finance, get a pre-approval or ideally get yourself into a position to make an unconditional offer for the right property."

He also recommended buyers register their interest with proactive agents "so they know what you are looking for".

"There are off-market sales happening and only those who are registered with agents will know about these."