Cowes is the largest town on Phillip Island which is located in the province of Victoria. While it is indeed considered to be the largest populated region, Cowes still only has a population of just over four thousand inhabitants as of the 2011 national census. While Cowes and Phillip Island were originally surveyed in the latter part of the 19th century, it was not until the middle portion of the 20th century that this municipality began to see residents steadily inhabiting the area. Therefore, many of the structures and properties tend to be of more recent origins; a sizable portion dating from the 1960s onwards.
However, Cowes has witnessed a veritable population explosion in recent years. This is mainly caused by seasonal tourism as residents of Melbourne and other urban centres seek a retreat from the hustle and bustle of city life. Unsurprisingly, Cowes tends to be the most busy during the Australian summer months. Traffic can be a problem and it is often times difficult to find hotel accommodations during this period. This is in direct contrast to the remainder of the year when most bungalows an houses remain unoccupied (as they are seasonal homes much like the municipality itself).
Many real estate developers view Cowes as a potentially lucrative investment proposition, as its popularity as a holiday destination continues to grow into the 21st century. As such, retail outlets, restaurants and outdoor activities such as golfing have increased dramatically in recent decades.
Unfortunately, Cowes is only slightly larger than five square miles, thus a great deal of land expansion is not possible. Instead, much of the real estate focus has been on the further development of the urban centres and the local hotels. As tourism is expected to continue playing a prominent role in the economy of Cowes, the overall realty industry will continue to focus on tourism and holidaymakers.