Outsiders and locals to keep Mornington Peninsula prices steady in spring

Outsiders and locals to keep Mornington Peninsula prices steady in spring

QUICK sales, packed inspections and outsider demand should see Mornington Peninsula sellers continue do well this spring.

While prices and sales in many Melbourne regions have slowed, local agents said the peninsula was a very different market and still performing strongly.

Mornington and Dromana were recently listed among top-performing Melbourne suburbs for price growth, according to the Real Estate Institute of Victoria.

“The peninsula continues to attract buyers from Melbourne suburbs and we saw a stronger winter market this year compared to last year,” agency director Nicholas Lynch said.

“There are few signs of a slowdown in the peninsula and for example, Mornington is among the most search suburbs on realestate.com.au.”

Mr Lynch noted that high demand and limited supply meant prices would remain strong in the region.

He cited a recent off-market Mornington sale of almost $2 million, with the property fetching $1.6 million just 12 months earlier.

“This price gain of $380,000 in a short time shows the strength of properties and the demand,” Mr Lynch said.

Three recent Mt Eliza along Mather Rd also pointed to a healthy market, agents said.

No. 53 Mather Rd sold in a week to a local buyer with a price guide of $1.3-$1.4 million.

In August, No. 95 had 60 groups at the inspections for RT Edgar Mt Eliza and the mid-century home fetched $1.575 million.

It had interest from overseas and city buyers and sold beyond its $1.4 million-$1.54 million guide. The agency also sold 104 Mather Rd in August for $1.29 million to a local buyer.

Meanwhile, a three-bedroom Mornington unit on 375sq m at 1/7 Barkly St had its first inspection on September 1, attracting 40 groups.

It had five offers soon after because it represented “good value and had a good location”, RT Edgar Mt Eliza director Vicki Sayers said.

“There is no doom and gloom here on the peninsula. Some heat might have come off the market but sellers are still getting strong prices and homes are selling quickly.”

She nominated Mt Eliza, Mt Martha and Mornington as suburbs which should perform well this spring because of demand from family buyers and also investors.

In Mornington, the median house price was $882,000 in the year to June, with a quarterly change of 15.4 per cent, according to REIV figures.

Dromana’s median house price was up 10 per cent to $830,000 over the same period.

“We see all property segments doing well because of the range of buyers heading to the peninsula,” Mr Lynch said,

He expected prices would continue to rise due to demand and because the peninsula was “becoming a destination of choice for buyers from the city, interstate and also overseas”.

By: Ming Haw Lim

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C&G Real Estate

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One thought on “Outsiders and locals to keep Mornington Peninsula prices steady in spring”

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