Mornington Peninsula beats a cooling market and signs point to a turnaround

The coastal market has had an “unprecedented number of visitors” and the premium and more expensive suburbs have faired better than those closer to Melbourne. The area is moving into traditionally the strongest selling season in February and Easter which is set to see the market do a turnaround.

The glamorous beachside suburbs of Mornington Peninsula in Victoria, Australia, have long been the aspirational getaway of choice for hardworking Melbournians.

Surrounded by Port Phillip Bay and West Port, with an array of beaches from which to choose, it is a haven for the state’s well-heeled—famous and infamous—to take a dip, go sailing and socialize.

In essence, a visit to the Mornington Peninsula, a 90-minute drive from Melbourne’s central business district, is the quintessential sign that summer has begun.

Signs of Confidence

Emil Foller, director of real estate brokerage Jellis Craig, is optimistic, particularly for quality homes, describing the market’s current conditions as “very price sensitive.”

Interest in a premium residence on Pembroke Road, Portsea, has been strong from Melbourne families looking for “the ultimate retreat.”

Expected to sell for between A$4.4 million and A$4.6 million, the home’s striking contemporary architecture, privacy, elevated position and stunning views are what’s most appealing, Mr. Foller said.

“December and January has seen some challenges, but we are also seeing good activity for well-located quality homes,” Mr. Foller said of the summer activity.

“When the property is priced right, we often see buyers prepared to compete for a home both in auction and private sales situations,” he said.

“There are plenty of buyers on the sidelines, and in the last couple of weeks, we have seen increased activity, with the buyers making offers and bidding on auctions. Buyers are cautious but also ready to snap up a good value proposition.”

https://www.mansionglobal.com/articles/australia-s-mornington-peninsula-beachside-area-weathers-a-cooling-market-121789

• This topic was modified 5 years, 8 months ago by  Bayside.