After a period of acclimatisation to land tax changes, the Mornington Peninsula market finished the financial year on a high, with a strong final quarter setting the tone for a more confident spring. Activity has warmed earlier than usual, with current conditions more reminiscent of the summer selling period.
Kay & Burton Senior Sales Consultant Lorna Duffy said renewed interest from discretionary purchasers was providing an uplift.
Senior Sales Consultant
“People are already looking toward Christmas, school holidays, and the long summer break at the beach,” she said. “Our season traditionally begins after the AFL Grand Final weekend, so we tend to launch new listings from late September or early October to capture pre-Christmas and summer buyers, and we’re already seeing demand for summer stock.”
In the 12 months to June, 2949 houses sold across the greater Peninsula LGA, according to PropTrack. While growth is no longer at the extraordinary rates seen during the pandemic, the Mornington Peninsula has still recorded 32.3 per cent growth in its median house price over the past five years—just below Victoria’s median of 37.6 per cent, representing a median increase of $262,201.
Ms Duffy said an increasing number of buyers were downsizing from Melbourne and making the Peninsula their primary residence. “Proximity to the city and the enduring popularity of Portsea, Sorrento, Blairgowrie, and Rye as holiday destinations means the Peninsula has long been on many Melburnians’ wish lists,” she said.
“There’s a renewed desire to focus on what’s important in life—spending time with family and friends in a relaxed environment that’s perfect for entertaining. Access to golf, sailing, swimming, coastal trails, wineries, and restaurants is also high on the agenda.”
Licensed Estate Agent Meg Pell agrees the market is turning a corner after last year’s period of adjustment. “Predictions for spring are for positive results to continue, particularly with the prospect of further interest rate cuts,” she said.
“There’s been more activity over winter than last year, perhaps spurred on by primary home buyers who are less influenced by seasonal patterns.”
While land tax increases on secondary properties have tempered the weekender market, Ms Pell said all segments are currently experiencing more activity.
“Properties under $2 million continue to see the largest share of buyers, but the prestige sector remains aspirational,” she explains. “Although there are fewer weekender purchasers than in previous years, the Peninsula’s lifestyle appeal ensures both permanent and holiday home demand remains strong.”
Licensed Estate Agent
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