Opportunity knocks for entry-level buyers on the Mornington Peninsula
There are opportunities in numerous peninsula suburbs that recorded a slight drop in median house prices in the past 12 months, according to PropTrack data.
Homes on the Mornington Peninsula have pinged on the radar of entry-level buyers.
There are opportunities in numerous peninsula suburbs that recorded a slight drop in median house prices in the past 12 months, according to PropTrack data.
They included Hastings where the price fell 5 per cent down to $666,500, Rosebud (4.4 per cent to $761,900), Balnarring (4.2 per cent to $1,327,100) and Bittern (4.1 per cent to $837,100).
McCrae, Dromana, Sorrento, Mount Martha, Blairgowrie, Capel Sound, Mornington, Somerville and Tyabb recorded a drop in median house prices of up to 3.2 per cent.
Those seeking to buy at the lower-end of the market should seize this opportunity, Barry Plant Dromana director Terry Burgoyne said.
Terry Burgoyne
Director - Barry Plant Dromana“Now is a good time for buyers, including first-home buyers and new investors.”
Mr Burgoyne said the market on the peninsula had levelled out after unprecedented growth during the COVID boom when home values reached an irrational high.
“There is still a high demand and a good supply of homes, and properties are transacting well,” he said.
“We sold $10 million of real estate in the past 10 days.”
Mr Burgoyne said listings were dominated by ex-rental properties, including holiday homes, which were being disposed of by investors because of increased land tax and interest rates.
While there were investors wanting to leave the property market, there were also new ones moving in.
He pointed to the updated three-bedroom house on 600sq m at 57 Fig Street, Dromana, which sold prior to auction to a young investor for $790,00.
“This property near the beach and township attracted five offers and sold within a week of listing,” Mr Burgoyne said.
Also in Dromana, first-home buyers snapped up a trendy two-bedroom apartment with mountain views at 206/277 Point Nepean Road, for $800,000.
Dromana with its friendly community, abundance of recreational activities, wineries and culinary experiences, was a magnet for all types of buyers, Mr Burgoyne said.
Second-home buyers splashed $905,000 on a three-bedroom house on 922sq m at 25 Seaview Parade, Dromana.
“This promising family home with sea views has potential for enhancement,” Mr Burgoyne said.
While the lower-end of the market offered a world of endless possibilities, the middle to top-end continued to thrive, according to Mr Burgoyne.
Properties priced above $1 million were selling well and above expectations, including the new five-bedroom home at 40 Elizabeth Drive, Rosebud.
“This luxury home with stunning views of the bay sold above its advertised price of $2.3 million to a family from Safety Beach,” Mr Burgoyne said.
Safety Beach was among the suburbs on the Mornington Peninsula where prices rose in the past year. The median house price in Safety Beach increased 0.3 per cent to $1,160,700, Mt Eliza (0.9 per cent up to $1,692,000), and St Andrew’s Beach (0.5 per cent to $1,593,700).
Mr Burgoyne expected prices to remain fairly stable in the coming months.
“We don’t expect drastic rises or falls in the general real estate market,” he said.
“However, the top-end of the market could continue to exceed expectations.”