Interested in what is happening in the Mornington Peninsula property market? Me too.
As if the pandemic wasn’t enough to deal with! After two years of persistent uncertainty in the Mornington Peninsula property market I think we were all looking forward to blue skies. However, the twin pressures of rising interest rates and inflation have put the brakes on some of the outstanding recent results which saw prices surge by something like 40% in regional areas between March 2020 and January this year.
While the pressure may be off somewhat keep in mind many regional areas are still tracking 15% above where they started before the pandemic, according to CoreLogic.
The comparisons are interesting. The average in Australian captial cities is still about $1.2m and in Melbourne that’s a little lower at $918k.
So what does that look like on the Mornington Peninsula? (Keep in mind I am sucker for a renovator’s delight)
This neatly updated four-bedroom home on a great size block where you can watch the sunset from your back deck in Rye may be for you, its being marketd by Jade Springer of YPA Rye.
Or maybe you want to get your hands dirty like me and are plotting a Three Birds Renovation-esque takeover of this four-bed two-story beauty in Eugenia St Rye marketed by Travis Doolan of Ray White Rye.
Locally you are looking at $979k as the median house price for the peninsula up from $848k last year. But at the moment (Spring 2022) a google search of houses available for sale sees some with a list price starting at $950-980k but the quoted range is then always up to $1.05+ so you’d reasonably expect these to be selling for $1m+
A review of recent sales shows this 3-bed almost original condition home in McCrae sold in September 2022 for $985k with Agent Grant McConnell of Belle Property Rosebud Dromana at the helm. (As an aside OMG I love that Kitchen! Super itchy reno fingers!)
A 3 bed home on much larger land sold in Crib Point in September also for $970k which had been updated. This one was marketed by Lisa Roberts of Roberts & Green Real Estate in Hastings.
You can find out more about the Mornington Peninsula Property Market – without listening to doomsayers or your neighbour – by checking out free resources with useful data like these published by SQM Research, which is reinforcing that the old ten-year rule is holding true, average prices did pretty much double over the ten year period. It’s all about the long game.
If you are considering selling your Mornington Peninsula property and would like to find out property styling may help speed up your sale and achieve the best possible price. Get in touch. You can call 91085700 or email hello@propertystylingmorningtonpeninsula.com.au