As society adjusts to new norms yet seeks enjoyable pre-pandemic pursuits, it is great to see people flocking back to the Mornington Peninsula. Money is flowing through the community and buyers see the value in a lifestyle purchase for holiday home or their principal residence. The Peninsula property market increased a staggering 35% during the past eighteen months, primarily due to Melburnians pushing prices well beyond vendors’ anticipated reserve prices. Invariably, these buyers have relocated and call the Peninsula home. In particular, the seaside suburb of Dromana and surrounds continues to be highly sought-after, where its enviable medium property price has soared to over $950,000. A key element is the great freeway access, with Chadstone only 50 minutes away, making this charming suburb highly desirable for anyone looking to purchase holiday investments or commute back to the city. While we have achieved many outstanding sales over the past six months, the standout was the auction at 41 Bartels Street, McCrae. Against the vendor’s reserve $1.5Million—where five bidders competed ferociously—the home sold under the hammer for $2.01Million. Regardless of market conditions, this sale proves that demand is high when quality properties come to market. Astute investors and home owners continue to covet the beautiful Mornington Peninsula, keen to access the region’s quality schooling, abundance of amazing restaurants/cafes, high-class wineries, world-class golf courses and pristine beaches. Major factors such as these, and others, underpin the lure of a sea change. While industry data confirms the market peaked in mid-March 2022, today remains a great time to sell! A supply shortage, and many qualified buyers wanting to transact when the right home becomes available is keeping demand high. Never under-estimate the traditional bestselling periods of Spring and Summer, which are just around the corner. If you are considering a move, or welcome candid and honest real estate advice, please give me a call. - Steve Edmund. Welcome.
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