The real estate landscape has certainly changed over the past 6 months with interest rate hikes negatively impacting household budgets. Notwithstanding, good quality properties are still attracting interest from buyers looking to move to the beautiful Mornington Peninsula. Since my last report (Aug 22’), we have secured 94 premium sales for our loyal vendors. Although as the undisputed leading agency on the Peninsula this is a highly satisfying result, it is not something we take for granted. Tied to this success is our small seaside suburb of McCrae, where the median house price has risen from $1.15m in 2021–22 to its current level of $1.29m. The rationale is obvious, including terrific access to the freeway, Melbourne’s CBD within an hour & an abundance of wineries and world-class eateries. Collectively, it makes this charming suburb a desirable prospect for anyone looking to purchase a holiday investment or secure permanent residency. Either way, commuting from McCrae to the city is an uncomplicated task. While we have achieved many outstanding results over the past 6 months, a noteworthy auction result occurred at 13 Burrell St, McCrae, which sold for $2,6m against the vendors reserve of $2,15m. Other notable McCrae sales were achieved at 633 Point Nepean Road ($1.71m), 18 Bass Street ($1.741m), 8 Alexander Parade ($1.665m), 33 Cairn Road ($1.715m) & 3 Penny Lane ($2.085m). Welcome - Grant McConnell. These impressive figures demonstrate that demand is high when quality properties come to market. Astute investors & homeowners continue to flock to the Peninsula, coveting its access to quality schooling, an array of amenities, amazing restaurants/bars/cafes & high-class wineries. For others, the lure is world-class golf courses & prestigious beaches. Given such attractions, it is little wonder that so many people now call the Peninsula home. Although industry data confirms the peak of the market was mid-to-late Feb 22’, it remains a conducive time to sell. Interest rates appear to be plateauing & are relatively low compared to the 1980s (when rates nudged 19%), and so qualified buyers are ready to transact NOW if the ‘right’ property becomes available. My belief is that market stability will return the last 6 months of 2023, giving rise to consumer confidence. Once interest rates have settled, or even decreased, a familiar buoyancy will return to the property market. The Mornington Peninsula is still undervalued & will continue to increase in the years to follow. This communication provides an opportunity to thank my valued clients over the past 12months for making me McCrae’s No. 1 Agent again (for the 9th consecutive year). Without your highly appreciated support, it would not be possible! Be assured that I am extremely grateful and honoured to be recognised for such an award.
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