Nearly everyone can relate to a challenging couple of years, as very few individuals, families or industries were unscathed. The real estate industry was especially hard hit for a lengthy period of time. While mandatory lockdowns were in place, the purchase of a property was limited to 'sight unseen' via online inspections or Zoom Auctions. However, once restrictions were eased in October of 2020 the housing market underwent a dramatic surge. The rush to buy a lifestyle property on the Peninsula led to price rises of nearly 65% in 24 months. This was borne out by figures attained throughout the quiet beachside suburb of Safety Beach, where a median house price of $1,309,300 reflected an increase of over 63%. It gives us great satisfaction to report that record sales were achieved throughout 2021 and into 2022. These outstanding performances cement our status in the local market as the top-ranking real estate firm on the Peninsula. Unquestionably, the glorious Mornington Peninsula has become a real estate 'hot spot', as evidenced by the high frequency of sale-by-auction. Indeed, this selling method has increased by approximately 50%, with a large influx of buyers pushing prices well in excess of vendors' expectations. Increasingly, as people are rejecting the hustle and bustle of city life, many are flocking to this wonderful holiday destination and reimagining the Peninsula as their permanent place of residence. Fresh air, quality schools, good roads, ever-increasing services, fine food, wineries, world class golf courses and excellent IT connectivity, are just some of the positive factors at play. Statistics derived from carefully conducted research, indicate that the Mornington Peninsula has escalated dramatically during the past 24 months. Furthermore, this momentum is only expected to continue. A combination of a large stock shortage and historically low interest rates, underpins our confidence that the 'boom' will continue well into 2022 and beyond. Indeed, a remarkable statistic reveals that 88% of our buyers come from a nonPeninsula base, with many opting for a lifestyle change amid the Covid pandemic. If you are considering selling or would like some candid and informed real estate advice, please call Jarrod Eastwood today. Welcome.
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