Holiday shoppers a driving force
Despite the winter chill and low stock levels throughout winter, house hunters are in full swing in the Mornington Peninsula, with ‘open for inspections’ averaging 900 people per property – significantly higher than the Melbourne average of 766 people.
What’s more, a large majority of buyers are coming from inner city Melbourne – data from hockingstuart’s peninsula offices show that between 75-80% of buyers are from the big smoke, either looking for a holiday home or for a permanent sea change.
The ever-increasing popularity of the peninsula amongst Melburnians can be put down to several reasons. The Peninsula Link is still proving to be worth its weight in gold for the property market, as it means getting from the heart of Melbourne to Portsea can take under an hour and a half on a good day.
Additionally, the growing number of small businesses cropping up mean residents have access to all the luxuries of city life year-round, like great cafes, restaurants, gyms, pilates studios and more – all wrapped up in a picturesque beachside landscape.
In contrast, new property regulations (including a minimum requirement of 30% garden space for all new plans) have seen investor demand stabilise, with less high density developments cropping up in favour of lower density residential projects.
Spring has already kicked into gear on the peninsula, with a high volume of auctions in the pipeline for the coming weeks. If you’re planning on bidding, be prepared for tough competition amongst buyers wishing to snap up a home before the summer.