Mornington Peninsula Property Market
The Mornington Peninsula is an area of Melbourne that has shown prior to the last 12 months slow capital growth. Over the last six months, we have been looking at investment property focusing in on Rosebud and surrounding areas. This area has shown affordable or entry level property, house on land, between 500-900 sqm, and plenty of it. During the last six months, we have been speechless as to the demand in this area, and the squeeze on the prices. We have seen the median price rise from mid 300’s to mid 400’s for the same type of properties. Here is an example search result starting Rosebud.
The Mornington Peninsula property prices now show us that it is a good capital growth area.
The peninsula freeway is a smooth and effortless drive from the eastern suburbs, and the city. Some say it only takes an hour, in fact, it takes up to 2 in peak hour traffic. Nevertheless, it certainly is a beautiful part of Melbourne, with access to bay beaches as well as ocean beach. The area has full infrastructure as well.
The true baby boomer retirement flush is now in effect. We have seen and spoken to many elderly couples, in their 60’s+ who have sold larger homes closer to the city and are now moving anywhere down this coast, from Safety Beach, Dromana, Rosebud, Rye and into Portsea for the fortunate few who can afford it. For those that have their eyes on the market closely, check out St Andrews, a lesser know but beautifully accessible area.
For the investors looking into these areas, we advise that the rent returns have not kept up with the property price rises, but don’t let this stop you. There are still many renovation opportunities to improve a property and even sub-division and development lots are plentiful. The area has seen an influx of auction activity – they are very competitive, so it is important to get advice before attending.
There are still many renovation opportunities to improve a property and even subdivision and development lots are plentiful.
Mornington Peninsula Shire includes the suburbs and localities of Arthurs Seat, Balnarring, Balnarring Beach, Baxter, Bittern, Blairgowrie, Boneo, Cape Schanck, Crib Point, Dromana, Fingal, Flinders, Hastings, HMAS Cerberus, Main Ridge, McCrae, Merricks, Merricks Beach, Merricks North, Moorooduc, Mornington, Mount Eliza, Mount Martha, Pearcedale (part), Point Leo, Portsea, Red Hill, Red Hill South, Rosebud, Rosebud West, Rye, Safety Beach, Shoreham, Somers, Somerville, Sorrento, St Andrews Beach, Tootgarook, Tuerong and Tyabb.
We love the trip to inspect new properties on the peninsula, but it does take out an entire Saturday, let us do the hard work for you, call Darren on 0412 308 708.