The Mornington Peninsula property market has bounced back from a gloomy 2020 in exceptional style, with most suburbs considered to be on the rise.
With 14 of the 16 suburbs experiencing rising sales activity over the last quarter, this is a spectacular result for the seaside areas, according to real estate analyst Terry Ryder in his latest Hotspotting report.
Since Christmas, at least a 15 per cent rise in median house prices across Mornington and Mount Martha have been recorded by Barry Plant Mornington director Chris Berryman.
“This is without a doubt the craziest and most buoyant sellers’ market I’ve ever seen,” he said.
Dubbing the current market “unbelievable”, Mr Berryman said pricing properties is proving difficult as properties are pushing well above expectations.
“I do comparative market analysis for each property, but it’s challenging as demand is pushing the price over what you expect, week-to-week,” Mr Berryman said.
“You have to change your approach to pricing; there are comparative sales, which remain important, but in all likelihood you will get above and beyond that.”
Recently hitting the market, a three-bedroom brick veneer house at 20 Traminer Drive, Mount Martha has previously listed for $900,000 in 2018 without success. The vendor since decided to try his luck in a hot market and has received multiple offers over $1 million in just 10 days.
“When it was on the market for two months a few years ago, it didn’t get one offer in its price range,” Mr Berryman said.
“We are due to sell any day and the final sale price will push the $1.1 million mark.”
Listing numbers between Mount Eliza and Mount Martha are on the rise, Mr Berryman said.
“We have the listings, but they are not staying on the market for longer than two weeks, especially if they are priced well,” he said.
“Demand is so high, houses are just moving so quickly.”
The rising property markets across the peninsula were Bittern, Blairgowrie, Capel Sound, Dromana, Hastings, McCrae, Mornington, Mount Eliza, Mount Martha, Rosebud, Rye, Somerville, Sorrento, Tootgarook.
There were just 25 “rising” suburbs for real estate across the whole of Victoria at the end of December, now there are a whopping 127, according to the recent Hotspotting’s Price Predictor Index.
Mr Ryder, the man behind hotspotting.com.au said, for the first time in about 20 years, there is a genuine nationwide property boom, but Victoria is still “lagging” behind.
“There’s still a way to go to catch up, but I think the next quarterly report will show an even bigger surge in Melbourne,” Mr Ryder said.
The expert also indicated that Mornington Peninsula was still gaining from a COVID-enhanced “exodus to affordable lifestyle”.