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Prime-spot Mornington homes in great demand

Corporate - Home Page
19 May 2022
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Luxury apartment living set for take off in coastal suburb

Local retirees and downsizers are on the hunt for scarce listings near Mornington’s central strip.

Five bidders turned up for the recent auction of 17 Wellington Street located a stone’s throw from bustling Main Street shops, cafes and amenities.


“Most of the bidders were local and older buyers attracted to the fantastic location and single-level floorplan,” Barry Plant Mornington director Chris Berryman said.

The three-bedroom house on 659sq m sold for $1.685 million with bidding started on at $1 million.

The house with 30 squares of living had attracted 60-plus groups at inspections and sold for $35,000 above the seller’s reserve.

The well-maintained property needed upgrading but was sought after because of the location in one of the suburb’s “better streets”. Mr Berryman said.

“It sold to a local who wanted to secure the position for the long term,” he said.

“For the short-term, it will be a rental and an investment but will be for long-term living.”

He added that the sellers had built the house 20 years ago and that good-sized blocks close to Main Street are rarely listed.

The elegantly presented home has two large living areas, a home office, alfresco zones, a sundeck, and neat gardens and is just a stroll to popular Fishermans Beach.

Barry Plant Mornington is also expecting retirees, singles and couples to buy into the Teresa Mia Mornington apartment complex.

It has already sold five of the 28 luxury apartments in the boutique project which will be completed soon.

The 130 Wilsons Road apartments are expected to be popular with buyers, especially retirees enjoying a lock-up and leave lifestyle and also younger buyers, according to Mr Berryman.


“There are many residents who live part-time in Mornington and live elsewhere during winter or travel and such apartments suit them,” he said.

“They also suit the lifestyle and budget of singles and young couples.”

The complex comprises deluxe one, two and three-bedroom residences and has a prime location close to Main Street and the beach.

Mornington has long been an active suburb for sales, with 151 sale listings in April and another 89 properties for rent.

The median property price over the past 12 months was $1.12 million for houses and $740,000 for units.

Many Mornington Peninsula suburbs have experienced strong price growth in the past two years, driven in part by out-of-area buyers seeking a coastal lifestyle and seachange.

According to data, Mornington has seen a compound growth rate of 14.3 per cent for houses and 7.1 per cent for units based on five years of sales.

Corporate - Home Page
19 May 2022
Save Article

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