BaysideParticipant@morningtonJoin Date: 2018Post Count: 64
‘Mt Martha had the strongest median house price growth across Melbourne in 2018.
The popular Mornington Peninsula suburb’s median price jumped to $1,100,500 from $980,000 in 2017, Real Estate Institute of Victoria data shows.
That impressive 12.3 per cent gain in median price was followed by 10 per cent or more growth in several outer Melbourne suburbs.
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The rise saw Mt Martha join the growing list of Melbourne suburbs with median house prices above $1 million.
Other top performers included Officer (10.7 per cent annual change) and Cranbourne North (10.1 per cent), while another peninsula suburb, Mt Eliza, also did well with a 5.8 per cent price gain.
Overall, the city’s median house price rose 1.4 per cent from $815,000 in 2017 to $826,500 in 2018.
Local agents were not surprised by the strong price growth recorded in Mt Martha over 2018.
“Mt Martha has been a hot spot for buyers in recent years,” McEwing & Partners agent Marcus Gollings said.
“It used to be a place where people mainly bought holiday homes but this has changed and now young professionals, retirees and buyers from Melbourne are moving here permanently.”
Mr Gollings expected prices to continue to grow because the suburb was seen as offering good investment properties and “value for money”.
The peninsula was a different market from the city and this was reflected in strong prices and healthy buyer numbers, Warlimont & Nutt Mt Martha director Trent Cameron said.
“Mt Martha has seen more permanent residents coming compared to mainly those buying holiday homes,” Mr Cameron said.
“There has been an influx of young families and Baby Boomers attracted by the shorter commute to the city, great beaches and the village.”
Mr Cameron noted more holiday-home buyers were looking in Mt Martha instead of Sorrento and Portsea to get away from the summer crowds and traffic congestion in the southernmost parts of the peninsula.’
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