Forums / Property Investing / General Property / Melbourne city buyers snapping up Mt Martha sales (Feb 2019)

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  • Profile photo of BaysideBayside
    Join Date: 2018
    Post Count: 64

    23 FEB 2019

    ‘Cashed-up Melbourne buyers are behind Mt Martha’s steady start to the selling season in 2019.

    After a pause in buyer activity from last September, a steady stream of sales in the popular Mornington Peninsula suburb has brought smiles to agents and vendors.

    “The suburb has performed well since Christmas and we have seen six to seven sales reported each week, which is great considering the broader market performance,” Danckert agency director Sam Danckert said.

    “I have sold seven in Mt Martha so far this year which is on par with last year,” Mr Danckert said.

    “Six of the sales have gone to Baby Boomers from the city and suburbs like Kew and Hawthorn.”

    The sales include a vacant block at 37 Bay Rd which fetched $1.19 million, recording a 19 per cent price gain over two years for the vendor.

    Another buyer from Kew has splashed $2.5 million for a luxury weekender at 327 Esplanade.

    The majority of the pool for top-tier Mt Martha properties were mature buyers from affluent Melbourne suburbs, Mr Danckert noted.

    There were also more buyers who spent three or four days a week working in the city and lived on the peninsula the rest of the week, Warlimont & Nutt director Trent Cameron said.

    Mt Cameron recently sold 16 Pacific Tce for the suburb’s top price this year of $2.95 million.

    “It was on the market for three weeks and had three offers, with the Melbourne buyer intending to rent it out for 12 months before moving in,” Mr Cameron said.

    Another city-based buyer picked up 7 Edward Grove for $1.22 million after just one week on the market

    It had four offers from buyers attracted to the renovated home with bay views.
    The suburb reported a median house price of $1.01 million in the 12 months to last November, CoreLogic figures show. The median price has risen 40 per cent over a three-year period.’


    Coastal markets 2019

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