Forums / Property Investing / General Property / Mornington Peninsula strong growth and high demand in early 2019

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  • Profile photo of BaysideBayside
    Join Date: 2018
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    Peninsula top end holds firm with lofty luxury sales
    There are good early signs for the Mornington Peninsula market in 2019 — especially in Mt Martha.

    Two large sales, one for $6.25 million and another for just under $7 million, have been sealed, indicating the top end of the peninsula has not been too badly affected by softer market conditions.

    One agency notched 14 sales in just two weeks in January in Mt Martha alone, with several fetching seven-figure prices.

    297 Esplanade, Mt Martha is in an elevated spot with stunning coastal views.

    Despite the negativity about the market, “we have had a great start”, Warlimont & Nutt Mt Martha director Trent Cameron said.

    The agency’s top sale so far this year is 6 Blencairn Ave, Mt Martha, which changed hands for above $2 million.

    In the same suburb, 15 Suffolk Cres sold for $1.36 million, which was a street record price, Mr Cameron said.

    Meanwhile 48 Helena St did not even get a chance to be listed online before selling.

    “It sold off market through our database and fetched $1.09 million, which was above the price range,” Mr Cameron said.

    As an indication of the strong buyer demand, the first inspection for a Mr Martha property priced around $3 million attracted 30 groups of buyers, Mr Cameron added.

    6 Blencairn Ave, Mt Martha sold strongly for more than $2 million.

    The deluxe 16 Pacific Tce home offers three levels of stunning living and entertaining spaces in a coveted location.

    “There are still many buyers out there and when they see something offered at fair value, they are stepping in to buy,” Mr Cameron said.

    In Balnarring, 230 Myers Rd fetched $6.25 million, with the luxury house on 3.12ha attracting several strong offers.

    On January 22, Kay & Burton Flinders sold 33 Bass St for a suburb house price record of just under $7 million. The former Coles family holiday home attracted buyers coming down from the city.

    Meanwhile, McEwing & Partners has found new owners for nine properties in Mt Martha, Mt Eliza and Mornington in under two weeks.

    Listing agent Marcus Gollings said several more properties had also received firm offers.

    Among the sales was 18 Burrawang Tce, Mt Martha, which sold to a buyer from Queensland for a price in the quoted range of $1.65-$1.795 million.

    A buyer from the city had the best offer for 297 Esplanade in the same suburb. And in Mornington, 28 Carnoustie Grove sold to an international buyer who would use it an investment property, Mr Gollings said.

    “The market has started well in 2019 and these are good early signs,” Mr Gollings said.

    “There were probably more buyers per property last year but properties are still selling strongly now.”

    He added the agency was continuing from a strong finish in December when several $3 million-plus sales were concluded.


    Coastal markets 2019

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