Mornington Peninsula
The Report
Welcome to our 2021 edition of The Report – your exclusive insight into the factors shaping the residential property market on the Mornington Peninsula and in the wider metropolitan Melbourne region.
There’s no doubt that the COVID-19 pandemic continues to have a significant impact on the property market in Melbourne. While border closures, job losses and harsh stage four restrictions presented challenges none of us could have imagined, our real estate market has defied expectations and proven to be very resilient.
With larger numbers of Melburnians choosing to live and holiday on the Peninsula as the COVID-19 situation evolves, we have seen a dramatic increase in enquiry and activity. With work from home arrangements likely to be more permanent, an increasing number of our clients are exploring a lifestyle change in our region.
The past 12 months have seen strong results across the entire Peninsula, with REIV reporting up to 30% growth in values during this period. There has been significant activity in the $1.5 million to $2.5 million price range, and vendors are consistently achieving prices higher than their target and within a shorter timeframe.
There is a huge demand for long-term rental properties on the Peninsula, with many families flocking to the Peninsula to capitalise on extra space and a beachside lifestyle. This has resulted in higher rental prices of up to 30% and almost zero vacancies.
We anticipate a strong market and increased demand over the coming 12 months as many more Melburnians explore a sea change from their city properties or purchase holiday homes to allow them to enjoy all that the Peninsula has to offer.
In this year’s Report, we examine the market in your area and investigate the infrastructure improvements that will add to liveability on the Mornington Peninsula. Macquarie Group economist Martin Lakos looks into the factors driving price growth, and Jellis Craig CEO Nick Dowling makes his predictions about what is next for the property market.
We hope you enjoy our 2021 edition of The Report and we look forward to guiding you through the sale or purchase of your next home.
© Jellis Craig 2021