The region's inherent strengths – its beautiful coastline, coveted lifestyle and strategic location close to Melbourne – have positioned it for continued success.
The moderation of interest rate increases toward the end of last year has proven to be a pivotal factor in bolstering confidence, fostering a more stable purchasing environment and encouraging buyers to re-enter the market with renewed confidence.
On the southern Peninsula, demand surged during the summer months. However, with increased land tax and interest rate hikes leading to a rise in available properties, days on market have lengthened. This is particularly true for unrenovated beach houses, vacant land and larger Portsea holdings. Savvy buyers with a long-term outlook will no doubt benefit over time. Renovated and new homes remain highly desirable, attracting a steady stream of Melburnians seeking a coastal escape.
In Mount Martha and Mornington, we have witnessed supply increasing, however, days on market have also increased due to more options for buyers than seen in the past 2-3 years. Buyer numbers remain positive for well-presented and appropriately priced properties however multiple offer situations are less commonplace.
Rising building costs continue to be a concern, particularly for large-scale developments and owner-builder projects, subduing land sale activity. This has further fuelled the demand for existing, move-inread properties.
Recent legislative changes, coupled with higher interest rates, continue to influence the investor market.
The Peninsula continues to gain popularity as a permanent place to live and quality family homes for rent are in high demand. Rental prices, while still higher than in previous years, have fallen slightly and stabilised to a more affordable rate.
