Local buyers are staging a comeback as the Mornington Peninsula property market heads into 2019.
Cooler market conditions have seen a return of local buyers keen to move up the property ladder while softer price growth keeps bigger and better homes within reach, according to RT Edgar director Vicki Sayers.
“We’re noticing a resurgence of the local buyer,” Ms Sayers said.
“Locals are upsizing, they’re seeing the value of what they can buy in the area.”
Ms Sayers said while locals were re-emerging, out-of-area buyers were still active on the peninsula, which she predicted would see a more balanced market this year.
“I think the peninsula is probably going to be less affected by the change in market conditions closer to the Melbourne metropolitan area,” she said.
“I do think at the moment there is a bit of negativity about the market but once we ride over this summer period, things will settle and we’ll have a bit more of a balanced market which we’re due for.”
“There’s a good collection of schools, infrastructure and health services in the area so all of those things will keep our market reasonably buoyant.”
Nicholas Lynch, director of Nicholas Lynch real estate, agreed the area’s infrastructure would continue to boost demand for peninsula property.
“The demand for Mornington is certainly growing because road infrastructure has brought us closer to the city,” he said. “You can leave Mornington now and the first set of traffic lights is at the airport.”
Mr Lynch said the peninsula was no longer seen as just a holiday destination, with more interstate and overseas buyers, particularly from the UK, tipped to be drawn to the area in 2019.
Mr Lynch said demand for homes was strong across the peninsula.
Ms Sayers said despite prices coming back a little, many areas had grown in the past two years.
“Sellers need to remind themselves that we’ve had such extraordinary growth in the past 18 months to two years, even with the pull back of prices right now, we’ve still benefited from growth that’s happened in that time,” she said.
“For example, two years ago in Mt Eliza you could buy almost any house you wanted in Woodland for $850,000.
“Now you wouldn’t be able to buy under $1 million.”
— with Jayitri Smiles