Take me to the seaside
The song “Oh I do like to be beside the seaside!” is over 100 years old, and yet its sentiment still holds true.
Living by the ocean is a dream for many Victorians, but for some it’s becoming a reality.
The Mornington Peninsula has traditionally been an area for holidaymakers and hence, 60% of properties have been holiday rentals. But over the last quarter we’ve seen a dramatic shift towards owner-occupiers wishing to live the coastal life. The surge of Baby Boomers wishing to retire in the Peninsula has had a tremendous impact on capital growth and demand in the area, with prices from Rosebud to Dromana surging between nine and 16 percent.
As a result, we’re seeing a number of changes in the area:
- Auctions are the go-to: Auctions have been a preferred selling method for some time now due to the outstanding results with properties consistently selling well above the reserve price due to owner-occupier demand. Five years ago, our office would only conduct 5 auctions a year now approximately 95% of our listings are auctions.
- Impact on the rental market: A number of investors or those owning holiday homes are taking advantage of strong demand to secure a positive outcome on their home. As a result, the number of short and long term rental properties have been limited, impacting competition for accommodation and driving up rents.
- Sales periods: While the sales market in the Peninsula traditionally dies down after the Easter break, this year we’re expecting the market to continue to remain steady to cater for demand from owner-occupiers.
So if you’ve been considering listing your home, rest assured you don’t have to wait until next summer – the winter market will remain solid and will no doubt deliver positive results.