No signs of hot coastal holiday home market cooling, yet

Buyers are still flocking to popular beachside holiday spots across Victoria to buy a permanent home, even as house prices continue to soar.

The median house price on the Mornington Peninsula was up 26 per cent in a year, jumping from $850,000 in September 2020 to $1,070,750 in September 2021. “People are a bit surprised with how much property now sells for. Even people who weren’t planning on selling their home have changed their mind when they see how much they can get.”

Marshall White Mornington Peninsula director Louise Lupton said the huge sale prices had been convincing downsizers in particular to take the plunge and sell, to get the best price possible while they could. “I’ve been in this market since the mid-to-late 1980s and this is just unprecedented – the type of volume we’ve never seen before,” Ms Jensen said. “I don’t know if it will last because the amount of properties can’t go on forever.”

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