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10 November, 2020 / Category: Mornington Peninsula
If you’re reading this, you may have already fallen for the Mornington Peninsula and are looking to buy or invest in the area. You’re not alone.
It’s hard to find quality Peninsula property because supply doesn’t meet demand – a statement that’s truer now than ever before.
Two major factors are having influence – more of Melbourne is looking to get away, either part time or full time. With changed working conditions many have been reassessing priorities and placing family and lifestyle at the top of the list. Add historically low interest rates to the mix and the tree or sea change becomes even more attractive. Now feels like a better time than any.
The lack of supply of quality property coupled with the uncertainty of how Covid-19 will continue to play out, means the Peninsula market is behaving in a way that’s unique to this time. It’s creating conditions that make it extremely difficult for independent buyers to get any traction. An independent buyer should expect it to take a full year to make a purchase.
Median House Sale Prices on the Mornington Peninsula
A large amount of Peninsula stock has been driven underground into an off-market scenario. We already saw lots of off-market property in this area before Covid-19 and those figures have jumped even higher: at Infolio we’ve gone from securing 35% of properties off-market in 2019, to 50% in 2020. Many of the more notable Peninsula properties will choose to transact off-market because the vendor is looking to protect their privacy; they know that the property is sought after and won’t struggle to find a buyer with the right price.
The demand for quality property is also seeing sales made on impulse, or within days of listing. By the time an independent buyer has contacted the agent to schedule an inspection, the property is already snapped up. In another time the vendor would wait for auction, or the agent would go out for other offers, but that’s less true for now. With demand as it is, early offers are serious offers.
Recent property acquisition in Rye.
We give you access.
The off-market opportunities on the Peninsula are substantial – expect to see twice as many properties than you would alone. Timing is crucial – you’ll find out about off-market opportunities as they arise. This is possible because our Peninsula Buyers Advocates live locally, they know the area and have close connections with agents.
We save you time.
Expect to secure your Peninsula property in a quarter of the time it would take independently. On average, we help our clients purchase within three months.
You won’t need to spend every weekend in the car driving hours for a 15 minute inspection. We pre-inspect so you’re not wasting time on properties that aren’t perfect.
We’ll stop you overspending.
Increased demand for the area makes it more difficult to assess the value of a property. We’ll help you understand the true market value and be confident you’re making the most out of your budget.
We protect you from buying emotionally.
We make sure that your ‘feeling’ about a property doesn’t cloud your judgement. Our experience and knowledge will assess true value and point out when a polished appearance is disguising substandard building, or a poorly considered layout.
Andy Restein | Mornington Peninsula Buyer’s Advocate
As property advocates and property managers we love what we do. Searching, negotiating and securing the perfect property for our clients, sooner and on better terms.
