We’ve considered our real estate experiences across the last decade and factored in the countless hours we’ve spent researching Mornington real estate prices to come up with this guide for you.
Is it a Buyers or a Sellers market? The law of supply & demand is strong in real estate. Are there more properties than there are buyers or vice versa? Different market forces can exist in Mornington, for example units may be in high demand in one neighbourhood but houses less so.
Jobs. People often live near where they work. Are there good long term prospects for employers in the area or are job losses imminent? Is the local economy diverse and strong? Property investors in particular look for stability.
Local & National issues. Are governments creating jobs or is the outlook bleak? Is an election coming up? What about school holidays and major public holidays?
The environment. Proximity to waste dumps, industrial or commercial facilities and major roads can adversely affect residential property values. Conversely, they may have a positive effect on commercial real estate values.
Neighbourhood amenity. Are there water views of port phillip bay? Are quality schools nearby? Where are the parks and shops? Is there a beach nearby? How’s the traffic situation?
Interest rates. Not as important for mature buyers as they are for young families.
Who’s buying units in Mornington? Our research indicates there has been a strong recent increase in interest from buyers relocating from the Eastern and Bayside suburbs of Melbourne. The typical buyer is a Baby boomer looking to downsize from a larger home. In the local area, particularly Mount Eliza and Frankston South where there are many family homes with more than ¼ acre land, downsizers are a significant part of the current market. Investors are also recognising the value of Mornington real estate and the unspoilt natural environment of the Peninsula.
Do you know who the likely buyers might be for your Mornington real estate? We can show you and explain how we can reach them with our world class promotion. We’d love to talk about Mornington real estate with you.