The Mornington Peninsula property market is experiencing a period of recovery following previous declines. This recovery is attributed to renewed interest in specific neighborhoods on the peninsula, particularly those offering more affordable properties.
Market Dynamics
Property values on the Mornington Peninsula had decreased in 2024. This downturn was associated with a reversal of COVID-era migration patterns and the implementation of increased taxes on investment and holiday homes.
Value Growth Data
Data compiled by the research firm Cotality indicates that the median house value on the Mornington Peninsula increased by 6.3 percent in the 12 months leading up to November, reaching a median of $1,009,000. This growth rate intensified from July onwards.
Similarly, unit values saw an increase of 4.6 percent over the same period, with the median value recorded at $673,000.
Expert Analysis
Eliza Owen, head of Australian research at Cotality, stated that the market has not yet achieved a full recovery.