Linking beach to city
PENINSULA Link is driving more buyers to discover Mornington’s property market.
Since the freeway opened more than two years ago, more permanent residents are buying homes in Mornington, Mt Martha and surrounding suburbs from Olivers Hill to McCrae.
Mornington agent Nicholas Lynch said Peninsula Link had brought the market closer to the city.
“Heading out of Mornington, the first set of traffic lights is at Melbourne Airport,” he said.
Mr Lynch said more buyers were happy to commute into the city for work, while technology and workplace flexibility meant more were working from home several days a week.
Matthew Mitchell, a director at Chisholm & Gamon, Mt Martha, said most buyers were coming from the bayside areas of Melbourne.
“There’s a mixture of holiday home buyers and permanent residents coming down,” he said.
“It’s definitely the lifestyle, the beaches. When people come on holidays, they are finding it a more appealing prospect.
“You can be selling a townhouse in Elwood, for argument’s sake, for $1.5 million and buy something here on 1300sq m with a pool for the same sort of money.”
Mr Mitchell said shopping, recreation and top schools, including The Peninsula School and Balcombe Grammar, were attractive to young families.
Holiday home buyers remained a strong sector of the market, with bay and surf beaches nearby. The top of the peninsula was becoming a more attractive prospect for holiday home buyers who were still able to access top-class bay and surf beaches, Mr Lynch said.
“That’s always been the way but a lot of people are choosing us instead of further down the peninsula because it’s just easier to pop back to work while you’re having a holiday, as against having to go another hour down to the bottleneck at Portsea.
“We’ve definitely sold to a few celebrity buyers, big topend sales where they normally would have chosen the Portsea, Sorrento market.”
The buyer dynamic had impacted Mornington’s Main St shopping precinct, which Mr Lynch said was now populated with top-end cafes, restaurants and boutiques more reminiscent of Toorak Rd.
But the suburbs retained that country charm that buyers were craving, Mr Mitchell said.
“It’s good country living, you could say,” he said.