The Mornington Peninsula homes bucking the downward trend with price gains
Many vendors have to take price cuts when selling in the current Mornington Peninsula market.
Some have even had to reduce their prices by as much as 20 per cent, according to several agents.
But a select group of homeowners have bucked the downward price trend and have achieved their price hopes.
RELATED: Timely switch lands buyers for unloved homes
Tightly held Balnarring Beach gets second buyer this year
Mediterranean-style Portsea pad sells twice in 12 months
Agents said some sellers could achieve or exceed their price hopes due to the quality of their properties or their coveted locations.
In the case of 8 Mills Beach Close, Mornington, the vendors even landed a huge price gain in two short years when the property fetched $1.575 million recently.
The three-bedroom home close to the water not only sold within the price guide but gained $200,000 from its 2017 purchase price.
The luxury coastal home sold quickly within two weeks and had two groups driving it to a strong result, listing agent Nicholas Lynch said.
It had a $1.35-$1.45 million price guide after being purchased for $1.375 million in early 2017, sales records show.
“To achieve a $200,000 price gain in two years shows some segments of the market are still rising,” Mr Lynch said.
“The market has not come off as a whole and some results are against the trend.”
The Mills Beach Close property on 317sq m features luxury finishes with stylish interiors and a location close to the water and amenities.
It sold to a buyer coming down from Shepparton seeking a sea-change.
Mornington homes attract a lot of out-of-area buyers relocating to the coast or as holiday weekenders.
Mornington joins 13 other peninsula suburbs that reported declines in the median house price over the last quarter to this January, CoreLogic data shows. Its median price was $797,500 over a 12-month period.
MORE: Jailed recluse’s bizarre fringe dwelling discovered
Rediscover grandeur of a Victorian dame
Ultimate kids’ backyard could drive record price