Latest sale in this little Mornington Peninsula town. http://m.heraldsun.com.au/realestat...mail&utm_campaign=GroupCeditorial&mid=1620313 Did the agent get it wildly wrong or is there development pressure?
Can't see the article but recent: http://www.realestate.com.au/property-house-vic-mccrae-120595677 The Y-man
http://www.realestate.com.au/property-house-vic-mccrae-120709609 I know this street very well. It will be a dev block. Sad; the whole Peninsula is giving way to townhouse complexes.
Here is another recent sale in McCrae above $2m. 1-7 Burrell Street, McCrae, Vic 3938 - Property Details 5-7 Coburn Avenue McCrae, Vic 3938 is likely in the $3.1M - $3.2M range now due to recent price growth. On 2.5 acres near the beach, this property has a price expectation above $3.5M on realestate.com.au. It can be expected to become the highest sale in the suburb to date. 29 Browne Street, McCrae, Vic 3938
42 Matthew Street, McCrae, Vic 3938 - Property Details This property was also expected to sell for between $1.55 - $1.7 this year yet sold for $300,000 more than the lower range. So the suburb is still delivering high sales as it was in 2015. ‘One of the best houses in McCrae’
Outside buyers reward Mornington Peninsula vendors with huge results in 2018. MELBOURNE buyers have smashed vendors’ reserves by hundreds of thousands. Out-of-area buyers pushed 130 Flinders St, McCrae, to sell $200,000 above reserve for $1.785 million, agency director Grant McConnell said. The stunning luxury home of just three years drew a large crowd of 150 and 4 bidders. Local agents said the peninsula had attracted large numbers of city and out-of-area buyers looking for a sea or tree change and a more relaxed lifestyle.
McCrae experienced the highest price growth in Victoria in the past 10 years. McCrae's median house price grew from $378,179 in 2008 to $903,430 in 2018 (138.9% increase).
The amount of development of townhouses/apartments in and around the area is very high. The Peninsula is really undergoing a boom in construction. Just look at how many are listed here: Forum topic: Mornington Peninsula Developments (Mornington, Mt Eliza, Martha Cove, Sorrento, Rosebud)
An AFL premiership player is said to be selling in McCrae because "everyone is starting to find out how good it is and moving down here”.
