Looking for thought's on Melbourne's Mornington Peninsula, particularly the pocket of Rye up near the Blairgowrie border. Have never been a fan of Rye, too busy, but love Sorrento, Blairgowrie. The area has had 13.46% growth over the last 12 months, and 39% over the past five years, but only a 3.3% rental yield. Would now be a crazy time to buy there? Lots of old homes with renovation potential; thinking of holding one, using it to airbnb and holiday in with a budget of about $550k. It seems close enough to Melbourne to make it work, but keen on other thoughts/experiences.
Ahh you like rye but too busy. Hrmmm Dont bother with anything south of rosebud if you Dont like busy. You won't be getting anywhere fast. Try safety beach or dromana.
Just did some calculations..... We bought in Blairgowrie in 2012 when "no one" was even interested in buying anything.,,.it was a dead market! Had a rough market valuation done and it's grown approx 78% in 5 years! I am not sure that jumping in now will see much growth. I hope it continues to in the long term, but short term, like most of Melbourne and surrounds...the ship has sailed
That growth is impressive yet not surprising seeming it was on the booming Mornington Peninsula market! Fortunately, Rye continues to be a little undervalued compared to other suburbs nearby. The ship hadn't sailed in 2017 and came back in 2018. In fact, the median house price grew by $80,000 in Rye within the past 12 months. This is similar growth as seen in the past year and shows that there is continual growth in the market. Nonetheless, suburbs such as Portsea, Sorrento and Blairgowrie also in the southern end of the Mornington Peninsula have had more significant gains in recent years. This is because they are more appealing due to being some of the premium suburbs in the Mornington Peninsula market. Also, rents on the Mornington Peninsula have grown the highest in Melbourne with a rise of 11% in 2018. This makes the suburb an ideal area for investment with continued property price growth as well.
Couple months back had a proper bank Val done for refinancing and it’s an 83% increase in 5 and a half years. Market Val probably puts it a little higher than that. rapt in the result so far
No doubt majority of that growth was between early 2017 and now as the market has grown by $360,000 within this period.
I don’t have anything to add to this thread...apart from that your local knowledge astounds me. You are clearly knowledgeable and very passionate about the Mornington Peninsula.
Thanks! I appreciate your support and kind words. I believe it is a crucial time to really know what is happening in the property market. There is more to come
You may also find this of interest: SPRING INTO THE MORNINGTON PENINSULA PROPERTY MARKET 2018 'The Mornington Peninsula was once deserted during winter, with empty beaches, swept by fresh winds, and quiet towns. Melbourne’s favourite getaway spots would go into a sleepy hiatus, but that is not the case now. The benefits of spotting a beach side home in the off season are no longer a secret. As the city market cools, the Mornington Peninsula market shows signs of healthy interest and activity. Data shows that in the summer of 2017, 480 properties were sold in Dromana, Rosebud, Rye, Blairgowie, Flinders, Portsea and Sorrento. And over winter in 2017 – at a time a coastal market would be expected to be in hibernation – 359 properties transacted in those same much-sought townships. The beach property market used to be on hold from Easter until the AFL footy finals but now it’s turning into an active market year round. Astute people buy and sell in spring because the competition isn’t so strong and they have time to polish up the house before summer starts.'
"The sale was the top result from seven auctions for the week ending October 7 in the Mornington Peninsula." Lets not jump to conclusions too much it was 5 out of 5 in Hawthorn (a suburb) and no it is "not booming" there How'd they come up with 73%, 5 out of 7 is 71% but whatever it's meaningless anyway
