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Mornington Peninsula's top end booming

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‘Top end of Mornington Peninsula market powering on (02 NOV 2018)
‘A LATE start to the spring selling season has added spark to the top end in the Mornington Peninsula.

In the peninsula’s southernmost areas, RT Edgar Flinders sold almost $14 million in 10 days to close October.

This included two homes in Shoreham and Flinders for around $3.5 million each and a celebrity garden property in Flinders for over $4.5 million.

Around Mt Eliza and Mt Martha, one agency, McEwing & Partners, chalked up eight sales over eight days in October.

The prestige segment of the market was still performing well and was quite distinct from the overall Melbourne market, according to local agents.

They noted the peninsula attracted more cashed-up buyers from the city and inner bayside suburbs looking for holiday homes or larger prestige properties.

The auction clearance rates for more affordable properties on the peninsula has however dipped in line with Melbourne’s clearance rates, with more homes being passed in or sold after negotiations.

McEwing & Partners director Dean Phillips said the agency had four sales in the mid-$2 million range and one well above $3 million in eight days.

“This spring season has started later but it is strong with buyers still coming from the city,” Mr Phillips said.

“The peninsula is a steady market and the genuine spring market starts in October.”

He cited 6 Taylor Cres, Mt Martha, which sold for $2.32 million to a family who had recently returned from holidays in Italy.

The Mediterranean-style luxury home steps to the beach features towering ceilings and resort-style amenities.

“The buyers simply had to have the property and had competition from two other buyers,” Mr Phillips said. The property previously sold in 2006 for $875,000 giving it a price gain of almost $1.5 million between sales, records show.

RT Edgar Flinders director Holly Longmuir said the agency not only had strong seven-figure sales in October but also saw a late surge in holiday rental bookings.

“The high-end market has not stopped and seems to be similar to last year. But holiday-makers have been late in making their bookings for the coming season,” Ms Longmuir said.

The agency recently auctioned Musk Cottage in Flinders, an acreage owned by garden design guru Rick Eckersley, on Sunday, October 28.

“This was a true spring auction with a good crowd, strong bidding and lots of flair from the auctioneer,” she said.

The 371 Musk Creek Rd property sailed well above its $4-$4.2 million price guide to sell for just over $4.5 million to a Melbourne-based buyer as a weekender.

Another lively auction in Sorrento the same weekend saw a beachside property, on the market for the first time ever, fetch $2.365 million — more than $450,000 above reserve.'

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