Mornington Peninsula market powers on with strong price growth and demand 2018

[bayside]

Flinders powers on with strong price growth and demand (19th of October 2018)

‘WITH house prices doubling in just three years and strong spring results, Flinders is among the Mornington Peninsula’s top-performing areas.

With fewer than two house sales a month, the coastal suburb is very tightly held and attracts plenty of buyers from the city and close by, according to local agents.

Flinders’ $1.65 million median house price, in the 12 months to July, places it second in the municipality after the millionaire’s playground of Portsea, CoreLogic data shows.

The median house price has jumped 100 per cent over a three-year period and gained 12.8 per cent in 12 months.

Recent sales for prices well above expectations point to the continued strength in Flinders, RT Edgar Flinders director Holly Longmuir said.

“The quick sales reflect the limited supply and strong demand,” she added.

“While the volume of inquiries is lower, inspections numbers are still good and the quality of buyers remains high.”

No. 13 King St not only sold in seven days but for well above $2 million. It had a price guide above $1.8 million, with the period-style reproduction last selling for $635,000 in 2001.

The three-bedroom house on 4072sq m has rolling hills and beautiful garden vistas with charming Federation-style details.

“Buyers need to spend at least $1.1 million to $1.2 million to get into the suburb and recent results show the market in Flinders is very much alive,” Ms Longmuir said.

A four-bedroom house at 15 Double Creek Rd fetched above its asking price of $1.2 million and gained more than $500,000 since its previous sale in 2011.

The four-bedroom house in need of an update sold to buyers looking for a holiday home.

And a block of land at 8 Barker Rd changed hands for above $1.1 million within two weeks of listing.

There were several offers for the 873sq m block close to the beach, which was on the market for the first time.

“We find that homes priced correctly sell fast and there is still strong capital growth,” Ms Longmuir said.

Flinders is listed as a high demand market by realestate.com.au with 2719 visits per property, compared with the Victorian average of 1015 visits.

There were only 10 house listings in the suburb on October 18 on realestate.com.au.

Flinders has a small population of about 1000 and recorded just 22 house sales in the year to July, sales records show.

Many homes are also sold off-market, with buyers and vendors keen to retain their privacy.’

https://www.realestate.com.au/news/flinders-powers-on-with-strong-price-growth-and-demand/