Property Guide Magazine September 2023

P R O P E R T Y G U I D E

September Edition 2023

Welcome

With over a decade of trading as one of the Peninsula's most successful and awarded real estate agencies, Tim Ripper and Jason Dowler lead the team at Harcourts JT & Co. Both local residents of Western Port Bay, Tim and Jason chose the Westernport corridor as they appreciate the diverse lifestyle opportunities the peninsula has to offer.

Tim, Jason and the team bring together a wealth of experience and knowledge with proven success in sales, leasing, and commercial real estate along with many business achievements, they have industry leading systems and procedures along with their philosophy “creating success” ensures you are in the best hands on the peninsula!

Happy reading and be sure to reach out to our team today if we can help you with your real estate needs.

We proudly support local

team Your

Now that we are towards the end of these cold winter months, the warm spring market is on the horizon. So, are you wondering that the future looks like for the property market on the Mornington Peninsula?

According to a recent survey, it has been reported stock levels appear to be significantly down. However, it is important to note that these figures will turn, it is just a question of, when?

It is clear that sales volumes plummeted in popular pandemic locations within the Peninsula. However, it is now exciting to see that there is becoming an increase in affordable properties.

While many believe there is a more desirable season when it comes to selling or buying a property, there are various other considerable factors to ensure that the current market conditions will work in your favour, as both a buyer or a seller. It is important that you are considering the condition of real estate within your desired location, to ensure that you are able to buy/sell at a cost that is appropriate to your personal situation.

As a highly experienced sales team, it is important that we stay up-to-date with how other campaigns are performing, in the area. When considering to sell, it is advised that you have a clear understanding of the current market, and the current buyer activity in your area.

There are various factors that impact the Mornington Peninsula property market. These factors include; the location of the property, the current condition of the property, along with the total property size, and whether there are any local facilities.

In the recent years it is clear to see that there has been a rise in the median house price on the Peninsula, due to the high levels of property demand.

CBA's Senior Economist, have advised that they are expecting "one last rate hike". With the cash rate on hold at 4.10% until early next year.

2 3 4

Westpac's Chief Economist advised that the bank is "broadly comfortable" with the forecast of the 4.10% raise in the cash rate.

NAB Economists have advised to expect to see one more hike in the cash rate this year, raising the rate to 4.35%.

Monthly Market Report Looking to Purchase?

Cash Rate Predictions: 1

ANZ's Head of Australian Economics has advised, there was an "extended pause" while they assessed the impact of the four percentage point hike over the past 12 months.

Did you know that within the last 12 months, we have received over 3,820 buyer enquiries.

According to recent statistics, Harcourts are ranking in the top 5 out of 300 agencies on the peninsula, when it comes to Peninsula based property sales.

If you are considering buying on the Peninsula, it is important to start a conversation with some of the local real estate agents, to gain a better understanding of where the current market is sitting.

The median price for a property on the Peninsula are often fluctuating throughout the year, and depending on the current market conditions. If it appears that proper ty values are on the decline in a suitable location, it might be time to start that conversation with your broker/estate agent about your options!

Are you thinking of purchasing an investment property on the Mornington Peninsula?

This highly sought after picturesque location, is not only known for it's beautiful beaches, but also it's relaxed lifestyle. It is a region that has skyrocketed in not only popularity, but also house prices and in the recent years, as more residents are trying out a more laid back lifestyle. Although house prices are rising, throughout popular suburbs, there are still plenty of great investments up for grabs!

With the rental population sitting at, 14.32% and a property vacancy rate of 0.67%, the demand for rental properties on the Peninsula is high, and it is still a great time to invest.

As reported by Barry Plant Mornington Director, "The region is ripe for investment. The capitol growth is undeniable based on the fact that there is no more land to be redeveloped".

If you have been considering buying an investment property on the Mornington Peninsula, and would be interested to know the more desirable investment locations, get in touch with our friendly rentals team today! We would love to be able to provide you with an up-to-date opinion of the current rental market.

Suburbs

Between the 1st of May and the 24th of August, we are proud to say that we have been ranked 1st of out of 33 agencies, for recent sold listings.

In the Southern end of the Peninsula, it has been reported that that there is an increase of 20% more stock on the market, compared to this time last year.

With a total of 983 buyer enquiries during this time period, there may be a buyer out there for your property. If you would like to take advantage of the current buyer activity in your area, please get in touch.

MarketWatch

MarketWatch - your must read property market brief to keep you up to date on movements that matter in real estate, to help make informed decisions about lifes biggest asset.

Understanding Property Cycles

According to CoreLogic, the pandemic saw house prices rise 28.9% between September 2020 and September 2022. This is the fastest increase in property values in Australia's history. This is the cycle peak, also known as "a sellers' market". During this phase, you'll find that buyer demand outweighs supply.

A market correction is expected after soaring to history breaking heights over the past couple of years when the property market moves into the "downturn" phase. This is where we stand at the moment. A buyers' market is a slower period when buyers "typically" have power over sellers.

The next phase of the property cycle is stagnation, or "the bottom of the market", which experts predict we'll reach this month. Then its time for the "upturn" phase, we should start to see this in early 2024. This means there will be more buyers coming into the market, prices will rise, and more properties will be listed for sale.

As our property market is currently in the "downturn" phase, its not suprising that the home value index declined 7.9% nationally between Febuary 2022-2023. AMP Cheif Economist Shane Oliver predicts prices will drop 15% overall before conditions start to stabilies hopefully this month.

Not everyone should be concerned with declining prices as it depends on where you live.

A key factor in driving market conditions is the economy, and right now interest rates are having a huge impact on those conditions. Oliver predicts that house prices will beguin to turn around and start to rise this month to correspond with the RBA moving toward rate cuts after this interest peak period.

1. 2.

3. 4.

5. 6.

7. 8.

9.

S o m e r s

5 8 P a r k l a n d s A v e n u e

N e s t l e d o n a q u i e t s t r e e t , i n t h e h i g h l y s o u g h t - a f t e r S o m e r s , t h i s o a s i s o f f e r s a r a r e o p p o r t u n i t y t o e x p e r i e n c e t h e e p i t o m e o f c o a s t a l l u x u r y l i v i n g F r o m t h e m o m e n t y o u e n t e r , y o u ' l l b e c a p t i v a t e d b y t h e s e a m l e s s b l e n d o f e l e g a n c e a n d c o m f o r t

W i t h a B e a c h a c c e s s t r a c k f r o m t h e e n d o f y o u r d r i v e w a y , t h i s f e a t u r e p r o v i d e s s e a m l e s s c o n n e c t i o n t o t h e c o a s t , w h e r e y o u r r e l a x a t i o n a n d r e c r e a t i o n a w a i t s W h e t h e r y o u p l a n t o u s e t h i s p r o p e r t y f o r y o u r f a m i l y b e a c h h o u s e , o r y o u r p e r m a n e n t f a m i l y h o m e , t h i s p r i v a t e a n d s e c u r e p r o p e r t y w i l l h e l p y o u e s c a p e t h e h u s t l e a n d b u s t l e o f c i t y l i f e a n d i m m e r s e y o u r s e l f i n t o t h i s s e r e n e c o a s t a l p a r a d i s e

1 0 5 5 s q m

3 2 4

F o r S a l e - $ 1 , 8 0 0 , 0 0 0 - $ 1 , 9 5 0 , 0 0 0

J a s o n D o w l e r

0 4 0 3 5 9 8 7 5 4 j a s o n d o w l e r @ h a r c o u r t s c o m a u

A n n a P a t e r s o n

0 4 1 1

9

9 3 a n n a p a t e r s o n @ h a r c o u r t s c o m a u

Balnarring Beach

7 Sidney Street

7 Sidney Street, represents a fantastic opportunity to buy into the tightly held coastal enclave of Balnarring Beach. Surrounded by mature gardens the 3-bedroom, 2 bathroom home is situated on a large, sunny, corner allotment adjacent to the lovely Campbell Court Reserve.

Just a short walk to picturesque Balnarri ng Beach and the Tulum Store this enviable location has lifestyle written all over it. With features like the cathedral ceilings and the huge 4 car lockup garage it's ready for a modern renovation. Alternatively this site could be the perfect blank canvas to build your dream home (STCA)

Hastings 8 Douglas Street

Ideally located on a generous 687 (approx.)sqm allotment, this property offers plenty of space for outdoor activities or potential future extensions. The possibilities are endless!

The home itself exudes a warm and inviting atmosphere, making it the perfect place to call home. Surprisingly spacious the floorplan offers large living zone on entry, o pen plan dining; tasteful kitchen with plenty of cupboard and preparation space, gas cooktop and electric oven. Natural light floods the interior, enhancing the overall ambiance.

3 1 687sqm

For Sale - $600,00 - $660,000

Tim Ripper 0434 513 640

tim.ripper@harcourts.com.au

Joanne Hansen 0400 181 275

joanne.hansen@harcourts.com.au

Hastings 8/128 Salmon Street

The bedrooms are spacious and filled with natural light, providing a peaceful sanctuary for rest and relaxation. The bathroom is stylishly designed and features a bathtub and shower combination.

Located in a highly sought-after area, this property offers convenience and accessibility. distance away. The vibrant town centre of Hastings is just a short stroll away, offering a variety of shopping and dining options, along with the Westernport Bay Trail virtually on your doorstep.

For Sale - $595,000 - $640,000

Cam Jamison 0409 525 685

cam.jamison@harcourts.com.au

Bittern 2508 Frankston Flinders Road

In central Bittern, on a generous 697sqm (approx.) block, you will find this beautifully renovated; 4 bedroom, 2 bathroom, family home. Enter the front of the house to find a spacious and light filled family space, that flows into thekitchenanddiningzone.

The kitchen boasting, gas cooktop, and other appliances, beautifully positioned sky light, and a thoughtfully designed breakfast bar. Continue up the home to find 4 bedrooms, all with built in robes. To therear of the house, a second living zone, perfect for a family movie room, or private retreat.

For Sale - $790,000 - $869,000

Jason Dowler 0403 598 754

jason.dowler@harcourts.com.au

Anna Paterson 0411 392 693

anna.paterson@harcourts.com.au

H a s t i n g s

1 B M a r t i n S t r e e t

T h i s t o w n h o u s e i s i n a g r e a t p o s i t i o n . L o c a t e d w i t h i n w a l k i n g d i s t a n c e t o p u b l i c t r a n s p o r t , s u p e r m a r k e t s , a n d H i g h S t r e e t T h e l o w e r l e v e l o f t h e t o w n h o u s e c o m p r i s e s t w o b e d r o o m s T h e m a s t e r b e d r o o m h a s a w a l kt h r o u g h r o b e a n d a s e m i e n s u i t e s e p a r a t e l a u n d r y a n d p r i v a t e c o u r t y a r d

T h e u p p e r l e v e l h a s b a y v i e w s f r o m t h e o p e n p l a n l i v i n g a n d d i n i n g T h e k i t c h e n c o m p r i s e s s t o n e b e n c h t o p s , s t a i n l e s s s t e e l a p p l i a n c e s i n c l u d i n g a d i s h w a s h e r , a m p l e b e n c h s p a c e a n d a w a l k - i n p a n t r y T h i s o p e n s o u t o n t o y o u r v e r y o w n b a l c o n y w h i c h w o u l d b e g r e a t f o r e n t e r t a i n i n g

2 1 1

F o r S a l e - $ 6 0 0 , 0 0 0 - $ 6 5 0 , 0 0 0

T i m R i p p e r 0 4 3 4 5 1 3 6 4 0 t i m r i p p e r @ h a r c o u r t s c o m a u

J o a n n e H a n s e n 0 4 0 0 1 8 1 2 7 5 j o a n n e h a n s e n @ h a r c o u r t s c o m a u

W e V a l u e y o u r I n v e s t m e n t a s m u c h a s y o u d o .

I n n e e d o f p r o f e s s i o n a l p r o p e r t y m a n a g e m e n t o r w o n d e r i n g w h a t y o u r p r o p e r t y c o u l d r e n t f o r ?

C o n t a c t o u r o f f i c e t o a r r a n g e a n a p p o i n t m e n t w i t h E m m a , l e a d e r i n R e n t a l s & G r o w t h

1

r Holidays

1.

H o l i d a y s o n t h e P e n i n s u l a

T h e M o r n i n g t o n P e n i n s u l a i s n e s t l e d a t t h e b o t t o m o f t h e b a y ( P o r t P h i l l i p B a y ) - t h e P e n i n s u l a i s f u l l o f h i d d e n g e m s , t h e r e i s A L W A Y S s o m e t h i n g t o d o r e g a r d l e s s o f t h e w e a t h e r . W i t h S c h o o l h o l i d a y s f a s t a p p r o a c h i n g h e r e i s s o m e f a n t a s t i c f a m i l y i d e a s !

T h e E n c h a n t e d M a z e , A r t h u r s S e a t E n c h a n t e d A d v e n t u r e i s a n a w a r dw i n n i n g n a t u r a l a t t r a c t i o n n e s t l e d i n t h e b e a u t i f u l h i n te r l a n d o f A r t h u r s S e a t o n t h e M o r n i n g t o n P e n i n s u l a F r o m t h e r e e p i c T u b e S l i d e s t o T r e e S u r f i n g c o u r s e s , g i a n t b r a i n t e a s e r p u z z l e s , C a n o p y W a l k , S k y S c r a m b l e a n d m o r e , t h e r e i s a d v e n t u r e f o r a d u l t s a n d k i d s a l i k e ! L o s e y o u r s e l f i n t h e c o l o u r s o f t h e m e d g a r d e n s , m a r v e l a t t h e s t r u c t u r e s o f h e d g e t o p i a r y a n d g i a n t s c u l p t u r e s o r g e t t a n g l e d i n o n e o f t h e r e m a z e s .

M o o n l i t S a n c t u a r y , P e a r c e d a l e G e t u p - c l o s e a n d p er s o n a l w i t h i c o n i c k a n g a r o o s a n d w a l l a b i e s a s y o u h a n df e e d t h e m , a n d h a v e t h e c h a n c e t o c u d d l e a d o r a b l e k o a l a s a n d t a k e p a r t i n c a p t i v a t i n g e n c o u n t e r s w i t h a v a r i e t y o f c o l o u r f u l b i r d s , m e s m e r i z i n g r e p t i l e s , p l a y f u l d i n g o e s , a n d o t h e r f a s c i n a t i n g c r e a t u r e s

B o n e o D i s c o v e r y P a r k ,

F i n g a l

T h e 2 7 a c r e w e t l a n d s a r e a b e a u t i f u l s h o w c a s e o f t h e M o r n i n g t o n P e n i n s u l a ’ s i n d i g e n o u s f l o r a a n d f a u n a , i n c l u d i n g m a n y s p e c i es o f f r o g s , r e p t i l e s a n d w a t e r b i r d s T h e r e p a s s i o n f o r c o n n e c t i n g p e o p l e w i t h n a t u r e w i l l i n s p i r e a n d e v o l v e y o u t o t h e b e a u t i f u l n a t u r a l s u r r o u n d i n g s

R a i n , H a y n e & S h i n e , B a l n a r r i n g

T h e f a r m y a r d o f f e r s " h a n d s o n " e x p e r i e n c e s w i t h a l a r g e v a r i e t y o f f r i e n d l y f a r m a n i m a l s i n a r e l a x e d r u s t i c s e t t i n g .

T h e B i g G o o s e , M o o r o o d u c T h i s i s n ' t y o u r a v e r a g e a n i m a l f a r m T h e B i g G o o s e i s h o m e t o m a n y a n i m a l s i n c l u d i n g s o m e n a t i v e A u s t r a l i a n w i l d l i f e T h e y h a v e a c o m b i n a t i o n o f a n i m a l s a n d p l a y a r e a s , b o t h i n s i d e a n d o u t , w h i c h m a k e s t h e f a r m o n e o f t h e M o r n i n g t o n P e n i n s u l a ’ s m o s t p o p u l a r a l l w e a t h e r a t t r a c t i o n s .

C r e a t i v e M a k e s , H a s t i n g s I m a g i n e a w o r l d w h e r e m e s s y h a n d s , v i b r a n t c o l o r s , a n d e n d l e s s g i g g l e s b l e n d t o g e t h e r t o c r e a t e p u r e j o y ! T h a t ’ s e x a c t l y w h a t C r e a t i v e M a k e s i s a l l a b o u t W e l c o m e t o t h e i r w h i m s i c a l a r t w o n d e r l a n d !

P u r e P e n i n s u l a H o n e y ,

M o o r o o d u c

A f t e r m o v i n g t o a f a r m o n t h e M o r n i n g t o n P e n i n s u l a , P u r e

P e n i n s u l a H o n e y s ’ a p i a r i s t J o h n

W i n k e l s t u r n e d h i s h o b b y o f m a n y y e a r s i n t o a f u l l t i m e b u s i n e s s

F u n k y F a r m , H a s t i n g s L e a r n , s m e l l , h o l d a n d t o u c h n a t u r e Y o u w i l l h a v e a f u l l p e r s o n a l i s e d h a n d s o n 1 5 h o u r i n t e r a c t i v e t o u r W e k e e p o u r g r o u p s s m a l l s o t h a t a l l c a n e n j o y t h e e x p e r i e n c e w i t h o u r b e a u t i f u l a n i m a l s . S o m e o f t h e a n i m a l s y o u w i l l m e e t a r e o u r T y r o n e t h e E m u , W o m b a t s B o o a n d W a d e . Y o u w i l l g e t t o m e e t a n d c u d d l e a D i n g o . a n d t h a t ' s j u s t t o n a m e a f e w

D i n o s a u r W o r l d , S o m e r v i l l e D i n o s a u r W o r l d i s a l l a b o u t b r i n g i n g c h i l d r e n ' s i m a g i n a t i o n t o l i f e , w h e r e t h e i r l o v e o f d i n o s a u r s i s r i g h t t h e r e i n f r o n t o f t h e m a n d t h e i r o w n a d v e n t u r e b e g i n s

Portsea Peir, Portsea

Portsea Pier is located at Portsea ‘Front Beach’ which is nestled within a sandy cove named ‘Weeroona Bay The pier is made up of two platforms and is a popular shallow spot for scuba diving, snorkelling and fishing.

Mornington Peninsula

The Mornington Peninsula is one of Victoria’s greatest assets. The region is characterised by unique townships and highly valued green-wedge land surrounded by bay and surf beaches and rugged ocean coastline - in fact it has around ten percent of Victoria’s coastline.

Part of a declared UNESCO Biosphere Reserve, the region features state and national parks on both land and sea. There are plenty of walking and riding trails and ex ploring the area unearths bustling villages and townships; a vibrant wine, food and farmgate scene; marine and land-based adventure activities; and plenty of opportunities to relax and unwind.

Cape Schanck

Devilbend Reservoir

Point Nepean

Arthurs Seat

Two Bays Walking Track

The Coastal Walk

Endeavour Fern Gully