Market shows signs of recovery thanks to affordable neighbourhoods
“We wanted to downsize, we still need to be close to amenities and everything, but we want a smaller home that doesn’t require as much maintenance and we were just waiting for signs that the market was starting to turn positive,” he said. “They always say the best time to list your house is spring.”
Hanton said he was happy to find a buyer within two weeks and said part of their success was down to them choosing the right time to list.
Geraldine and Peter Hanton say they are benefiting from the resurgence of the Mornington Peninsula property market. Credit: Simon Schluter
“I think it shows that we were correct in our reading of what was going on in and around Melbourne,” he said. “Moving house is never a pleasant thing, they say it involves death and divorce, but it was so easy.”
Quotation data shows home listings increasing toward mid-2025, with the average number of days on market for homes falling from a peak of 33 days at the end of 2024 to 27 days in November.
Sayers & Co director Vicki Sayers, who sold the Hanton family home, said affordable neighborhoods on the peninsula were attracting more interest, especially from buyers from metropolitan Melbourne or other states, while prestigious postcodes were weakening.
“I also think there are a lot of people buying holiday homes on the peninsula when money is cheap… there is a sort of oversupply of properties for sale in the southern part of the peninsula and these are all some segments of the market,” he said.
“[In the] At the Mount Martha and Mount Eliza price points, I think people still feel like there’s a lot of bang for the buck. “It’s similar to where they come from, but with a slightly more comfortable lifestyle and quality of life.”
Hanton said the sale was quick and easy. Credit: Simon Schluter
Abode Real Estate director Brad Boyd said cuts to Central Bank cash interest rates had halted the peninsula’s price decline.
“It’s stabilized when interest rates have fallen again. It’s offering value, so buyers are coming back into the market. Investors are coming from NSW, there’s good value because of the decline we’ve had over the last few years,” he said.
“There are also a lot of young families entering the $900,000 to $1 million first home buyer market.
“If you list anything in that range in the Mornington, Mount Martha and Mount Eliza area, you’re going to be hit with multiple offers and first-home buyers will be lining up. That’s a $3 million-plus market we’ve lost to vacation home buyers, but that seems to have changed in the last few months.”
