{"id":33702,"date":"2021-08-02T09:56:46","date_gmt":"2021-08-01T21:56:46","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=33702"},"modified":"2021-08-02T09:56:46","modified_gmt":"2021-08-01T21:56:46","slug":"melbournes-coastal-property-prices-boom-as-covid-19-effect-hits","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/melbournes-coastal-property-prices-boom-as-covid-19-effect-hits\/","title":{"rendered":"Melbourne\u2019s coastal property prices boom as COVID-19 effect hits"},"content":{"rendered":"

PHOTO: Kim Hutchins sold her home in Rye, then bought another in the hot local market.\u00a0Photo:\u00a0Yanni Dellaportas<\/span><\/strong><\/em><\/p>\n

The Mornington Peninsula<\/a> used to be known as a quiet seaside holiday spot, away from the hustle and bustle of the city.<\/p>\n

Until the COVID effect hit, and home-buyers looking to escape the coronavirus pandemic arrived en masse, armed with low interest rates and sending house prices through the roof.<\/p>\n

Melbourne\u2019s property market<\/a> is red-hot and the biggest impact\u00a0has been in coastal areas, where prices have skyrocketed.<\/p>\n

The latest\u00a0Domain House Price Report<\/em>\u00a0shows 17 suburbs along the Mornington Peninsula have risen by double figures over the year to June.<\/p>\n

House prices in Somers, 26 kilometres from Portsea, soared by a massive 75.1 per cent to a median\u00a0$1,706,750 \u2013 a jump of $732,000 in just 12 months.<\/p>\n

Inner bayside suburbs such as Brighton East, close to the beach, also rose but by a more modest 16.1 per cent to a median above $2 million<\/p>\n

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The Mornington Peninsula used to be known as a quiet seaside holiday spot, away from the hustle and bustle of the city.<\/p>\n

Until the COVID effect hit, and home-buyers looking to escape the coronavirus pandemic arrived en masse, armed with low interest rates and sending house prices through the roof.<\/p>\n

Melbourne\u2019s property market is red-hot and the biggest impact\u00a0has been in coastal areas, where prices have skyrocketed.<\/p>\n

The latest\u00a0Domain House Price Report<\/em>\u00a0shows 17 suburbs along the Mornington Peninsula have risen by double figures over the year to June.<\/p>\n

House prices in Somers, 26 kilometres from Portsea, soared by a massive 75.1 per cent to a median\u00a0$1,706,750 \u2013 a jump of $732,000 in just 12 months.<\/p>\n

Inner bayside suburbs such as Brighton East, close to the beach, also rose but by a more modest 16.1 per cent to a median above $2 million.<\/p>\n

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Top 30 house price rises in greater Melbourne<\/div>\n
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