PHOTO: Kim Hutchins sold her home in Rye, then bought another in the hot local market. Photo: Yanni Dellaportas
The Mornington Peninsula used to be known as a quiet seaside holiday spot, away from the hustle and bustle of the city.
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.
Melbourne’s property market is red-hot and the biggest impact has been in coastal areas, where prices have skyrocketed.
The latest Domain House Price Report shows 17 suburbs along the Mornington Peninsula have risen by double figures over the year to June.
House prices in Somers, 26 kilometres from Portsea, soared by a massive 75.1 per cent to a median $1,706,750 – a jump of $732,000 in just 12 months.
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
The Mornington Peninsula used to be known as a quiet seaside holiday spot, away from the hustle and bustle of the city.
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.
Melbourne’s property market is red-hot and the biggest impact has been in coastal areas, where prices have skyrocketed.
The latest Domain House Price Report shows 17 suburbs along the Mornington Peninsula have risen by double figures over the year to June.
House prices in Somers, 26 kilometres from Portsea, soared by a massive 75.1 per cent to a median $1,706,750 – a jump of $732,000 in just 12 months.
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.
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