Where Are Buyers Coming From?
It's obvious that the Mornington Peninsula secret is out. All year around we are seeing a vast number of residents and tourists out and about enjoying the spoils our beautiful region has to offer. From spectacular coastal scenery stretching from Portsea to Frankston South and the incredible hinterlands which host 66 wineries and beautiful agricultural enterprises, the Peninsula has a vast spectrum of experiences, places and people to get to know.
From a real estate market perspective, it's both and increasingly important to understand the factors attracting buyers to our area and how we as agents can optimise our access and influence in this realm. In researching the available data for the past 12 months, there are certain trends evident. Around 24% of transactions within Mt Martha were made by buyers upsizing or downsizing within the area; 22% were moving from within 15km and the predominant shift was 48% whom came from 15km-70km away (Metro Melbourne) leaving 6% from interstate or overseas.
Trends within these shifts:
- Most buyers stated that having friends or relatives on the Peninsula was the impetus for their move
- The proximity to Melbourne CBD also rated highly in the decision to relocate
- The average time spent watching the market was 14 months before purchasing