Bargain hunters have already emerged in a top-rated Mornington Peninsula suburb.
Cashed-up buyers from the city, interstate and overseas have started making inquiries about upper-end properties in Mt Eliza, according to a local agent.
“I have been inundated with inquiries in the last two weeks who expect prices to come down and find bargains,” said Michelle Skoglund, director of prestige agency Aqua Real Estate.
“They are looking for opportunities in this current climate to buy homes priced between $4 million and $8 million.”
They were seeking good blue-chip investments as they saw Mt Eliza as an area of growth, she noted.
“There are also buyers from the city who feel Mt Eliza is the furthermost point on the peninsula from which they can commute to the city or work from home on some days,” Ms Skoglund said.
Such buyers have “always been there and come in waves” and were keen to secure good properties for the long term.
“We ensure our listings are priced well and not overpriced, which is why we sell and list constantly,” she added.
“Ultimately the market will dictate the final price but we are seeing a constant and fresh supply of homes.”
She has also noted some homeowners were “panicking and concerned over their mortgages” and might have to list, so she actually expected listing numbers to rise at the area’s top end.
Aqua has just sold 5 Lois Place for $3.42 million to a local buyer, just below the vendor’s price expectations.
Another listing, 25 Watts Pde, has been snapped up for just below its $3.5 million price guide. It went to an interstate buyer as a holiday home.
Meanwhile, McEwing & Partners director Quentin McEwing said the market had come to a “pause with few inquiries, both to list and buy”.
He said the strong start to the year on the peninsula would be impacted by the economic uncertainty from COVID-19.
“February and March were very strong with Mt Eliza a popular choice among buyers, including many expats,” Mr McEwing said.
“Buyers feel bayside Melbourne suburbs are overpriced while Mt Eliza is seen as offering a good location and value.”
Mr McEwing recently sold 111 Old Mornington Rd for an undisclosed priced, but it’s understood to be in the $3.8 million range. It sold to Australian expats relocating to the peninsula.
Another top-end property at 55 Canadian Bay Rd also sold close to the $3.75-$4 million price guide recently.
The prestige end of Mt Eliza has performed strongly since January, with the highest purchase price of $5.1 million so far this year made by pop artist Tones & I.