Top-end bargain hunters already circling Mt Eliza amid pandemic

Top-end bargain hunters already circling Mt Eliza amid pandemic nmprofetimg 1400
Top-end bargain hunters already circling Mt Eliza amid pandemic capi 10dc2e6150cb18645eb618047a060138 2435d6578ede0b0a0c35df5a34e2de9c

55 Canadian Bay Rd, Mt. Eliza is a five-bedroom home with a $4.6-$5 million price guide.

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.

RELATED: Tones and I: Dance Monkey singer buys $5.1M Mt Eliza house

Mt Eliza pad’s Passivhaus design to keep bills to a minimum

Craigrossie Rd, Mornington house set for first sale in seven decades

5 Lois Place Mt Eliza  Top-end bargain hunters already circling Mt Eliza amid pandemic capi 10dc2e6150cb18645eb618047a060138 162617c92e703e55f98b21f370ea058d

5 Lois Place is a majestic five-bedroom home on 2386sq m.

“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.

55 Canadian Bay Road Mt Eliza Mornington Leader  Top-end bargain hunters already circling Mt Eliza amid pandemic capi 10dc2e6150cb18645eb618047a060138 4df1750906024a6c469765bb73c23e0b

A tennis court is among the features in this Mt Eliza home.

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.

5 Lois Place Mt Eliza  Top-end bargain hunters already circling Mt Eliza amid pandemic capi 10dc2e6150cb18645eb618047a060138 d59b30ccd1405071ece24cf13e83254f

5 Lois Place has a mod-grass tennis court, guesthouse and pool.

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.

25 Watts Parade Mt Eliza  Top-end bargain hunters already circling Mt Eliza amid pandemic capi 10dc2e6150cb18645eb618047a060138 9f4f5055e7e4c39e6c38fdee063e6d74

The gourmet kitchen and meals area at 25 Watts Pde has a long skylight and generous granite stone benchtops.

“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.

55 Canadian Bay Road Mt Eliza Mornington Leader  Top-end bargain hunters already circling Mt Eliza amid pandemic capi 10dc2e6150cb18645eb618047a060138 2d765673f4e786cd99a66439cff695bc

55 Canadian Bay Rd offers lavish interiors and resort-style outdoors.

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.

MORE: Reserve smashed amid COVID-19 precautions

Warrandyte concrete ‘experiment’ finally sells

Gold boom 11-bed Fitzroy terrace for sale