66% AUCTION CLEARANCE RATE FOR THE MORNINGTON PENINSULA

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66% AUCTION CLEARANCE RATE FOR THE MORNINGTON PENINSULA

A solid set of outcomes from the weekend’s auctions on the Mornington Peninsula, with a clearance rate of 66% bucking the states average.  Premium property is continuing to attract above expectation results.  19 Shirley Avenue Sorrento; sold by Prentice Real Estate edged 20% past the indicated EPR and 46 Parklands Avenue Somers soared past its EPR of $1,100,000 to sell for $1,555,000. Recent national commentary suggests entry level and premium property isn’t experiencing the same difficulties as mid-level home sales.  Tighter lending regulations with the lens focused on borrowers living expenses is having an impact on loan amounts reducing the number of active buyers in this space. Most agents are reporting that mid-level property $1,000,000 – $2,000,000 is selling but taking longer than the heady days of last year.  Buyers in this bracket are asking a lot more of the vendors and when faced with reduced borrowing capacity a bit of give and take is needed to get deals done. As we head into winter the peninsula real estate market is still buoyant and over the next couple of weekends you’ll see a few big ticket homes open to the market for auction competition. 

A couple to keep your eye on over the coming weeks. 
58 Duffy Street Portsea
Kay & Burton Flinders
Scheduled for auction on Sunday June 10th @ Midday.
Marketed between $3.4M – $3.65M it is a significant piece of Portsea real estate.  Open for inspection this Sunday between 2:00pm & 2:30pm it would be worth a visit

2 Buxton Court South Mount Martha  
McEwing & Partners Mornington
Scheduled for auction on Saturday June 16th @ 11:00AM
Marketed between $2.5M – $2.75M
Open for inspection this Saturday between 2:00pm & 2:30pm.

This weekends auction schedule will updated on Wednesday; feel free to drop back and check out whats on offer.
For the last week of May there’s plenty of quality premium peninsula homes for sale.  See our selections at the tile below. 

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