When I began selling real estate in Mt Martha in 2005, the marketplace was completely different to current property climate. In those days there was a regional feel to the real estate arena in Mt Martha, with the majority of properties selling via private sale in around 120 days. Auctions would generally fail, and with 400 or so properties on the market there was no sense of urgency. House prices in Mt Martha were so much lower than inner city Melbourne but the facilities and surrounds were so superior.  It really didn’t reconcile in my mind.

Fast forward to 2018 and the market has changed significantly.  Now around 20 per cent of houses are sold via auction with concise campaigns, and with Vendors happy to expose their properties on the weekends via home inspections.  Today there is seldom more than 100 properties on the market at any one time, and with decreased supply comes increased demand.  Properties for sale and days on market are the two key barometers for the real estate health of an area, and Mt Martha is leading the way in the metropolitan area for the speed at which properties are selling, and the lack of availability.

There are a number of factors that have contributed to this rise in property value in Mt Martha. The opening of Peninsula Link in 2009 resulted in a more a relaxed drive (with no traffic lights) and a reduced commute time from the city (around 55 minutes). The area became more accessible, and add to that the changing face of the workplace - with more people working from home and hot desks becoming the norm - more and more people are choosing to live on the edge of the urban sprawl. 

Mt Martha also offers considerably better value for money in terms of property prices. Families are selling up their city and suburban homes and making the sea change, and getting change in their pocket with better properties at lower prices. And there is the added bonus of being set on beautiful Port Phillip Bay with sea views, fresh air and the village lifestyle that Mt Martha offers. It is a gateway to the hinterland of the Mornington Peninsula, with the wineries, restaurants and tourist attractions the area offers.

It’s also interesting to witness the changing profile of the local Mt Martha community. Traditionally an area that attracted an older demographic of retirees, the average age of residents is now 30 - 50 years. It is an incredible shift within a decade, with the grandchildren of original residents now moving into the area with their young families. The average house price is currently around $920,000, and that amount achieves a much more significant property, ideal for growing families, than can be achieved in inner Melbourne.

Local Mt Martha residents love the peacefulness of the area, and that there is space to breathe.

Interestingly, there are only 6.4 people per hectare living in Mt Martha compared to 8.11 people per hectare living in Mt Eliza, 11.81 people per hectare living in Mornington and 63.53 people per hectare living in Richmond.

With an inviting coastal location, easy proximity to the CBD and access to fantastic schools, shopping, restaurants and wineries, demand for properties in Mt Martha is destined to rise, and rise quickly. And with record sales above reserve, a very fast on market turnaround and a shortage of supply, house prices look set to continue to soar.

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