Buxton Real Estate recently orchestrated a notable transaction on Mornington Peninsula’s clifftop area, with a young family acquiring three interconnected properties for more than $61 million within 18 months.
“This transaction reflects a changing buyer pool,” said James Redfern, a real estate agent at Buxton. “Historically, these significant properties were rarely sold due to favourable tax conditions. However, recent tax law changes have prompted a shift, with ultra-wealthy buyers seizing rare opportunities to own prime coastal real estate.”
The trend toward coastal living has been growing, with many buyers now opting to transform their seaside properties into permanent homes. This shift from maintaining a city and a beach house to investing in one luxurious coastal property is reshaping the market.
“We’re seeing buyers embrace a permanent coastal lifestyle, trading the hustle of city life for the tranquillity of bayside and hinterland living,” said Madeline Kennedy of Buxton Real Estate.
While baby boomers have traditionally driven the market for high-end coastal properties, younger families are now increasingly choosing coastal life.
Drawn by the appeal of a nature-rich upbringing for their children, these families are migrating from areas like Melbourne’s eastern and southeastern suburbs.
“The Peninsula’s proximity to Melbourne makes it an attractive choice for those who commute part-time or want a peaceful lifestyle without sacrificing convenience,” Kennedy said.
Coastal Victoria towns attract residents with their serene beaches, lush hinterlands, and strong community ties. These towns offer a slower pace of life with access to excellent schools and outdoor activities, making them ideal for families and retirees.
Despite steady demand, an increase in available properties has led to a softening of prices, creating unique buying opportunities.
“The market correction has presented a chance to secure exceptional properties, including generational homes,” Kennedy said.
Tax reforms and rising interest rates pose challenges but also drive market evolution.
“We’re witnessing a ‘changing of the guard,’ with new buyers redefining the landscape,” Redfern said.
The Western Port side of the Peninsula, including towns like Flinders, Shoreham, and Somers, is becoming increasingly popular for those seeking a quieter, community-focused life.
Buxton Real Estate is committed to assisting buyers through these shifting dynamics, offering expert advice tailored to the unique aspects of coastal Victoria.
“We love where we live, and it’s a privilege to share our passion for this incredible region,” Kennedy said.
