Mornington Peninsula housing market sees median prices drop 5.7% in past year

The Mornington Peninsula housing market has seen a decline, with median house prices dropping 5.7% to $915,961 over the past year. Homes are now selling in a median of 35 days, up from 29 days in December 2023. The typical house is now $172,417 cheaper than its peak in March 2022. Demand has slowed as many Melburnians return to city living, and interest rates remain high. Despite this, local sellers are still listing properties. Some residents are finding it challenging to upgrade due to limited listings. Buyers report that many homes are overpriced, leading to longer selling times. The market's slowdown has created hesitancy among potential sellers.