3rd March 2019 / Josh Callaghan: MORNINGTON PENINSULA'S PROPERTY MARKET

Josh Callaghan is the Managing Director and Auctioneer of Fletchers Mornington Peninsula. As a dedicated and adaptive agent who thrives on building lasting relationships, Josh's deep connection and love of the Mornington Peninsula serves as a secure base from which to spring. Born and bred down south, Josh discusses the property market on the Mornington Peninsula and what to expect in the year ahead.

How has Mornington Peninsula's coastal market performed over the last 12 months?
We began to witness a change in buyer sentiment at auction with lukewarm competition in the market between February and March of 2018. With buyers becoming more conservative, bidding was noticeably harder because of this. Albeit, we still had some excellent sale results around the Easter period. The market moved through a noticeable transition over Winter, but started to find its feet again towards the later part of 2018. In January, we saw solid numbers through open homes. Properties that were well priced and reflective of the new market saw the most interest.

What opportunities do you see for your area?
A large chunk of our buyer pool are the baby boomers looking to retire into the area. There is opportunity for well thought out, ground level homes.

What would you say is the most popular method of sale in your area?
Predominantly, the majority of homes are sold via Private Treaty, mainly due to what agents in the area know and feel comfortable with. At Fletchers, 25% of our sales are via the Auction method of sale and it is a method which we have the ability and skill to execute for the local market. We are one of few agencies that have an in-house Auctioneer so there is no barrier for us to be able to recommend and employ.

What recommendations would you make to vendors looking to list and sell their coastal properties in 2019?
I recommend to focus on presentation, overall cleanliness and fix any maintenance items. Secondly, ensure the property is priced correctly and competitive from a value base and reinforce the campaign with quality marketing including cutting edge digital solutions. Thirdly, obtain a thorough understanding of how your agent responds to buyers, uses their database and what their communication method is with vendors during a campaign.

Can you share with us a highlight sale or listing from the past 12 months? What made this property a highlight for your office?
51 Revell St, Blairgowrie.
Sold for $2.45 million in October 2018.
The property was the second highest sale price for a property in Blairgowrie in 2018.

What are some of the best performing suburbs in your area? Why?
The suburb of Rye offers diversity for buyers. From first-home buyers, investors to luxury high-end. The area also offers varying property lifestyles, whether it be near the shops, beach and restaurants or the National Park and tranquillity of the roaring Ocean.

What are some of the biggest in-demand features for coastal homes in your area?
Ground level homes with family-friendly indoor/outdoor living, large bedrooms and quality inground pools appeal to the upper-end baby boomer buyer.