Hey all!
I'm interested to get people's thoughts on Mornington (VIC) as a potential area to invest in. The place I'm considering will yield 5% which isn't too bad and partially one of the reasons I'm considering the location.
Statistically, it has performed quite poorly over the past 5 years, median prices are only marginally higher in that time (averaging about 5% gain a year over the last 5 years according to yourinvestmentpropertymag.com.au suburb report). Homes are on market for an average of 84 days (rpdata) which indicates very low demand I believe.
Mornington is a lovely place however imo. Situated between two high end real estate areas being Mount Martha and Mount Eliza. The shopping district is lovely with lots of character. I think it has great potential in years to come but perhaps not in the short term future based on current demands. I can see it as a great place to retire and with the baby boomer generation nearing retirement over the next 10-15 years could this possibly be a highly sort after location like its neighbours Mount Martha and Mount Eliza?
What are people's thoughts on the area?
I'm interested to get people's thoughts on Mornington (VIC) as a potential area to invest in. The place I'm considering will yield 5% which isn't too bad and partially one of the reasons I'm considering the location.
Statistically, it has performed quite poorly over the past 5 years, median prices are only marginally higher in that time (averaging about 5% gain a year over the last 5 years according to yourinvestmentpropertymag.com.au suburb report). Homes are on market for an average of 84 days (rpdata) which indicates very low demand I believe.
Mornington is a lovely place however imo. Situated between two high end real estate areas being Mount Martha and Mount Eliza. The shopping district is lovely with lots of character. I think it has great potential in years to come but perhaps not in the short term future based on current demands. I can see it as a great place to retire and with the baby boomer generation nearing retirement over the next 10-15 years could this possibly be a highly sort after location like its neighbours Mount Martha and Mount Eliza?
What are people's thoughts on the area?