Why More Buyers Are Turning To The Mornington Peninsula

With its stunning beaches, thriving café culture and a relaxed coastal lifestyle, the Mornington Peninsula continues to attract homebuyers looking for a sea change.

Located just an hour from Melbourne (even though locals will deny it), and with interest rates expected to ease, experts say the region is set for even more activity in the coming months.

Lap up the coastal lifestyle

Locals love the Mornington Peninsula for its quiet community feel, its abundance of cafes and restaurants and, of course, its breathtaking coastline. 

With “30km of flat, shallow, safe beaches”, it’s the kind of place that offers a relaxed seaside lifestyle without having to venture too far from the city.

“The Mornington Peninsula has plenty of things on offer,” explains Bendigo Bank Relationship Manager Dan Dietzel. 

“Whether you want to live suburban, semi-rural or by the ocean, there’s heaps on hand. 

“There are also a number of award-winning wineries and restaurants, so there’s plenty to enjoy.”

A market set to heat up

While the property market experienced a slight lull in the latter half of 2024, Marshall White Mornington real estate agent Jake Egan says prices have remained “relatively stable”. 

However, demand for high-quality properties is still strong.

Summer on the Mornington Peninsula is full of sun, surf and family fun. Picture: Getty

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“Good quality properties are still in demand, and I expect pricing in the back half of 2025 into 2026 is is going to increase dramatically,” Egan says.

For buyers looking to enter the market, now could be the time to secure a home before prices climb again.

A prime spot for first-home buyers

First-home buyers are increasingly drawn to the peninsula, particularly in more affordable areas.

“The Mornington Peninsula is a great place for first-home buyers, particularly in the mid and southern parts of the peninsula like Dromana, Rosebud, and Capel Sound,” Dietzel explains. 

The Victorian Home Buyer Fund, available through Bendigo Bank, is also helping more Australians secure a home in the region.

The Victorian Home Buyer Fund is a shared equity scheme designed to help eligible buyers purchase a home with a smaller deposit. 

Under the program, the Victorian Government contributes up to 25% of the purchase price (or 35% for Aboriginal and Torres Strait Islander homebuyers), reducing the amount buyers need to borrow. 

This allows buyers to enter the market sooner with as little as 5% deposit while avoiding the need for Lenders Mortgage Insurance (LMI). 

The Peninsula gives easy access to places like Diamond Bay, a popular family beach surrounded by sandstone cliffs. Picture: Getty

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The buyer then repays the government’s share over time as their financial situation allows.

“With Bendigo Bank’s availability for the Victorian Home Buyer Fund, we’re seeing people get affordable houses at a cheap price, making it achievable to own a slice of paradise.”

What’s next for the ‘ninch?

Looking ahead, the market is expected to pick up pace as interest rates ease, bringing more buyers back into the fold.

“I think the next six months in the Mornington Peninsula are going to see a lot more positivity, with more transactions this year than what we saw last year,” Egan predicts.

“I think buyer numbers will gradually increase, especially with rate cuts and just that sentiment of people getting on with things.”

With more buyer confidence, a growing number of transactions, and a lifestyle that continues to draw interest, the Mornington Peninsula remains one of Victoria’s most desirable places to buy a home.

The Mornington Peninsula is set to attract droves of buyers in 2025. Picture: Getty

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For those thinking of making the move, Dietzel says having local experts to help you navigate the sea change process is key. 

“By having local knowledge of the area, I can tee you up with local agents and conveyancers to help make your purchase a smooth and stress-free process,” he says.

Having the right experts in your corner

Whether you’re after a coastal retreat, a family-friendly community or a long-term investment, the Mornington Peninsula offers the perfect blend of lifestyle and opportunity. 

And with price growth expected and more people looking to enter the market, now could be the right time to make your move.

For buyers looking to take advantage of current market conditions, Bendigo Bank can help navigate the home-buying process, offering tailored financial solutions and access to initiatives like the Victorian Home Buyer Fund.

With expert local knowledge and personalised service, Bendigo Bank is committed to helping buyers secure their dream home with confidence.