Young family spends $61m on Mornington Peninsula clifftop properties

A young family has purchased three connected properties on Victoria’s Mornington Peninsula for more than $61 million, highlighting a significant shift in the coastal property market.

The family acquired the clifftop properties over an 18-month period through Buxton Real Estate, marking one of the region’s largest residential transactions.

“This transaction reflects a changing buyer pool,” said James Redfern from Buxton Real Estate.

“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,” he said.

The sale reflected a broader trend of buyers converting holiday homes into permanent residences along Victoria’s coast.

Madeline Kennedy from Buxton Real Estate said buyers were increasingly choosing to live permanently by the water.

“We’re seeing buyers embrace a permanent coastal lifestyle, trading the hustle of city life for the tranquillity of bayside and hinterland living,” she said.

While baby boomers traditionally dominated high-end coastal property purchases, younger families from Melbourne’s eastern and southeastern suburbs have begun moving to the area.

Kennedy said the region’s location made it attractive for hybrid workers.

“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,” she said.

The market has seen some price corrections, creating new opportunities for buyers.

“The market correction has presented a chance to secure exceptional properties, including generational homes,” Kennedy said.

Towns on the Western Port side of the Peninsula, including Flinders, Shoreham, and Somers, have gained popularity among buyers seeking quieter locations.

Property prices have softened due to increased housing stock, despite steady demand in the region.

Changes to tax laws and rising interest rates have influenced buying patterns across Victoria’s coastal property market.

“We’re witnessing a ‘changing of the guard,’ with new buyers redefining the landscape,” Redfern said.