Mornington’s first large scale land release in more than 10 years, marketed by Oliver Hume, has been a strong success with 12 of 14 land lots selling at auction, featuring sizes from 2035sqm to 3150sqm.
42 registered bidders were present for the auctions at Mornington’s Madison Hill Stage 1 Land Release where the highest price fetched was $840,000 for a 2409sqm land lot.
The buyers of this lot are retired and lived less than five kilometres away from the development, according to marketing agents Oliver Hume, who also reported the couple was “downsizing from around 10 acres”.
It was reported that all buyers at the auction were locals, except one who was from Belgrave. Profiles ranged from young families to older, retired couples who were looking either to upsize or downsize.
Oliver Hume Director Paul Ciprian said nearly all enquiries had come from locals, with younger buyers wishing to upsize and some older buyers wishing to “downsize” from acreage to a Madison Hill address.
Madison Hill incorporates a total of 47 lots ranging in size from 2000sqm to 6000sqm. Stage One is the only available land at present.
Oliver Hume Research Manager George Bougias said the demand for land in Melbourne’s growth corridors continued to accelerate in 2016 with little chance of a slowdown in the short term.
Mornington Tourist Railway and Mornington Racecourse is located nearby with Padua College and a number of other schools also within walking distance to Madison Hill.