James Nelis
Grovedale, VIC+18
Regional Victoria · Mornington Peninsula
Mornington is the cosmopolitan heart of the Mornington Peninsula, offering a sophisticated coastal lifestyle where seaside charm meets urban convenience. Known for its stunning bay beaches, vibrant arts scene, and the bustling village atmosphere of Main Street, it provides a perfect blend of relaxation and recreation just over an hour from Melbourne.
Market snapshot
Price register · May 2026
Median house
$1.30M
Mid-band $1.3Mspread 10%
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Create Your Free ProfileLast reviewed 13 May 2026
Median unit
$814,000
Mid-band $814Kspread 10%
Days on market
31 days
Median listing-to-sold window. Shorter = tighter buyer field.
Auction clearance
65%
Share of auctions sold. Brisbane skews private-treaty.
Rental yield
2.8%
Gross yield on house stock. Premium suburbs compress.
5-year house-price growth
+33.5%
cumulative since 2021Who buys here
Downsizers · Families seeking lifestyle · Sea-changers and remote professionals
5-year trend
Modelled trajectory anchored on aggregated 5-year median figures. Indicative; not month-by-month observed data.
Market analysis
The Mornington property market is defined by high demand and tightly held supply, positioning it as a prime target for capital growth-oriented buyers. As of May 2026, the median house price sits at approximately $1.30M, with units at $814,000. The market is currently in what can be described as an 'accelerating growth' phase; after a period of consolidation, momentum is building again.
This is evidenced by a rapid sales cycle, with houses selling in just 31 days on average. A key driver of this demand is the suburb's powerful lifestyle appeal, attracting a steady stream of downsizers, families, and professionals from Melbourne seeking a coastal change without sacrificing amenities. This demographic shift was amplified by the rise of remote work, making the 75-minute commute to the CBD a less frequent concern.
Supply remains structurally low, with a stock on market figure below 1% of total dwellings and long average hold periods. This scarcity fuels competition among buyers. While the rental yield for houses is modest at around 2.8%, the rental market itself is extremely tight, with vacancy rates below 1%. This indicates strong underlying demand for housing in the area and supports long-term price resilience. The market is less suited for investors seeking immediate cash flow, but its strong fundamentals—affluent demographics, limited supply, and persistent lifestyle demand—point towards sustained capital appreciation over the long term.
Mornington's tightly constrained supply and relentless lifestyle demand create a compelling case for long-term capital growth.
Why a buyers agent
In Mornington, the most desirable properties are often sold before they ever hit the major real estate portals. The market is heavily influenced by relationships, with top agents maintaining exclusive lists of off-market and pre-market opportunities. An expert buyer's agent with deep local connections can grant you access to this hidden market. Furthermore, pricing is nuanced. The value of a property can change dramatically based on its specific location—whether it's in a coveted school zone, has bay views, or is within walking distance to Main Street. A local specialist understands these micro-markets and can identify true value, preventing you from overpaying in a competitive environment. They can also navigate the fast-paced nature of sales, where properties sell in as little as 31 days, ensuring you can act decisively and effectively to secure a premium home.
Enjoy a sophisticated seaside atmosphere with beautiful, safe swimming beaches, a bustling pier, and endless recreational activities, all while being just over an hour from Melbourne.
The historic and lively Main Street is the heart of the suburb, offering a huge array of boutique shops, acclaimed restaurants, cafes, and a famous weekly market.
The market is characterized by extremely tight housing supply and persistent demand from lifestyle-driven buyers, creating a solid foundation for long-term property value growth.
With highly regarded schools such as Padua College and Mornington Secondary College, numerous parks, and a strong community focus, Mornington is an ideal location for families.
Compare
| Metric | This suburbMornington | NearbyMount Martha |
|---|---|---|
| Median house | $1.30M | $1.45M |
| Median unit | $814,000 | $810,000 |
| Auction clearance | 65% | 45.5% |
| Days on market | 31 days | 38 days |
| Year-on-year growth | +3.9% | +4.7% |
| 5-year growth | +33.5% | +20.8% |
| Rental yield | 2.8% | 3.4% |
| Postcode | 3931 | 3934 |
Snapshot date varies by suburb; see individual suburb pages for figures.
The place
As the vibrant gateway to the Mornington Peninsula, Mornington offers a premier coastal living experience. Its character is defined by the sophisticated yet relaxed atmosphere of Main Street, a tree-lined strip featuring over 370 businesses, from high-end boutiques and acclaimed restaurants to casual cafes and wellness studios. The street culminates with views of Port Phillip Bay, leading to the area's beautiful beaches. Safe, sandy bay beaches such as Mills Beach and Fishermans Beach are local favourites for families and swimmers. Education is a significant drawcard, with a range of well-regarded schools catering to the community. These include Mornington Primary School, Mornington Park Primary School, St Macartan's Parish School, and the highly sought-after secondary options of Mornington Secondary College and the independent Padua College. While there is no direct train line to Melbourne, connectivity is excellent via the Peninsula Link freeway, making the CBD accessible in just over an hour by car. Public transport is handled by an extensive bus network that connects Mornington to the wider peninsula and to the metropolitan train line at Frankston, with key routes including the 781, 785 and 788 services. Recreation and lifestyle are central to Mornington's appeal. The iconic Mornington Racecourse hosts regular events, and the weekly Wednesday market on Main Street is a local institution. The suburb is surrounded by natural beauty, with numerous parks, coastal walking trails, and the Mornington Peninsula National Park just a short drive away, offering endless opportunities for outdoor pursuits.
Frequently asked
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The 5-year trajectory is a modelled curve anchored on the documented cumulative growth rate. Editorial review: 13 May 2026. Updated quarterly.
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