The population is growing faster than ever
The Mornington Peninsula has experienced steady population growth (1.1%) over the last year, just below Victoria’s average of 1.9%. Demographers predict a 14% growth forecast between 2015 and 2036.
The demand for residential property is expected to remain strong throughout coastal and rural regions. This should fuel demand for areas with easy access and transportation, like the Mornington Peninsula.
The increase in population will see a shift toward more medium density living and suburb development in traditionally semi-rural areas.
Demand for permanent residential property in the coastal areas will provide competition to those looking to own a holiday home or investment property.