Oliver Hume's Madison Hill development will see Mornington's biggest large scale land release in over a decade going to auction, with stage one land lots up to 3150 sqm going under the hammer this Saturday.
The luxury region’s most recent high profile residents include Carlton legend Chris Judd and his wife Rebecca, who last year purchased a $1.2 million two hectare holding at Main Ridge Mornington Peninsula.
The Mornington Peninsula this month received three significant honours at the prestigious Qantas Australian Tourism Awards in Darwin, claiming silver and two bronze gongs for excellence in food, self-contained accommodation and new tourism business.
Oliver Hume Director Paul Ciprian said Madison Hill was the only land development offered in the Mornington Peninsula and offered a landmark opportunity to secure large, vacant land in the popular and luxurious location.
“We’ve generated more than 1100 registrations of interest in total, and welcomed more than 200 groups through on opening day, so we’re expecting a big auction crowd for March 18,” he said.
Endless options on 3000sqm: One of the artist impressions for Madison Hill's land parcels.
“It has been more than 10 years since land of this size, quality and location has been released, ” he said.
“Each lot provides a unique opportunity to create a grand home free from the constraints imposed by space. “One of the north facing blocks up for auction –at 3150sqm–has the widest frontage at 45 metres, and has achieved record levels of enquiry.
“Given the location of Madison Hill, the size of the blocks and the strength of the local market, we expect a highly competitive auction for every parcel.”
The suburb has experienced strong growth in house prices in recent times with the median house price in September quarter rising 9.7% to $705,000. The whole Mornington Peninsula LGA saw prices increase 5.5% for the year to $650,000. Mr Ciprian said the Madison Hill parcels were ideal for grand, sprawling residences that made the most of the semi-rural location.
“It will be amazing to see what homes our buyers deliver on these blocks,” he said.“Living the good life on a grand scale will be easy with such impressive block sizes."
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.
Figures recently-released by the Australian Bureau of Statistics show that Victoria’s population is now larger than ever before and looks set to continue growing. In the year to 30 June 2016, the state’s population grew by over 123,000 people (2.1%).
The Mornington Peninsula could become home to one of Victoria’s most expensive tourism developments if the grand plans of a Chinese consortium get the go-ahead.
A water theme park, international hotel, boutique residences, indoor go-karting track, spa resort, hot springs centre, and prestige golf academy are all on the cards for the bold development at Moonah Links golf course.