There is a changing of the guard in Moorooduc’s long-held acreage properties.
Younger buyers, mainly families seeking a treechange, are slowly take over from long-time residents.
Located at start of the Mornington Peninsula, the thinly-populated suburb is seeing a steady stream of newcomers move in as vendors downsize or retire elsewhere.
While the residential homes segment of the peninsula has softened over the past 12 months, Moorooduc acreages have maintained or exceeded their price expectations, local agents say.
Most recent buyers are either from closer to the city or from nearby peninsula suburbs, One Agency agent Campbell Noonan said.
“Moorooduc cuts the travel time to the city by 30 minutes compared to areas further south and is still very quiet compared to busier suburbs,” he said.
O’Brien Chelsea agent Matt Christie, who has sold several properties in the area recently, said the main attraction was the lifestyle that acreage homes offered.
“We see younger families and also two-generation families moving in, either permanently or for weekend and summer getaways,” Mr Christie said.
“It is the land which is sought after by buyers although the newer homes on acreages are fetching strong prices as well.”
Recent sales include 1061 Stumpy Gully Rd, a three-generation owned apple orchard on 22ha, which fetched $200,000 above the top of its $2.4-$2.6 million price guide.
There were multiple offers for the property, with the new owners leasing back ‘Atlanta Apple Orchard’ to the vendors, Mr Christie said.
The agency also sold nearby 108 Graydens Rd for $1.75 million in July. The vendors had been there since the 1980s.
Another long-held property at 253 Mornington-Tyabb Rd was sold under the hammer for $1.65 million by One Agency Peninsula.
The dated farmhouse property with a huge shed had a price guide of $1.4-$1.54 million and sold well above the vendor’s reserve, Mr Noonan said.
The vendors have been there for nearly four decades while the buyers are from nearby Mt Eliza.
“The vendors have got their motor home packed and are all ready to travel,” Mr Noonan said.
“The family moving in includes a keen horse rider and they will develop it into a showpiece property.”
The suburb of just more than 1000 residents is tightly held, with insufficient sales to generate a median house price.
There were just eight listings on realestate.com.au and two rentals available as of August 8.
It is listed as a high demand suburb with almost 40 per cent of residents made up of older couples or families.
In 2017, there were 21 sales recorded, and 2018 saw 17 transactions. Most of the sales from 2018 have been for more than $1 million, CoreLogic data shows.
There have been 10 sales so far in 2019, with seven transactions above $1 million.
A 41ha property at 144 Graydens Rd took the suburb record in 2008 for $4.4 million.
Combining the charm of the country and the coast, properties here are easily accessible with Peninsula Link and considered more affordable than popular suburbs such as Mt Eliza, Red Hill or Sorrento.
It is close to urban amenities and equally accessible to the beaches of Port Phillip and Western Port bays.