The Mornington Peninsula market is the beachside escape of Melbourne’s well heeled and increasing the preferred place of retirement for many who are ready to escape the hustle and bustle of the city. Portsea tops the Peninsula market with a median of $3.8M, however there are some absolute cracker properties dotted across the Mornington Peninsula.
Mornington Peninsula’s most expensive home sales
The most expensive home ever sold on the Mornington Peninsula was this clifftop estate in Portsea, “Westbank” purchased by Ben Gray in 2022 for an eye watering $30M.
Westbank, Portsea. Image credit: AFR.
The previous record breaker was Ilyuka which sold for $27M way back in 2010 – ahead of its time in many ways. Rob Mills architects have since completed an incredible renovation of the property.
Ilyuka, Sorrento. Image credit: Rob Mills Architects.
In 2023, “Blue Bay” in Sorrento hit the market for a coool $26M, a gorgeous Mediterranean inspired estate.
Blue Bay, Sorrento. Image: realestate.com.au.
Horizon, Flinders. Image Credit: realestate.com.au
The beautiful “Yarrowee” sold for $26.7M in 2021, with sweeping views across Westernport Bay and sitting on 67 hectares, it was a sizeable transaction.
Yarrowee, Flinders. Image: Peninsula Sotheby’s.
Sorrento’s “Amalfi” was another property that transacted, though at a lower amount compared with the other properties above for a cool $13M.
Amalfi Mansion. Image: realestate.com.au
As the Mornington Peninsula market has cooled post-COVID, will we see more record setting prices in coming months? The ultra luxury property market tends not to follow the same cycle as lower percentiles, so it is highly likely that we’ll see properties like those on Portsea’s millionaires row continue to transact as usual.