Triple clifftop property deal inked for $61 million in Sorrento on the Mornington Peninsula

A $61 million deal for three properties, sold to one family, underpins the unshakable allure of trophy homes in a prime coastal region of Victoria.

The young family quietly bought the consecutive cliff-top Sorrento estates, over 18 months, with the intention to create a family compound, through James Redfern of Buxton Mornington Peninsula.

The blocks flow down to the bay, with private beach access, shared jetty use and endless blue horizon.

Redfern would not be drawn on the particulars of the sale, due to confidentiality.

The deal demonstrates how the luxury market on the Mornington Peninsula retains depth, as the market more broadly balances.

House prices on the Mornington Peninsula have decreased 6.8 per cent over the 12 months to December, Domain’s latest House Price Report shows. For units, the drop was 5.1 per cent.

Redfern, who focuses on large land parcels, farms and the cliff-top market, says there have also been subtle price tweaks, even at the very stratosphere.

“It endures, but after saying that there has been a sentiment change in buying these properties,” he says. 

“They are still going for very healthy prices, but what a healthy price is to one – a buyer – could be quite a different thing to a vendor, so there has been an adjustment of those two positions. But if it is really super special, super rare, there always will be a market for it – you just have to find it.”

Expressions of Interest | $3,700,000 - $4,000,000

23 Beverley Hill Road, Somers VIC 3927

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Buxton Mornington Peninsula’s Madeline Kennedy, who specialises in the Western Port side, including Flinders, Red Hill, Somers and Shoreham, says demographics are changing, as young families come into the area.

“There seems to be an almost changing of the guard, where families who have owned Portsea, Sorrento and Flinders properties for a long time, are selling, and it is bringing in a new generation of buyers , some are semi retirees, some are young families,” Kennedy says.

“Some are seeking acreage – but acreage is not for everyone. Some people still have that romantic idea of ten and 20 acres, with space for kids and grandkids to enjoy, others want a beach house within walking distance to the beach and or a sea view.”

Expressions of Interest | $4,000,000 - $4,400,000

60 King Street, Flinders VIC 3929

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Some properties bought during the COVID era on the peninsula are re-transacting, and for corrective sums that are providing an opportunity for aspirational buyers to get into the market.

So-called passive buyers are also a big consideration. These are buyers who are not seriously in the market until a specific address or style of home is listed and then they act, Kennedy and Redfern say.

The wineries and top-tier restaurants around the verdant rural communities of Red Hill, Main Ridge and Merricks are an enduring part of the peninsula’s attraction – just right for those who want to merge the best of coast and country.

Private Sale | $5,000,000 - $5,500,000

181 William Road, Red Hill VIC 3937

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“We are now in a more balanced market, we had a great 2024 in terms of volume, and the market seems to have found its new level, although it’s a living breathing thing, it changes,” Kennedy says.

 “Vendors have taken some time to acknowledge that the market is not where it was before and if you want to sell, you have to manage your expectations on price. We are still ahead of pre-Covid pricing.”