WITH just 12 homes for sale and a median house price half that of Portsea, Red Hill is a suburb in high demand.
The small Mornington Peninsula suburb is the most searched among buyers in Victoria on realestate.com.au.
The property listings site’s report on the most in-demand suburbs also lists Red Hill fourth nationally, with the top 10 covered by four states.
The rankings are based on the number of views per property listed for sale on the website.
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Local agents say many people are keen to enter Red Hill, which had just 731 residents in the 2011 Census.
Homes there are tightly held, with owners holding on for long periods, with a median of 13.5 years.
Just 13 sales have been recorded since the start of this year, records show.
Two recent listings have come under offer, with another dozen listed for sale on realestate.com.au as at October 19.
The beautiful surrounds and semirural feel plus a growing cafe and food scene are among the factors behind the area’s rising popularity, according to agents.
Rolling hills and semirural ambience are features of the suburb.
“Red Hill attracts a lot of aspirational buyers and we see more families coming here in addition to those retiring or looking for holiday homes,” Kay & Burton Flinders agent Meg Pell said.
“We find buyers are very particular about what they want and so take their time to find the right property.
“Perhaps this is why the area ranks high with searches by buyers.”
It also has a family friendly and safe image, which was attractive to buyers, Ms Pell said.
The area offers a “country lifestyle and still reasonably priced homes compared to more pricey Shoreham and Flinders”, according to RT Edgar Mt Eliza director Vicki Sayers.
“It has a great community feel and is also becoming cosmopolitan with more restaurants and cafes and markets,” Ms Sayers said.
Red Hill had a median house price of $895,000 in the 12 months to July, CoreLogic data shows. The median price has risen 39 per cent over a three-year period.
While rising strongly, the median price is still well behind the nearby suburbs of Flinders, Sorrento, Fingal and Balnarring Beach where median house prices are above $1 million. Portsea had a $1.945 million median house price over the same period.
“Red Hill is quite far from town but offers the ability to buy beautiful big homes,” realestate.com.au chief economist Nerida Conisbee said.
“Dollar per square metre you get a lot more for your money than when you move into the inner Melbourne suburbs.”
Ms Conisbee added the peninsula was “increasingly an area people are willing to commute from and there are a lot of beautiful homes there”.
“It comes down to the big homes on the big blocks but also the premium nature of properties in the area,” Ms Conisbee said.