House prices have soared by 50 per cent in some Mornington Peninsula suburbs over the past five years, as the shire council considers taxing property developers and diverting the funds into new social housing.
“The Mornington Peninsula really has been a star performer overall for Greater Melbourne. It was that lifestyle location and sea change, where working in this hybrid environment and remotely, really opened up opportunities for people to reevaluate lifestyle,” Powell said. Curtain said after a “terrific spurt of growth” he expects prices to plateau as more supply has come to market. Each of the peninsula suburbs ranked in the top 10 over five years has a lower median price than a year ago.
Renovations or replacements of existing homes, granny flats and public buildings would be exempt. The Mornington Peninsula Shire mayor was contacted for comment. Grudnoff said the levy could boost local development, and local workers needed affordable properties to live in. The Salvation Army Victorian state manager of homelessness Peter McGrath said there was not enough affordable housing on the Mornington Peninsula to meet demand.“We’re now getting an increase in people coming to our service who are struggling to keep rents and then needing assistance to apply for social housing...we’re even getting calls from people who are on mortgages, who are seeking assistance because of the increasing cost of living,” McGrath said.
Property Property Latest News, Property Property Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: FinancialReview - 🏆 2. / 90 Read more »