Footsteps to the foreshore for $530k as buyers seek out bargains

A Mornington Peninsula house in original condition and within walking distance of the beach has sold within a week for $530,000, as buyers seek out affordable homes in top locations.Home buyers flocked to the three-bedroom house in the seaside suburb of Rosebud on the Mornington Peninsula, attracting 19 offers and more than 120 enquiries. Melbourne’s property market has been cooling, but real estate agents say buyers have remained active and on the hunt for bargains throughout the city and surrounding regions. The three-bedroom house at 25 Fifth Avenue, Rosebud sold for $530,000 earlier this month. Picture: realestate.com.au/soldMelbourne’s median home price has declined 4.3% to $823,000 during the year to August, although it remains 33.4% higher than a decade ago, according to the latest realestate.com.au Home Price Index. On the supply side, the number of new property listings in Melbourne in July was 14.3% lower than the same time a year ago, while total listings were just 5.3% higher. Property market conditions have been softening nationwide since the Reserve Bank started increasing interest rates and the federal government overhauled negative gearing and capital gains tax rule...