The beach town 15 minutes from Sorrento but $1 million cheaper

Welcome to Tootgarook, a small suburb on Victoria’s Mornington Peninsula, where the median house price is $1 million lower than some of its famous neighbours.

Tootgarook may be lesser known than its coastal co-stars – Portsea, Sorrento, Blairgowrie, Rye and Rosebud – but the suburb’s incredible capital growth over the past five years suggests buyers are catching on.

Tootgarook offers a lower median house price than Sorrento.Credit: Prentice Real Estate

The latest Domain House Price Report reveals Tootgarook’s median house price surged by 46.7 per cent in five years, taking its median house price to $880,000.

Tootgarook is the most affordable suburb within 15 minutes of Sorrento, where the median house price is $1.88 million. Also neighbouring Tootgarook are Rye ($1.045 million) and Blairgowrie ($1,442,500) – all within reach in 10 minutes or less.

Tony Talarico of YPA Estate Agents Mornington Peninsula is not surprised by Tootgarook’s capital growth.

“I always thought that Tootgarook was a suburb that was undervalued … so I’m not surprised that it has had such high growth in the last few years,” he says.

Talarico attributes Tootgarook’s capital growth to price hikes in neighbouring suburbs, especially Rye, that have broadened buyers’ search pool on the Mornington Peninsula.

In the past five years, Talarico says, “Rye started to become a lot more expensive, and the gap between the values in Rye and Tootgarook became quite significant”.

“People just saw better value in Tootgarook and probably hence why values probably started going up in that area as well,” he says.

Rachael Holman of Hodges Rye has worked on the Mornington Peninsula for nearly 20 years and has seen interest in Tootgarook skyrocket, particularly in the past five years.

“It’s probably been one of those areas that’s probably been a little bit overlooked and there’s some really great spots in there and some really great buys,” she says.

While the pandemic boosted Tootgarook’s house prices, Holman says, “if you look at the figures even pre-COVID … the growth is still there”.

Beyond the more affordable price gap compared to its neighbours, Tootgarook is also appealing to both locals and holiday-makers for its central location on the peninsula.

“You’ve got good shopping at either Rye or Rosebud, and you’ve got the big aquatic centre in Rosebud now too, and if you drive down to Sorrento, there’s terrific shopping in Sorrento as well,” says Holman.

Another drawcard is Tootgarook’s easy route back to Melbourne.

“You’re that much closer to the city when you’re at Tootgarook because you’re not all the way down the end of the peninsula, and it’s an easy drive to get on the freeway and you’re back in the city or wherever it is at the end of your weekend,” Holman says.

For those considering property in Tootgarook, Talarico says homes surrounding the front beach are prime real estate.

“It’s highly sought after, especially that front part of Tootgarook where you can walk down to the front beach; it’s flat, so for those who have boats and caravans and jet-skis it’s a perfect place to buy a property,” he says.

Whether you plan to live in Tootgarook permanently or whiz down on the weekend to catch that salty beach breeze, you can get plenty for the median house price of $880,000.

“For that sort of money, you can get three or four bedrooms, two bathrooms, a garage … they will most likely have a block that’s anywhere sort of between 600 and 900 square metres,” Talarico says. “It’s certainly an area that is still offering good value for money.”

This article was originally published by Domain.com.au. Reproduced with permission.