29 Susan Street, Red Hill VIC 3937 Independent Buyer Report
Property at a glance
29 Susan Street sits within the Red Hill township on Victoria’s Mornington Peninsula – one of the state’s most structurally constrained lifestyle markets. The township is bounded on all sides by Green Wedge zoning, meaning new residential supply in the village cannot be created through subdivision of surrounding rural land. Township properties trade infrequently – approximately 15 houses across the entire suburb in the 12 months to November 2025 – and when they do, buyers are primarily acquiring land and location rather than the existing dwelling.
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Based on verified 2024–2025 comparable sales, the current base-case value range for a standard Red Hill township dwelling in good original or partly renovated condition sits between $2,200,000 and $2,600,000.
Location and access
Red Hill is approximately 61–63 km south-east of Melbourne CBD by road. Travel time to the CBD is 80–100 minutes under normal traffic conditions via the Mornington Peninsula Freeway – off-peak can approach 75 minutes. This is a lifestyle and weekend market. Daily commuting is not practical at this distance for most buyers; the buyer profile is dominated by second-home purchasers, hybrid-work professionals and permanent lifestyle relocators.
The township sits at approximately 181 metres elevation on the hinterland between Port Phillip Bay and Western Port. It is administered by the Shire of Mornington Peninsula and is well known for cool-climate wineries, farm-gate produce and the monthly Red Hill Market (September to May).
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What comparable sales tell us
The table below reflects verified transactions in the Red Hill township, weighted toward 2024–2025 evidence. Two 2022 sales are included as historical context – they transacted near the post-COVID lifestyle peak and overstate the current market by approximately 10–15%.
| Address | Sale Date | Config | Condition | Price |
| 18 Collins St, Red Hill | Apr 2024 | 4B / 2Ba | Original / liveable | $1,865,000 |
| 700 White Hill Rd, Red Hill | Oct 2024 | 4B / 2Ba | Renovated | $2,100,000 |
| 418 Arthurs Seat Rd, Red Hill | May 2024 | 4B / 2Ba | Renovated | $2,720,000 |
| 5 Pine Ave, Red Hill | Nov 2024 | 4B / 2Ba | Renovated, village-adjacent | $3,150,000 |
| 11 Eatons Cutting, Red Hill | Jun 2025 | 4B / 2Ba | Original condition | $1,620,000 |
| 15 Elizabeth St, Red Hill | Nov 2022 | 4B / 2Ba / 3P · 1,012 m² | Renovated | $2,175,000 (2022 peak) |
| 1 Mechanics Rd, Red Hill | Sep 2022 | 5B / 3Ba / 3P · 1,295 m² | Renovated, larger block | $2,500,000 (2022 peak) |
Original-condition township properties are currently clearing between $1,620,000 and $1,865,000. Renovated homes in good positions trade from $2,100,000 to $3,150,000 depending on quality, land size and street position.
Land value
In Red Hill, the land component typically represents 65–80% of total property value. Construction costs for quality residential work on the Mornington Peninsula currently range from $4,000 to $6,500 per m², which reinforces the primacy of securing the right site. The rate-per-m² analysis below is based on verified township sales where both price and land area are known.
| Scenario | Rate per m² | Basis | Implied value (800 m²) | Implied value (1,000 m²) |
| Low | $1,500/m² | Jun 2025 comparable – original condition | $1,200,000 | $1,500,000 |
| Mid | $2,000/m² | Blended 2024 township transactions | $1,600,000 | $2,000,000 |
| High | $2,500/m² | Renovated / premium street position | $2,000,000 | $2,500,000 |
| 2022 peak | $2,700/m² | Post-COVID high – not current market | $2,160,000 | $2,700,000 |
The exact land size for 29 Susan Street should be confirmed via title search before finalising any land value calculation.
Planning constraints
29 Susan Street falls under the Mornington Peninsula Planning Scheme administered by the Shire of Mornington Peninsula. The township is zoned General Residential Zone (GRZ) or Low Density Residential Zone (LDRZ) – buyers should confirm the specific zone via VicPlan before exchange, as the two carry different requirements.
The Green Wedge Zone surrounds the township on all sides and prohibits residential subdivision of rural land. This is the primary structural mechanism keeping supply constrained; it is a permanent legal control, not a market cycle.
Key overlays to check on this specific property:
Design and Development Overlay (DDO): Building height is typically capped at 9 metres / 2 storeys. Neighbourhood character requirements apply to new works, particularly front facades.
Environmental Significance Overlay (ESO): A planning permit is required for vegetation removal and earthworks. This affects landscaping, garden renovation and any site preparation for an extension.
Vegetation Protection Overlay (VPO): Tree removal requires a permit. Non-compliance is a planning offence. An arborist assessment is recommended if any significant vegetation is affected by renovation plans.
LDRZ wastewater requirement: If the property is zoned LDRZ rather than GRZ, all wastewater must be retained and treated on-site. Commission a pre-purchase septic inspection before proceeding if this applies.
A pre-application meeting with Mornington Peninsula Shire’s planning team costs nothing and will clarify what any proposed renovation or extension would require before you commit.
Valuation scenarios
With only approximately 15 house sales across the entire suburb in the past 12 months, each comparable transaction carries significant weight. The scenarios below are anchored to verified 2024–2025 evidence.
| Scenario | Value range | Conditions | Probability |
| Bear case | $1,800,000 – $2,100,000 | Single bidder, negative building and pest findings, or slow market window | 25% |
| Base case | $2,200,000 – $2,600,000 | 1–2 active bidders, standard condition, typical auction | 55% |
| Bull case | $2,600,000 – $2,900,000 | 2+ lifestyle buyers competing, renovated or well-presented dwelling | 20% |
Exceptional architectural renovations in this suburb have achieved $3,100,000–$3,271,000 in late 2024 data. These outcomes reflect $280,000+ renovation investment and are not applicable to an as-is or standard-condition acquisition.
Who typically buys in Red Hill township
Three buyer segments drive competition at Red Hill township auctions. Understanding them matters because each has a different price ceiling and a different reason for being there.
Lifestyle and weekend buyers draw predominantly from Melbourne’s inner south-east – Brighton, Toorak, Hawthorn, Armadale. They are acquiring a lifestyle asset rather than making an investment calculation, and their price tolerance reflects that. When two or more of these buyers are present at auction, outcomes push toward the top of the base case or into bull territory.
Permanent lifestyle relocators are typically hybrid or remote workers who have made a considered decision to move to the Peninsula full-time. They are better researched and more price-disciplined. They anchor the competitive floor and tend to withdraw when price moves beyond their ceiling.
Land investors price on land value alone and typically exit early in competitive auction campaigns. They establish the opening bid range but rarely determine the final outcome.
Key risks
LDRZ wastewater system: If the property is in the LDRZ zone, a failing or undersized septic system can be a significant unexpected cost. Get this inspected before exchange – a pre-purchase septic inspection costs $800–$1,200.
Vegetation overlays: ESO and VPO overlays are common in Red Hill and directly affect renovation scope and timeline. Confirm which overlays apply to this specific property via VicPlan before exchange.
Stale comparable sales: Many agent reports for properties in this area still reference 2021–2022 peak sales. Based on 2024–2025 transactional evidence, these overstate the current market by approximately 10–15%. Verify the date and source of any comparable your agent or the vendor’s report cites.
Low market liquidity: With approximately 15 annual transactions across the suburb, resale timelines can extend significantly in a soft market window. This property is best held with a 5+ year horizon rather than as a short-term trade.
Renovation cost escalation: Building costs on the Mornington Peninsula have increased substantially. Obtain at minimum three builder quotes before finalising any renovation budget, and apply a 25% contingency to your base estimate.
Foreign purchaser surcharge: If applicable, an additional 8% foreign purchaser additional duty applies in Victoria – approximately $170,000–$210,000 on a base-case acquisition. Confirm your eligibility position with your solicitor before auction day.
This property page contains general market analysis and data-driven commentary based on publicly available comparable sales and planning scheme information current to March 2026. It does not constitute financial product advice, property advice or buyers advocacy services. Buyers should seek independent legal, financial and property advice before making any purchase decision. PropCred does not hold an Australian Financial Services Licence or a real estate agent’s licence.
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