687 Esplanade, Mornington VIC 3931

Bay vistas from top-floor living | Tri-level design with pool | Prime Esplanade position | Built 2007, well-configured This property occupies a rare position in Mornington’s premium coastal strip, where the top-floor living area with clerestory windows and balcony directly captures Port Phillip Bay views,a feature that commands a lasting premium in this market. The tri-level layout, with a separate main suite and private balcony, suits buyers seeking separation between living and sleeping zones, while the swimming pool and marble kitchen add tangible lifestyle value. For a buyer targeting a high-end family home or a holiday residence with rental flexibility, the configuration and location reduce competition from standard suburban stock. The primary risk is the price gap between the current guide and recent valuations: the property last traded at $2.565m in 2022, and both Property.com.au and Domain estimate it below the listing range, suggesting a negotiation opportunity for a disciplined buyer. No overlays or hazards are present, and the 29% site coverage leaves limited scope for extension, meaning the value lies in the existing build and views rather than land upside. The rental yield at 2.69% is below the suburb median, so this property should be held for capital growth and lifestyle use rather than short-term income.