12 Alfred Street, Mornington VIC 3931

| 276m² townhouse | steps from Main Street | high owner-occupancy street | premium over median | limited supply | This property occupies a rare position in Mornington as a townhouse on a compact but freehold land holding, steps from the retail and beach amenity of Main Street. The street profile is a competitive advantage: 85% owner-occupancy and 64% long-term residents signal low turnover and limited supply, which supports price stability and reduces discount risk in a downturn. For a buyer seeking a lock-and-leave seaside residence with walkability to schools and shops, this offers a configuration edge over detached houses on larger but less central blocks. The premium over the suburb median is justified by location rarity and low stock, not by size or finish. The primary risk is pricing against a 2020 sale at $1.65M, with the current guide implying no real capital growth over five years in a period when Mornington values have risen. This suggests the seller may be testing the market or the property has a ceiling imposed by its land area and townhouse typology. The opportunity lies in negotiating below the guide midpoint, using the 2020 transaction as a benchmark. Hold for steady rental yield and lifestyle utility, not for speculative capital gain; sell only if Mornington’s coastal premium narrows.