Property prices on the Mornington Peninsula have skyrocketed, with the top 10 greater Melbourne suburbs for annual price growth all in the area.

In Fingal, Blairgowrie and Portsea, the average price has grown by more than 40 per cent in a year, according to research from PropTrack.

Director and licensed estate agent at O’Brien Real Estate Rye, Anastasia Howard, says she’s surprised daily by the price growth.

She says land scarcity and a shift in the perception of the Mornington Peninsula explains the surge.

“When you get to Rye and beyond … we have both a bay and an ocean beach, so there is no more land,” she told Ross and Russel.

“When COVID hit and we had the restrictions we all were a little bit surprised to hear the Mornington Peninsula was considered metro Melbourne and I think that changed the way people think about the area.”

Press PLAY below to hear more about what’s behind the massive surge in prices

Managing director of RT Edgar Mornington Peninsula, Holly Longmuir, says she “can’t see it slowing”.

“There’s still too many buyers around,” she told Neil Mitchell.

“I think the biggest thing is people are looking for peace and quiet and you still can find that down on the Mornington Peninsula.”

Press PLAY below to hear what Ms Longmuir thinks is in store for the peninsula’s property market