From www.realestate.com.au: Many homeowners on the Mornington Peninsula are selling their holiday homes, leading to the largest sell-off in the area’s history and reducing the availability of short-stay accommodations.

The decline in rental properties is attributed to rising costs and new government levies, resulting in increased day-tripper traffic and parking challenges.

Local real estate agents report that approximately 85% of current listings are former holiday homes, indicating a significant shift in the property market.