Over the past decade, the Mornington Peninsula has emerged as a thriving region, experiencing remarkable economic growth across key areas such as population, employment, business development, and industry expansion. As a leading construction and development company, Prime Building Projects is proud to contribute to the Peninsula’s ongoing transformation, helping shape the vibrant communities that define this iconic region. This report explores the key factors driving economic growth on the Mornington Peninsula from 2013 to 2023, offering insights into how these trends have influenced local opportunities, real estate demand, and future potential.
Economic Growth on the Mornington Peninsula
Over the past decade, the Mornington Peninsula in Victoria, Australia, has experienced notable growth across various sectors, including population, economy, tourism, and real estate.
This report provides a detailed overview of these growth trends from 2006 to 2023.
Latest 2021 Mornington Peninsula Census click here.
1. Population Growth for the Mornington Peninsula 2006 – 2023
The Mornington Peninsula Shire’s population has steadily increased over the past ten years according to the Australian Bureau of Statistics:
- 2006: Approximately 139,317 residents.
- 2023: Approximately 170,243 residents.
| Estimated Resident Population (ERP) | ||||
|---|---|---|---|---|
| Year (ending June 30) | Number | Change in number | Change in percent | Dromana – Safety Beach change in percent |
| 2006 | 139,317 | — | — | — |
| 2018 | 166,564 | +2,376 | +1.45 | +3.90 |
| 2019 | 168,594 | +2,030 | +1.22 | +2.48 |
| 2020 | 170,186 | +1,592 | +0.94 | +3.25 |
| 2021 | 170,440 | +254 | +0.15 | +2.33 |
| 2022 | 169,733 | -707 | -0.41 | +0.80 |
| 2023 | 170,243 | +510 | +0.30 | +0.05 |
This represents an increase of about 17,743 people, equating to a growth rate of approximately 11.6% over the decade.
2. Economic Growth
Over the past decade, the Mornington Peninsula has experienced significant economic growth, marked by increases in population, employment, business activity, and industry development.
The Mornington Peninsula boasts a diverse local economy encompassing tourism, agriculture, retail, manufacturing, construction, and business services.
- Gross Regional Product (GRP): In 2016, the GRP was reported at $6.3 billion.
- Employment: As of 2021, there were 74,058 employed residents, marking an increase of 7,813 since 2016.
- Businesses: The number of businesses grew by 2,461, totaling 17,285.
These indicators reflect a robust economic expansion over the past decade.
3. Tourism Growth
Tourism has been a significant contributor to the region’s economy:
- 2013: Data not specified.
- 2023: The region received 8 million visitors, a 6% increase from 2022. Day trip visitors from within Australia increased by 4% from 5.8 million to 6 million, and overnight visitors from within Australia increased by 13% from 1.7 million to 1.9 million.
This growth underscores the Mornington Peninsula’s appeal as a premier tourist destination.
4. Real Estate Growth
The real estate market has seen substantial appreciation:
- House Values: Over the past decade, several suburbs on the Mornington Peninsula have experienced significant increases in house values. For instance, St Andrews Beach saw values soar by 145.6%, while Dromana, Frankston North, Crib Point, and Rye witnessed increases exceeding 130%.
This trend reflects strong demand and investment in the region’s property market.
5. Future Projections
Looking ahead, the population is expected to continue its upward trajectory:
- 2024: Forecasted population of 174,164.
- 2046: Projected to reach 192,617, indicating ongoing growth and development in the region.
In summary, over the past decade, the Mornington Peninsula has experienced consistent growth across population, economic development, tourism, and real estate sectors, solidifying its status as a dynamic and thriving region in Victoria.
Build Your Dream Home on the Mornington Peninsula with Prime Building Projects
The Mornington Peninsula is the ultimate destination for those seeking a relaxed coastal lifestyle with modern conveniences and stunning natural beauty. Imagine living in a home tailored to your every need, whether it’s a brand-new custom build or a knockdown rebuild that revitalises your block with fresh design and functionality. At Prime Building Projects, we specialise in creating exceptional homes that reflect the unique charm of the Mornington Peninsula while incorporating innovative, energy-efficient solutions. With over 15 years of expertise and a reputation for quality and transparency, we make the journey to your dream home seamless and stress-free. Let us help you craft a home that perfectly complements this vibrant and picturesque region.
Read More: The benefits of knockdown rebuilds
Prime Building Projects specialises in seamless knockdown rebuilds, handling everything from demolition and permits to the final touches on your new custom home. With our expertise, you can enjoy a brand-new home tailored to your needs while retaining the community and environment you love. It’s the ultimate way to achieve your dream home without compromising on location.
