Construction costs in Victoria have risen 47% since 2020 (Cotality Cordell, December 2025) and are forecast to rise a further 4% in 2026. A fixed-price contract signed now protects you from the next increase. Here are honest benchmarks for the Mornington Peninsula market.
Custom New Homes
Mid-range custom build $2,400–$3,500 /m²
Architectural / high-spec $3,500–$6,000 /m²
Premium / prestige $6,000–$10,000+ /m²
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200m² family home from $480k build
250m² family home from $600k build
300m² larger home from $720k build
Double storey adds 15–25% /m²
Build cost excludes land, site works, landscaping, connections, and permits. We provide a full itemised preliminary estimate before you commit to anything.
Renovations & Extensions
Kitchen renovation $30,000–$120,000+
Bathroom renovation $20,000–$60,000
Rear extension (50m²) $150,000–$350,000
Second storey addition $250,000–$600,000+
Whole-home renovation $300,000–$1M+
Granny flat (self-contained) $100,000–$280,000
Knockdown rebuild (build) $400,000–$1.5M
Duplex construction $600,000–$1.8M+
Peninsula builds include coastal compliance, BAL assessment, and council engineering — managed as part of our project fee.
What's Not in the Base Quote
Site costs (cut, fill, rock) $10,000–$80,000+
Planning permit + contributions $5,000–$30,000
Building permit $2,000–$10,000
Soil test & engineering $5,000–$22,000
Connections (water/power/sewer) $5,000–$25,000
Landscaping & driveway $15,000–$80,000+
Fencing $5,000–$20,000
Appliances, blinds, fit-out $10,000–$40,000
Contingency (non-negotiable) 10% of build cost
These are the costs that turn a "$550,000" volume builder package into a $700,000+ completed home. We itemise every one of these at contract stage. Nothing is buried in a provisional sum.
2026 Mornington Peninsula benchmarks. Actual costs depend on design complexity, site conditions, materials, and council requirements. Preliminary estimate provided free at consultation — itemised, not a range.