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Dromana suburb profile

Dromana is a picturesque coastal suburb located on the Mornington Peninsula, approximately 75km south of Melbourne. Known for its stunning beaches, rolling hills, and vibrant community, Dromana offers a perfect blend of relaxation and recreation. The suburb is famous for its wineries, local produce, and the iconic Arthurs Seat, which provides panoramic views of Port Phillip Bay. Dromana's charming village atmosphere is complemented by a range of cafes, shops, and markets, making it a popular destination for both tourists and locals. Its natural beauty and welcoming vibe make Dromana an appealing place to live and visit.

Dromana property market performance

Dromana's property market has remained stable over the past 12 months, with no change in median house and unit values. The median house price is currently $968,500, while the median unit price stands at $700,000. This stability reflects a balanced demand for both property types in the area.

Sales activity has been moderate, with 48 houses and 11 units sold over the past 12 months. Houses are selling faster than units, with a median of 54 days on the market compared to 74 days for units, indicating a stronger demand for houses.

In the rental market, house rents have remained unchanged, averaging $590 over the last 12 months. However, unit rents have seen a significant increase of 14.9%, now averaging $580, suggesting a growing demand for rental units in Dromana.

Median price - houses$969KPast 3 months

Median price - units$700KPast 3 months

Change in value - houses-6.6%12 months

Change in value - units-3.4%12 months

Houses sold48Past 3 months

Units sold11Past 3 months

Median DOM - houses54Past 12 months

Median DOM - units74Past 12 months

Average rent - houses$590Past 12 months

Average rent - units$580Past 12 months

Change in rent - houses-1.7%Past 12 months

Change in rent - units14.9%Past 12 months

Dromana demographics

Dromana, located on the Mornington Peninsula, is a charming coastal suburb known for its stunning beaches, relaxed lifestyle, and scenic views of Port Phillip Bay. With a population of 6,626, Dromana offers a tranquil escape from the hustle and bustle of city life, making it a popular choice for retirees and families seeking a peaceful environment. The median age of 50 reflects a mature community, with many residents enjoying the suburb's natural beauty and slower pace of life.

The housing landscape in Dromana is characterized by a high rate of outright home ownership, with 45.6% of properties owned outright. This indicates a stable community with long-term residents who have invested in the area. Additionally, 28.1% of properties are owned with a mortgage, while 26.3% are rented, providing a mix of housing options for different lifestyles and preferences. The suburb's family-friendly atmosphere is evident, with 32.6% of households being couple families with children and 48.4% being couple families without children.

Dromana's appeal lies in its combination of coastal charm and community spirit. The suburb's proximity to wineries, national parks, and local markets adds to its allure, attracting visitors and new residents alike. With a median total household income of $1,304 per week, Dromana offers an affordable yet desirable lifestyle for those looking to enjoy the best of coastal living. Whether you're seeking a place to retire, raise a family, or simply enjoy a relaxed way of life, Dromana provides a welcoming and picturesque setting.

Dromana infrastructure, key developments and investment opportunities

Dromana is experiencing several developments that could impact its property market. The ongoing redevelopment of the Dromana Pier, set to be completed in 2025, aims to enhance the waterfront area and potentially boost property values along the foreshore. Additionally, the expansion of local wineries and the establishment of new boutique accommodations are contributing to Dromana's growing reputation as a premium tourist destination, which may increase demand for holiday homes and short-term rentals.

Infrastructure improvements, including upgrades to the Nepean Highway and the proposed extension of the Peninsula Link to Rosebud, are set to enhance connectivity and potentially increase property desirability. The ongoing development of the Dromana Industrial Estate is creating new job opportunities, which could attract more residents to the area. These factors, combined with Dromana's stunning coastal location and proximity to Melbourne, are likely to sustain strong interest in the local property market.

Dromana rental market trends

The rental market in Dromana has shown stability for houses, with rents remaining unchanged at $590 per week over the past year. In contrast, unit rents have experienced a significant increase of 14.9%, reaching $580 per week. This growth in unit rents highlights a rising demand for more affordable living options in this picturesque coastal suburb.

Suburbs near Dromana

Some popular suburbs near Dromana include:

Common questions about Dromana

  • Is Dromana a nice place to live?

    Dromana is a delightful coastal suburb that offers a serene and family-friendly environment, making it a wonderful place to call home. Nestled on the Mornington Peninsula, it boasts a peaceful vibe that is perfect for those looking to escape the hustle and bustle of city life. The suburb is known for its welcoming community and laid-back lifestyle, which is particularly appealing to families and retirees. With its charming village atmosphere, Dromana provides a sense of belonging and community spirit that is hard to find elsewhere.

    Living in Dromana means having easy access to a range of amenities and recreational activities. The suburb is well-equipped with local shops, cafes, and markets, ensuring that residents have everything they need close by. For families, there are good schools and plenty of green spaces for children to play and explore. Safety is generally not a major concern, contributing to the suburb's appeal as a family-friendly destination. While Dromana may not have the bustling nightlife of a city, it makes up for it with its natural beauty and outdoor activities, such as beach outings and hiking in nearby national parks.

    However, living in Dromana does come with some trade-offs. The suburb's coastal location means that it can be a bit removed from the conveniences of city living, and commuting to Melbourne can take some time. Additionally, while the suburb offers a relaxed lifestyle, those seeking a more dynamic urban environment might find it a bit too quiet. Despite these trade-offs, Dromana's charm, community feel, and stunning natural surroundings make it a highly desirable place to live for those who value a peaceful and picturesque setting.

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  • Is it expensive to live in Dromana?

    Living in Dromana can be quite a financial commitment, especially when compared to the average wages in the area. The median house price is currently around $951,000, and for units, it's about $845,000. These figures are relatively high, considering the average annual wage in Dromana is approximately $71,000. This means that buying property in Dromana would require a significant portion of one's income, making it challenging for individuals or families with average earnings to afford a home.

    Renting in Dromana is also on the pricier side, with houses averaging $598 per week and units at $580 per week. When you compare this with the median total household income of $1,304 per week, a substantial chunk of earnings would go towards rent. This suggests that while Dromana offers a beautiful coastal lifestyle, the cost of living, particularly in terms of housing, is relatively high. If you are thinking of living in Dromana, it's crucial to evaluate your financial situation to ensure it aligns with the expenses associated with residing in this picturesque suburb.

    Disclaimer: To assess whether a suburb is considered expensive, we’ve looked at mortgage and rental costs as a proportion of the average local salary. That said, everyone’s financial situation is different, so it's important to consider your own circumstances when deciding which suburb is right for you.
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  • Is Dromana a good place to invest?

    Dromana presents an intriguing opportunity for property investors, particularly those interested in the unit market. Over the past year, the suburb has seen a notable 5.7% increase in median unit values, which suggests a growing demand for this type of property. This is further supported by the impressive 9.4% rise in rent for units, indicating strong rental demand and the potential for solid rental returns.

    While the median house value in Dromana has remained stable over the last 12 months, the steady 1.3% increase in house rents suggests a consistent demand for rental properties. This stability can be appealing for investors seeking a low-risk environment, as it indicates a balanced market without the volatility seen in some other areas.

    Overall, Dromana's unit market appears particularly promising for investors looking for growth and rental yield. The suburb's coastal charm and lifestyle appeal make it an attractive destination for both renters and buyers, which could drive future demand. For those considering an investment in Dromana, units offer a compelling opportunity with their recent growth and strong rental performance.

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