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: