Story one of ten today, about five minutes for the lot

File image: Elevated view of seaside town with residential houses, blue ocean, and beach

Gerringong street set viral by Visit NSW sells for $5.5M record

A home on viral Tasman Drive sold for $5.5 million, beating Gerringong's previous record by $1.2 million.

Why it mattersThe sale shows how social media fame can turbocharge property values and transform sleepy coastal towns into desirable markets.

AustraliaGerringong's growing popularity as a tourist and property destination is pushing prices higher, pricing out local buyers and reshaping the Illawarra coast's character.

✓ Claims checked against the source and corrected before publish. checked 3 d ago

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Aerial view of modern suburban homes with varied architecture along a residential street

✓ ABC NewsMoney & Work

Sydney and Melbourne luxury homes slide past 10 per cent from peak

Top-tier homes fell more than 10.7 per cent in Sydney and more than 10.5 per cent in Melbourne; low-priced properties held steady.

Why it mattersProperty investors and high-end sellers are bearing the brunt; tight affordability and investor caution could weigh on the broader market.