Elizabeth Redman

Stunning multimillion-dollar homes are for sale in sought-after locations with knockout views, but there’s a problem.

Some of Victoria’s most high-end holiday homes have sold for millions, but plenty of places offer a relaxed lifestyle for less.

The five-bedroom home has a three-level tower and a swimming pool and once featured on TV crime drama Underbelly.

Experts warn households have become more sensitive to interest rate rises, due to higher levels of debt.

Tree-changed demand, property investors, strong local economies and last year’s rate cuts combined to send prices higher.

The pharmaceutical titan’s proposed double-storey extension would contain another five bedrooms and living spaces, while the basement would be expanded too.

Last weekend was a key test for the property market, with a high volume of homes for sale and buyers showing scant FOMO.

Property prices are likely to keep falling this year as buyers pull back, experts say, but that doesn’t apply to every type of home.

Investors had been interested in the northern suburbs investment property, but dropped out of the race after the budget’s tax changes.

Looking for your next home? From an award-winning house on the coast to a beach house with elevated pool, these are our top picks.