Wealthy Aussie family’s costly error as clifftop mansion sells for $2.45million less than offer they knocked back the year before

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By MAISY RAE – NEWS REPORTER and AUSTRALIAN ASSOCIATED PRESS 05:54 15 Oct 2026, updated 05:55 15 Oct 2026

An Australian family has sold their luxury clifftop home for $2.45million less than an offer they turned down a year earlier due to what were described as ‘family circumstances’.

The family sold the four-bedroom home in Flinders on Victoria’s Mornington Peninsula for $7.8million on August 7.

However, it was revealed they had turned down that same buyer last year when they were offered $10.25million, citing family circumstances at the time.

After spending 305 days on the market, the sale represented a fall of more than 20 per cent from the previous offer, reflecting broader weakness across the peninsula’s prestige property market.

Sotheby’s real estate agent Rob Curtain, who helped facilitate the sale, said he hoped the market had fallen as far as it would go and expected buyers to remain cautious until after Victoria’s next state election.

‘A month ago, I thought we’d bottomed. It hasn’t really got worse, but the inquiries are just not there,’ Mr Curtain told the Australian Financial Review.

‘I do think the rot will stop with a good result in November – assuming we’re not paying $7 for diesel or there’s some sort of banking crisis.

‘Stock levels are very low for this time of year for us… I am telling a lot of my clients who are considering whether to sell this year or next year that they should wait to put it on the market until after the election.’

Andy Burnham's ties to Man City's disgraced Emirati owner: GUY ADAMS892 viewing now An Australian family sold their luxury clifftop home in Flinders, Victoria, for $2.45million less than an offer they declined from the same buyer a year earlier The four-bedroom, three-bathroom home features an architecturally designed exterior and waterfront views Mr Curtain’s comments come as the number of homes sold nationwide in September fell 20.9 per cent compared with the same month in 2025, according to a Cotality report released on Thursday.

The report also found that property prices have decreased around Australia, with city dwelling values declining by 1.8 per cent in the year to September.

Cities such as Perth and Darwin recorded average dwelling value increases exceeding 10 per cent in the period.

However, the decline in east coast metropolises such as Sydney and Melbourne has brought the average for the capitals down.

The report found only a handful of regional areas and Darwin recorded sustained price growth during the past quarter.

Central to the continuing downward trend was the impact of sustained and possible future increases to interest rates.

This meant that buyers had considerably reduced borrowing capacity, according to Cotality research director Tim Lawless.

‘They’re also weighing up higher repayments and the prospect of further price falls, which is making some reluctant to commit even if they can afford to buy,’ Mr Lawless said.

Sellers are also hesitant to list their properties, with many concerned they may struggle to secure a buyer, resulting in homes remaining on the market for longer.

AMP chief economist Shane Oliver said the market would likely only rebound once the Reserve Bank, which has implemented four interest rate rises in 2026, appeared certain to begin cutting rates.

‘But that to me looks to be a fair way off,’ he told AAP.

This latest update to the housing market comes after the Australian Property Institute warned prices could fall up to 11 per cent from their March peak and only rebound in late 2027.

The Daily Mail has contacted Sotheby’s for comment.

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