Melbourne buyers warned as auction market heats up
There are 952 homes set to go under the hammer across the city this weekend, a 14 per cent drop from the same time last year.
Another 941 auctions are already scheduled for next week, down just 9 per cent, in what experts say is a far softer seasonal dip than usual.
Bachelor couple eyeing $6m+ payday
REA Group senior economist Eleanor Creagh said while the auction volume is lower, market conditions have flipped — and buyers are back in force.
'Melbourne led the country for monthly price growth in May,' Ms Creagh said.
'It's clear confidence has returned, and interest rate cuts in February and May have lifted borrowing capacity and encouraged buyers to move quickly.'
Home prices rose 0.79 per cent in May according to PropTrack, the strongest monthly gain of any capital city.
Melbourne's dwelling values are still 2.85 per cent below their previous peak, but Ms Creagh said the city's underperformance over the past five years, just 17.6 per cent growth since March 2020 compared to 60 per cent nationally, now gave it a competitive edge.
'Relative affordability is drawing buyers back in,' she said.
'That's why activity is holding firm even during what's typically a slower time of year.'
Suburbs with the most auctions this weekend include Reservoir, 24 auctions, Mount Waverley, 19, Richmond, 15, Craigieburn, 14, and Wollert, 13.
Ni Advocacy director and buyers advocate Kevin Ni said savvy buyers were shifting focus away from cookie-cutter stock and honing in on quality, character, and long-term liveability.
'Buyers are far more educated now,' Mr Ni said.
'They're looking for liveability, not oversupplied towers.'
'We've seen people spend six months stuck in limbo because they wouldn't budge on their dream suburb.
'The advice is: be realistic and flexible.'
That mindset is driving strong interest across a range of listings this weekend, including a three-bedroom home at 14 Emery Court, Altona, where buyers are lining up for a slice of quiet, beachside living.
The peaceful court location, vaulted ceiling, home office and landscaped yard have drawn attention from families and investors alike. The guide is $990,000-$1.08m.
In Rowville, more than 100 groups have inspected 2 Moama Place, a renovated home backing onto Waterford Valley Golf Course.
The three-bedder features American Oak floors, Bosch appliances, underfloor heating, and even a shed with a kitchenette — and is tipped to fetch $1m –$1.1m.
Over in Preston, buyers priced out of Brunswick and Northcote are flocking to 9/26 Tyler Street, a rear townhouse in a boutique complex guided at $600,000 –$650,000.
The mix of downsizers and first-home hopefuls has added a competitive edge.
At the prestige end of the market, a five-bedroom architectural home at 14 Hunter Street, Kew, is drawing serious interest from families looking to secure a foothold in the private school belt.
Behind its striking modern facade are polished concrete floors, a sparkling pool, butler's pantry, Miele appliances and EV charger, with a guide of $3.8m-$4.1m.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News.com.au
14 minutes ago
- News.com.au
New house blocks up for grab in NQ
A new land release has hit the Townsville property market as the local real estate sector continues to experience strong price growth and high rental yields. Urbex launched the 28 lot 'Parsonia' release at the Somers & Hervey Estate in Rasmussen, with blocks for sale from $185,000. Urbex Realty general manager, Craig Covacich said the decision to bring the new stage to market was directly driven by buyer demand, with more than 100 parcels of land sold in just 16 months across five releases. 'We've seen sustained momentum across Townsville's property market, with stock levels shrinking faster than they can be replenished,' he said. 'The pace of sales at Rasmussen has accelerated as demand continues to outpace supply.' Property data showed Townsville's median house price climbed more than 23 per cent in the past year to $562,000, while residential land values surged 24.2 per cent to reach a median of $192,500. 'Townsville has become one of the most closely watched regional markets in the country due to its strong combination of affordability, rapid price growth, low vacancy rates and high rental yields,' Mr Covacich said. 'Despite these figures, relative affordability remains a key drawcard, especially for buyers priced out of major cities.' RELATED: Historic Queenslander inspires TV crime series Restored Babinda Quarters listed for $2.2m 'F***ing awesome': Mayor's dream home listed with backyard fishing Urbex is planning to develop 850 homes at its Somers and Hervey Estate over the next 15 years. Picture: Supplied Mr Covacich said investor interest remained high, with the latest PropTrack data showing rental yields in Rasmussen between 4.6 and 5.4 per cent. Townsville's vacancy rate tightened to just 0.96 per cent, while rents have increased by more than 10 per cent in the past year. Data from the Real Estate Institute of Queensland showed more than 30 per cent of Townsville's population were renters. Mr Covacich said government incentives were further fuelling demand. 'The Queensland Government's $30,000 First Home Owner Grant for new builds up to $750,000 adds a compelling reason for buyers to act now,' he said. 'The combination of market momentum, government support, and shrinking stock levels means available land is being snapped up faster than ever. 'We expect 'Parsonia' to follow the same pattern as earlier stages.' Mr Covacich said major infrastructure investments in defence, mining, renewable energy, health and education sectors were increasing long-term confidence in Townsville, while post-pandemic migration continued to bring families and downsizers seeking lifestyle changes to the region. According to building approval data, development activity in Townsville was beginning to recover after a slower 2023, with approvals in the 2024 – 2025 financial year already outpacing the previous year. 'Land in Townsville is still affordable, and Townsville isn't just a smart financial investment, it offers a highly desirable lifestyle backed by major infrastructure investment and long-term population growth,' Mr Covacich said. Originally published as Developer announces new land release for Townsville
News.com.au
32 minutes ago
- News.com.au
What life is really like living in a masterplanned community
Australia's masterplanned communities will be in the spotlight when a new series launches on August 30, with the show designed to uncover what it is really like living in these super suburbs. New Neighbourhoods, which will air on 9Now and 9Life, is an eight-part series that unlocks the real stories behind the nation's masterplanned communities. The first episode takes hosts Walt Collins and Emmylou MacCarthy to southwestern Sydney, where the median house price in suburbs like Leppington have increased 21 per cent in 12 months. Later episode will see the show travel to the Sunshine Coast, northwest Sydney, Geelong, Melbourne's West, Gippsland and regional Victoria, Melbourne's North West, and the Hunter Valley, Wooloongong and regional NSW. The program walks viewers through construction sites, sales suites and street cafes in the fastest-growing suburbs, revealing where tomorrow's schools, parks and jobs will land. The series was the brainchild of Australia's largest new-homes marketplace. The company has teamed up with production team BSTV and Infront Media, which have collaborated on series such as Buy to Build, Healthy Homes Australia, Pool Spa Life and Country House Facelift. 'New Neighourhoods' is a unique format of programming,' Collins said. 'It combines your favourite bits from travel shows, home and garden shows, and real estate shows in a down-to-earth, fun look at the booming new growth areas. 'We'll find out where is best to live, build, go to school, and eat out, plus how you can grab a bargain on land.' MacCarthy added: 'I ask the real questions, the ones buyers are actually thinking but don't always get answers to. This show has been such an eye opener, and I'm proud we're giving Aussie home buyers the clarity they deserve.' The first episode will air on 9Life at 3.30pm on August 30, and will be be repeated later on 9Now. 'Catch-up on 9Now lets viewers replay segments while standing in the actual community they watched on TV,' CEO and founder Qi Chen said. 'We want the show to work like a live buyer's handbook.' More and more Australian companies like new home portal are creating their own TV shows to boost both brand awareness and sales, rather than rely on 30-second ads to reach television audiences. Bunnings created a nine-part renovation series called Make it Yours, which was hosted by interior stylist Lucy Glade-Wright and screened on 7Two. Coles created two branded content TV specials featuring chef Curtis Stone cooking popular Christmas dishes, while Target Australia created Style the Nation featuring British fashion guru Gok Wan. Both aired on Channel 7.
ABC News
32 minutes ago
- ABC News
Anti-corruption advocate calls for greater scrutiny over political lobbyists
The good news, for those currently striding the halls of power, is that there is life after politics. The bad news, for the rest of us, is that a favoured career path for ex-pollies involves peddling influence for powerful clients with their former colleagues, often behind closed doors. Lobbying has become big business. At last count, around 727 lobbyists were registered in the national capital, more than three times the number of elected officials sitting in parliament. Even more concerning, the rules governing federal lobbyists are among the slackest in the country. A new study by Transparency International Australia has found that the Commonwealth ranks almost last when it comes to transparency, integrity and enforcement of lobbyists, outranking only the Northern Territory. The findings were released in conjunction with an Australian Anti-Corruption Summit where lobbying reform was a central theme. Queensland comes out on top, followed by South Australia, New South Wales, Victoria, Western Australia. Tasmania and the ACT. "Despite a stated cooling-off period, former federal ministers can start lobbying straight out of office with impunity, while only Queensland has a ban of two years to stop the revolving door," the report found. According to the report, at least eight federal ministers, senior ministerial advisers and at least one state premier have taken up roles promoting gambling. But the infiltration is even more pronounced in the resources industry. Unlike most states, the Commonwealth has no independent regulator to enforce rules around lobbying and, instead of dedicated legislation, there is merely an administrative code of conduct. It may be the richest all-cash takeover offer in Australian history but money alone is not enough. When the Abu Dhabi National Oil Company, in partnership with a national wealth fund and US private equity firm Carlyle, lobbed a $36 billion bid for gas giant Santos, the Australian company's board was quick to accept the offer to shareholders. But the consortium has to step through a maze of regulatory hoops before the bid gets across the line, including an assessment by the Foreign Investment Review Board and then the tick of approval from Treasurer Jim Chalmers. After years of gas shortages and soaring energy prices, a backlash from business and community groups is gathering pace, an environment that has seen a furious demand for lobbyists. Among those pushing for the deal to proceed unhindered is former federal minister Stephen Conroy, who operates under the banner of TG Public Affairs. He is working alongside Michael Choueifate, Prime Minister Anthony Albanese's former chief of staff. It would be naive to think those opposing the transaction wouldn't be equally as armed in the lobbying department. While there is nothing untoward in their engagements, Transparency International Australia argues that we should be concerned about the lack of public scrutiny over the activities of former politicians and staffers and the industry more generally. It is pushing for a range of reforms, including a legislated code of conduct and a waiting period of at least three years before former politicians, senior staffers and former public servants can take up positions related to their previous roles. It also argues that the current list of registered lobbyists ignores the vast army of individuals working inside corporations and is demanding amendments requiring lobbyists to declare who they have met with and who has unescorted access to Parliament House. It also wants an independent body to enforce standards and codes of conduct for both parliamentarians and lobbyists along with sanctions and fines for those who fail to meet the standards.
