Latest news with #AnneFlaherty
News.com.au
4 days ago
- Business
- News.com.au
How Melbourne's surprise biggest auction week could change market
Melbourne's auction market is on the cusp of generational change as the city prepares for one of its busiest starts to winter on record. Yesterday Victoria tackled the bulk of its busiest week under the hammer since spring last year, with a whopping 1477 homes slated to test the market. PropTrack figures show an initial clearance rate at 70.3 per cent from 1038 result was recorded, with a Toorak home at 34 Balmerino Ave setting the pace with a $6.11m sale that topped the market. Economist Anne Flaherty said as the third similarly strong result in as many weeks, it was a positive sign that lower interest rates and growing investor activity would keep sellers celebrating as winter kicked off. Next week a Kings Birthday public holiday on Monday has cut expected auctions to just 500. But the following week is forecast to host more than 1000, a buoyant number historically reserved for spring. Real Estate Institute of Victoria president Jacob Caine said while this weekend had been boosted by being exactly four weeks after the federal election, which had delayed many sellers from listing homes for sale, continued high numbers and clearance rates suggested the city's auction market was changing — and winter might not be the no go zone it once had been. 'We might need to adjust our expectations around when we will see peaks and troughs of auctions throughout the year,' Mr Caine said. While he said he believed buyers might still have a 'moment of opportunity' a market that was quickly swinging in sellers' favour was expected to have numbers boosted by both interest rate cuts that were driving sellers to believe there would be more buyers with deep pockets. 'Real estate agents have been having conversations with a lot of owners planning to capitalise on the interest rate cut on the assumption that it will translate into more buyers with more buying power,' Mr Caine said. 'I think there is still a slight advantage for buyers … there's still a moment of opportunity, especially for first-home buyers, before things swing back to the sellers-market trend we have had for most of the past 15 years.' Yesterday's top results included a four-bedroom house at 34 Balmerino Ave, Toorak, at $6.11m, followed by 42 Bruce St, Toorak, which sold for $6.1m. 15 Latham St, Ivanhoe, address snared a $5.32m result to round out the top three results. But not all of the top end listings were so successful. A Kew address that was slated for auction at 1.30pm had $10.5m-$11.5m hopes leading up to it going under the hammer. The 1-3 Sackville St home is now listed for private sale with a $12m asking price.
News.com.au
26-05-2025
- Business
- News.com.au
RBA rate cuts expected to ‘stimulate' buyer demand in the housing market
REA Group Senior Economist Anne Flaherty discusses "signs of buyer demand' in the housing market following the RBA's most recent rate cut. The Housing Industry Association last week reported the first increase in home sales in four years after the February Reserve Bank rate cut 'This is going to stimulate more buyer demand; hopefully, it will also help to stimulate more construction activity, which we desperately need,' Ms Flaherty told Sky News Business Editor Ross Greenwood. In partnership with
News.com.au
23-05-2025
- Business
- News.com.au
Property market has seen ‘robust' auction clearance rate in recent weeks
REA Group Senior Economist Anne Flaherty says the later interest rate cut is going to 'bolster' demand in the housing market. 'We are definitely seeing pretty strong conditions for sellers – we've seen pretty robust auction clearance rates in recent weeks,' Ms Flaherty told Sky News business reporter Ed Boyd. 'I think, particularly on the other side of the latest interest rate cut … that's going to bolster demand even further.'
News.com.au
19-05-2025
- Business
- News.com.au
Predicted rate cuts will ‘encourage' investment in housing
REA Group Senior Economist Anne Flaherty discusses how the predicted rate cuts will 'encourage' more investment in housing. 'I think we are going to see things pick up, particularly if we do get a rate cut as expected on Tuesday,' Ms Flaherty told Sky News Business Editor Ross Greenwood. 'You've got lower interest rates coming in, which is going to encourage more investment.'
News.com.au
16-05-2025
- Business
- News.com.au
Melbourne families flood Frankston and Sunshine as Melbourne's sub-$1m homes rapidly disappear
Melbourne homes under $1m could be set for a mini-boom, with new data showing families are rushing to secure properties before competition explodes. Just 856 homes are set to go under the hammer this week, including fewer than 300 priced under $1m, but auction volumes will surge to 1270 next week and more than 1400 the week after — a 29 per cent rise on this time last year. PropTrack figures show Melbourne listings fell 13 per cent in April, driven by school holidays, long weekends and the federal election. But the pullback has left fewer homes on offer, especially in the family-friendly, sub-$1m price range. PropTrack senior economist Anne Flaherty said buyers chasing affordable homes were being squeezed into a shrinking pool. 'Demand is rising under $1m, but the number of suitable properties is falling,' Ms Flaherty said. 'And if we get a rate cut next week, that's only going to supercharge the competition.' She said family-sized homes — especially those with three or more bedrooms — were vanishing quickly. 'There's now a much higher concentration of buyers in that price bracket,' she said. Prominent buyers' advocate Cate Bakos said families were flooding into Frankston, Thomastown and Sunshine, chasing land, lifestyle and school zones. 'Places like Frankston won't stay under $1m for long,' Ms Bakos said. 'They're the last affordable pockets close to infrastructure, lifestyle and schools. And we're already seeing investor activity pick up again.' MR Advocacy director Madeleine Roberts said Frankston homes had jumped more than $200,000 since November, and demand was rising fast. 'You're seeing buyers who were looking in Cheltenham or Bentleigh now chasing homes in Frankston — because that's where the space is,' she said. 'But there's not enough homes for all of them. 'We're seeing 10, 15, even 20 families chasing the same property if it's well-priced and well located.' She said many families were shocked by how strict school zones had become. 'They assume they'll have more flexibility, but if a school's in demand, you need to be in-zone — there's no way around it.' Ms Flaherty said signs of a new wave of buyer urgency were already emerging. 'There's a definite sense of FOMO building,' she said. 'Melbourne's typical house price is now below Brisbane's, and only slightly above Perth's. 'Investors are taking notice — including those from interstate.' She also flagged the outer northeast as an area to watch. 'There are still a number of suburbs there with house prices under $1m, great road and train links — and once the North East Link opens, connectivity will only improve.' Suburbs with the most auctions this week include Craigieburn, with 16, Glen Waverley, 15, and Reservoir, 14.
