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Herald Sun
19-07-2025
- Business
- Herald Sun
Melbourne: Less listings, rising prices facing home buyers
Melbourne home buyers are facing less choice and a growing risk of imminent price rises after the number of new listings across the city substantially slumped last month. A report released this week shows the amount of new abodes listed in Victoria's capital dropped 14.1 per cent in June, compared to May. While winter starting traditionally leads to fewer homes being put up for sale, there was also a 4.4 per cent decrease in new listings across the 12 months to June. RELATED: Melbourne houses tipped to hit new high by Christmas $3.75m Eaglemont auction shocks buyers Phone bidder from NSW swoops at entry-level Leopold auction And research arm, PropTrack, is expecting 666 across Victoria this week, 19 per cent less than the same time last year. PropTrack senior economist Angus Moore said that having less stock on the market could lead to increased competition and, in turn, support home prices. 'We're expecting to see a couple more rate cuts this year – coupled with the fact Melbourne home prices have been consistently increasing this year for the first time since the RBA started raising rates, that's likely to support vendor confidence,' Mr Moore said. Total Melbourne listings, meaning all homes up for sale, not just new ones, declined 5.8 per cent from June 2024 to June 2025. Plus, PropTrack data last week revealed the city's median house price rose 1.6 per cent to hit $979,979 in June. Industry experts have tipped that Greater Melbourne's median house vale could top seven-figures before December. Victoria also recorded a 66 per cent clearance rate last week. Real Estate Institute of Victoria interim chief executive Jacob Caine said that the state's weekly clearance rates had been incrementally ticking upwards. 'We would attribute that to even though we didn't get an interest-rate cut last week, buyers and sellers are pricing in interest rate cuts to their buying and selling decisions,' Mr Caine said. 'So there's an anticipation of an easing in terms of repayment amounts and interest rates – and as a result, people are starting to demonstrate a little bit more confidence, whether that's from a buying perspective, or from having the confidence to go to the market and sell.' Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox. MORE: Aussie property hotspots: Where homes sell in days AFL stars Mark and Lachie Hunter's family home sets 2025 record Trump role in Melbourne CBD office market's suburb-sized hole
News.com.au
15-07-2025
- Business
- News.com.au
$3.75m Eaglemont auction shocks buyers
A stunning Eaglemont home backing onto one of Melbourne's most exclusive reserves has fetched $3.75m under the hammer. One bidder was so determined to purchase the property, their buyers advocate was still calling agents after the auction to find something similar. The prestige property at 8-10 Maltravers Rd was the city's top auction sale of the weekend. The auction drew three serious contenders and smashing local expectations thanks to its rare land size, luxury finish and position on the tightly held Maltravers Reserve. Nelson Alexander Ivanhoe's Nunzio Sulfaro said buyers saw value immediately in the 1475sq m block and move-in ready finish. 'Buyers are craving simplicity, they're willing to pay a premium for a home they can move into, unpack, and enjoy,' Mr Sulfaro said. 'This one had flexibility, scale, privacy, and lifestyle. 'You couldn't rebuild it for what it sold for.' The five-bedroom home, which offered two kitchens, multiple living zones and 400sq m under roofline, passed two building inspections 'without a hitch', according to Mr Sulfaro. Bidding kicked off at $3.3m before climbing in a strategic standoff between three buyers, two represented by professionals. 'We didn't know early on how big this one would be, everyone kept their cards close,' Mr Sulfaro said. 'But once the building reports came through, it lit up. That's the magic of auctions.' The standout feature? Mr Sulfaro said the kitchen and living zone that opened to a landscaped garden and entertaining deck with uninterrupted reserve views. 'Buyers would walk in and stop, that rear aspect was the emotional hook,' he said. 'Buyers are avoiding the in-between (listings), they'll do a knockdown or they'll go all-in. 'What they don't want is a half-done reno job with years of headaches.' The Nelson Alexander Ivanhoe agent said the reserve-fronted location, land size and family-friendly layout rivalled homes in Kew East and Balwyn North, but offered far better value. 'One of the buyers advocates bidding told me: if this home were in Stonnington or Boroondara, you'd be paying $1m more for half the land.' 'Despite the mid-school holiday timing, the home drew strong interest. 'There was nothing else to compete with, and the result speaks for itself.'
