Latest news with #MelbourneRealEstate
News.com.au
4 days ago
- Business
- News.com.au
PropTrack: Melb six months from record prices
Melbourne house prices gained a nation-leading $250 a day in May with experts revealing the city's median could be back to record levels of more than $960,000 by Christmas. PropTrack figures released today show the city's fifth straight month of home price growth added almost $8000 (0.87 per cent) to the city's $902,000 typical house value across the past 31 days. Senior economist Eleanor Creagh said the past month was Melbourne's biggest single month of growth for house prices since 2021. 'It's over': Block star says Aussies killed trend On its current trajectory of 1.6 per cent a quarter, Ms Creagh said the city would achieve a 6.7 per cent resurgence over the next 12 months — enough to smash through its previous median price record in about six months' time. 'Melbourne has been underperforming for much of the past five years, and it's now one of the more affordable capitals,' Ms Creagh said. 'But with interest rates falling, seeing renewed competition and improving buyer sentiment, it's all proving to be the catalyst to reversing the relative weakness that we have seen in Melbourne.' However, the economist noted it was not guaranteed that the city would maintain its current high rate of growth and a 4-5 per cent uplift was more likely for the coming 12 months. This would delay the return to peak prices until next year. Real Estate Buyers' Agents Association of Australia Victorian representative Matthew Scafidi said the end of Melbourne's buyers market was 'right now', and he believed growth would continue at higher rates in the months ahead. 'There's no more buyer's market, it has swung back in favour of vendors,' Mr Scafidi said. 'Melbourne is back in a big way.' The Abode Advocacy Group buyer's agent said that about two weeks ago a switch had been flicked, with auctions more competitive, more homebuyers at inspections and he was now advising owners planning to sell to buy first – then list their home, as the market would likely give them a boost. 'And when the Reserve Bank meets next, we might get another drop in interest rates — if we do, it will be on like Donkey Kong,' Mr Scafidi said. Melbourne's median unit price also gained ground in May, rising almost $2000 (0.31 per cent) to $588,000. On current trends, both houses and units are as little as a month away from recording their first 12 month growth cycle since 2023. Across regional Victoria the median house price rose 0.18 per cent to $602,000, while the typical unit outside of the metropolitan area now costs $414,000 after a 0.17 per cent rise in May. Much of the wider growth was a result of more significant increases in areas around the Hume region, up 4.56 per cent in the past year to $564,000, the Bendigo area, where the median rose 2.45 per cent to $587,000, and Warrnambool and surrounds, which gained 2.39 per cent to reach $521,000. Melbourne's top performing areas were the city's south east, where values rose 1.5 per cent in the past year to $787,000, and the north east where they gained 0.96 per cent and the typical home now costs $721,000.
News.com.au
17-05-2025
- Business
- News.com.au
Alan Didak's Kew auction stalls as million-dollar Melbourne homes boom despite wet weather
Melbourne's auction market is weathering the storm — literally — with rain failing to dampen demand as the city notched a 70 per cent clearance rate over the weekend. PropTrack data shows the result came from 462 reported auctions, up one per cent from the previous week. Middle Park recorded the city's biggest sale, with 100 Wright St fetching $5.53m under the hammer. It was closely followed by 106 The Boulevard, Aberfeldie, which achieved $4.07m, and 8 Knowles St, Northcote, which sold for $3.285m. Homes in Hawthorn East and Camberwell also surpassed $3m, reflecting continued appetite for quality family homes in established suburbs. But not every high-profile listing found a buyer, with former Collingwood star Alan Didak's luxury Kew townhouse passing in. Didak, a Collingwood premiership star and Copeland Trophy winner, played 218 games in the black and white, earning cult hero status among fans. He was inducted into the club's Hall of Fame in 2017. The property remains on the market with a $3.6m-$3.95m guide. Marshall White Boroondara declined to comment. Many auctions were moved indoors due to Melbourne's wild weekend weather, but agents say the real heat could be yet to come. Ray White auctioneer Jeremy Tyrell said campaign activity had surged following the federal election. 'Buyers remained highly active at auction,' Mr Tyrell said. 'There was an average of 2.3 bidders per sale (for Ray White) and some really strong results, with people keen to act before the market opens up.' Economists are tipping a potential interest rate cut at this week's Reserve Bank meeting, a move that experts say could spark even greater momentum in Melbourne's property market. PropTrack senior economist Anne Flaherty said buyers were already moving quickly. 'There's a sense that prices may start to rise again, and if we get more rate cuts, that will only add fuel to the fire,' Ms Flaherty said. Melbourne buyers' advocate Simon Murphy said demand was strongest in Melbourne's north and west, where properties in suburbs like Oak Park, Glenroy, Deer Park and Derrimut remained within reach. 'I just helped a client buy a townhouse in Oak Park for $710,000,' Mr Murphy said. 'But prices are moving fast. Some homes are jumping $50,000 in a matter of weeks.' Mr Murphy said investors were returning to Melbourne, with many competing directly with first-home buyers for the same properties. 'Every rate cut gives buyers about $30,000 more in borrowing power,' he said. 'People know relief is coming, and they're getting in early.'
News.com.au
09-05-2025
- Business
- News.com.au
Arrotex pharma boss billionaire Dennis Bastas firming as buyer of $100m+ Coonac mansion in Toorak
Billionaire pharmaceuticals company owner Dennis Bastas is firming as the likely buyer behind Melbourne's priciest ever home sale. But it might not have long as the city's most expensive residence, with suggestions crypto casino billionaire Ed Craven's efforts to revive a St Georges Rd home dubbed the suburb's 'ghost mansion' could have it worth as much as $160m. Former Essendon president Paul Little made headlines earlier in the year selling his home, named Coonac, in a $100m+ deal that industry insiders have pegged as worth anywhere from $115m-$120m, though was initially reported by the Australian Financial Review as $150m. It is Melbourne's priciest ever sale, but likely short of the $130m Sydney-based house price record for Australia. A nine-bedroom Sydney penthouse set the nation's overall home price record at $140m in 2019. Kay & Burton's Ross Savas and Gerald Delaney are understood to have helped ink the deal, but have yet to comment on it. With the sale understood to be subject to an exceptionally long settlement in acknowledgment of Mr Little and his wife Jane Hansen, the University of Melbourne chancellor, still overseeing the renovation of their future home in South Yarra, title documents are yet to change hands and confirm the new owner. Reportedly worth a hefty $1.8bn, Mr Bastas chairs Arrotex Pharmaceuticals, myDNA and DBG Health — with his companies recently collecting MCoBeauty for about $500m. In February, when initially contacted about rumours he had purchased the home, the billionaire said he was unsure why other parties were naming him and said 'we already have a nice Toorak house' — referencing another mansion in the suburb dubbed the Wayne Residence for its Batman-like basement garage. But he didn't specifically say he had not purchased the home. Those in the know around Toorak have continued to link him to the sale, with industry sources today indicating they still believed him to be the purchaser. But he might not be the owner of the city's priciest pile for long, with ongoing work to build a new mansion on nearby St Georges Rd by crypto casino billionaire Ed Craven already starting to emerge from the ground. Locals are pegging that home's future value as worth anywhere from $100m-$160m. RT Edgar Toorak boss Jeremy Fox said it was hard to imagine Mr Craven's build cost would come in for much less than the $80.88m he spent acquiring the site in 2022. Between the St Georges Rd upgrade and Mr Little's sale, Mr Fox said it was clear Melbourne's richlisters were stepping up. 'It shows how successful a lot of people in Melbourne are, and how they love living in Melbourne,' Mr Fox said. 'And that's a positive for everyone.' Paul Conrad, the architect designing the property, is on the public record citing a $150m end-value figure for the home. Morrell and Koren buyer's advocate Matthew Cleverdon said the city's elite were 'still looking for a consistent supply of high-end homes'. 'With the interrupted year so far, some vendors will choose to wait until spring when there's less public holiday interruptions and less turmoil, with plenty of high-end buyers eagerly awaiting more choice,' Mr Cleverdon said. However, there is still at least one home listed for sale with hopes of a $100m+ sale. The Myer family have Toorak mansion Cranlana listed for sale at 62 Clendon Rd, Toorak, with a $96m-$105m price guide. The 1.14ha property is possibly the only other address in the suburb that could rival the record-setting Coonac for size, but has been awaiting a buyer since September last year. It is being represented by Marshall White's Marcus Chiminello, who is also working to sell a luxury penthouse at the top of Tim Gurner's Saint Moritz development on behalf of real estate and media guru Antony Catalano. Mr Chiminello has also this week listed a six-bedroom South Yarra mansion with a $31m-$33m asking price at 53-57 Park St as 'coming soon'. Records show the 900sq m address is owned by Vincent Sofo, a nightclub and venue operator who previously owned St Kilda's popular Espy hotel.
