Latest news with #PropTrack
News.com.au
9 hours ago
- Business
- News.com.au
Freeze grips home sales after RBA moves leave homeowners in limbo
Mounting speculation over further interest rate cuts has spurred a winter freeze across the Sydney housing market as buyers and sellers await the outcome of the next Reserve Bank rates decision before making a move. PropTrack's June 2025 Listings Report has revealed a 13 per cent decline in new listings across Sydney over the past month. Current listings are also about 5.2 per cent lower than at the same time last year. Many of the homeowners delaying plans to sell their homes are likely to also be buyers, with upsizers and downsizers normally making up a significant share of the buyer pool. A slump in new listings has occured as total listings rise, suggesting a market where buyers have a large selection of older listings but few fresh options. It's an anomaly on the east coast when compared to other capitals like Melbourne and Brisbane, where both new and total listings have declined since last year. PropTrack economist Angus Moore said the data demonstrated that Sydney properties were spending longer on the market recently. 'The fact we're seeing a bit more stock on market despite a smaller flow of new listings reflects homes taking a little longer to sell than they were a year ago,' he said. 'Though the difference isn't large, and homes are still selling faster than they were pre-pandemic.' With a prospective cash rate cut in the future, Mr Moore said things would soon improve for sellers. 'We're expecting to see a couple more rate cuts this year,' he said. 'Coupled with the fact Sydney home prices have been consistently increasing this year after a soft period in late 2024, that's likely to support vendor confidence.' Scerri Auctions director Chris Scerri said compared to June last year, auction figures were 'a little bit down'. He added that this kind of decline was seasonal and sales would 'increase significantly' come Spring, and that future rate cuts would also provide a boost to buyer confidence, auction turnouts and bids. 'As soon as there's talk of an interest-rate cut, (loan) applications and reapplications increase,' he said. 'That just gives more confidence which means increased buyer numbers.' 'At the moment our average buyer number is about 3.5 per auction, and then of those buyers about 50-60 per cent are actually bidding.'
Herald Sun
a day ago
- 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
a day ago
- Business
- News.com.au
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. 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.'
Courier-Mail
3 days ago
- Business
- Courier-Mail
Qld's top-selling suburbs revealed
More houses changed hands in the growth suburb of Springfield Lakes than anywhere else across the state over the past quarter, latest data reveals. The Ipswich suburb where family homes are still available for under $1m recorded the highest number of house sales among top performers ranked by prop tech firm, InfoTrack. InfoTrack's Property Market Update showed Springfield Lakes claimed the top spot after coming second to Caboolture last quarter. 'Springfield Lakes is a suburb that continues to gain traction due to its blend of lifestyle, community, and affordability,' said InfoTrack's head of property Australia Lee Bailie. 'Nearby Redbank Plains also made the top 10, in at number four. Both suburbs offer their own unique character but are also well within commuting distance to central Ipswich and the Brisbane CBD.' The most expensive listing in Springfield Lakes this week was a five-bedroom, three-bathroom house on a 640 sqm lot at 22 Corfu Street, priced at offers over $1.45m. Local agent Julian Gale, of Gale and Co, noted a shift in buyer demographic over the last three months, with investors dominating. 'We are definitely seeing a lot of interest from interstate again, while anything under $750,000 is also very popular with first home buyers and getting snapped up very quickly,' Mr Gale said. He said the higher end of the market was also firing, with buyers upgrading from smaller properties to newer or larger homes priced over $1m. 'A lot of people came into this area because they were priced out of the Centenary suburbs in Brisbane's southwest. 'These buyers planned to stay temporarily then move closer to the city, but 5, 6 years on they may have started a family and decided to stay for the community here,' he said. Recent sales included a renovated four-bedroom house on Shangrila Cres for $1.193m. PropTrack data shows house prices in Springfield Lakes were up 8.8 per cent over the past 12 months, to a median of $830,000. For Brisbane, inner-city demand strongly influenced residential units, with Newstead appearing back in the top 10 for the first time since Q2 2024. 'The inclusion of Newstead, alongside sustained interest in neighbouring suburbs Fortitude Valley and Brisbane City, reflects strong demand from buyers seeking an inner-city apartment lifestyle,' Mr Bailie said. 'Newstead, a highly sought-after suburb just 3km from the Brisbane CBD, has several significant strata projects underway which are attracting more buyers to the area who seek the benefits of vibrant inner-city living.' On the Gold Coast, Surfers Paradise reclaimed the number one location for residential units last quarter. 'Surfers Paradise clawed back into top position, after falling to second place for the previous two quarters, behind Southport and Brisbane City,' Mr Bailie said. 'Half the top 10 suburbs for apartment sales are now in the Gold Coast, with Burleigh Heads making the list for the first time since Q1 2023, in at eighth spot.' Townsville's Kirwan was the only suburb on either list located outside Southeast Queensland. The data found houses continued to dominate in Queensland, taking 60.96 per cent of the market last quarter. This represented a steady increase of 0.5 per cent quarter-on-quarter. TOP 10 QLD SUBURBS House sales 1. Springfield Lakes 2. Caboolture 3. Ormeau 4. Redbank Plains 5. Morayfield 6. Burpengary 7. Narangba 8. Kirwan 9. Pimpama 10. Yarabilba Unit sales 1. Surfers Paradise 2. Newstead 3. Brisbane City 4. Southport 5. Fortitude Valley 6. Hope Island 7. South Brisbane 8. Burleigh Heads 9. Maroochydore 10. Broadbeach * source: InfoTrack
Courier-Mail
3 days ago
- Business
- Courier-Mail
Massive price for 1960s time capsule home
A 1960s house, built by a carpenter for his family and preserved as if time stood still, has sold for $2.405m, setting a new benchmark for an original property in one of the Gold Coast's most sought-after beachside pockets. With a Hills Hoist in the backyard and lace tablecloths in the kitchen, the cottage amazed buyers with its immaculately preserved tableau of the past as it came to market for the first time ever. The three-bedroom, two-bathroom house on a 670 sqm lot at 9 Tawarri Cres, Burleigh Heads, sold 11 days after listing, to a local buyer planning to build a family home. Marketing agent Paddy Quinn, of PRD Burleigh Heads, said the price was the highest achieved for an original home in the popular community of Koala Park, located close to picturesque Tallebudgera Creek. 'This is a prime lifestyle location where high-end luxury homes have sold for phenomenal amounts, and the result is testament to how competitive it has become to get into Koala Park,' Mr Quinn said. The last comparable sale was a four-bedroom house on the same street, sold for $1.94m in December and on the market for the first time in 26 years. MORE NEWS Burleigh 'marble mansion' up for rent Inside content creator's $2.7m dream home switch Qld renters missing out on energy bill relief With its cream and green exterior, retro coloured glass, shagpile carpets and shelves displaying religious figures, Mr Quinn said the house at 9 Tawarri sent many buyers on a trip down memory lane. 'The home had never been renovated and was kept pretty much as though time had stood still since the 1960s,' he said. 'The idea of the campaign was firstly, to pay homage to the vendors' late parents for their quality construction of a home that showcases enduring craftsmanship and timeless character – the saying, 'they don't build them like they used to', comes to mind.' It was sold as a deceased estate, and had been home to the seller's mother, a beloved local character known as 'Terry', since it was built until her death aged 91. 'It was a one-of-a-kind house built with a lot of love for a very loving family.' PropTrack data shows house prices in Burleigh Heads were up 16.2 per cent over the past 12 months to a median of $1.569m.
