Latest news with #RayWhite
News.com.au
15 hours ago
- Automotive
- News.com.au
$59,000 for Vic hoarders house, one of the state's cheapest homes
A regional Victorian hoarders house has hit the market with a $59,000 bargain price and an intriguing offer for the buyer: you can sell anything of value that's left in the home. Among the known inclusions are a caravan, a Ford station wagon and a Mitsubishi Galant — but they're not ruling out the possibility there's more of value hidden among the mess in a real estate listing that's been dubbed 'The Great Australian Dream meets 'Hoarders''. And it's not the only dirt-cheap offering up for grabs in Victoria, with a fire-damaged house in another regional town and a caravan annex with water views that you can only call home 89 days in a year also up for grabs at less than $20,000. Not far from Ouyen in the state's north west, the bizarre hoarders home offer for the aptly located 9 Messines St, Nandaly, property has already had 200 people inquire about it, with interest coming from as far away as Bendigo, Geelong and Melbourne. Ray White Mildura's Brett Driscoll said the deceased estate might well have been worth $85,000-$90,000 if it weren't for the mess that needed to be cleaned up, and the expected price had been reduced to accommodate the costs of cleaning it out. The $59,000 cost they've landed on is less than many new cars today, including the Mercedes A-Class that's frequently scene parked outside Melbourne real estate offices. 'But everything is included, so with the caravan and the cars, that might have a bit of value and you could probably flog them off to pay for the skip,' Mr Driscoll said. 'It might take a few weeks, so it's a bit of a big job for someone. 'But it's increasingly rare to buy a house for that sort of price anywhere in Australia.' There are big numbers already intrigued, not just for a cheap home they could use to 'get out of the rat race', but also for what it might contain. 'You know what hoarders' homes are like, they can have cash stashed and other bits and pieces hidden around. 'We've just had the first inspection there with 39 groups going through it. 'And I'd say most of the people who were looking through it weren't deterred by the work involved. So I suspect there will be quite a few offers.' But even with a $59,000 asking price it's far from the cheapest home for sale in the state today. A $19,500 caravan and annex in Loch Sport Caravan Park, with water views to Lake Victoria and billed as a two-bedroom unit, costs less than the cheapest new car released in Australia this year — the Kia Picanto Sport Manual, which starts at $22,340 drive away. However, C Shell Real Estate's Renee Potts said with the caravan park not able to offer year-round accommodation at the site, you can only spend 89 nights of the year in the abode — unless you spend an extra $20 a night to go past this. There is also a month's cap on the maximum duration of any stay at the 106 Lookout Loop property. You also pay an annual $4,360 fee to cover access to the park's features and its general upkeep. 'You can't live there full time, but it's got all your amenities with camp kitchens and an amenities block for when you are there,' Ms Potts said. 'But it's in a great spot, as you do get a view of Lake Victoria from it, and you are walking distance to everything in town.' The agent said with only one or two coming up for sale in any given year, most of those who bought them were from Melbourne and using the purchase as a way to test out the area before committing to a holiday getaway on its own land. In Pyramid Hill, west of Echuca and south of Kerang, most homes sell for around $200,000-$250,000. One at 3 Railway Ave is currently listed for $49,000. The catch? It's so badly burned the council have a strict demolition order in place. Luke Ryan Real Estate's Luke Ryan said with demolition likely to cost $15,000-$20,000, the addition of a modest cabin for about $100,000 would have an owner set up ready to go for less than $200,000 — well below local rates for established homes. 'And we have had a few buyers interested,' Mr Ryan said. 'It's hard to find even land at this price. Anyone buying this place won't go wrong.'
News.com.au
15 hours ago
- Business
- News.com.au
Massive corner block home sold for $15m in the dead of winter
A luxury corner block home in Hamilton that was once two separate houses has sold for a whopping $15.1m, deep in the middle of Brisbane's winter season. According to publicly available property records, the home was owned by Jane Lobban before the private sale over the weekend. It is understood agent Matt Lancashire of Ray White New Farm sold the property to an owner-occupier, though Mr Lancashire declined to comment. The four-bedroom, four-bathroom home at 19 Circe St was initially just one house, until the neighbouring home was also bought by the vendors. The property was then extended to include a large garden, garden house and pool. Sitting only 8km from the CBD and with a wide, elevated view, the home represented a rare luxury property with a wide open space so close to the city. After being built over 2017 and 2018, the home was listed on the market in February, 2024. While online, the listing attracted 81,595 clicks throughout the year, making it the fourth most-viewed property on the website. Designed by architect Derek Trebilcock and built by CGH Constructions, the 1,512 sqm block features a three-level house with an ensuite included with each bedroom inside. The home has a lift connecting each level, a climate controlled wine tasting room in the basement, and a garage that can fit up to seven vehicles. Brisbane's winter season has seen several home sales for well over $10 million now, with a penthouse in New Farm selling for $17.5 million in June of 2025.
News.com.au
4 days ago
- Business
- News.com.au
Melbourne suburbs face 'bubble' risk amid interstate investor frenzy
Interstate investors chasing housing bargains are turning Melbourne's most affordable areas into property 'bubbles' amid scenes being compared to 2014's foreign-buyer market invasion. New research revealing the city's most affordable pockets within 10km and 20km of the city's CBD has also revealed pockets where buyers from Sydney, Brisbane, Adelaide and Perth are buying as much as 80 per cent of homes for sale, sight unseen — with experts advising first-home buyers to 'go somewhere else'. Ray White head of research Vanessa Rader said Melbourne might be facing a similar scenario to Perth a few years ago, when the Western Australian capital was regarded as undervalued by interstate investors — sparking a significant surge in interests in the city'saffordable inner areas. 'The Melbourne market has done it tough for the past few years, but there's an upside,' Ms Rader said. 'It is probably well placed to recover, and given the size of the market and particularly population growth, I can see why investors are looking there.' Cohen Handler buyers advocate Nicole Jacobs said concerning interstate investor activity was creating 'suburb bubbles', where excessive competition was likely to rapidly drive prices up beyond sensible growth margins. 'They are coming through advocacy firms and buying sight unseen,' Ms Jacobs said. 'These interstate advocacy groups can have 300 people on their books.' Ms Jacobs said while Melbourne seemed 'really cheap' compared other capitals including Sydney and Brisbane, it also had strong fundamentals that would support future gains — which was likely a part of the allure for interstate buyers. 'But bubbles pop when people have to sell,' she warned. With the prospect many of the interstate investors might not fully understand tenancy laws and property investor tax obligations in Victoria, Ms Jacobs said the best case scenario for affected areas was that they flatline for a while once the investors moved on. For first-home buyers facing this situation, Ms Jacobs advice was 'go somewhere else'. Ray White economics research has revealed those hoping to get the best mix of affordable housing and reduced drive times that come with an address within 10km of the city centre are best headed for areas like Sunshine and Braybrook, where typical house prices range from $726,000 to $846,000. But with swarms of interstate investors pursuing the suburb, Sunshine-based Douglas Kay director Peter Kay said interstate investors were buying up to 80 per cent of homes listed and regularly driving sales $50,000-$150,000 higher. 'Pretty much for the last four to eight weeks it's been overwhelming with interstate inquiry seeking support and that's also turning into purchases,' Mr Kay said. The agent said 'very aggressive' interstate investors, many in a 'more comfortable position' after significant home price growth in other capitals in recent years and foregoing building inspections and other crucial checks, were in direct competition with first-home buyers. 'Some are flying down on auction day, inspecting it on the day, and becoming the winner or being the underbidder,' Mr Kay said. 'It's probably driven by the fact that we are the most affordable within that radius of the CBD.' Efforts to establish Sunshine as a rail superhub were also a factor, he said. Mr Kay said the situation was similar to just over a decade ago when wealthy internationals would fly in to visit family, and leave after buying a couple of properties. 'Interstate investors are the modern international buyer,' he said. Sunshine-based loan broker Brian Hocking said investors were definitely fighting first-home buyers in the area — with a lot of the market entrants 'going through the ringer and getting out bid' by investors who 'have the capacity to come in over the top'. Ray White analysis shows the next best bets within 10km of the CBD are Campbellfield and Broadmeadows, where prices range from $572,000 to $621,000, making them the most affordable areas within 20km of Melbourne's CBD. But YPA Gladstone Park director Luke Albioli said he'd watched five interstate bidders on video calls compete with one local at a recent Broadmeadows auction. 'I'd never seen anything like that,' Mr Albioli said. 'But, if you looked at it on a radius of the city basis, to get a house in the mid $600,000s – to them, that looks like excellent value.' He added that while Broadmeadows had been an initial point of higher interstate investor interest, it was now starting to spill over into neighbouring suburbs such as Westmeadows. Eric Norris was the only Melbourne bidder at the Broadmeadows auction and said while he'd claimed the keys, it had been his fifth attempt to buy a home in the suburb — after being outbid by interstate buyers in prior sales. 'It was definitely disconcerting initially, as it was hard to get a read on them,' Mr Norris said. MOST AFFORDABLE AREAS FOR HOUSES WITHIN 10KM OF MELB CBD Sunshine West — $735,679 Sunshine North — $783,113 Braybrook — $858,254 Altona North — $962,221 West Footscray-Tottenham — $997,730 Footscray — $1.005m Avondale Heights — $1.012m Keilor East — $1.017m Coburg North — $1.026m Oak Park — $1.079m Locations reflect medians for statistical area level two, which may not match exactly with local suburb boundaries Source: Ray White Economics MOST AFFORDABLE AREAS FOR HOUSES WITHIN 20KM OF MELB CBD Campbellfield-Coolaroo — $580,059 Broadmeadows — $629,919 Deer Park — $680,649 St Albans – South — $699,052 St Albans – North — $704,015 Laverton — $713,262 Ardeer-Albion — $741,355 Thomastown — $744, 866 Gladstone Park-Westmeadows — $771,729 Tullamarine — $776,136 Locations reflect medians for statistical area level two, which may not match exactly with local suburb boundaries Source: Ray White Economics
News.com.au
4 days ago
- Business
- News.com.au
The Brisbane suburbs that will save buyers millions
A matter of kilometres separates some of Brisbane's most expensive and cheapest real estate with buyers able to knock almost $2m off their purchase price by venturing a little further from the inner city. Exclusive Ray White data based on SA3 boundaries revealed Newstead - Bowen Hills, 3.1km from the central city, was the priciest suburb outside of inner Brisbane, with homes selling for $2.7m on average. Less than 2km further from inner Brisbane, the Rocklea – Acacia Ridge house market was almost $2m cheaper with a median of $802,000. And there's much more revealed off the research. Qld's top-selling suburbs revealed Ascot, 2.1km from the central suburbs, had a median house price of $2.5m, while next door in Eagle Farm – Pinkenba, less than 3km from the city, buyers could expect to pay $978,000 for a typical house. In the riverside suburb of Hawthorne, houses were fetching about $2.2m, while 2.7km away in Murarrie, the average cost of a detached dwelling was $1m less. The Ray White figures showed further out there were still huge variances in house prices between nearby suburbs. The Inala – Richlands area is almost 10km from the inner Brisbane and has a house median of $807,000, while in Eight Mile Plains, also about 10km from city centre, houses sell for $1.5m on average. Seventeen Mile Rocks has a median house price of $1.3m while next door in Darra – Sumner buyers can pick up a typical detached home for $880,000. In Riverview, 17km from inner Brisbane, houses ($616,000) are considerably cheaper than 1.8km away in Bellbowrie – Moggill ($1.1m). Ray White head of research, Vanessa Rader said the data was an encouraging sign for buyers in the Brisbane property market. 'There is still opportunity to purchase close to the city for below the Brisbane median house price (of $1.015m),' she said. 'It does depend on whether people want to live in these areas or not, but if proximity (to the city) is important, these suburbs will appeal.' Ms Rader said while the more affordable neighbourhoods may not be as desirable to owner-occupiers right now, there was a likelihood of gentrification in the future. 'There is that ripple effect,' she said. 'It starts with one really cool suburb and when people are priced out, they move out to the next suburb and gentrification begins.' Ms Rader said history showed the ripple effect of gentrification resulted in strong value growth, though that it may take longer than in more in-demand suburbs. 'You do need to know that gentrification will take place,' she said. 'Markets like Pinkenba, which is heavily industrial and close to the airport and the port – may not see that change anytime soon. 'You really need to be selective and do your homework.' Ray White Centenary/Sherwood director, Steven Kremer said the price gap between suburbs was still substantial in parts of Brisbane. 'Take Chapel Hill and Kenmore, for example,' he said. 'You go across the bridge to Jindalee and you're paying $200,000 to $300,000 less for the same houses built by the same builders in an area offering the same conveniences. 'We recently sold a beautifully renovated three-bedroom, one-bathroom home in Inala for $872,000. 'Ted Hagemeijer from our office also just auctioned one in Inala last week for $912,000. 'These are uncharted prices, but take those houses to Jindalee and they're $1.1m or $1.2m.' Mr Kremer said surging home prices in Brisbane were pushing buyers into markets once on their no-go list. 'In the Centenary region, a lot of buyers priced out of suburbs such as Kenmore and Indooroopilly are coming across the bridge to West Lake and Middle Park,' he said. 'But that isn't just restricted to people priced out of markets. 'I'm seeing people who can afford to buy in their target suburbs, but see they can get a lot more bang for their buck a little further out.' Ms Kremer said buyers often started with 'let's at least investigate and see what's on offer' while not really believing they would buy into these once 'dodgy' areas. 'Perhaps they steered clear based on perceived images and historical comments,' he said. 'But they go through these suburbs now and look at the gentrification, the renovations and the extensions, the money gone into shopping centres, entertainment and cafes. 'More often than not, they end up buying and stay for a considerable amount of time. 'They're moving in or moving back close to where they grew up, putting roots down, getting involved in kindies and schools and sporting teams.' Mr Kremer said these more affordable markets were almost completely dominated by couples and families. 'Some of these suburbs in the western and southern corridors were some of the only suburbs to see a decrease in population in the last census, with a lot of homes only inhabited by mum and dad as their children had moved away,' he said. 'Now kids are back playing in the streets, schools are back at capacity and some of the sports teams are completely full.' Mr Kremer said while suburbs such as Acacia Ridge and Inala were more affordable compared to other parts of Brisbane, prices were trending upwards quickly, driven by low stock and high demand. 'The bottom end of the market disappears the fastest,' he said. 'It wasn't too long ago you could buy a main road house in these suburbs for $350,000, but we just sold a home on a flood affected block in Jindalee for $775,000.' The latest PropTrack data revealed the Rocklea house market had the second highest enquires-per-listing on in Queensland. It was also sixth in the country. Forestdale, with a median house price of $1.5m, was number one. The more affordable house markets of Woodridge, Redbank Plains and Loganlea rounded out the top five, showing the high demand for affordable property in the Brisbane market. In the unit market, Goodna had the highest enquires-per-listing in the country, while Loganlea was number three and Mount Gravatt was number eight.
News.com.au
4 days ago
- Business
- News.com.au
Bargain homes list: cheapest Sydney suburbs 10km from CBD
Houses with a price tag below $2 million could soon vanish from Sydney's inner suburbs, with less than 100 houses currently listed below this threshold within a 10km radius of the city. It's come as agents warn $3 million has already become the norm for most houses in areas within Sydney's inner ring, with prices above $1 million largely the norm for most inner apartments. Research from Ray White Economics showed the cheapest inner suburbs were currently a strip of suburbs under the flight path of Sydney Airport, including Tempe, Sydenham and St Peters. Houses in these suburbs had a median price of about $1.7 million but, being smaller areas, rarely had properties available for sale. And the prices are going up. The next cheapest suburb within 10km from the city by median house price was Mascot, where houses commanded prices of about $1.95 million. Thereafter, Marrickville had the next cheapest houses, with typical prices of about $2.1 million. Ray White Economics data analyst Atom Go Tian said expensive prices in inner suburbs were affecting the entire market as it meant even families on decent incomes were being pushed out. 'We're very close to, or may have already reached the point, where sub-$2 million houses disappear entirely from 'easy reach' of the CBD,' he said. 'As each distance band fills up with expensive housing, buyers are pushed further out, creating a ripple effect that inflates prices in previously affordable areas.' Even the cheapest detached housing in much of the area within 10km of the CBD was out of reach for families on fairly decent incomes, Mr Go Tian added. 'The implication is that even with dual professional incomes, many households are effectively locked out of inner Sydney,' he said. '(That's) unless they have substantial family wealth or equity from previous property ownership. 'This effectively creates a two-tier system where property ownership in inner Sydney becomes increasingly dependent on intergenerational wealth transfer rather than earned income alone.' With limited options to buy houses within a 10km radius of CBD, PropTrack data indicated buyer competition has been ramping up – especially since interest rates were cut earlier this year. PropTrack reported an average of over 100 'key' buyers per listing for houses in Rosebery, in the inner south, and in coastal suburbs Coogee, Clovelly and Rose Bay. Key buyers were those who had inquired about listings with agents by phone, text, email or submitted an online request for an inspection. Adrian Tsavalas, the director of inner west agency Adrian William, said there were simply not enough houses within inner suburbs for the numbers of buyers who wanted them. 'It's just pure supply and demand and that's why the prices keep going up,' he said. 'It won't be long until there are no longer any opportunities to buy under $3 million close to the (CBD). We've already seen that happen with $1 million and then $1.5 million. It's inevitable.' Data showed prices in Sydney's middle ring suburbs – between 10km and 20km of the CBD – were generally cheaper than those closer to the CBD but remained a big ask for house buyers on regular incomes. House prices across most of this region were also above $2 million, with a cluster of suburbs that roughly followed the Bankstown train line in the southwest offering the most affordable options. This grouping included neighbouring suburbs Wiley Park and Lakemba (the only two middle-ring suburbs with a median house price below $1.4 million) and Greenacre, with a median of $1.45 million. Once house seekers went between 20km and 35km outside of the CBD, some of the cheapest options included southwest suburb Fairfield (median $1.12 million) and nearby Canley Vale ($1.22 million). 'Areas like Fairfield East, Granville-Clyde, and Auburn have industrial heritage that has historically kept residential prices lower,' Mr Go Tian said. 'The data shows cheaper areas are typically those with longer commute times or poorer transport connections, suggesting infrastructure hasn't kept pace with housing demand.' Marrickville resident Monica Wulff said she wasn't surprised to learn her area offered home buyers some of the best bang for their buck closer to the city. 'The houses are a lot bigger than in the surrounding areas and you get this access to culture while still being convenient and quiet enough to raise children,' she said. 'Our house has a big garage, new kitchen, space to breathe and a bit of a backyard and we didn't find you could get that kind of value even in places a little further out like Leichhardt.' The couple are now selling their Philpott St house at auction August 2 to be closer to family. Ms Wulff said cheaper prices in outer suburbs were not really an option for them. 'We need to be close to the city. It needs to be accessible. We got that in Marrickville but it's not easy to find that (in Sydney).'
