Latest news with #RayWhite
Courier-Mail
5 hours ago
- Business
- Courier-Mail
Price shock: Luxe Aussie mansions now start at $2.52m
AustAsia's luxury property sales are booming with the price tag for a bougie home now starting at $2.52m – up 72 per cent from 10 years ago, new data shows. According to Ray White's second Australia's Luxury Report, Sydney remains Australia's most expensive market with buyers needing to find a cool $4m to afford a home with all the trimmings. The Gold Coast ranked second at $2.6m, pushing ahead of Melbourne's $2.49 million entry point. The Sunshine Coast in Queensland also ranked in the top five at $2.4m, followed by Brisbane and Perth, where the average luxury home now costs $2.1m. Meanwhile, the starting point for a bougie home in Adelaide and Canberra has climbed to $1.9m, with Darwin the only capital remaining to offer luxury living under $1m. RELATED Mansion that hosted Rolling Stones, Frank Sinatra sells for mega price Telenet CEO pays $12.1m 'record price' for house with no parking Record warehouse seller emerges as $15m buyer of rare penthouse Luxury homes are generally defined by their use of premium materials and exceptional finishes, including finest marble countertops, rare hardwood floors, and custom cabinetry. 'More than just a price point, luxury represents the pinnacle of craftsmanship, attention to detail, and scarcity within a market,' Ray White senior data analyst Atom Go Tian said. 'It varies dramatically by location; what's considered standard in Sydney might be exceptional elsewhere in Australia. 'From a national perspective, luxury properties in Australia now command prices exceeding $2.52 million, representing a 72 per cent increase from $1.49 million a decade ago.' RELATED: Rose Bay mansion with James Packer link has $90m hopes Mr Go Tian said a staggering $663 million changed hands across just 20 transactions over the past year, revealing not only where Australia's wealthiest choose to live, but also who they are and how their wealth was created. 'Eastern Sydney continues to be the place to be, with the Double Bay-Bellevue Hill and Rose Bay-Vaucluse-Watsons Bay enclaves accounting for more than half of all top transactions,' he said. 'Bellevue Hill alone appears five times on the list, while Vaucluse claims four spots. Beyond Sydney's harbour views, Melbourne's old-money suburbs of Toorak and Brighton each secured positions, while lifestyle destinations like Noosa Heads, Byron Bay, and Portsea also featured prominently.' MORE NEWS: Bulldozed Toorak block asks $40m+ for dirt The crown jewel of these transactions stands as 'Alcooringa,' a Spanish Mission-style residence perched majestically at 27 Victoria Road, Bellevue Hill. Top agent Ashley Bierman of Ray White Double Bay negotiated this off-market sale. The architectural masterpiece commanded an eye-watering $80 million; a figure that towers over even its closest competitor by $30 million. Mr Go Tian said expensive homes are changing hands in new ways. 'Today's ultra-luxury property buyers are primarily self-made business owners, especially those who built digital and tech companies, rather than corporate executives who once dominated this market,' he said. 'The wealth behind these purchases now comes from a much wider range of industries, with online businesses and technology ventures leading the way.' MORE NEWS: Musician snaps up one of nation's most popular homes An analysis of this year's top 20 sales reveals today's luxury purchasers are predominantly self-made entrepreneurs from diverse sectors including e-commerce, property development, financial services, fashion, and technology. The report shows the architectural and landscape features of Australia's most expensive homes reveal sophisticated investment priorities, with wellness facilities, sustainable elements, and indoor-outdoor integration now considered essential rather than optional. Properties with comprehensive wellness features command price premiums of 10-25 per cent, reflecting a fundamental shift in what constitutes luxury in today's market.
Daily Telegraph
6 hours ago
- Business
- Daily Telegraph
Price shock: Luxe Aussie mansions now start at $2.52m
AustAsia's luxury property sales are booming with the price tag for a bougie home now starting at $2.52m – up 72 per cent from 10 years ago, new data shows. According to Ray White's second Australia's Luxury Report, Sydney remains Australia's most expensive market with buyers needing to find a cool $4m to afford a home with all the trimmings. The Gold Coast ranked second at $2.6m, pushing ahead of Melbourne's $2.49 million entry point. The Sunshine Coast in Queensland also ranked in the top five at $2.4m, followed by Brisbane and Perth, where the average luxury home now costs $2.1m. Meanwhile, the starting point for a bougie home in Adelaide and Canberra has climbed to $1.9m, with Darwin the only capital remaining to offer luxury living under $1m. RELATED Mansion that hosted Rolling Stones, Frank Sinatra sells for mega price Telenet CEO pays $12.1m 'record price' for house with no parking Record warehouse seller emerges as $15m buyer of rare penthouse Luxury homes are generally defined by their use of premium materials and exceptional finishes, including finest marble countertops, rare hardwood floors, and custom cabinetry. 'More than just a price point, luxury represents the pinnacle of craftsmanship, attention to detail, and scarcity within a market,' Ray White senior data analyst Atom Go Tian said. 'It varies dramatically by location; what's considered standard in Sydney might be exceptional elsewhere in Australia. 'From a national perspective, luxury properties in Australia now command prices exceeding $2.52 million, representing a 72 per cent increase from $1.49 million a decade ago.' RELATED: Rose Bay mansion with James Packer link has $90m hopes Mr Go Tian said a staggering $663 million changed hands across just 20 transactions over the past year, revealing not only where Australia's wealthiest choose to live, but also who they are and how their wealth was created. 'Eastern Sydney continues to be the place to be, with the Double Bay-Bellevue Hill and Rose Bay-Vaucluse-Watsons Bay enclaves accounting for more than half of all top transactions,' he said. 'Bellevue Hill alone appears five times on the list, while Vaucluse claims four spots. Beyond Sydney's harbour views, Melbourne's old-money suburbs of Toorak and Brighton each secured positions, while lifestyle destinations like Noosa Heads, Byron Bay, and Portsea also featured prominently.' MORE NEWS: Bulldozed Toorak block asks $40m+ for dirt The crown jewel of these transactions stands as 'Alcooringa,' a Spanish Mission-style residence perched majestically at 27 Victoria Road, Bellevue Hill. Top agent Ashley Bierman of Ray White Double Bay negotiated this off-market sale. The architectural masterpiece commanded an eye-watering $80 million; a figure that towers over even its closest competitor by $30 million. Mr Go Tian said expensive homes are changing hands in new ways. 'Today's ultra-luxury property buyers are primarily self-made business owners, especially those who built digital and tech companies, rather than corporate executives who once dominated this market,' he said. 'The wealth behind these purchases now comes from a much wider range of industries, with online businesses and technology ventures leading the way.' MORE NEWS: Musician snaps up one of nation's most popular homes An analysis of this year's top 20 sales reveals today's luxury purchasers are predominantly self-made entrepreneurs from diverse sectors including e-commerce, property development, financial services, fashion, and technology. The report shows the architectural and landscape features of Australia's most expensive homes reveal sophisticated investment priorities, with wellness facilities, sustainable elements, and indoor-outdoor integration now considered essential rather than optional. Properties with comprehensive wellness features command price premiums of 10-25 per cent, reflecting a fundamental shift in what constitutes luxury in today's market.
Sydney Morning Herald
2 days ago
- Business
- Sydney Morning Herald
The type of housing cost that just soared 75 per cent in five years
The cost of land for housing development has skyrocketed by 75 per cent over the past five years, pushing homeownership further out of the hands of average potential buyers. The median development site cost has risen from $4.8 million in 2020, to $8.5 million this year, Ray White analysis of Real Capital Analytics data shows. It comes as construction costs remain elevated from their pre-COVID-19 levels, putting further pressure on affordability. Ray White Group chief economist Nerida Conisbee said it would take considerable time before building costs fell enough to make new housing genuinely affordable for average buyers. 'Land costs haven't come back down and what's happening is developers want to build, but they can't do it affordably,' Conisbee said. 'We're not seeing the crashes in the market we previously saw so we're in a kind of holding pattern.' In past economic downturns, rising interest rates would put pressure on some owners of development sites, forcing them into distressed sales at reduced prices. But this time was different, and Conisbee said many had built financial buffers while interest rates were at record lows, and developers have been in a better position to hold onto land. They were also entering into joint ventures when finances were squeezed. Changes to how lenders operated were also helping developers hold on to their assets, banks were holding off on forced sales for struggling developers, and were more likely to offer relief measures. It comes as the federal government aims to deliver 1.2 million homes in five years to address the housing affordability challenge.
The Age
2 days ago
- Business
- The Age
The type of housing cost that just soared 75 per cent in five years
The cost of land for housing development has skyrocketed by 75 per cent over the past five years, pushing homeownership further out of the hands of average potential buyers. The median development site cost has risen from $4.8 million in 2020, to $8.5 million this year, Ray White analysis of Real Capital Analytics data shows. It comes as construction costs remain elevated from their pre-COVID-19 levels, putting further pressure on affordability. Ray White Group chief economist Nerida Conisbee said it would take considerable time before building costs fell enough to make new housing genuinely affordable for average buyers. 'Land costs haven't come back down and what's happening is developers want to build, but they can't do it affordably,' Conisbee said. 'We're not seeing the crashes in the market we previously saw so we're in a kind of holding pattern.' In past economic downturns, rising interest rates would put pressure on some owners of development sites, forcing them into distressed sales at reduced prices. But this time was different, and Conisbee said many had built financial buffers while interest rates were at record lows, and developers have been in a better position to hold onto land. They were also entering into joint ventures when finances were squeezed. Changes to how lenders operated were also helping developers hold on to their assets, banks were holding off on forced sales for struggling developers, and were more likely to offer relief measures. It comes as the federal government aims to deliver 1.2 million homes in five years to address the housing affordability challenge.
News.com.au
4 days ago
- Business
- News.com.au
Why Frankston, Tarneit and Craigieburn are hot picks for Melbourne's young property buyers
Millennials and Gen Z might have a tougher road to property ownership than their parents, but experts say there are still ways to trade up to even some of Melbourne's wealthiest areas. You just need to know where to look. In Craigieburn, the 2025 median house price sits at $610,000 — six times the nation's about $100,000 average annual wage. In Tarneit, the typical house costs $645,000, with other other suburbs offering a more affordable starting point including Wyndham Vale, $607,000, Pakenham, $590,000, Werribee, $610,000, and Frankston, $715,000. And with access to infrastructure, lifestyle amenities and growing populations, there's potential for those prices to grow. Ray White Frankston agent George Devic said demand was strong in the Frankston area, particularly from younger buyers and investors. 'If you stay sub-$850,000, you're seeing a lot of first-home buyers and both local and interstate investors in the market,' Mr Devic said. 'Buyers are active, and we're seeing the whole suburb remain attractive, from entry-level homes to blue-chip pockets.' PropTrack senior economist Eleanor Creagh added that while buyers entering the market today were unlikely to see the same exponential gains as their parents, real estate was still a powerful long-term investment. 'Getting into the market remains a crucial first step, and with the right purchase in the right location, there's certainly potential to build wealth over time,' Ms Creagh said. 'Even if the journey looks different, the principle of long-term equity growth still holds true.' The concept relies on a relatively affordable investment gaining value over a long period of time. If a person can acquire multiple homes it could eventually allow them to sell the group of more affordable residences to fund a home in a much pricier neighbourhood. M R Advocacy director and buyers' agent Madeleine Roberts said young Australians were finding new ways to build wealth, from rentvesting to buying in future lifestyle suburbs. 'I grew up in Rye, back then it was a sleepy beach town. Now it's a million-dollar suburb,' Ms Roberts said. 'It shows how much potential lies in lifestyle-driven areas that were once overlooked.' The buyer's agent added that younger buyers were 'more investment-minded' than previous generations. 'They know the dream home isn't going to magically land in their lap,' she said. 'They're using property as a wealth-building tool, it's about being strategic from the start and understanding how to make the market work for them.'
