Latest news with #homesales
News.com.au
4 days ago
- Business
- News.com.au
Melbourne's fastest-selling housing hotspots, buyers run out of time
Melbourne's housing market is picking up pace, with the speed of home sales accelerating in the past year — particularly in areas that had been struggling the most. Latest PropTrack data shows the average days on market for the city's houses has dropped from 37 days in June 2024, to 36 days now. A likely contributor to the fall is homes selling closer to their scheduled auction day, which along with rising median prices for the first six months of the year hints sellers are starting to find themselves in a stronger position than they were last winter. Plenty luxury home breaks suburb record It's good news for the 775 auctions scheduled this week, which is down 13 per cent on the same time last year, and the about 760 homes slated to test the market next week. But the news is even better in coastal and lifestyle suburbs, with PropTrack data showing the time it takes to sell in Frankston North, McCrae, Baxter and Capel Sound has been slashed to as little as three weeks. McCrae led the Mornington Peninsula with the biggest drop in days on market, down from 62 to 41, while its median price reached $1.2m. Frankston North's median jumped from $545,000 to $610,250, with days on market shrinking from 31 to just 22. Baxter and Capel Sound also saw prices rise and days on market fall, while Langwarrin held firm with a $859,000 median. Across Greater Melbourne, PropTrack figures show a broader uplift in activity, with 61,913 houses sold in June 2025, up from 55,774 a year earlier. M R Advocacy director and broker Madeleine Roberts said coastal homes under $1m were being snapped up quickly. 'In Frankston North, homes are snapped up in under a month,' Ms Roberts said. 'Many buyers are frustrated and getting priced out if they hesitate even a week.' Ms Roberts added that investors were back in the mix as rental yields remained strong and vacancies low: 'We're not in a boom, but we're in a correction,' she said. 'Days on market are a leading indicator, and the market is beginning to heat up again.' Prominent Melbourne buyers advocate Cate Bakos said interstate investors were targeting suburbs like Frankston North for strong yields and capital growth. 'There's enormous pressure building at the lower end,' Ms Bakos said. 'We're not in a boom, but we are in a correction.' Belle Property and HockingStuart Victoria director Anthony Webb said the subâ€'$750,000 entry point was rapidly shrinking, squeezing firstâ€'home buyers even as investor demand returned. 'There's a lot of interest in Frankston and Langwarrin,' Mr Webb said. 'With rate cuts expected, savvy buyers are trying to get ahead of the curve.' On winter buying dynamics, Mr Webb said at entry level FOMO is kicking in: 'Move-in ready homes in the $750k –$1m range are still attracting strong interest, even in winter,' he said. This weeks busiest spots for auctions will be Mt Waverley, with 19 auctions, followed by Wollert, 18, Mickleham, 16, Reservoir, 15, and Craigieburn, 13.
Reuters
4 days ago
- Business
- Reuters
Is it time to say goodbye to capital gains taxes on your home?
NEW YORK, July 25 (Reuters) - This was originally published in the On The Money newsletter, where we share U.S. personal finance tips and insights every other week. Sign up here to receive it for free. Is it time to say goodbye to capital gains taxes on your home? The biggest personal finance story (in my humble opinion!) this week is news that President Donald Trump is considering removing capital gains taxes on home sales. "If the Fed would lower the rates, we wouldn't even have to do that," Trump told reporters in the Oval Office. "But we are thinking about no tax on capital gains on houses." Under current law, homeowners can exclude up to $250,000 (single filers) or $500,000 (joint filers) in gains from the sale of a primary residence. These thresholds haven't changed since 1997, opens new tab! A National Association of Realtors study, opens new tab found that 34% of homeowners (29 million) could already have enough equity in their homes to exceed the $250,000 cap, and more than 10% (8 million) could have enough to surpass the $500,000 threshold. Congress recently passed legislation that made permanent broad tax cuts passed in 2017 during Trump's first presidency. The bill also fulfilled Trump's campaign promises to include new tax breaks for tips, overtime pay, seniors and auto loans. Here is a look at who could gain, opens new tab from an end to capital gains taxes on home sales. What do you think about eliminating capital gains taxes on your home? Would you be more likely to sell your home? Write to me, and let me know your thoughts. Have you noticed lower prices at the pump lately? U.S. gasoline prices could fall below $3 a gallon this summer for the first time in over four years as a stretch of bad weather dampens fuel demand and a jump in imports fills inventories. Gasoline prices are in a lull, a boon for Americans traveling this summer. Consumers endured record prices at the pumps after Russia's 2022 invasion of Ukraine upended energy markets. Summer is typically the peak season for gasoline consumption in the U.S., but demand is lower this year. More fuel-efficient vehicles on the road and post-pandemic changes in driving patterns – particularly remote work – are expected to permanently reduce U.S. gasoline consumption from its peak in 2018. How will lower gas prices impact your driving habits? Coke's shift to cane sugar would be expensive, hurt US farmers Goldman, BNY team up to launch tokens tied to money market funds Trump executive order to help open up 401(k)s to private markets, opens new tab Delta plans to use AI in ticket pricing draws fire from US lawmakers Luxury heavyweights struggle to shake off shopper fatigue What is behind the latest rally in meme stocks? How Americans handle late-career layoffs, opens new tab Preserve capital, don't swing for the fences, portfolio manager says Big Alcohol prepares to fight back as buzzy cannabis drinks steal sales ARE YOU HOLDING TOO MUCH TECH? Is your portfolio bursting with technology stocks? Equity investors are probably overweighted in technology, given the strong performance run of the past two years. Indeed, the stocks that comprise the Magnificent Seven are up almost 25% in the past year vs. 17% for the Nasdaq Composite index. More recently, the performance of the Magnificent Seven (which includes Google and Tesla) is mixed. But they have all rebounded since April from a selloff following Donald Trump's "Liberation Day" announcement of sweeping global tariffs. The group amounted to one-third of the weight of the S&P 500 as of Friday, due to their massive market caps, their largest combined presence since the start of the year, according to LSEG Datastream. My retirement portfolio is invested in target-date funds, which are rebalanced on a regular basis, so the tech position is about 24%, which is slightly below its average peers. Are you overloaded in tech right now or have you adjusted your portfolio in recent weeks? Let me know your thoughts on the Magnificent Seven or the broader tech sector!
Yahoo
5 days ago
- Business
- Yahoo
Kevin O'Leary Calls Trump's No Tax On Home Sales Plan 'Common Sense': Shark Says, 'Families Can Grow Without Getting Punished'
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Kevin O'Leary has seemingly thrown his support behind President Donald Trump's proposal to eliminate capital gains tax on primary home sales, calling it a "common sense" move to help American families build wealth. What Happened: On Tuesday, O'Leary, also known as "Mr. Wonderful," posted a video on X, formerly Twitter, praising Trump's tax plan while appearing on Fox News. He argued that removing capital gains tax on home sales would allow young families to trade up without being penalized. "No capital gains tax on your primary home means young families can grow without getting punished," O'Leary posted. "Don't tax them to death when they trade up. It's common sense." In the video shared, he said, "If you want people to take on ownership and mortgages... they have to be able to trade up. They can't get whacked for a third of their value." Trending: GoSun's Breakthrough Rooftop EV Charger Already Has 2,000+ Units Reserved — Why It's Important: His comments came just hours after Trump said his administration is considering a federal exemption on capital gains from home sales. 'If the Fed would lower the rates, we wouldn't even have to do that,' Trump told reporters at the White House, adding, 'But we are thinking about no tax on capital gains on houses.' Rep. Marjorie Taylor Greene (R-Ga.) welcomed Trump's comments, saying they align with her proposed No Tax on Home Sales Act. "You worked for it. You should keep it. Let's get this bill passed!" she wrote on X. The proposal comes amid a housing affordability crisis, with mortgage rates and home prices at multi-year highs. Earlier this month, Moody's chief economist Mark Zandi warned that the U.S. housing market is flashing a "red flare," with home sales at a low and builders pulling back due to high mortgage rates and rising costs. He predicted further weakness, including potential drops in home prices, new construction and completions. Previously, economist Craig Shapiro also called for a national housing policy overhaul, criticizing the sector as over-subsidized and under-scrutinized. Photo Courtesy: Kathy Hutchins on Read Next: Named a TIME Best Invention and Backed by 5,000+ Users, Kara's Air-to-Water Pod Cuts Plastic and Costs — And You Can Invest At Just $6.37/Share Arrived Home's Private Credit Fund's has historically paid an annualized dividend yield of 8.1%*, which provides access to a pool of short-term loans backed by residential real estate with just a $100 minimum. This article Kevin O'Leary Calls Trump's No Tax On Home Sales Plan 'Common Sense': Shark Says, 'Families Can Grow Without Getting Punished' originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Yahoo
6 days ago
- Business
- Yahoo
Existing-Home Sales Fall More Than Expected as Prices Hit June Record, NAR Data Show
Existing home sales in the US decreased more than projected in June as prices reached a record high Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Daily Mail
6 days ago
- Business
- Daily Mail
Housing market set to plunge to a 30-year low
Home sales are set to plunge to a 30-year low — with experts warning the slump could deepen into a full‑blown collapse. Just four million transactions are expected in the US this year, according to new data from That would mark the lowest level since 1995, according to the National Association of Realtors. Buyers have been scared off by a rocky economy, surging HOA fees, and punishing mortgage and insurance rates, leaving sellers slashing prices to lure offers. 'Even with more homes on the market, buyer response has remained muted compared to what we'd expect from similar supply shifts in the past,' chief economist Danielle Hale said of the shocking figures. Thirty‑year mortgage rates will average 6.7 percent across 2025 and end the year at around 6.4 percent. That is slightly higher than previous forecasts. Median home prices have jumped 52 percent since May 2019, far outpacing wage growth of just 30 percent, NAR data shows. Despite the frozen market, economists do not predict a correction in home prices but conversely see them rising 2.5 percent through 2025. This is largely driven by sellers who refuse to drop their asking price and are instead pulling their homes off the market in droves. Others have been forced to slash their asking prices and accept a more reasonable offer in the current uncertain market. More than 20 percent of listed homes had price reductions in June, the highest share for the month since 2016. Phoenix, Arizona, is at the epicenter of the delistings trend, seeing more homes pulled from the market than any other area. Economists believe this is because areas in the South and West have seen inventory hit pre-pandemic levels but prices remaining flat or are even falling. Last week Moody's Chief Economist Mark Zandi issued a 'red flare' warning for the housing market and cautioned that it could drag down the entire economy. 'I sent off a yellow flare on the housing market in a post a couple of weeks ago, but I now think a red flare is more appropriate,' Moody's Chief Economist Mark Zandi wrote on X. A 'red flare' warning suggests the market is experiencing major instability and a fall is imminent. 'Home sales are already uber depressed,' Zandi wrote. 'Housing will thus soon be a full-blown headwind to broader economic growth, adding to the growing list of reasons to be worried about the economy's prospects later this year and early next.'
