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News.com.au
a day ago
- Business
- News.com.au
OK Boomer, what a 1980s house really costs buyers today
Hopeful Geelong home buyers are paying substantially more money relative to the cost of everything else than generations before them, alarming new analysis reveals. The exclusive PropTrack research showed home prices were four-times higher than in 1980 once adjusted for inflation. But today's buyers are paying between two and eight-times on top of the adjusted prices for a typical house in many suburbs. The research measured housing costs across each decade, showing property prices over the 1990s, 2000s and 2010s were also markedly cheaper when compared to other living costs. Geelong's $26,500 median house price in 1980 is equivalent to $136,100 in today's money, while the $470,000 median in 2000 is worth $682,400 in today's dollars. But that's well short of the actual $890,000 median house price in 2025. The study also showed the dramatic shift in Geelong's property market map, particularly as a result of gentrification. Geelong West was the cheapest suburb back in 1980 when a typical house cost $23,075, cheaper than the average house in Norlane at the time. In today's money that's just $118,000. The actual median price in the suburb is more than six-times higher at $872,000. Inner suburbs such as Geelong, East Geelong and Manifold Heights had median house prices less than $30,000 in 1980. A typical house cost $34,000 in Newtown in 1980 ($177,200 in today's money) compared to $1.117m today, while Highton was the most expensive suburb with a $48,000 median house price. That's $338,900 when adjusted for inflation, but is now worth $875,000. Geelong buyers advocate Tony Slack said how typical buyers were entering the market today were different as the cost of housing increased compared to incomes. 'If you're single or a couple and you're renting, it does it make hard to crack in to the market,' he said. 'Without a doubt that there's more family money there,' he said. 'And government schemes are the same thing – they weren't available when I bought the first time. 'I think the cost of living in the old days, there just seemed to be more money left over.' Mr Slack said buyers were less prepared to buy a house that needed to improvements, but worked within a budget that favours lifestyle attributes, such as being close to a network of friends, family, work and social activities. He said buyers often purchased their first home as a stepping stone, considering other factors such as schools with their second purchase. 'That worst house in the best street doesn't seem to have as much bearing as it used to,' he said. The study laid bare the widening generational wealth gap, with long-term home owners sitting on huge capital gains, while today's first-time buyers are confronted with higher deposits, debt burdens. PropTrack senior economist Angus Moore said the rapid growth in home prices since the early 1990s was linked to lower interest rates during that time. The Reserve Bank of Australia this month cut 25 basis points from the official cash rate, now at 3.85 per cent compared to a high of 17 per cent in 1990. Lower interest rates reduce the cost of borrowing, allowing buyers to afford larger loans, which can drive up property prices. But the boost in borrowing power does not offset the growing cost of saving for a deposit. 'The deposit hurdle is just unequivocally harder than it was four or five decades ago, and that has manifested in home ownership rates which have fallen over those years,' Mr Moore said. WHAT A 1980s house really costs today Suburb Property type 1980 median price In today's money Actual 2025 median price Anglesea H $35,000 $179,700 $1,410,000 Barwon Heads H $28,450 $146,100 $1,425,000 Bell Park H $30,000 $154,100 $630,000 Bell Post Hill H $37,000 $190,000 $660,000 Belmont H $34,000 $174,600 $705,000 Clifton Springs H $35,500 $182,300 $652,600 Corio H $29,000 $148,900 $490,000 East Geelong H $26,000 $133,500 $772,500 Geelong H $26,500 $136,100 $890,000 Geelong West H $23,075 $118,500 $872,500 Grovedale H $41,000 $210,500 $669,800 Hamlyn Heights H $32,500 $166,900 $717,500 Herne Hill H $31,000 $159,200 $700,000 Highton H $48,125 $247,100 $875,000 Jan Juc H $30,000 $154,100 $1,250,000 Lara H $35,825 $184,000 $680,200 Leopold H $42,000 $215,700 $657,500 Lorne H $40,000 $205,400 $1,678,000 Manifold Heights H $29,250 $150,200 $1,121,200 Newcomb H $28,750 $147,600 $551,000 Newtown H $34,500 $177,200 $1,117,500 Norlane H $23,500 $120,700 $453,500 North Geelong H $24,325 $124,900 $620,000 Ocean Grove H $35,900 $184,300 $972,500 Point Lonsdale H $39,500 $202,800 $1,200,000 Portarlington H $31,125 $159,800 $848,800 St Leonards H $27,750 $142,500 $720,000 Thomson H $27,500 $141,200 $512,500 Torquay H $31,500 $161,800 $1,185,000 Belmont U $30,250 $155,300 $548,000 Highton U $35,000 $179,700 $520,000 Newtown U $31,750 $163,000 $620,000
News.com.au
a day ago
- Business
- News.com.au
How Melbourne's 1980s property boom created a wealth gap that locked out young buyers forever
The Baby Boomers really did have it better when it comes to housing. Shock new figures show that inflation and wage growth has accounted for only a tiny fraction of Melbourne's property price rises since the 1980s. Instead, decades of undersupply of new homes and generations of Victorians bidding up prices have driven prices to levels that will permanently keep today's first-home buyers out of some suburbs. Whisk taker: Dessert Masters winner's $100k gamble Today's $900,000 median house price would more than cover the cost of a 1980s Toorak house, $160,500 at the time or about $824,000 in today's money. The suburb's typical residence is now worth $4.8m, almost six times higher, and far in front of inflation. Suburbs like Malvern, Brighton, Kew and Albert Park have also recorded inflation-adjusted increases of between $2m and $3m. Even in more affordable pockets, younger generations are now struggling to enter the same markets their parents once bought into with modest incomes and low deposits. PropTrack senior economist Eleanor Creagh said the data 'lays bare' the widening generational wealth divide, and shows just how much opportunity has been locked behind property prices. 'Homeowners who bought in the '80s or '90s are now sitting on huge capital gains,' Ms Creagh said. 'Today's first-home buyers face a completely different market, higher deposits, higher debt burdens, and affordability stretched close to record lows.' According to the Australian Bureau of Statistics, the average weekly earnings for full-time adults in March 1980 were just $245.70, or around $12,800 a year. Adjusted for inflation, that's roughly equivalent to $54,600 in today's dollars. In contrast, the latest ABS figures show average full-time earnings are now $1,975.80 a week, or just over $102,000 annually. While that represents a fourfold increase, house prices in some Melbourne suburbs have surged more than 30-fold over the same period. Even in outer suburbs like Ferntree Gully, once a launch pad for working-class homeownership, prices have soared. A house that cost $46,000 in 1980 — about $236,000 today — now has a median of over $870,000. And while Baby Boomers frequently cite double-digit interest rates in the 1980s — which reached as high as 17 per cent by 1989 — Ms Creagh said they were borrowing far smaller sums relative to income. 'It's a very different landscape,' she said. 'Back then, prices were much lower relative to wages. 'Today, you're borrowing more, for longer, just to get in.' M R Advocacy director and buyers' agent Madeleine Roberts said modern buyers were being forced to think strategically, even creatively, just to get a foot on the ladder. 'It's not about buying your forever home anymore,' Ms Roberts said. 'It's about building equity, through rentvesting, buying in growth corridors, or even interstate' 'Everyone wants the dream home, but the reality is you've got to start somewhere. And that somewhere often looks very different now.' Ms Roberts said while many young buyers still dreamt of owning property, their journey was shaped more by investment strategy than lifestyle goals. 'In the '80s you could live out of home, get married young and buy a place not long after,' she said. 'These days you might be living at home into your late 20s just to save.' Kay & Burton managing director Ross Savas said prestige suburbs like Toorak, Malvern and Armadale continue to attract intergenerational wealth, and will likely become even harder to access in decades to come. 'There's a new wave of wealth entering the market — tech entrepreneurs, global buyers, young professionals,' Mr Savas said. 'But it's underpinned by long-held family wealth. 'People still talk about the homes they missed out on 20 years ago. I've no doubt they'll be saying the same thing in another 20.' Mr Savas said the enduring appeal of Stonnington postcodes came down to lifestyle, elite schools, vibrant retail, and proximity to the CBD, but also scarcity. 'This is still one of the last asset classes in Australia that benefits from tax-free capital growth,' he said. 'That makes it a wealth-building opportunity as well as a lifestyle choice.' While today's buyers are unlikely to see the same meteoric gains their parents did, PropTrack senior economist Eleanor Creagh said Melbourne housing still held long-term potential, especially as population pressures and supply constraints continue. 'You may not get Toorak, but you can still build wealth,' Ms Creagh said. 'Start where you can, let compound growth work for you. 'The earlier you start, the more options you'll have.' Top Melbourne suburbs where house prices soared since 1980 Suburb 1980's Average Price 1980 Price (Indexed to 2025) 2025 Projected Price Difference (2025 – 1980) Toorak $160,500 $824,200 $4.80m $4.64m Deepdene $66,450 $341,200 $3.81m $3.75m Canterbury $70,500 $362,000 $3.48m $3.40m Malvern $65,000 $333,800 $3.19m $3.12m Hawthorn $66,085 $339,300 $3.07m $3.00m Brighton $79,750 $409,500 $3.03m $2.95m Balwyn $49,500 $254,200 $2.90m $2.85m Middle Park $61,000 $313,200 $2.67m $2.61m Kew $60,500 $310,700 $2.66m $2.60m Camberwell $62,000 $318,400 $2.58m $2.52m Hawthorn East $60,000 $308,100 $2.50m $2.44m Armadale $68,500 $351,800 $2.44m $2.38m Mont Albert $53,000 $272,200 $2.42m $2.37m Eaglemont $59,250 $304,300 $2.41m $2.35m Ivanhoe East $67,500 $346,600 $2.38m $2.31m Black Rock $60,250 $309,400 $2.35m $2.29m Albert Park $47,750 $245,200 $2.32m $2.27m Hampton $47,000 $241,300 $2.32m $2.27m Surrey Hills $49,000 $251,600 $2.31m $2.26m Balwyn North $66,000 $338,900 $2.31m $2.24m Glen Iris $53,325 $273,800 $2.26m $2.20m Caulfield North $69,000 $354,300 $2.23m $2.16m Caulfield $57,723 $296,400 $2.20m $2.14m Park Orchards $74,350 $381,800 $2.20m $2.13m Kew East $57,750 $296,500 $2.17m $2.11m Elwood $50,000 $256,800 $2.14m $2.09m Sandringham $51,500 $264,500 $2.06m $2.01m Brighton East $58,000 $297,800 $2.04m $1.98m Malvern East $50,000 $256,800 $2.00m $1.95m Beaumaris $61,000 $313,200 $2.00m $1.94m Elsternwick $52,000 $267,000 $1.95m $1.90m South Yarra $70,000 $359,500 $1.94m $1.86m Ashburton $40,500 $208,000 $1.87m $1.83m Ormond $41,375 $212,500 $1.86m $1.82m Alphington $35,500 $182,300 $1.84m $1.80m Aberfeldie $42,000 $215,700 $1.81m $1.77m McKinnon $41,500 $213,100 $1.80m $1.76m Sorrento $35,000 $179,700 $1.79m $1.75m Ivanhoe $46,500 $238,800 $1.76m $1.72m Fitzroy $48,250 $247,800 $1.72m $1.67m Caulfield South $46,000 $236,200 $1.72m $1.67m Essendon $42,500 $218,200 $1.71m $1.67m Templestowe $68,000 $349,200 $1.72m $1.65m Carnegie $38,000 $195,100 $1.68m $1.64m Mont Albert North $48,500 $249,000 $1.65m $1.61m Box Hill $36,000 $184,900 $1.65m $1.61m Glen Waverley $51,500 $264,500 $1.66m $1.61m St Kilda East $61,500 $315,800 $1.66m $1.60m Princes Hill $57,250 $294,000 $1.65m $1.59m Carlton North $49,500 $254,200 $1.64m $1.59m Fairfield $31,500 $161,800 $1.60m $1.57m Mount Waverley $48,000 $246,500 $1.62m $1.57m Murrumbeena $40,000 $205,400 $1.61m $1.57m Northcote $29,250 $150,200 $1.60m $1.57m Strathmore $46,500 $238,800 $1.61m $1.57m Bentleigh $42,000 $215,700 $1.61m $1.57m Donvale $52,975 $272,000 $1.61m $1.56m Mount Eliza $65,000 $333,800 $1.61m $1.55m Doncaster East $51,000 $261,900 $1.58m $1.53m Clifton Hill $39,000 $200,300 $1.56m $1.52m Port Melbourne $36,000 $184,900 $1.55m $1.52m Lower Plenty $57,000 $292,700 $1.58m $1.52m St Kilda $42,000 $215,700 $1.54m $1.50m Williamstown $36,000 $184,900 $1.52m $1.49m South Melbourne $44,000 $225,900 $1.53m $1.49m Prahran $43,500 $223,400 $1.53m $1.49m Fitzroy North $40,875 $209,900 $1.51m $1.47m Blackburn $42,500 $218,200 $1.51m $1.47m Moonee Ponds $36,000 $184,900 $1.48m $1.44m Bentleigh East $41,500 $213,100 $1.48m $1.44m Ashwood $38,250 $196,400 $1.47m $1.43m Parkdale $37,975 $195,000 $1.46m $1.42m North Warrandyte $55,000 $282,400 $1.45m $1.40m Vermont South $60,000 $308,100 $1.46m $1.40m Mount Martha $44,800 $230,000 $1.44m $1.40m Hughesdale $30,650 $157,400 $1.43m $1.40m Doncaster $59,000 $303,000 $1.45m $1.39m Highett $38,000 $195,100 $1.43m $1.39m Hampton East $38,500 $197,700 $1.42m $1.38m Box Hill South $40,000 $205,400 $1.42m $1.38m Thornbury $30,000 $154,100 $1.39m $1.36m Windsor $42,750 $219,500 $1.40m $1.36m Warrandyte $50,125 $257,400 $1.40m $1.35m Richmond $34,000 $174,600 $1.38m $1.35m Balaclava $39,000 $200,300 $1.38m $1.34m Wheelers Hill $55,000 $282,400 $1.40m $1.34m Heidelberg $48,000 $246,500 $1.37m $1.33m Somers $44,000 $225,900 $1.36m $1.32m Blairgowrie $29,035 $149,100 $1.35m $1.32m Brunswick East $29,000 $148,900 $1.35m $1.32m Carlton $50,000 $256,800 $1.37m $1.32m Burwood $40,500 $208,000 $1.36m $1.32m Rosanna $47,000 $241,300 $1.36m $1.31m Blackburn South $40,500 $208,000 $1.33m $1.29m Templestowe Lower $60,000 $308,100 $1.34m $1.28m Box Hill North $39,000 $200,300 $1.32m $1.28m Oakleigh $32,000 $164,300 $1.31m $1.27m Mentone $49,000 $251,600 $1.31m $1.26m Aspendale $35,500 $182,300 $1.29m $1.26m Mordialloc $35,000 $179,700 $1.30m $1.26m Edithvale $33,000 $169,500 $1.29m $1.26m Blackburn North $40,000 $205,400 $1.29m $1.25m Brunswick West $33,000 $169,500 $1.28m $1.25m Bulleen $49,000 $251,600 $1.30m $1.25m Ascot Vale $34,250 $175,900 $1.28m $1.25m North Melbourne $41,750 $214,400 $1.28m $1.24m Burwood East $45,500 $233,600 $1.29m $1.24m Brunswick $28,000 $143,800 $1.26m $1.23m Cremorne $30,000 $154,100 $1.26m $1.23m Vermont $44,500 $228,500 $1.28m $1.23m Eltham North $52,050 $267,300 $1.27m $1.22m McCrae $33,000 $169,500 $1.25m $1.22m Moorabbin $42,975 $220,700 $1.27m $1.22m Niddrie $37,000 $190,000 $1.25m $1.22m Newport $26,000 $133,500 $1.25m $1.22m Abbotsford $30,800 $158,200 $1.23m $1.20m Essendon North $37,250 $191,300 $1.23m $1.19m Wantirna South $41,800 $214,600 $1.22m $1.18m Clayton $33,100 $170,000 $1.21m $1.18m Eltham $49,500 $254,200 $1.22m $1.17m Chadstone $35,250 $181,000 $1.20m $1.17m Ringwood North $43,500 $223,400 $1.22m $1.17m Cheltenham $43,500 $223,400 $1.20m $1.16m Oakleigh East $35,500 $182,300 $1.19m $1.15m Patterson Lakes $37,360 $191,800 $1.18m $1.14m Oakleigh South $37,875 $194,500 $1.18m $1.14m Forest Hill $41,000 $210,500 $1.19m $1.14m Collingwood $31,000 $159,200 $1.17m $1.14m Pascoe Vale South $36,500 $187,400 $1.17m $1.13m Preston $30,500 $156,600 $1.16m $1.13m Altona $36,000 $184,900 $1.17m $1.13m Coburg $29,625 $152,100 $1.16m $1.13m Viewbank $52,000 $267,000 $1.17m $1.12m Safety Beach $31,000 $159,200 $1.15m $1.12m Macleod $41,000 $210,500 $1.15m $1.11m Frankston South $45,000 $231,100 $1.16m $1.11m Nunawading $38,000 $195,100 $1.15m $1.11m Keilor $55,750 $286,300 $1.16m $1.10m Spotswood $26,500 $136,100 $1.12m $1.10m Mitcham $37,000 $190,000 $1.14m $1.10m Kingsville $24,000 $123,200 $1.12m $1.10m Yarraville $25,500 $130,900 $1.12m $1.09m Seddon $20,000 $102,700 $1.10m $1.08m Montmorency $39,975 $205,300 $1.11m $1.08m Maribyrnong $33,125 $170,100 $1.10m $1.07m Mornington $35,000 $179,700 $1.10m $1.06m Wantirna $44,500 $228,500 $1.10m $1.06m Olinda $40,000 $205,400 $1.10m $1.06m Kensington $25,000 $128,400 $1.08m $1.05m Mulgrave $40,000 $205,400 $1.09m $1.05m Dingley Village $44,000 $225,900 $1.07m $1.03m Rowville $36,630 $188,100 $1.05m $1.02m Flemington $30,250 $155,300 $1.04m $1.01m Diamond Creek $41,000 $210,500 $1.05m $1.01m Pascoe Vale $35,000 $179,700 $1.03m $1.00m Heathmont $38,925 $199,900 $1.04m $999,075 Bonbeach $30,975 $159,100 $1.02m $994,025 Greensborough $43,500 $223,400 $1.03m $991,500 Oak Park $38,500 $197,700 $1.03m $989,000 Ringwood $38,500 $197,700 $1.02m $981,500 Clarinda $39,000 $200,300 $1.01m $974,000 Keilor East $44,000 $225,900 $1.02m $974,000 Yallambie $49,000 $251,600 $1.01m $963,000 Croydon North $42,000 $215,700 $1.00m $958,500 Ringwood East $34,975 $179,600 $991,000 $956,025 Rye $28,000 $143,800 $975,000 $947,000 Coburg North $32,000 $164,300 $972,500 $940,500 Dromana $30,000 $154,100 $970,000 $940,000 Gisborne $44,500 $228,500 $980,000 $935,500 Avondale Heights $40,000 $205,400 $975,000 $935,000 Scoresby $40,000 $205,400 $970,000 $930,000 Wandin North $30,650 $157,400 $960,000 $929,350 Chelsea $35,000 $179,700 $962,500 $927,500 Hurstbridge $37,500 $192,600 $960,000 $922,500 Briar Hill $46,400 $238,300 $968,000 $921,600 Footscray $23,000 $118,100 $943,000 $920,000 Emerald $35,350 $181,500 $950,000 $914,650 Chelsea Heights $35,950 $184,600 $945,000 $909,050 Yarra Glen $30,000 $154,100 $935,000 $905,000 Altona North $37,650 $193,300 $942,500 $904,850 Montrose $37,000 $190,000 $941,500 $904,500 Taylors Lakes $46,950 $241,100 $950,000 $903,050 Watsonia $37,600 $193,100 $940,000 $902,400 Airport West $36,000 $184,900 $937,500 $901,500 Clayton South $38,470 $197,500 $937,000 $898,530 West Footscray $26,000 $133,500 $920,000 $894,000 Knoxfield $37,250 $191,300 $928,500 $891,250 Keysborough $38,500 $197,700 $908,000 $869,500 Bayswater North $37,300 $191,500 $894,800 $857,500 Reservoir $34,000 $174,600 $890,000 $856,000 Croydon South $36,500 $187,400 $890,000 $853,500 Croydon $36,000 $184,900 $888,000 $852,000 Carrum $29,750 $152,800 $880,500 $850,750 Heidelberg Heights $35,500 $182,300 $880,000 $844,500 Watsonia North $42,600 $218,800 $886,600 $844,000 The Basin $33,000 $169,500 $871,000 $838,000 Ferntree Gully $36,350 $186,700 $873,000 $836,650 Tootgarook $29,000 $148,900 $865,000 $836,000 Berwick $41,625 $213,700 $875,000 $833,375 Tecoma $31,000 $159,200 $860,000 $829,000 Bayswater $37,200 $191,000 $865,000 $827,800 Upper Ferntree Gully $30,750 $157,900 $856,500 $825,750 Monbulk $35,000 $179,700 $860,200 $825,200 Upwey $33,500 $172,000 $857,600 $824,100 Somerville $34,000 $174,600 $855,000 $821,000 Tyabb $34,950 $179,500 $850,000 $815,050 Boronia $35,500 $182,300 $850,000 $814,500 Hadfield $35,000 $179,700 $848,800 $813,800 Langwarrin $39,000 $200,300 $850,000 $811,000 Bundoora $42,000 $215,700 $852,000 $810,000 Springvale $33,000 $169,500 $842,000 $809,000 Lilydale $33,225 $170,600 $840,000 $806,775 Mount Evelyn $31,000 $159,200 $835,000 $804,000 Belgrave $31,000 $159,200 $835,000 $804,000 Chirnside Park $45,000 $231,100 $842,500 $797,500 Maidstone $27,500 $141,200 $820,000 $792,500 Seaford $33,000 $169,500 $825,000 $792,000 Springvale South $38,000 $195,100 $820,000 $782,000 Keilor Park $45,000 $231,100 $824,200 $779,200 Glenroy $34,000 $174,600 $811,000 $777,000 Mooroolbark $36,475 $187,300 $812,500 $776,025 Endeavour Hills $38,950 $200,000 $810,000 $771,050 Kingsbury $36,125 $185,500 $800,000 $763,875 Healesville $29,750 $152,800 $792,500 $762,750 Kilsyth $36,500 $187,400 $795,000 $758,500 Heidelberg West $28,875 $148,300 $780,000 $751,125 Sunshine $27,000 $138,600 $773,500 $746,500 Mill Park $43,975 $225,800 $790,000 $746,025 Noble Park North $37,000 $190,000 $775,000 $738,000 Noble Park $35,000 $179,700 $770,000 $735,000 Rosebud $27,500 $141,200 $760,000 $732,500 Fawkner $35,000 $179,700 $766,500 $731,500 Keilor Downs $41,350 $212,300 $765,000 $723,650 Cockatoo $27,275 $140,100 $750,000 $722,725 Dandenong North $38,000 $195,100 $755,000 $717,000 Albion $25,500 $130,900 $737,500 $712,000 Braybrook $24,475 $125,700 $735,000 $710,525 Narre Warren $34,995 $179,700 $745,000 $710,005 Sunshine North $30,000 $154,100 $735,000 $705,000 Tullamarine $43,675 $224,300 $745,000 $701,325 Frankston $36,000 $184,900 $735,000 $699,000 Baxter $32,000 $164,300 $730,000 $698,000 Hallam $37,000 $190,000 $730,000 $693,000 Gladstone Park $42,000 $215,700 $734,000 $692,000 Altona Meadows $39,000 $200,300 $730,000 $691,000 Capel Sound $29,200 $149,900 $720,000 $690,800 Yarra Junction $25,750 $132,200 $715,000 $689,250 Launching Place $34,000 $174,600 $722,000 $688,000 Thomastown $39,000 $200,300 $720,000 $681,000 Crib Point $25,500 $130,900 $705,000 $679,500 Carrum Downs $34,950 $179,500 $711,000 $676,050 Dandenong $34,440 $176,900 $710,000 $675,560 Whittlesea $39,975 $205,300 $712,500 $672,525 Lalor $37,500 $192,600 $701,000 $663,500 Woori Yallock $27,000 $138,600 $690,000 $663,000 Kealba $39,000 $200,300 $700,000 $661,000 Warburton $22,500 $115,500 $667,500 $645,000 Sunshine West $36,000 $184,900 $680,000 $644,000 Ardeer $30,500 $156,600 $672,500 $642,000 Hastings $33,950 $174,300 $670,000 $636,050 Sunbury $37,000 $190,000 $670,000 $633,000 Deer Park $35,000 $179,700 $667,000 $632,000 Hampton Park $34,950 $179,500 $665,000 $630,050 Cranbourne $33,250 $170,700 $660,000 $626,750 Epping $40,248 $206,700 $665,000 $624,752 St Albans $35,000 $179,700 $655,000 $620,000 Westmeadows $44,250 $227,200 $660,000 $615,750 Diggers Rest $34,500 $177,200 $650,000 $615,500 Pakenham $36,900 $189,500 $650,500 $613,600 Craigieburn $37,500 $192,600 $650,000 $612,500 Hoppers Crossing $38,000 $195,100 $621,000 $583,000 Campbellfield $38,000 $195,100 $621,000 $583,000 Frankston North $24,625 $126,500 $605,000 $580,375 Kings Park $36,500 $187,400 $615,000 $578,500 Albanvale $35,000 $179,700 $612,000 $577,000 Millgrove $23,350 $119,900 $597,500 $574,150 Werribee $35,973 $184,700 $610,000 $574,027 Doveton $27,250 $139,900 $600,000 $572,750 Jacana $30,000 $154,100 $602,000 $572,000 Bacchus Marsh $39,400 $202,300 $610,000 $570,600 Broadmeadows $28,000 $143,800 $592,500 $564,500 Laverton $30,000 $154,100 $590,000 $560,000 Wyndham Vale $33,775 $173,400 $575,500 $541,725 Coolaroo $29,000 $148,900 $560,000 $531,000 Dallas $31,000 $159,200 $555,000 $524,000 Melton West $35,050 $180,000 $540,000 $504,950 Melton South $30,500 $156,600 $519,200 $488,700 Melton $30,000 $154,100 $475,000 $445,000 Source: PropTrack Top Melbourne suburbs where unit prices soared since 1980 Suburb 1980's Average Price 1980 Price (Indexed to 2025) 2025 Projected Price Difference (2025 – 1980) Brighton $61,000 $313,200 $1.31m $1.25m Beaumaris $49,600 $254,700 $1.28m $1.23m Black Rock $47,000 $241,300 $1.27m $1.23m Brighton East $49,750 $255,500 $1.19m $1.14m Mount Waverley $40,000 $205,400 $1.09m $1.05m Canterbury $44,250 $227,200 $1.08m $1.04m Toorak $60,250 $309,400 $990,000 $929,750 Glen Waverley $47,950 $246,200 $946,500 $898,550 Hampton $41,000 $210,500 $927,500 $886,500 Vermont $45,125 $231,700 $928,900 $883,775 Caulfield South $34,000 $174,600 $900,000 $866,000 Camberwell $47,000 $241,300 $895,500 $848,500 Clifton Hill $24,300 $124,800 $870,000 $845,700 Surrey Hills $42,075 $216,100 $870,000 $827,925 Mitcham $37,625 $193,200 $863,000 $825,375 Kew $54,225 $278,400 $879,000 $824,775 Bentleigh East $30,000 $154,100 $850,000 $820,000 Box Hill North $40,500 $208,000 $858,000 $817,500 Balwyn $50,000 $256,800 $851,800 $801,800 Williamstown $38,500 $197,700 $840,000 $801,500 Aspendale $30,000 $154,100 $822,200 $792,200 Nunawading $34,250 $175,900 $825,000 $790,750 Glen Iris $37,625 $193,200 $820,000 $782,375 Parkdale $33,750 $173,300 $802,500 $768,750 Mont Albert $44,500 $228,500 $800,000 $755,500 Mornington $34,500 $177,200 $757,000 $722,500 Fairfield $18,500 $95,000 $735,000 $716,500 Clayton $33,500 $172,000 $750,000 $716,500 Hughesdale $36,000 $184,900 $746,500 $710,500 Bonbeach $28,375 $145,700 $730,800 $702,425 Murrumbeena $27,000 $138,600 $722,500 $695,500 Ringwood East $36,500 $187,400 $730,000 $693,500 Greensborough $38,000 $195,100 $728,000 $690,000 Ivanhoe $44,000 $225,900 $730,000 $686,000 Mordialloc $29,000 $148,900 $713,800 $684,800 Elsternwick $37,250 $191,300 $722,000 $684,750 Altona $36,000 $184,900 $720,000 $684,000 Bentleigh $34,000 $174,600 $711,000 $677,000 Chelsea $29,875 $153,400 $705,000 $675,125 Armadale $33,125 $170,100 $702,500 $669,375 Malvern $41,250 $211,800 $709,000 $667,750 Mentone $33,750 $173,300 $690,000 $656,250 Cheltenham $33,358 $171,300 $683,000 $649,642 Bayswater $31,500 $161,800 $680,000 $648,500 Croydon $32,000 $164,300 $680,000 $648,000 Sandringham $41,250 $211,800 $687,500 $646,250 Ferntree Gully $32,300 $165,900 $665,500 $633,200 Elwood $28,500 $146,300 $660,000 $631,500 Northcote $21,000 $107,800 $650,000 $629,000 Boronia $33,000 $169,500 $660,500 $627,500 Glen Huntly $40,000 $205,400 $666,000 $626,000 Thornbury $21,000 $107,800 $645,000 $624,000 Heidelberg $41,500 $213,100 $665,000 $623,500 Carnegie $34,250 $175,900 $650,000 $615,750 Fitzroy North $30,000 $154,100 $645,000 $615,000 Seaford $33,000 $169,500 $645,000 $612,000 Blackburn $40,000 $205,400 $652,000 $612,000 Pascoe Vale $34,500 $177,200 $645,000 $610,500 Caulfield North $36,500 $187,400 $641,000 $604,500 Preston $31,500 $161,800 $631,200 $599,700 Bayswater North $30,500 $156,600 $630,000 $599,500 Highett $34,500 $177,200 $631,800 $597,300 Ormond $24,000 $123,200 $620,000 $596,000 Capel Sound $32,625 $167,500 $627,500 $594,875 Reservoir $32,000 $164,300 $625,000 $593,000 Springvale $30,500 $156,600 $622,000 $591,500 Springvale South $33,000 $169,500 $621,500 $588,500 St Kilda East $30,000 $154,100 $610,000 $580,000 Ringwood $35,700 $183,300 $615,000 $579,300 West Footscray $30,000 $154,100 $609,000 $579,000 Doncaster $43,750 $224,700 $608,000 $564,250 Hawthorn $38,159 $195,900 $599,500 $561,341 Brunswick $27,250 $139,900 $588,000 $560,750 Balaclava $27,000 $138,600 $585,800 $558,800 Richmond $19,950 $102,400 $575,000 $555,050 Malvern East $36,500 $187,400 $588,500 $552,000 Box Hill $36,250 $186,100 $586,000 $549,750 Hawthorn East $30,250 $155,300 $577,500 $547,250 Glenroy $33,000 $169,500 $580,000 $547,000 Oakleigh $37,000 $190,000 $583,500 $546,500 Coburg $28,000 $143,800 $572,000 $544,000 Essendon $37,000 $190,000 $580,000 $543,000 Moonee Ponds $35,750 $183,600 $572,500 $536,750 St Kilda West $25,750 $132,200 $550,000 $524,250 Noble Park $31,500 $161,800 $555,000 $523,500 Frankston $33,000 $169,500 $550,000 $517,000 Tullamarine $41,000 $210,500 $557,500 $516,500 Ascot Vale $25,000 $128,400 $539,000 $514,000 Footscray $22,750 $116,800 $530,000 $507,250 Windsor $30,000 $154,100 $535,500 $505,500 Brunswick West $27,000 $138,600 $530,000 $503,000 South Yarra $38,000 $195,100 $540,000 $502,000 Albion $19,750 $101,400 $520,000 $500,250 Burwood East $47,000 $241,300 $542,000 $495,000 St Kilda $24,125 $123,900 $505,000 $480,875 Maribyrnong $24,450 $125,600 $490,000 $465,550 Prahran $33,000 $169,500 $491,800 $458,800 Cranbourne $26,975 $138,500 $480,000 $453,025 Dandenong $29,000 $148,900 $472,500 $443,500 Parkville $63,500 $326,100 $500,000 $436,500 North Melbourne $32,500 $166,900 $465,000 $432,500 Melbourne $47,000 $241,300 $440,000 $393,000 Carlton $66,500 $341,500 $342,500 $276,000
BBC News
2 days ago
- Business
- BBC News
Salford property becoming 'less affordable'
Property in Salford is becoming "less affordable", despite efforts to build more homes, the city's mayor has Dennett warned that the cost of living in Salford was being pushed further out of reach for some residents as prices continued to surge.A report by the council stated that 1,903 affordable homes were built between 2019/20 and 2024/25, a figure it described as a "very successful" data from the Office for National Statistics (ONS) showed that average rents and house prices were climbing. "Despite us exceeding our housing targets, housing, property, rents have become less affordable in line with individual income and household income," Dennett said."I think it was Adam Smith who talked about if you increase supply it makes things more affordable, well apparently that does not happen in the city of Salford." 'A lot to do' Swathes of the city have benefited from large-scale regeneration, including key areas around the city centre Greengate neighbourhood and Salford the average house price in Salford was £217,000 in March 2025, which is up 3.6% from March 2024, according to the was also found to be a major issue, the Local Democracy Reporting Service said, with 753 households in temporary accommodation as of October 2024, including more than 1,000 council has launched Salford's Good Homes Strategy which runs up until is aimed at creating a "continuous pipeline of new housing" across the city, with "maximised" affordable accommodation from its housing includes a review of housing conditions around Salford, to make sure people are living in "good quality, safe, warm, dry, energy efficient" homes, which are "well managed".The council's cabinet team approved the new housing strategy during a meeting at Salford Civic Centre earlier this Kelly, Salford's deputy mayor and lead member for housing, said: "We're well aware that this is not in isolation with the council, it's a partnership approach."It's incumbent on all of our partners to work collaboratively to eradicate homelessness, temporary accommodation etcetera."This is not going to be a walk in the park, this is just the beginning really, we've got a lot to do." Listen to the best of BBC Radio Manchester on Sounds and follow BBC Manchester on Facebook, X, and Instagram. You can also send story ideas via Whatsapp to 0808 100 2230.
Khaleej Times
3 days ago
- Business
- Khaleej Times
Dubai property prices could drop up to 15% as they hit peak, report says
Dubai's property prices have reached their peak in the current cycle. A correction is expected soon with prices likely to drop not more than 15 per cent, according to a new study released on Thursday. According to global ratings agency Fitch, the emirate will see a massive increase in new supply, growing at 16 per cent during 2025 and 2027, surpassing population growth of around 5 per cent. 'Under our base case, we expect that prices either have already reached their maximum level in the current cycle or will reach that level in 2025. The correction, which we expect in the second half of 2025 or 2026 should not exceed 15 per cent, especially if there are more delays in project completion,' said analysts at Fitch Ratings. 'This will also translate to an easing of pre-sale models offered by developers to investors to 50 per cent payment plans during construction, compared to a current average of 70 per cent. The payment plan has a significant impact on an investor's ability to acquire a new property,' Fitch's analysts said in the latest report on the emirate's real estate market. Dubai's property market has had an exceptional rally over the past four years, driven by demand from foreign investors, high-net-worth individuals and professionals flocking to the UAE over the years. Fitch data showed that prices of residential units increased by about 60 per cent between 2022 and the first quarter of 25 with demand underpinned by immigration in the post-pandemic years coupled with the improved attractiveness of the Dubai property market for investors in the healthy economic environment. Record supply The handover of new units will lead to a record increase in supply. Fitch estimated an average 16 per cent increase in supply in 2025-2027, exceeding forecast population growth of around 5 per cent. Following a record number of new property projects in 2023-2024, about 250,000 units are expected to be released. 'The spike in deliveries is expected in 2026, when about 120,000 units are planned for handover, compared to only 30,000 in 2024 and 90,000 in 2025,' said Fitch analysts. Dubai's population is on track to reach 4 million this year as it hit 3.948 million on May 29. According to Dubai Statistics Centre data, the emirate's population grew 51,295 to 3.914 million at the end of March 2025.
The Independent
5 days ago
- Business
- The Independent
How much the average house seller is willing to accept below the asking price
House sellers are now accepting offers that are, on average, £16,000 lower than the asking price, according to Zoopla. The property website noted that the average asking price for a home is £367,000, and advised sellers to be "realistic with their expectations on price" as the market picks up following the Easter break. Buyers are also finding themselves with more options, as the number of homes on the market has increased by 13 per cent compared to last year, Zoopla's data shows. Recent adjustments to mortgage affordability calculations by some lenders have enabled certain buyers to borrow more, which Zoopla suggests is helping to drive sales growth. The North West of England is currently experiencing the most significant price increases in the country. Rising home values and rents in major cities like Manchester and Liverpool are pushing demand into neighbouring areas, thereby increasing house prices, Zoopla added. It said that Blackburn has seen 5.8 per cent annual house price growth, Wigan has seen a 4.4 per cent annual rise and Birkenhead has recorded a 4.1 per cent annual increase in house prices. An increased number of homes for sale in southern England is significantly boosting buyer choice and keeping price growth in check, the website said. It said there are 21 per cent more homes for sale in the South West than a year earlier, 17 per cent more in London and 15 per cent more in the South East. Widened choice, along with affordability constraints, explains why house price growth is less than 1 per cent across the regions of southern England, from 0.5 per cent in the South East to 0.9 per cent in the South West, Zoopla said. There are just 3 per cent more homes for sale in the North West of England and 5 per cent more in Scotland than a year ago. House prices in Scotland have seen 2.9 per cent annual growth on average. Richard Donnell, executive director at Zoopla, said: 'There are more sales and stronger house price increases in northern regions of England and Scotland, where homes are more affordable. In southern regions of England, affordability continues to weigh on price inflation and the number of sales being agreed. 'Sellers and buyers need to adopt different tactics based on where they live across the UK; however, all sellers need to keep their feet on the ground and be realistic on pricing expectations. 'We expect sales to keep rising over the second half of the year, with UK home values on track to be 2 per cent higher by the end of the year.' Martin Bennett, owner of Blackburn-based Crown Estates and Lettings Agents, said: 'Business is booming in Blackburn, with increased demand for properties both at the lower and top end of the market. 'From my experience, properties that are priced correctly are going under offer within two weeks of being listed, while it's not uncommon to have 10-plus potential buyers on the first day of viewings.' Tom Bill, head of UK residential research at Knight Frank said: 'Buyers can see there is a healthy supply of property on the market this spring, which means they have become choosier.' Matt Thompson, head of sales at London-based estate agent Chestertons, said: 'There has been a stark uplift in agreed sales in May and as buyer demand remains strong, we also expect a busier-than-usual summer market.' Sarah Coles, head of personal finance, Hargreaves Lansdown said: 'There are now plenty of (mortgage) deals priced at under 4 per cent, which opens up affordability for so many more buyers.'
