Latest news with #EleanorCreagh
News.com.au
6 days ago
- Business
- News.com.au
Rental conditions begin to ease following ‘incredibly challenging' period
REA Group Senior Economist Eleanor Creagh claims rental conditions are beginning to ease from the 'incredibly challenging conditions' over the past few years. 'Certainly, we are seeing a bit of relief for renters,' she told Sky News Business Editor Ross Greenwood. 'We have also seen that investor activity has picked up over the past couple of years, and actually rental investor activity is sitting close to a decade high.'
News.com.au
7 days ago
- Business
- News.com.au
Melbourne buyers warned as auction market heats up
Melbourne's winter auction market is bucking the seasonal trend, with fresh data and renewed buyer confidence pointing to a heatwave beneath the surface of a cooling calendar. There are 952 homes set to go under the hammer across the city this weekend, a 14 per cent drop from the same time last year. Another 941 auctions are already scheduled for next week, down just 9 per cent, in what experts say is a far softer seasonal dip than usual. Bachelor couple eyeing $6m+ payday REA Group senior economist Eleanor Creagh said while the auction volume is lower, market conditions have flipped — and buyers are back in force. 'Melbourne led the country for monthly price growth in May,' Ms Creagh said. 'It's clear confidence has returned, and interest rate cuts in February and May have lifted borrowing capacity and encouraged buyers to move quickly.' Home prices rose 0.79 per cent in May according to PropTrack, the strongest monthly gain of any capital city. Melbourne's dwelling values are still 2.85 per cent below their previous peak, but Ms Creagh said the city's underperformance over the past five years, just 17.6 per cent growth since March 2020 compared to 60 per cent nationally, now gave it a competitive edge. 'Relative affordability is drawing buyers back in,' she said. 'That's why activity is holding firm even during what's typically a slower time of year.' Suburbs with the most auctions this weekend include Reservoir, 24 auctions, Mount Waverley, 19, Richmond, 15, Craigieburn, 14, and Wollert, 13. Ni Advocacy director and buyers advocate Kevin Ni said savvy buyers were shifting focus away from cookie-cutter stock and honing in on quality, character, and long-term liveability. 'Buyers are far more educated now,' Mr Ni said. 'They're looking for liveability, not oversupplied towers.' 'We've seen people spend six months stuck in limbo because they wouldn't budge on their dream suburb. 'The advice is: be realistic and flexible.' That mindset is driving strong interest across a range of listings this weekend, including a three-bedroom home at 14 Emery Court, Altona, where buyers are lining up for a slice of quiet, beachside living. The peaceful court location, vaulted ceiling, home office and landscaped yard have drawn attention from families and investors alike. The guide is $990,000-$1.08m. In Rowville, more than 100 groups have inspected 2 Moama Place, a renovated home backing onto Waterford Valley Golf Course. The three-bedder features American Oak floors, Bosch appliances, underfloor heating, and even a shed with a kitchenette — and is tipped to fetch $1m –$1.1m. Over in Preston, buyers priced out of Brunswick and Northcote are flocking to 9/26 Tyler Street, a rear townhouse in a boutique complex guided at $600,000 –$650,000. The mix of downsizers and first-home hopefuls has added a competitive edge. At the prestige end of the market, a five-bedroom architectural home at 14 Hunter Street, Kew, is drawing serious interest from families looking to secure a foothold in the private school belt. Behind its striking modern facade are polished concrete floors, a sparkling pool, butler's pantry, Miele appliances and EV charger, with a guide of $3.8m-$4.1m.
News.com.au
13-06-2025
- Business
- News.com.au
Auction volumes ‘robust' following May interest rate cut
REA Group Senior Economist Eleanor Creagh discusses the robustness of auction volumes following the May interest rate cut. 'Auction activity is a little bit quieter this week than this same corresponding week last year,' Ms Creagh told Sky News Business Reporter Ed Boyd. 'We have seen that auction volumes have been pretty robust over the past few weeks, with interest rates falling again in May. 'On the demand side of things, the same goes.' In partnership with
Daily Telegraph
12-06-2025
- Business
- Daily Telegraph
Boom to bust: home prices plunge in key Sydney suburbs
They're the suburbs Sydney's fledgling housing boom forgot. Property prices in some of the city's most coveted suburbs have plummeted over the past year despite falling interest rates igniting another surge in real estate values across the rest of the market. Median price falls of up to $750,000 in coastal and well-connected inner suburbs have largely been the result of buyers turning to more affordable markets amid cost of living pressures. This reduction in demand – at a time of rising listings – has put pressure on sellers in up-market areas, while buyers in these markets had more room to negotiate. PropTrack data indicated the largest falls over the past year were in eastern suburbs Vaucluse, Waverley, Woolloomooloo and Darlinghurst and in northern beaches suburbs Manly and Fairlight. Prices in these markets all fell by an average of more than 14 per cent over the past year, which given the inflated prices, delivered buyers significant savings. Manly house prices were an average of close to $750,000 lower than a year ago, while in neighbouring Fairlight the difference was about $600,000. Other suburbs with major falls, reported at between 10 and 14 per cent, were Cammeray, Cremorne, Gordon, Kirribilli, Neutral Bay and Lindfield, on the north shore. There were also large price falls for units in southern suburbs Blakehurst, Woolooware and Kingsgrove and for houses in Glebe and Strathfield South, in the inner west. REA Group economist Eleanor Creagh said a complex set of forces pushed down median prices in many up-market areas, but one of the biggest factors was looming uncertainty about the global economy. 'Buyers in some premium markets may have been more cautious,' she said. 'These buyers are typically less sensitive to mortgage rates and more responsive to broader macro-economic factors. 'With recent uncertainty around the economic outlook and volatility in equity markets, some high-end buyers may be exercising caution (and) delaying upgrade decisions.' Ms Creagh said this contrasted with a recent rise in spending across the cheaper end of the market. 'More affordable markets … have seen renewed activity since the Reserve Bank's February and May rate cuts, with improved borrowing capacity lifting prices.' Ms Creagh noted that some annual price figures may be somewhat skewered by weakness in the market late last year, just prior to rate cuts, and shifts in the types of homes getting sold. Auctioneer Damien Cooley – the director of Cooley, one of Sydney's biggest auction houses – said the type of housing stock coming to market was playing a part in prices. 'A-grade' homes that ticked all the boxes for buyers were still selling well even in up-market areas. But there was also a high share of listings for 'C-grade' and 'D-grade' homes – properties with major drawbacks – and these were struggling. 'Sellers of C-grade homes are getting crucified,' he said. 'Buyers are not interested in a lot of these properties unless they can get them for bargain basement prices.'
News.com.au
12-06-2025
- Business
- News.com.au
Boom to bust: home prices plunge in key Sydney suburbs
They're the suburbs Sydney's fledgling housing boom forgot. Property prices in some of the city's most coveted suburbs have plummeted over the past year despite falling interest rates igniting another surge in real estate values across the rest of the market. Median price falls of up to $750,000 in coastal and well-connected inner suburbs have largely been the result of buyers turning to more affordable markets amid cost of living pressures. This reduction in demand – at a time of rising listings – has put pressure on sellers in up-market areas, while buyers in these markets had more room to negotiate. PropTrack data indicated the largest falls over the past year were in eastern suburbs Vaucluse, Waverley, Woolloomooloo and Darlinghurst and in northern beaches suburbs Manly and Fairlight. Prices in these markets all fell by an average of more than 14 per cent over the past year, which given the inflated prices, delivered buyers significant savings. Manly house prices were an average of close to $750,000 lower than a year ago, while in neighbouring Fairlight the difference was about $600,000. Other suburbs with major falls, reported at between 10 and 14 per cent, were Cammeray, Cremorne, Gordon, Kirribilli, Neutral Bay and Lindfield, on the north shore. There were also large price falls for units in southern suburbs Blakehurst, Woolooware and Kingsgrove and for houses in Glebe and Strathfield South, in the inner west. REA Group economist Eleanor Creagh said a complex set of forces pushed down median prices in many up-market areas, but one of the biggest factors was looming uncertainty about the global economy. 'Buyers in some premium markets may have been more cautious,' she said. 'These buyers are typically less sensitive to mortgage rates and more responsive to broader macro-economic factors. 'With recent uncertainty around the economic outlook and volatility in equity markets, some high-end buyers may be exercising caution (and) delaying upgrade decisions.' Ms Creagh said this contrasted with a recent rise in spending across the cheaper end of the market. 'More affordable markets … have seen renewed activity since the Reserve Bank's February and May rate cuts, with improved borrowing capacity lifting prices.' Ms Creagh noted that some annual price figures may be somewhat skewered by weakness in the market late last year, just prior to rate cuts, and shifts in the types of homes getting sold. Auctioneer Damien Cooley – the director of Cooley, one of Sydney's biggest auction houses – said the type of housing stock coming to market was playing a part in prices. 'A-grade' homes that ticked all the boxes for buyers were still selling well even in up-market areas. But there was also a high share of listings for 'C-grade' and 'D-grade' homes – properties with major drawbacks – and these were struggling. 'Sellers of C-grade homes are getting crucified,' he said. 'Buyers are not interested in a lot of these properties unless they can get them for bargain basement prices.'
