Latest news with #PropTrack
Courier-Mail
12 hours ago
- Business
- Courier-Mail
Mayor makes huge profit on property sale
Gold Coast mayor Tom Tate and his wife Ruth have sold their luxury Surfers Paradise home for $5.4m, making themselves a tidy $1.15m profit in less than two years. It is the latest deal in the high-profile couple's multimillion dollar real estate portfolio which has seen them bank more than $25m from luxury property sales since 2020. The sale, which recently settled, was handled by Russell and Bob Rollington of Surfers Paradise First National, who declined to comment when contacted by this publication. Property records reveal the Tates bought the home at 17 Seafarer Court, Paradise Waters for $4.25m in 2023. MORE NEWS: Business listed for sale complete with a camel called Sandy Party pad that has hosted celebs and sports stars hits the market The property was listed with a $6m price tag in November, 2024, before officially selling in March. 'East to wide water just off the main channel and offering breathtaking Surfers Paradise and Main Beach city skyline views, this extraordinary four-bedroom family home exudes quality and luxury,' the listing states. 'Effortlessly fusing elegant surrounds with easy living and entertaining, this architecturally designed residence is the epitome of an entertainers dream offering an ideal layout for a large extended family.' Photos show minor cosmetic works however no major renovations or improvements were made to the house during their ownership. It was the 10th property the Tates had sold in the suburb over the past 30 years. The couple's recent Gold Coast sales include 36 Buccaneer Court, Paradise Waters, which sold for $3.675m in 2021, and 23 Maryland Ave, which traded for $5.8m in 2023. PropTrack data shows the median house price in Surfers Paradise is $4m, up 33.3 per cent.
Daily Telegraph
12 hours ago
- Business
- Daily Telegraph
The 327 Aus postcodes with a median rent of more than $1k a week
It's no secret that Australian tenants are doing it tough, and new data has revealed there are now 327 postcodes across the nation where the median weekly rent is now more than $1000 a week. Across the capital cities, tenants now pay almost $11,000 more than they did five years ago, pushing the median weekly rent for a house to $657 and $585 for units, according to latest PropTrack figures. For those tenants renting in suburbs where the median price is at least $1000 – and in some cases up to $3450 a week – the sky-high rents are reflective of the broader changes experienced across Australia's property market, including general price increases, inflation and shortages in housing supply. Unsurprisingly, many of Australia's most expensive rental suburbs are located in Sydney, with Bellevue Hill, Double Bay and Vaucluse ranking in the top three with weekly rents well above $3000. Another 17 Sydney suburbs have median rents of at least $2000, including in North Bondi, Coogee, Rose Bay and Bronte, while a further 207 NSW localities have median rents over $1000 a week. Queensland followed with 47 locations with median weekly rents over $1000, including Ascot in Brisbane and regional locations including Noosa Heads and Palm Beach. There are also 34 suburbs with median rents of over $1000 recorded for Western Australia, 22 for Victoria and two for the ACT. Meanwhile, Adelaide recorded its first suburb with a median $1000 weekly rent this month. REA Group economist Anne Flaherty said the current growth drivers of rentals across Australia are a lack of supply and surging demand. 'I think it's inevitable that we'll see more $1000 rental suburbs added to the list,' she said. 'It's kind of astonishing, because a lot of the conversations around where rents are sitting are that they couldn't possibly go any higher because people couldn't afford to pay anymore. 'But time and time again, we see that proven wrong and we see more and more suburbs touching the $1000 a week mark.' MORE NEWS Great Aussie dream crushed by cost surge First-home frenzy: Young Aussies locked out Scary reason Aus renters won't move Ms Flaherty said nationally, tenants now pay $10,920 more than they did five years ago. 'They are markets where this figure is even more staggering. In greater Perth, compared to five years ago, people are paying $16,640 more and in Brisbane it's $13,000. Sydney is also $13,000,' she said. 'So what we're seeing (as a result), especially in Sydney, is that the demographic is becoming much older than other states. 'If we look at interstate migration, we see the strongest interstate migration out of NSW into the other states than any other states. So we're seeing more people leaving NSW than coming in and affordability is a big factor there. 'So what we're seeing is that young working people are tending to move to other capital cities, for example Melbourne and Brisbane, where home prices and rents are lower.' Ms Flaherty adds that the only real solution to combat rent costs was building more homes. 'Fundamentally, we need more homes and more rental accommodation,' she said. 'If we can build more homes, then that not just slows down the rate at which home prices grow, but it can also slow the rate at which rents grow.' Meanwhile, a new report provided by property investment advisory, InvestorKit, has revealed the markets under the most pressure based on vacancy rates, supply levels, rental yields, affordability, and long-term demand. MORE NEWS: Where you can buy a house for unit price While rental growth has moderated compared to previous years, regions in Western Australia, South Australia and Queensland continue to lead the country. InvestorKit identified Unley in Adelaide as a standout suburb for future rental growth, with its median house price of $1.4m making renting significantly cheaper than buying, even with anticipated rate cuts. It also highlights Mundaring in Perth, which has seen rents surge 69 per cent over the past four years, combined with persistently low vacancy rates and limited new supply. MORE NEWS Little-known rule could save you $800 Worst celeb tenants exposed 'Unbelievable': Surprise $100k hoarder home find In Brisbane, Loganlea, The Gap, and Wynnum-Manly are tipped to see continued rental growth due to their relative affordability compared to house prices and a lack of new housing supply in these areas. InvestorKit CEO Arjun Paliwal said despite interest rates falling, housing supply was still well below demand, which would keep upward pressure on rents in 2025 and beyond. 'Australia's rental crisis has now entered its fourth year and while there has been some relief, for example, national 'for rent' listings and vacancy rates have improved slightly, both metrics remain significantly below their pre-Covid levels,' Mr Paliwal said. 'This is not a temporary issue. It is a chronic condition driven by long-standing structural problems: a sustained lack of private rental supply, limited diversity in rental options, insufficient social housing, and an ongoing shortfall in new housing supply that cannot be quickly resolved.'
Daily Mail
5 days ago
- Business
- Daily Mail
The ritzy suburbs in one Aussie city where house prices are plummeting
Property prices in some of Sydney 's most glamorous suburbs have taken a tumble despite Australia's otherwise soaring real estate market. The city's eastern suburbs of Vaucluse, Waverley, Woolloomooloo and Darlinghurst have seen median price falls of up to $750,000. Affluent northern beaches suburbs Manly and Fairlight have also seen big decreases in property prices over the past year. Despite falling interest rates leading to an increase in real estate value across the rest of the market, Sydney's most glitzy neighbourhoods have seen prices plummet. Buyers have instead been turning to more affordable areas as cost-of-living pressures continue to affect Aussies, according to PropTrack data reported by The reduction in demand in these usually sought after neighbourhoods has put pressure on sellers in these affluent areas while buyers have been given more power to negotiate. Over the past year, prices in the areas listed, found in the eastern suburbs and northern beaches, fell by an average of more than 14 per cent. Manly property prices were an average of around $750,000 lower this year compared to 2024 while in neighbouring Fairlight, the difference was around $600,000. North shore areas including Cammeray, Cremorne, Gordon, Kirribilli, Neutral Bay and Lindfield have also seen huge falls between 10 and 14 per cent. Southern suburbs Blakehurst, Woolooware and Kingsgrove have seen significant falls in house prices as well as Glebe and Strathfield South, in the inner west. REA Group economist Eleanor Creagh said uncertainty about the global economy played a huge role in the falling property prices in affluent areas. '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 noted that this was in contrast to a rise in Aussies looking to buy houses in areas in the cheaper end of the market. The Reserve Bank's rate cutes in February and May have resulted in the borrowing capacity for prospective buyers increasing. This increase has helped to fuel a rise in property prices in some areas, Ms Creagh said. Although weakness in the market late last year just before the rate cuts needs to be taken into account when looking at the annual price figures. Auctioneer Damien Cooley, director of Cooley, one of Sydney's biggest auction houses, said house buyers were not interested in properties with drawbacks unless they were being offered at significantly reduced prices. Homes that are considered 'A-grade', and provide a buyer with everything they are looking for, are still selling well. But, 'C-grade' and 'D-grade' homes that require substantial improvements were struggling, Mr Cooley said.
News.com.au
5 days ago
- Business
- News.com.au
Melbourne clearance rate soars: What it really means
Winter's no match for Melbourne buyers, who braved the chill and sent auction clearance rates soaring to a fiery 74 per cent. PropTrack recorded 503 reported results this week, with 371 homes sold under the hammer, a clear sign that momentum is returning to Melbourne's property market despite a seasonal dip in listings. 'Be realistic': Melb buyers warned Top results included 5 Alpha St, Balwyn North, which fetched $3.361m, along with strong outcomes at 38 Washington Ave, Malvern East, 91 Fortuna Ave, Balwyn North, 19 Owen St, Mitcham, and 25 Finsbury Way, Camberwell. REIV interim president Jacob Caine said the result showed early signs of renewed energy translating into real outcomes. 'We've been saying within the sector for a little while now that there are early signs of renewed momentum — and this clearance rate is tangible proof that it's beginning to take hold,' Mr Caine said. 'There's definitely a shift in energy. That 74 per cent result speaks to a level of confidence we haven't seen in some time. 'Enthusiasm is picking up, and I think the market is beginning to move from whispers of recovery to the first signs of it playing out in real time.' He said buyer demand had held steady even as listing volumes dipped. 'Listing volumes have pulled back — as expected in the colder months — but buyer demand has remained fairly consistent. When you've got fewer homes available and buyers still in the mix, naturally, clearance rates start to rise.' Ray White auctioneer Jeremy Tyrell said the result was consistent with what he saw across the weekend. 'There's been no winter slumber for the Victorian real estate market,' Mr Tyrell said. 'The clearance rate jumped up to 82.1 per cent, amid strong competition from buyers with 3.1 active bidders on average across all auctions.' 'With the potential for further interest rate cuts, the market is extremely well placed for a strong second half to 2025.'
News.com.au
6 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.
