Experts say the five Mt Eliza homes on The Block will go under the hammer on Saturday, October 31, and the outcome is hard to predict. The $3.45 million reserve for each home has been revealed ahead of auction, a first for the show. Buyer's advocates say houses 4 and 5 suit family buyers, and that the views on offer may be a deciding factor. Judge Darren Palmer said he could not call a winner, and praised House 1 for its luxury country home design.
A riverfront penthouse once owned by Queensland businesswoman Betty Byrne Henderson has sold at auction for $5.825 million after a contest between two local bidders. The three-bedroom home sits in the Arcadia building on Newstead Terrace and overlooks the Brisbane River. Selling agent Sarah Hackett said the buyer plans to modernise the property. The sale came days after Domain data showed Brisbane house prices fell $66,000 in three months, the steepest quarterly drop on record.
A four-bedroom Stanmore terrace that agents described as unlivable sold under the hammer for $2.52 million on Saturday, well above its $2.2 million guide. Five bidders registered and three were active during the auction. Domain recorded a preliminary Sydney clearance rate of 45 per cent from 490 reported results, with 184 auctions withdrawn. In Epping, a five-bedroom house sold for $3,419,168, while in Allambie Heights a three-bedroom house sold at its $2 million guide but below its reserve. LJ Hooker's Mathew Tiller said buyers and sellers were sitting on the fence.
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First-home buyers who used the government's 5 per cent deposit scheme in Sydney and Melbourne unit markets face the greatest risk of negative equity, according to a FoundIt report. Average home prices in both cities are more than 6 per cent below last year's levels. Buyers who entered the market shortly after the scheme's October expansion could owe tens of thousands of dollars after selling. Shadow Housing Minister Andrew Bragg called the expansion unfair, while a spokesperson for Minister Clare O'Neil said the scheme had saved buyers money.
First-home buyers paid $1,286,000 for a five-bedroom terrace at 201 Swan Street in Richmond after a seven-minute auction contest. The buyers' girlfriend's father helped them meet the final price. Melbourne's preliminary auction clearance rate reached 56 per cent, the highest among the nation's capitals. A Malvern house passed in below its reserve, while a Northcote house sold for $1.5 million. Agents said house prices are down, and some expect another interest rate rise.
Melbourne sellers chasing unrealistic prices are contributing to the city's auction struggles, according to auctioneer Luke Banitsiotis. REA Group figures showed Victoria recorded a preliminary 62.8 per cent clearance rate on Saturday, with 236 sales from 376 reported results. Banitsiotis said owners who set realistic reserves drew four or five bidders. Buyer's advocate Cate Bakos said well-located homes needing renovation faced less competition than renovated family properties. Several homes sold above their published reserves at auction, including a North Melbourne property that reached $1.506m.
Regional South Australian house prices are still rising, even as Australia's housing market recorded its steepest quarterly drop on record. Domain data show prices outside Adelaide rose 19 per cent over the past year, with a median of $595,000. Every capital city has seen median house prices fall for the first time in 15 years. An economist expects regional areas to be the last to slow, and forecasts six to 12 months of further price falls before a long-term recovery. Real estate agents report enquiries have dropped sharply following a recent interest rate rise.
A renovated three-bedroom bungalow on Maribyrnong Road in Moonee Ponds sold at auction on Saturday for $1,375,000. The home sold $25,000 above its reserve after two bidders competed. The vendors bought it in early 2023 for $880,000. In Clifton Hill, a Victorian terrace house sold for $1,451,000 at auction, with five bidders pushing the price more than $160,000 above its $1.29 million reserve. Agents said buyer interest picked up in recent weeks.
A renovated three-bedroom bungalow on Maribyrnong Road in Moonee Ponds sold at auction on Saturday for $1,375,000. The home sold $25,000 above its reserve after two bidders competed. The vendors bought it in early 2023 for $880,000. In Clifton Hill, a Victorian terrace house sold for $1,451,000 at auction, with five bidders pushing the price more than $160,000 above its $1.29 million reserve. Agents said buyer interest picked up in recent weeks.
Darwin is recording the strongest property market in the country, with house prices rising while other capital cities slump, according to Cotality. Cotality head of research Gerard Burg said limited supply and years of slow building have supported prices, and the number of buyers has fallen as more owners list their homes. Burg warned that a possible interest rate rise in November could bring Darwin into the wider national downturn. Darwin also remains expensive for renters, with median rents up about 11.6 per cent over the year to September and a vacancy rate of about 1.9 per cent.
Sydney property values have fallen for seven straight months, but property entrepreneur John McGrath says the market is nearing the end of its slide. In the annual McGrath Report, he said past corrections saw markets gain an average of 32 per cent in the three years that followed. Mr McGrath named Campsie as the top up-and-coming suburb in New South Wales, with Sandringham, Roseville Chase, Glebe and Wamberal also on his list. Trent Tarbey, of the McGrath Brighton-Le-Sands office, said blue chip suburbs such as Sandringham have been less affected because supply is scarce.
John McGrath has named Geelong's North Shore among its regional Victorian markets set for growth in the year ahead, according to its annual McGrath Report. The suburb's median house price is $770,000, and waterfront homes on The Esplanade have sold for a median of more than $1.3 million. Agents say the suburb is quieter than other Geelong waterfront areas and has a relatively low number of homes. McGrath also picked Jan Juc on the Surf Coast, where the median house price is $1.35 million after 8 per cent growth over the past year.
