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Melbourne suburbs where homeowners have raised house prices the most

44 Austin Crescent, Pascoe Vale, sold for $1.1 million Photo: Barry Plant

Gone are the days of finding cheap houses in middle suburbia, as more homeowners demand seven-figure sums for humble homes. Sellers in Pascoe Vale, Glenroy, Kilsyth and Mooroolbark have been able to capitalise on a strong market, with the once-budget postcodes having the highest rise in their asking price over the past year, Domain Group data on private sales shows.  Pascoe Vale has come a long way from its working-class days, with a typical house advertised for $765,000 in February, an increase of 44.9 per cent from the same time last year.   Earlier this month, a completely...

Rental affordability plunges in traditionally affordable Melbourne suburbs

There are more new apartments Photo- Paul Jeffers

Melbourne’s outer suburbs — the last frontier for affordable rentals — are steadily slipping out of reach for low-income tenants as rents soar to record heights. Renters in the Cardinia, Wyndham, Melton, Frankston, Casey and Greater Dandenong council areas were hit with some of the biggest falls in rental affordability over the past year, official figures show. Affordable new lettings across Frankston over the December quarter fell to 111 from 174 a year ago, according to the latest Department of Human Services rental data. In Wyndham, the number of affordable rentals – defined as costing...

I’ve changed my mind on the property market

Changing my mind on the property market

OK, time to eat humble pie. Up until now I have been absolutely convinced that the “great correction” is coming. A correction that would see house prices in Sydney fall by between 10 and 15 per cent. Admittedly even that wouldn’t be enough for many millennials, but it would be something. Now, I don’t believe any sort of correction is imminent. In fact, I would go so far as to say I think the two most likely outcomes are that Sydney and Melbourne house prices hover around the levels they are currently, or they rise further.  Now the problem with writing a piece like this is that I open...

Scott Morrison says high house prices are ‘real’, not an investor bubble

Houses prices in Sydney and Melbourne are high due to lack of supply, the Treasurer says. Peter Rae

Treasurer Scott Morrison has fuelled speculation the government may allow first homeowners to access their superannuation to break into the market after he said the cost of entering the housing market was causing couples to put off having children. The Treasurer has also shrugged off fears that investors are stoking a dangerous property bubble, saying a lack of supply means galloping prices for houses in Sydney and Melbourne are "real" even if they're high. With speculation rife in the retirement industry that the government was considering the super option as part of its housing...

Sydney and Melbourne housing affordability woes: Is it time to move to Adelaide?

WOMAD ABC News-Malcolm Sutton

"Housing out of reach", "The death of the Australian dream" — if you're a young adult living in Sydney or Melbourne such headlines might be enough to make you give up trying to own your own home. House prices in Adelaide, however, remain affordable and with international travel guide Lonely Planet laying praise on the city in recent years, along with economists, perhaps it is time for a closer look at the festival city. Cameron Kusher, CoreLogic's head of research in Australia, said Adelaide's median house price was $455,000 at the end of February. Sydney by comparison was $895,000 and...

There is no housing bubble, big banks insist

Housing Bubble

Rising house prices in Australia’s largest cities doesn’t necessarily indicate the country is in the grip of a housing bubble, said the heads of three of the country’s largest banks. Testifying before a parliamentary committee, the chief executives of National Australia Bank (NAB), Westpac Banking Corporation, and Commonwealth Bank of Australia (CBA) all said that while they worried about some aspects of the housing market, prices weren’t indicative of a housing bubble. “I would draw the distinction between a speculative bubble in prices and prices beyond what fundamentals would justify,”...

Melbourne suburbs where you can’t buy a house for under $1 million

90 Gardenvale Road Photo- Biggin & Scott

House hunters who do not have a seven-figure budget have already been priced out of five Melbourne suburbs. And as house prices continue to climb, more home owners will come to grips with the idea that $1 million will not stretch far in this city. Big-ticketed suburbs such as Toorak and Hawthorn may have the most expensive houses, but it is the city’s smallest pockets with the highest entry prices. Last year, not a single a townhouse or house changed hands for less than $1 million in Gardenvale, Kooyong, Princes Hill, Deepdene and Warrandyte South, Domain Group data shows.    ...

Victorian stamp duty changes aimed at making housing more affordable for first-time buyers

Lack of listing ABC News Gordon Taylor

Stamp duty will be abolished for first home buyers purchasing a property valued below $600,000, the Victorian Government says. From July discounts will also be available for property purchases between $600,000 and $750,000 on a sliding scale, regardless of whether they are new or established homes. As part of a suite of changes to make housing more affordable, the Government will also introduce a new tax levied at 1 per cent on vacant residential property to target empty properties in Melbourne's inner and middle suburbs. Owners will be encouraged to make vacant properties eligible for...

Victorian stamp duty waiver boosts home prices as Sydney and Melbourne markets keep on booming

This Balmain waterfront property in Sydney was auctioned at the weekend for $6.1 million, well over the $5.5 million reserve. Supplied

Image: This Balmain waterfront property in Sydney was auctioned at the weekend for $6.1 million, well over the $5.5 million reserve. Supplied   Victoria's decision to waive stamp duty for many first homebuyers will fast become counter-productive, stimulating an already booming residential market, property analysts said. The state government has abolished stamp duty for first-time buyers for purchases below $600,000 even as housing markets in Melbourne and Sydney continued to fire at the weekend, with auction clearances above 80 per cent. Under the Victorian plan those buying a home...

Property prices: How high can our housing market go?

Property Prices

I don’t live in Sydney but I am up there almost weekly and have been for large parts of the year for more than two decades. I get to ­observe the city and its property market but I am not a skin-in-the-game participant. I like Sydney. In fact, I love Sydney. Indeed, I can see myself living there. If anyone spots an elegant two-storey ­terrace house with water views in ­Elizabeth Bay going for a million dollars or less, could they please give me a call? There seem to be two res­ponses to the Sydney house-price silliness. From the young and the ­renting there is outrage and some...