A hot spring selling season forecast as property market roars back to life
Real estate leader says strong sales last month point to a busy season ahead
2 min
Ray White boss Dan White is forecasting a bumper spring selling season for Australia’s property market, after the real estate company wrote a staggering $6.9 billion in sales last month.
August’s stellar result was 14 percent higher than the same month last year and only four percent down on 2021 when record home price growth was seen.
“Our August sales results officially certified the renewed and broad-based resurgence in the residential market that we have been seeing since late May,” Mr White said.
May was when Ray White saw a small “but identifiable” lift in new listings coming to market, particularly in the eastern states, he said.
“This was very unusual as new listings normally drop in the winter months. Interest rates were still rising, and given that the expectation was for an increasingly depressed market, was this a blip? But the trend became firmer in June, and stronger again in July.”
Ray White Group listed 10,500 homes in August, up 12 percent on last year and more than 20 percent higher than 2021.
And Mr White revealed the company’s pre-listing data shows a “strong” flow of more listings in the next few weeks.
“Buyers, including potential sellers that intend to repurchase, now have a lot more property to choose from. The market is very well-stocked for spring.”
Despite an increase in supply, buyer demand remains elevated across much of the country, meaning prices are likely to continue rising in the months ahead.
CoreLogic’s latest Home Value Index, released this week, shows home prices nationally inched upwards by 0.8 percent in August – the sixth consecutive month of growth.
Since bottoming out in February, prices at a national level are 4.9 per cent higher, adding $34,000 to the median value of a dwelling.
Sydney has led the recovery trend, with a gain of 8.8% since values found a floor in the Harbour City in January, while Brisbane has also seen values up 6.2% since bottoming out in February.
Ray White’s Lower North Shore Group posted $216 million in sales in August while Ray White Quakers Hill sold 135 homes.
Mr White is expecting the coming months – traditionally the busiest in real estate – to be just as busy.
“There will be enough stock to record some big results – maybe not at 2021 levels but not too far off,” he said. “So much depends of course on the broader economic sentiment and how that influences buyer behaviour.”
One likely driver of sustained buyer confidence is the decision this week by the Reserve Bank to leave interest rates on hold, which has led many economists to believe the tightening cycle is on hold for now.
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Mirvac’s 45-level Trielle has topped out at Yarra’s Edge, pairing riverfront apartments with wellness facilities, private dining and resident services.
3 min
Mirvac has topped out Trielle at Melbourne’s Yarra’s Edge, with more than 70 per cent of the riverfront development sold and approximately 80 per cent of purchasers intending to make their apartment a home.
The figures, released on September 22, point to an owner-occupier audience for one of the precinct’s final residential towers. Mirvac began developing Yarra’s Edge in 2003, and its latest addition occupies one of the remaining absolute riverfront sites.
Mirvac CEO of Development Stuart Penklis said existing residents were among those moving up within the neighbourhood.
“Many purchasers already have a connection to Yarra’s Edge,” Mr Penklis said, describing buyers whose changing needs were encouraging an upgrade within the precinct.
“As one of the final residential towers within Yarra’s Edge, Trielle represents the culmination of more than two decades of creating one of Melbourne’s most established and sought-after waterfront communities,” Penklis said.
“Positioned on the Collins Street axis with absolute river frontage, Trielle offers residents a rare opportunity to enjoy sweeping views across the Yarra River, Melbourne skyline and Port Phillip Bay, while remaining seamlessly connected to the CBD. With Trielle now more than 70 per cent sold, we’re continuing to see strong demand from buyers seeking quality homes in established locations.”
The developer also flagged a penthouse and sub-penthouse collection with larger layouts, premium finishes and broad outlooks. The planned wellness centrepiece, The Oasis, encompasses a 900-square-metre elevated urban rainforest.
Mirvac General Manager Residential Development Victoria Elysa Anderson said Trielle had resonated strongly with buyers seeking a rare lifestyle offering in Melbourne.
“Opportunities to secure a new luxury residence on a riverfront site of this calibre are incredibly rare, particularly within a community like Yarra’s Edge,” Anderson said.
“What makes Trielle unique is the combination of exceptional views, world-class residential facilities and the lifestyle that already exists around it. Residents are buying into a mature waterfront community with parks, promenades, dining, wellness and strong community connections already in place.”
The 45-level tower brings a substantial new presence to that waterfront. Its residential offering spans one-, two-, three- and four-bedroom apartments, with Signature, Prestige and Sub-Penthouse collections accommodating different household sizes. The north-facing position connects the apartments visually to the river and city beyond.
Seven storeys above the promenade, the planned Oasis combines planting and a running stream with a Scandinavian-inspired wellness club developed with spa specialist Naomi Gregory. Facilities include a 25-metre lap pool, hot magnesium pool, sauna, hydrotherapy, a gym, yoga and Pilates room, and treatment spaces.
The amenity extends beyond exercise. Residents will have access to The Biblioteca library and workspaces, ground-floor work pods, and The Salone piano lounge. A private Chef’s Table dining room offers a setting for larger gatherings, while a cinema, games room and sports lounge broaden the entertaining options. Concierge services and a dog-wash area support everyday routines.
Trielle comprises a collection of one, two, three and four-bedroom residences. Reflecting strong demand from owner occupiers, approximately 80 per cent of purchasers to date intend to live in their homes, highlighting the project’s appeal to those seeking a long-term waterfront lifestyle.
Mirvac has recently delivered The Albertine, a premium apartment development on the edge of Melbourne’s CBD, and is nearing completion of Prince & Parade in Brunswick, further strengthening its portfolio of thoughtfully designed apartment communities in some of Melbourne’s most sought-after urban locations.
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