Australian property buyers the winners in a spring market
A new report has revealed properties are taking longer to sell with more stock coming onto the market
2 min
Australian property buyers have been the big winners this spring, according to new data released this week, with more stock available and a drop in sales volumes.
CoreLogic’s Housing Chart Pack for December showed sales were down 4 percent on the historic average while total listings volumes nationally increased 10.6 percent during spring.
Homes also took longer to sell through spring. The national median number of days on market in the three months to November was 32 days, up from 27 days for the same period last year.
CoreLogic economist Kaytin Ezzy said the trends combined to create a more favourable market for buyers rather than sellers.
“Between higher stock levels and lower-than-usual sales volumes, the data for the end of November shows that buyers were the winners this spring (just), and sellers generally saw softer market conditions over the past few months,” she said. “The increase in selling times has coincided with higher stock levels, and softer sales volumes year-on-year.
“The median time on market increased by four days year-on-year across both the combined capital cities and regional market.”
The best performing areas for home value growth continued to be in the 25 percent most affordable markets of Adelaide, up 4.7 percent, Perth (4.5 percent) and Brisbane. At the other end, the top quarter of homes in Darwin (-2.7 percent), Melbourne (-1.4 percent) and Sydney (-1.6 percent) saw the greatest falls over the same period.
In good news for renters — and less welcome for existing investors — the report found rental growth also slowed this year. Rents increased by 5.3 percent over the year to November, the slowest increase since April 2021. At the same time, the RBA reported the average household size has risen across Australia’s capital cities, suggesting more renters are moving into shared housing to offset cost of living concerns.
“The gradual slowdown in net overseas migration could also be contributing to the stabilising in rent values, and as the backlog of Homebuilder work moves into completion, this could also take some demand out of the rental market,” Ms Ezzy said.
“Rental growth may rebound a little through the seasonally strong first quarter of 2025, but beyond any seasonality, it looks increasingly like the rental boom is over.”
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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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