Australian residential property market is on the up in capital cities
The local landscape is still hard to predict as interest rate rises loom
2 min
The property downturn in Australia may have turned a corner, information from data analytics company Neoval suggests, with capital city prices increasing by 1.9 percent since December.
Ray White chief economist Nerida Conisbee said while it’s unlikely increases will happen at the same pace that they did during the pandemic, the market appears to have stabilised, with Sydney leading the way. Neoval data showed Sydney prices have increased 2.7 percent, followed by Canberra and Melbourne, which both saw a 2.0 percent rise. Hobart and Brisbane prices went up by 1.8 percent, while Adelaide (1.4 percent), Perth (1.3 percent) and Darwin (1.1 percent) rounded out the capitals.
Ms Conisbee noted that the increases reflected different circumstances in each capital, making it harder to predict price movements going forward. While a resources boom in Perth and less sensitivity to interest rate rises in areas like Darwin may have contributed to higher prices, flooding in Brisbane last year will continue to put pressure on accessibility to trades in that city as homeowners try to rebuild.
The impact of further interest rate rises and fixed rate home loans soon ending for a substantial number of borrowers across the country was also yet to be felt. The RBA is scheduled to meet tomorrow, with most experts predicting a further rate rise.
“If house prices do now show a continual increase from this point forward it highlights the complexity of property markets,” Ms Conisbee said. “House prices are very sensitive to interest rates and there is almost complete consensus that these will continue to increase for a bit longer.
“We also have a lot of loans coming off fixed rates and this is likely to make some investment properties less financially attractive. It will also mean that holding a vacant property such as a holiday home, less desirable. It is likely more properties will come to market.”
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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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