Earned good money this year? Your house might have earned you more
CoreLogic’s Pain & Gain report showed record results for Australian home sellers in the past three months
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How much did you earn this year? Was it more than $295,000?
That’s the median profit Australian home sellers made in the past three months according to data from CoreLogic released today. The property data provider released its Pain & Gain Report for the September quarter analysing 95,000 dwelling resales. The gains revealed the highest results since records began in the 90s. Total nominal gains were also higher, at $33.98 billion up from $33.3 billion in the previous quarter.
Australians are also holding onto their homes for longer, with the median period of home ownership now 9 years. For those who sold this year, that means they bought in 2015. The report noted that national home values have increased 57.7 percent in that time
Houses continued to represent the best option for capital growth, with just 2.9 percent selling at a loss compared with 9.4 percent of units. Homeowners who held their properties for two years or less were most susceptible to losses.
CoreLogic head of research Eliza Owen said units were historically more likely to sell at a loss but the likelihood had grown across all properties held for shorter periods in recent years.
The impact on mortgage holders would vary, however, depending on whether they were owner occupiers or investors.
“Investors are potentially in a better position to sell at a loss, because they may be able to offset that loss on future capital gains from property,” she said. “Three years on from mortgage rate lows, the incidence of loss is rising for those who have held between two and four years.”
Indeed, not every home seller walked away with a tidy profit this quarter. The report noted Melbourne was the only capital city to experience a further downturn in values, with 9.9 percent of properties selling at a loss.
The median nominal loss was -$40,000 and the total nominal loss was $270 million over the quarter.
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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.
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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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