Home price falls of 2022 ‘now fully reversed’
More stock coming to market has done little to dampen strong outcomes for vendors
2 min
The Australian property market has recovered all of its 2022 losses, with national home values reaching a new record high in the first month of the busy spring season. New PropTrak data reveals national home values rose by 0.35 percent last month to a median of $754,000.
National prices are up 3.75 percent over the past 12 months, with the combined capital cities recording a stronger rate of growth at 4.76 percent while the combined regions clocked up price gains of 1.28%. PropTrak senior economist Eleanor Creagh said the seasonal increase in the number of homes for sale this spring has done nothing to curtail price growth.
“Despite the uplift in the number of properties coming to market, national home prices have moved higher again, regaining 2022’s rapid price falls in entirety to reach a record high in September,” said Ms Creagh.
“While a sharp increase in the number of properties hitting the market in Sydney and Melbourne has been improving choice for buyers, strong demand has seen prices continue to lift.
“Choice for buyers remains limited in Brisbane, Adelaide and Perth, heightening competition and seeing prices hit fresh peaks in each of these markets in September.”
Strong buyer competition is keeping auction clearance rates high this Spring. CoreLogic data shows 2,436 capital city homes were taken to auction last weekend, with a preliminary clearance rate of 71 percent recorded. This time last year, the clearance rate was 60.6 percent.
The PropTrak report shows that among the capital city markets, price growth over the past 12 months has been strongest in Perth. Home values have risen 9.24 percent to a record median of $597,000. Adelaide prices are up 8.31 percent to a record median of $689,000, and Sydney prices are up 6.86 percent to a median of $1.057 million.
In the regions, annual growth has been strongest in regional South Australia, where the median price has risen 9.86% to a new peak median of $399,000. Regional Queensland prices are up 4.89 percent to a record $614,000, while regional Western Australia prices have risen 3.29 percent to $460,000. Ms Creagh said prices will continue rising, with the key drivers being record levels of net overseas migration, tight rental markets and an undersupply of housing.
“Looking ahead, interest rates have likely peaked and population growth is rebounding strongly,” she said. “Together with a shortage of new home builds, prices are expected to rise.”
The Federal Government is projecting a net increase of 715,000 migrants over the next two years at a time when Australia already has a housing deficit. The National Housing Finance and Investment Corporation estimates a shortfall of 106,300 homes over the next five years.
In the rental market, Domain chief of research and economics, Dr Nicola Powell said Australia needs 40,000 to 70,000 extra rentals to meet current demand and balance the market.
“That is like adding all of the dwellings in the LGA of Newcastle into the market,” she said.
Domain’s latest Rent Report reveals a record-breaking 10 consecutive quarters of growth in weekly house rents and nine consecutive quarters of growth in weekly apartment rents. CoreLogic data shows the pace of rental price growth is slowing in 2023 but it is still very difficult for tenants to find a rental, with the national vacancy rate now sitting at a record low of 1.1 percent.
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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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