The real reason Australian apartment prices are surging
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The real reason Australian apartment prices are surging

Units have outperformed houses in every capital city except Darwin and Canberra over the past three months

By Bronwyn Allen
Fri, Aug 2, 2024 10:03amGrey Clock 2 min

Apartment prices are rising faster than house prices in most capital cities as more home buyers are forced to compromise on the type of property they purchase due to affordability constraints and restricted borrowing capacity. More owner-occupiers are deciding their budgets are too stretched and they would rather buy a highquality strata home instead of a house requiring renovations.

Additionally, growing demand from investors due to rising rents, low vacancy rates and ongoing capital growth is also pushing up apartment prices. Investors now represent 37.1 percent of the value of new loans to property buyers, according to the Australian Bureau of Statistics (ABS). This is the highest level in eight years. The number of loans issued to investors has increased by almost 25 percent over the past year.

First home buyers are also adding to demand for units, with support from the Bank of Mum and Dad a key factor allowing some young buyers to purchase their first homes when, historically, higher interest rates would normally dampen demand from starter buyers on strict budgets.

CoreLogic’s research director, Tim Lawless, said units had outperformed in every capital city over the past three months except Darwin and Canberra, where greater supply of medium to highdensity housing meant less competition per property and a reduction in median prices over the period.

“With stretched housing affordability, lower borrowing capacity and a lift in both investor and first home buyer activity, it’s not surprising to see the unit sector outperforming for a change,” he said.

Mr Lawless explained that most cities now have a median house value that is at least 1.5 times that of apartments. Choosing apartments over houses means buyers may have more choice over how much debt they are willing to take on and could also buy in more attractive lifestyle locations.

Increasing demand for apartments is being met with ongoing restricted supply in the new apartment market. In its latest monthly market report, CoreLogic said the supply of newly built homes remained insufficient relative to population growth. ABS data shows approvals for strata-title properties have fallen 22.1 percent over the 12 months to June.

Over the three months to July 31, CoreLogic data shows apartment values grew by 1.4 percent in Sydney vs. 1.1 percent for houses. Units rose 5.8 percent in Brisbane vs. 3.4 percent for houses. In Adelaide, unit values rose 7.1 percent vs. 4.7 percent for houses. In Perth, apartment prices rose 6.4 percent vs. 6.2 percent for houses. Hobart apartment prices rose 2.2 percent while house prices fell 1.5 percent. In Melbourne, apartments outperformed houses but the median values of both fell. Unit prices fell 0.2 percent while house prices fell 1.2 percent.

Overall, the national median dwelling price lifted 0.5 percent in June, which was the 18th consecutive month of growth. However, CoreLogic noted in its report that “it is clear momentum is leaving the cycle and conditions are becoming more diverse”. The market is very strong in Perth, Brisbane and Adelaide and weak in Melbourne, Hobart and Darwin, where overall median dwelling values fell over the past three months. The pace of property price growth has also “slowed markedly in Sydney as the number of listings for sale returns to normal levels.

Mr Lawless said supply was the key differentiating factor in the performance of Australia’s capital city markets. “The number of homes for sale in Brisbane, Adelaide and Perth is more than 30 percent below average for this time of the year, while weaker markets like Melbourne and Hobart are recording advertised supply well above average levels,” he said.



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The 60-Year-Old Real-Estate Agent Giving History Lessons on Instagram

Georgetown agent Jamie Peva blends history and real estate on Instagram, turning local stories into a powerful sales strategy.

By
Wed, Aug 26, 2026 5 min

On a recent morning in Georgetown—Washington, D.C.’s oldest neighborhood—real-estate agent Jamie Peva strode down leafy N Street, brimming with historical tidbits.

Jackie Kennedy once lived on the street, he said. So did Ben Bradlee, former executive editor of the Washington Post, along with a former Miss America and a powerful U.S. Senator. Bradlee’s widow, author Sally Quinn, and Eric Schmidt, former CEO of Google, own stately homes there.

“I’ve seen a picture of Lyndon Johnson coming out of this house,” said Peva, passing a Federal-style brick mansion. “Also, the Beatles went to a lawn party here.”

Peva, a 60-year-old agent with Washington Fine Properties, has sold Georgetown real estate for over three decades, often traversing the neighborhood by bicycle. Of the roughly 2,500 houses in the historic neighborhood, he has been involved in the sale of 460, he estimated. A self-styled historian of the neighborhood, he knows stories behind its houses and their owners going back generations.

With a knack for lively storytelling, he shares his knowledge with some 37,500 Instagram followers, who have made Peva—sporting the bow ties he has worn since boarding school—an unlikely social-media influencer. Many of his followers are locals, and most have no plans to buy or sell real estate—until they do. It is then, according to Peva, that his spirited reels bring him to mind.

“It’s the digital version of a refrigerator magnet,” he said.

After Peva’s first video in November 2023, his eponymous Instagram account sparked a 10% increase in sales volume in the first year, and another 20% the next, he estimated. “It’s been very good for business, there is no question about it,” he said.

But Peva’s posts have also made him a local celebrity. As he walked down N street, the driver of a Mercedes station wagon slowed down to honk and wave. A lady walking a large dark gray dog stopped to ask what he was filming that day (a reel about a Colonial-era bottling plant.) Peva knew the dog from walking his two springers, Jumpy and Peggy-O, in the neighborhood.

“I need to make a video about the pooches of Georgetown,” he mused.

Jamie Peva shooting an upcoming Instagram reel on a historic house on P Street in Georgetown.
Jamie Peva shooting an upcoming Instagram reel on a historic house on P Street in Georgetown.

A growing number of real-estate agents now use social media to sell, and some have millions of followers with reels featuring ultraluxury pads, selling tips or reality TV-style reports on their daily lives. While Peva posts about his listings—and sometimes those of other agents—he mostly focuses on Georgetown history, local businesses and community events, saying his goal is to benefit both his business and the neighborhood.

“If we don’t find something genuinely interesting and worth sharing, we won’t do it,” said Peva’s daughter, Violet Peva, a New York social-media strategist who films, edits and posts his reels. “We cover many topics, not just real-estate information.”

Peva is originally from Connecticut, but has lived in Georgetown for over 30 years, currently in a cottage-style house with a white picket fence. Over the years, Georgetown has changed. The Georgetown Set, a powerful group of Cold War-era residents whose Sunday-night potluck dinners are said to have swayed U.S. policy, has long faded away. The community is still home to high-profile Washingtonians, including a Republican senator and several cabinet members. But it increasingly also attracts technology and finance executives, according to Peva. He now routinely signs nondisclosure agreements, ensuring privacy for wealthy clients. The shift has made him rethink his marketing approach.

“For years, a big part of our Georgetown business was made up of people who maintained a low profile,” he said. Real-estate agents were similarly low-key. Today, curb appeal is more important, he said, and agents are promoting themselves more. “As this change was underfoot, I was thinking that I needed to evolve myself too,” he said.

A street of colorful row houses in Georgetown.
A street of colorful row houses in Georgetown.

Though his own social-media use is mostly limited to following sailing accounts, he asked his daughter to help him post his listings online. Violet, now 26, started coming to D.C. once a month to film his reels. After an early video, on a condominium building called the Elliott, her sister Fern called her to report: “Daddy’s blowing up on Instagram,” Violet recalled. The reel got over 50,000 views. The next two each drew over 300,000. Peva’s most popular post ever, with over 838,000 views, was about the Grateful Dead playing in Georgetown. Sometimes, Peva interviews Georgetowners such as Quinn, the author, or Jamie Stachowski, the owner of a local butcher shop.

Peva’s daughter, Violet Peva, shoots, edits and posts his reels.
Peva’s daughter, Violet Peva, shoots, edits and posts his reels.

Peva, who majored in history in college, now spends up to two hours a day on research, usually in the morning while on his stationery bike. Online, he pores over old newspapers or the Library of Congress website, and he has a collection of articles and books—in and out of print—about Georgetown.

Companies often approach Peva for promotional posts, he said, but he turns them down, feeling that followers would lose interest in constant commercials. One exception is a recent paid post on Mount Vernon, the former home of George Washington. Peva wanted to share its history, he said, and didn’t want to lose the opportunity to another Instagrammer.

Anthony Arend, a professor at Georgetown University, has lived in his current home for 19 years without any plans to sell or buy real estate. But he follows Peva and often likes his posts.

Peva at one of his listings, a 1870s house on Prospect Street.
Peva at one of his listings, a 1870s house on Prospect Street.

“He is very charismatic, he is energetic, and he obviously knows a lot about the community,” said Arend, who has referred house-hunting friends to Peva.

One of Peva’s biggest deals—the $10.5 million sale of a 19th-century Italianate mansion—came after he made two 2024 reels featuring the property. In March, he sold the longtime O Street home of Tim and Jane Matz for $5.8 million after featuring it on his Instagram. Peva had showed them the home 25 years earlier, with Violet in a baby carrier on his back.

Last year, Kate Watts, 49, a digital consultant, called Peva to sell her late father’s three-bedroom house on Q Street; her husband had seen Peva on Instagram. In an October reel, Peva praised the architecture of the house, designed by modernist Hugh Newell Jacobsen. Halfway through, he mentioned an open house the next day, ending with an upbeat: “Did I also mention this house is for sale? $3.75 million!” The reel got 27,000 views, the open house was packed, and the buyers made an offer at the list price on the same day.

Peva often travels around Georgetown by bicycle.
Peva often travels around Georgetown by bicycle.
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