And now talking real estate.
Yeah, let's have a look at what's happening in the property market in Sydney and in Brisbane. Thanks to our friends at Domain. I'm delighted to tell you that the national property editor at Domain, Alice Stoles, is with us again this weekend.
Greetings, hope you well.
Oh, good morning work. Great to bear with you and all.
The listeners lovely.
Let's get straight to the auction numbers and perhaps clearance rates from last week.
What can you tell us, well, a bit of a sleepy weekend this weekend, given we've got a long weekend in most parts of the country. Sydney today is just four hundred and ninety one auctions, almost half of what they had last weekend, and Brisbane has eighty six options, so I think that they're kind of in the heavy lifting this weekend. It seems like out of those two states now, last weekend, Sydney came in at sixty eight
percent for that clearance rate. So what we're seeing, you know, we know how high auction numbers were last weekend, and what we're seeing is I guess that increased confidence from buyers out in market, most likely because of that second interest rate cut is really starting to flow through the clearance right in Brisbane came in at forty percent last weekend, so pretty much on average for that market there.
We'd like to look at the best buyers and the expensive buyers too, don't we? In Sydney and Brisbane and last weekend in Sydney the honors when if that's the right way of putting it? To Stratfield in Brisbane a kangaroo point.
Yeah. And with this house in Strathfield, it's sold for ten point one million dollars. Now it's a six bedroom house, I have to concede. It does come with a bowling alley which is at tribute of a property. And now the buyer at this auction, guys, there were two hundred people watching it. The buyer viewed the property ten minutes before the auction and ended up being the one who bought it. There were five registered bidders and four active bidders at the auction. But isn't that just mind boggling
ten point one million and he was a local. It was a local resident in Strathfield bought this place clearly as an up great house. Now the property in Brisbane last week that's sold for just over four million was a three bedroom apartment on Kangaroo Point, This epic, beautiful, gorgeous set of one of those really the lamb sexy style apartments that we're seeing more and more of now that almost look like a huge luxury house, but it's actually an apartment. Just over four million dollars.
That one sold for jeez.
And the best buys Lakember and Logan Home.
Indeed, there was a two bedroom apartment in la Kember that sold for three hundred sorry, one bedroom brother three hundred and fifty thousand dollars in la Kember.
Not bad, is it?
Three hundred fift Hey, you.
Know that's unheard of in Sydney most days. That would normally be a stop stop press moment, wouldn't it. And in Logan Home in Queensland, sorry, a three bedroom home there sold for just under six hundred and fifty thousand dollars. So again it's interesting to me these sort of little green shoots that do pop up every now and then to give you a bit of a hope, there still are some affordable bargains out there if you can only sift through a lot of those listings.
Now through the week we had the domain groups made twenty twenty five market insights new listings rose sharply across most capitals, didn't they showing sellers are feeling a bit more upbeat about the market.
Indeed, So what we're seeing is those sellers who have been sitting on the fence have now kind of moved forward after that second interest rate cut, and I suppose that slight sort of optimism that there might be further rates to come. It's certainly pushing a lot of sellers forward. So at this stage we're looking at having quite an active winter, which is obviously quite unusual for the property market,
particularly in Sydney. But a lot of that is being driven by that confidence in the market with those interest rate cuts hopefully continuing to.
Wash through and new supply.
Isn't that the case that it jumped over the month by more than were nearly twenty percent?
Yeah, new supply is a really important part of this because we know that if there's a new supply coming to market, it means that buyers are feeling of satisfied that there are enough options out there. So new supply is continuing to push through, so it's encouraging news for buyers definitely, and also sellers. It makes us a bit more competition on the market. But look, in my mind, that's not a bad thing for anybody. Really, we need more of it.
Yeah, exactly right.
Days on market Is there a trend there that we've noticed in either city?
Yeah, this is really interesting. So even though we are seeing a lot of activity in the market, the days on market represents how long places are taking to sell, so they're basically kind of increasing. So in Sydney it's up to sixty three days is on average the time it's taking for a property to sell. Now, what that means is often if we have a disconnect between what a seller wants for their house and what a buyer is willing to pay, those days on market can stretch out.
We've also seen those days on market increase in Brisbane, but that's still only at forty four days, so still considerably faster to selling Brisbane than it is in Sydney. And that really is talking through the fact that demand in Brisbane remains high while the supply is still not
yet satisfying that part of the market there. But it's an interesting thing and I think it's a cautionary night for sellers also to ensure they're pricing correctly because even though buyers want to buy, they're not going to overpay because most of them are still constrained by affordability.
Yeah, fascinating stuff. So in Sydney the lowest days on market Saint Mary's, Marrickville, Sydenham and Campbelltown. And in Brisbane it was the gap Inaugura, Forest Lake, Oxley, bald Hills, Everton Park. Fascinating stuff. Now we'll take a break. I want to come back and ask you about the rise of stay vestas and then we'll get to our unique properties of the week. Yes, it's eight to midday every year. Domain is trusted by meetings of Australians to buy, rent
and sell their home. Domain's got access to the most current, comprehensive and unique housing data in all of Australia, helping you to navigate the market and make in four decisions on matters that impact your home and your property. All the things we talk about Domain dot com dot au. And we're having a chat with Alice Stoles, who joins us each week. Alice, what is a stay Vesta, Well.
Look forget rent Vesta's investors. Luke, It's now about the
stay vester. Now, many adults are probably scratching their head at these adult kids that are living at home longer and longer, saying that they're saving up for a deposits for a house, many which are, but some of them are getting to the next level and actually buying a property, renting it out while so someone else is paying their mortgage and they stay living at home under their parents' roof, perhaps enjoying the spoilers of living at home with mum
and dad a little bit longer. And what it means is they can start paying down that mortgage or essentially someone else's paying down their mortgage and gives those adult children the chance to build some wealth while not having to pay mortgage at the same time. Now, look, what I like about this is that it kind of, I guess, turns the idea of the bank of mum and Dad around a little bit, because we know that a lot of people can't obviously afford to be the bank of
mum and dad or are able to. So what this means is that if you can at least give your kids, you know, a roof over their head when they're adults, and that they've actually managing to buy property. It can actually sort of give them something that is sort of priceless but doesn't cost you any more money in return, hopefully except for the laundry bills that they.
Might That's right, Crewing, I they're paying Mum and dad decent red I have to say unique properties of the week. We're going to beautiful Rose Bay in Sydney. First off.
Yeah, Now with this house, it's five beds, six bath, it's in Rose Bay. It is on the market for ninety million dollars nine zero. It's on over one thousand square meters of land and it is the most spectacular view of that gorgeous, beautiful Sydney harbor sparkling. The house is able to accommodate up to two hundred people for a party at.
NiFe or something.
But just the most eye watering figure. But you see, if you like that, I guess it kind of makes sense. But still just an amazing testament to the strength of the strength of the strand property market.
Does it come with a bowling alley?
It doesn't come with a bowling alley, I reckon you're probably you can probably negotiate that with the age based on that asking price. Yeah, Brisbane is a great place on the market in BERLINBA. Now, this is a house that's five beds, seven bath. It has a five meter taj Mahal island bench that the master sweet is one hundred and twenty square meters with a boutique style walking road,
which I think sounds pretty wonderful. It's got a wellness studio or a private games room with its own roulette table, an eight car garage complete with a Ferrari inspired mural. And the house is actually being sold fully furnished. Now I can't give you a price for that one. You have to contact the agent because Queensland law prohibits us talking about price guides if a house is being sold
for auction or for expressions of interest. So sorry listeners, but call the agent and I'll be able to give you a bit more clarity on what that figure is.
Yes, excellent work by you. Alas Stoles, National Property editor at Domain.
Thank you. We'll talk to you next week.
Thanks, Luke, good on it.
We'll take a break now it's almost four to midday.