Under Senate Bill 2713, professional organizations like the National Association of Realtors would be prohibited from denying membership based on speech violations, regardless of existing bylaws.

Revenue grew by 12 percent to $732 million, and the Homes.com salesforce expanded to 370 people on the way to a goal of 500 reps, according to quarterly earnings data released Tuesday.

In some suburbs the difference between house and unit prices can be as little as $20,000, making it cheaper for upgraders to make a move.

The latest home-price data from PropTrack shows homebuyers will have an easier time upsizing from a unit to a house in a handful of key suburbs where the difference between the two property types is lowest.

At the national level, a median-priced house costs $872,000, while a median-priced unit is $656,000 – a difference of $216,000.

That difference is bigger in the capitals ($307,000) than in the regions ($112,000).

In Australia’s priciest city, Sydney, a median-priced house costs $620,000 more than a typical unit – a figure that’s almost equivalent to an average-sized Australian home loan.

But in a few Australian suburbs, buyers can typically pay a much smaller premium to buy a house, making it relatively less expensive for apartment owners to upsize.

The data shows that the gap between unit and house prices tends to be smaller in more affordable suburbs.

On the other hand, in pricier suburbs the difference can soar into the millions.

Suburbs where unit and house prices are closest

Homebuyers in many outer Melbourne suburbs are more likely to pay a lower premium when opting for a house over a unit than in other parts of the city, and in other capitals.

A typical Melbourne house costs $312,000 more than a unit, but in some suburbs the difference is less than $100,000.

Capital city suburbs with the smallest difference between house and unit prices

In Doveton in the city’s south east, a house typically costs $66,500 more than a unit, while in Laverton and Sunshine West in Melbourne’s western suburbs, the difference is $71,500 and $75,000 respectively.

Units in these suburbs consist mostly of villas and townhouses, and the house-like proportions and typically younger age of these properties mean values can be closer to that of freestanding or torrens-titled houses.

In Mandurah, south of Perth, houses typically cost $90,250 more than units. Many units in the suburb are positioned close to the waterfront which keeps values elevated, while houses are more geographically dispersed.

Nearby Greenfields has a $96,000 price difference between house and unit prices, with an ample supply of villas keeping values between the two property types closer.

REA Group senior economist Anne Flaherty said many suburbs where unit and house prices were closer had experienced a lot of housing development, with newer apartments, villas and townhouses built alongside older housing stock.

“It might be an older house competing against a newer unit,” she said. 

“Even though the apartment or townhouse might have less square metres overall, if it’s a fresh, new property that’s very modern inside, a buyer might be willing to pay a relatively close price compared to a house.”

In Brisbane, the difference between house and unit prices is smallest in Bundamba ($122,500), Dakabin ($130,000) and Redcliffe ($133,000).

The Adelaide suburbs with the smallest price gap include Morphett Vale ($125,000), Mount Barker ($150,000) and Modbury ($165,250).

Sydney homebuyers will pay a much higher premium opting for a house over a unit than in other capitals. 

The majority of Greater Sydney suburbs have a price difference between houses and units of more than $1 million, but the gap is much smaller in East Gosford ($175,500), Rooty Hill ($215,000) and Richmond ($252,000).

Real estate agent Trent Mullens of Gittoes East Gosford said strong demand and high competition for units in the area kept prices elevated, resulting in a smaller premium for houses.

“There’s a really high demand for villas and townhouses from families, young professionals, couples and single parents,” he said.

“We get a lot of downsizers [who] are selling the family home for a good price and then downsizing into a townhouse or a villa which they’re spending good money on.”

Only nine suburbs in the Greater Sydney region have a price difference of less than $300,000, all of which are located in the city’s western suburbs or the Central Coast.

Suburbs such as The Entrance, where the price gap is $277,500, Umina Beach ($260,000) and Ettalong Beach ($300,000) enjoy a waterfront position, and this can be a factor that keeps unit and house prices closer, Ms Flaherty said.

“We know a water view adds to the value of a property so you’re much more likely to see units in those waterfront areas where land costs are very high,” she said.

Regional suburbs with the smallest difference between house and unit prices

Buyers in regional areas are more likely to pay a smaller premium for a house over a unit than in the capitals.

The suburb where house and unit prices are closest is Moranbah, a town servicing a number of coal mines in central Queensland, where houses typically cost just $17,250 more than units.

In Toronto, a NSW suburb on Lake Macquarie south of Newcastle, the difference between house and unit prices is just $20,000. Many of the suburb’s units have higher prices due to proximity to the waterfront.

Houses are $43,000 more expensive in Colac, a country town in western Victoria.

In Scarness, a suburb of Hervey Bay in Queensland, the price difference is $55,000, owing to the proliferation of pricier units by the beach, and more affordable houses further from the water.

Where the price gap between units and houses is biggest

The biggest differences between house and unit prices are found in Australia’s priciest suburbs, owing to the multi-million dollar prices buyers need to pay to secure a house.

Houses cost a whopping $7.4 million more than units in Bellevue Hill in Sydney’s east, while the difference is $6 million in nearby Vaucluse and $5.3 million in Rose Bay.

Capital city suburbs with the largest difference between house and unit prices

Mosman houses cost $4.6 million more than units, while Bronte houses come at a $4.3 million premium.

While units in these blue-chip suburbs are the more affordable option, it will still cost about $1.4 to $1.7 million to buy a median-priced apartment.

Toorak has a median unit price of $835,000, which is almost $3.9 million less than a typical house in Melbourne’s most expensive suburb.

Outside the capitals, most of the suburbs where house and unit prices are furthest apart are found on the Gold Coast, Sunshine Coast or in northern NSW.

Regional suburbs with the largest difference between house and unit prices

Houses typically cost $3.24 million more than units in Surfers Paradise, $2.29 million more in Mermaid Beach and almost $1.8 million more in Byron Bay.

Ms Flaherty said land values were much higher in Australia’s priciest suburbs, meaning a house would command a huge premium compared with an apartment due to the land representing a larger share of the property’s value.

“In a much more affordable area where land values are cheaper, a higher proportion of the overall property price would be the actual dwelling itself,” she said.

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Gerringong’s original police station complete with its two original gaol cells intact, is looking for a new owner to call it home for the first time in more than 90 years.

The property, located at 89 Fern Street, Gerringong served as the NSW South Coast town’s police station from 1882 to 1933 before being converted into a private abode.

The heritage listed home has an asking price of $3.9 million.

Sales agent Angie Ritchie from First National Coast & Country – Gerringong said the property has remained in the same family – the Lees family – since 1933, with the grandson of the original owners now listing it for sale.

“They’ve done some significant renovations, and they’ve kept all the character features… which is what’s so special about it,” she said.

“They’ve updated it, they’ve modernised it and they’ve made it more contemporary to live in, just keeping those character features, which is fantastic.

“They renovated the bathroom, renovated the kitchen … the current lounge room actually used to be the exercise yard of the police station so that’s all been covered in but the bars are all still there, but that’s now been made into a usable space.”

The home, built from local sandstone, bluestone, and Australian red cedar is a relic of the meticulous craftsmanship of Australia’s past, with internal period features still intact including the original iron door, iron bars, hardwood flooring and fireplaces.

The one time gaol cells are now serving as a bedroom and home office.

Ms Ritchie said part of the home’s special nature was that, for decades, passer-bys would have had no idea of its former life.

According to the NSW Heritage Inventory’s Statement of Significance the residence is notable for its “finely detailed, late nineteenth century police station” and it was a “good example of its type and period.”

It notes that the building was damaged during a storm in November 1926, and following its closure in 1933 police protection came from nearby Kiama.

It was sold to Mr and Mrs George Lees for £500 as a private residence.

Set on a 1474sqm block, the sprawling front veranda affords lush views of Werri Beach, the headland, as well as the surrounding mountains.

The listing has generated a huge amount of buyer interest Ms Ritchie said, ranging from people interested in its historical nature, purchasing it as a holiday home or creating a commercial venture.

The post Behind bars: Once in a lifetime chance to live in a heritage listed former police station appeared first on realestate.com.au.

Aussies could be in for a major cash rate cut later this month with confirmation today that trimmed mean inflation is at its lowest level by quarterly reading in more than three years.

March Consumer Price Index quarterly data published by the Australian Bureau of Statistics (ABS) today shows trimmed mean inflation is finally back within the Reserve Bank of Australia’s (RBA) target range for the first time since December 2021.

Trimmed mean inflation did return to within the bank’s target in February following the first cash rate cut for the country in more than four years, though quarterly data is held in higher regard by the RBA for its decision making.

This first quarterly reading within the 2-3% target range is a major milestone for the Australian economy in its recovery from more than two years of challenging volatility.

ABS acting head of price statistics Leigh Berrington confirmed the CPI saw a slightly higher rise than the last few months at 0.9% in March, though annual figures remain stable.

“Annual inflation to the March 2025 quarter of 2.4% was unchanged from the December 2024 quarter,” she said.

Will we see a double rate cut?

Today’s CPI reading is critical for mortgage holders. At the start of this year, homeowners could only but dream of a small cut to the cash rate.

On the back of continuous falls in both headline and core inflation, however, talk of a “double” rate cut of 50 basis points next month should continue to increase.

REA Group executive manager of economics Angus Moore said the RBA would be feeling reassured on the back of underlying inflation landing as expected.

“This will give them confidence that inflation is sustainable moving back to target,” he added. “It will give them confidence they can continue cutting rates further this year.”

Mr Moore confirmed a cash rate cut this month is now “widely expected” though the size of it remains under debate.

Treasurer Jim Chalmers was the first to set rumors of a 50 basis point (bp) cut swirling when he addressed media earlier this month amid stock exchange chaos for Australia following the introduction of a 10% baseline tariff on imports into the US.

Campaigning in the run up to this week’s federal election, Mr Chalmers said Australia was “better prepared and better placed than any other advanced economy” when it comes to geopolitical tension.

Markets are pricing in a 62% chance of a decrease in the cash rate to 3.60% as of yesterday.

While this looks favorable, the Australian Stock Exchange RBA rate indicator put expectation of a double cut as high as 79% in mid-April.

Banks had already begun to respond favorably ahead of today, with 18 banks having cut at least one fixed home loan rate in the past month.

More are now expected to follow on the back of the latest inflation figures.

Home prices back on the rise

Despite positive news on the trimmed mean, the impact housing prices always have on inflation stability remains a concern for the RBA board when it comes to making its cash rate decisions.

Supply issues, delays and concerns in the construction industry and slow progress toward meeting the National Housing Accord have left many prospective buyers in the lurch and further exacerbated pricing levels.

Findings from the March PropTrack Home Price Index show prices are continuing to climb, with the average home in Australia currently costing $799,000 to buy – a tough pill to swallow for prospective homeowners hoping to enter the market.

If interest rates fall in May however, REA Group senior economist Anne Flaherty says the rate of growth could pick up as borrowing capacities increase and mortgage repayments decline.

“Whichever party is elected, the combination of increased first home buyer incentives, lower interest rates, and supply side challenges are expected to contribute to even higher property prices in 2025.”

The RBA board will make its next cash rate decision on 20 May.

This article first appeared on Mortgage Choice and has been republished with permission.

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