Focus on being helpful, real and a little bit creative in your social media content, Kate Hulbert writes, and the engagement (and leads) will follow.
Slivers of land occupied by electricity substations have been sold off as “prime” home building sites across parts of Sydney in a move that’s stirred bemused and angry reactions online.
The narrow lots were being offered for sale with live green boxes bolted to the ground and easements that allowed maintenance workers access to the electricity kiosks for repairs and upkeep.
Some have labelled the sales “disgusting” and an example of “greed”, while others have expressed concerns about the potential noise and disruption of living around functioning electricity infrastructure.
The properties – most of which are about 100 sqm – are spread across prestigious north shore suburbs including Hunters Hill, Longueville, Willoughby, Mosman and Chatswood.
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A Longueville block with a substation goes to auction.
Blocks are for sale in Longueville, Chatswood, Mosman, Lane Cove West, Hunters Hill, Castlecrag, Willoughby and Turramurra.
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Three of the eight sites went to auction earlier this month. No price guides were released ahead of the auctions but selling agent, Belle Property’s Simon Harrison said three lots at Lane Cove, Longueville and Willoughby all sold under the hammer for between $800,000 up to circa $1.8 million each.
A 101 sqm Mosman block, which goes to auction April 30, has a guide price of $475,000. The listing describes it as offering “untapped potential”.
It’s understood the properties are being sold off by a subsidiary of Ausgrid, which no longer needs them. They are zoned R2 for low density residential.
Mr Harrison, the agent co-ordinating most of the sales, said the sites were “too unique” to price.
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The Hunters Hill substation is one of the smaller lots.
This 101sqm block with a substation in Mosman has a guide of $475,000.
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“There’s nothing to compare them to,” he said. “I’ve never sold anything like them.”
The properties were attracting “a lot of interest” because they were an opportunity to get into popular north shore suburbs for a cheaper price, Mr Harrison said.
“We are getting some interest from first-home buyers and mum and dad-types who want to build something. You’d have to be very creative,” he said.
Social media has erupted over one of the listings – the Longueville block that already went to auction – with comments ranging from puzzled to furious.
The listing for the Kenneth St property, which ended up selling for up to $1.8 million, claimed the “compact block offers endless potential for those with vision”.
“This has to be a late April fool’s joke,” said one comment. Another said: “God they are desperate”.
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An aerial view of the Longueville block housing a substation.
A common theme was disappointment that the site was not being used for open space instead.
“How about planting trees and flora, create a small park for wild life and people to access. That block is not suitable for a home or town house. That would be a shoebox of a unit with no yard. Absolutely ridiculous. It’s all about $$$. What a joke,” one social media user said.
Others poked fun at the listing, with comments like “Living the Australian dream” and “Kentucky Fried Tenant when the substation explodes”.
Mr Harrison explained that the properties were being sold with easements for the continued operation of the electricity kiosks. He said they did not “make noise” and “were safe”.
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The blocks have easements to allow service workers access.
Some of the strongest interest was from direct neighbours wanting to expand the sizes of their blocks, he added.
This was especially true for the substation site in Hunters Hill, a much smaller L-shaped block on Foss St.
“That’s one of the trickier ones,” he said. “There’s one in Lane Cove West that would be wide enough for a driveway.
“For most of these, you could build smaller one- to two-bedroom houses but it needs creativity.”
The post Sydney blocks with live electricity substations deemed ‘prime’ land appeared first on realestate.com.au.
In New York City, banks often require you to put at least 20 percent of an apartment’s purchase price towards the down payment. Financing a deal like that—when the median price for Manhattan co-ops and condos is just over $1 million—can feel like an impossible goal for many.
However, some programs allow qualified first-time buyers to put down far less—as little as 3 percent. For buyers at or below a certain income level, the State of New York Mortgage Agency (SONYMA) offers loans to help them buy units that are below the median sales price for the city.
[Editor’s note: A previous version of this post was published in May 2024. We are presenting it again with updated information for April 2025.]
SONYMA has primary mortgage programs as well as optional down payment assistance and other grants and subsidies. In addition to the Low Interest Rate Program and Achieving the Dream, there are programs for veterans and active military personnel, as well as those willing to purchase units that require repairs. (If you buy a vacant house you can apply for up to $20,000 to make improvements, though you’ll need inspections and—being realistic—you may need to combine this with other loans.)
Only certain lenders offer SONYMA loans, which require additional paperwork. If you’re using a mortgage broker—one who works with many lenders to arrange a loan for a client—you won’t hear about SONYMA loans because the agency only works directly with lenders. And many buildings in NYC, especially co-ops, limit the amount of financing you’re allowed above and beyond the bank’s requirements, making SONYMA loans more challenging to secure.
That said, if you’re finding it difficult to pull together the funds for a down payment, a SONYMA loan could be the answer.
What are the available down payments?
According to Patrick Lavell, originating branch manager at CrossCountry Mortgage, SONYMA loans allow a 3 percent down payment for single-family houses and condos and a 5 percent down payment for co-ops. Of those amounts, buyers must make a minimum cash contribution of 3 percent for a co-op and 1 percent for other property types.
Who is considered a first-time buyer?
As long as you haven’t owned a primary residence in the last three years, you qualify as a first-time buyer—even if you sold a place four years ago.
There are also income limits: In NYC, you can earn up to $186,360 per year for a one- or two-person household and $217,420 if there are three or more in your household, Lavell said.
You will also need to demonstrate that you receive an income sufficient to cover the costs of ownership and have funds for the down payment and closing costs from a verifiable source as defined by the agency. (More on the paperwork involved below.)
The upsides of getting a SONYMA mortgage
No false advertising: While traditional banks advertise teaser rates that are only available to less risky borrowers, SONYMA’s rates apply across the board. The rate you see advertised on SONYMA’s website is the rate you will receive, provided you qualify according to the underwriting guidelines.
Interest rates are currently slightly lower than conventional lenders, plus you can receive a 3 percent down payment assistance grant up to $15,000.
No credit? That may be fine: “Credit score has nothing to do with the [rate], which is also a big advantage,” said Peter Lucia, senior vice president at CrossCountry Mortgage.
If you don’t have a lengthy credit history, you can use 12 months’ worth of alternative credit—rent or utility bills—to establish that you’re a worthy borrower. This workaround is part of the Give Us Credit program, an initiative designed to address racial disparities in mortgage qualification. Under this program, you’re also allowed to take a loan from a family member (rather than use a gift).
Help with closing costs: If you’re still struggling to put down 3 percent and also cover closing costs, you can take advantage of SONYMA’s Down Payment Assistance Loans (DPALs).
“The DPAL is a 3 percent forgivable loan up to $15,000 that can be used toward the down payment, buying down the rate, or buying out the purchase mortgage insurance (PMI),” Lucia said. “A borrower is required to put 1 percent of their own money into the deal, and the rest can be a gift from a family member. This is one of the best features of a SONYMA loan.”
He notes that although the DPAL does not involve monthly payments, you will have to pay a portion back if you sell within the first 10 years. “The loan self-amortizes by month. For example, if you sell in year seven, you have to pay 30 percent of the DPAL back,” he said.
Advantages over FHA: You may have heard of loans from the Federal Housing Administration, a national program that also helps buyers who cannot come up with a 20 percent down payment. Though FHA loans don’t have income or first-time buyer restrictions, they do come with higher mortgage insurance costs, and you have to put down at least 3.5 percent, versus 3 percent under SONYMA. “FHA does not finance co-op apartments,” Lavell pointed out.
Buyer privacy: In the past, sellers may have deemed a buyer who must borrow that much money as a less-than-ideal financial prospect. Recent changes mean “the seller doesn’t have to find out. In the past, there was a purchase affidavit, but that no longer needs to be signed by the seller prior to the application,” Lucia said.
| What to know about SONYMA loans | |
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| Who qualifies |
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| Which buildings allow them? |
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The downsides of SONYMA loans
Income limits and purchase price limits: One of the most apparent disadvantages of the program stems from the fact that “home prices in and around NYC are so high,” Lavell said. “Because of the income limits and purchase price limits associated with the program, it doesn’t work well for a lot of properties.”
The Achieving the Dream program caps annual income at $149,080 for a one- or two-person home and up to $173,930 for a household of three or more people.
The program caps purchase prices at $1,179,090 for a one-family unit. This minimum price increases for two-, three-, and four-family buildings, up to a cap of $2,267,890. These price caps create a situation where the program is rarely used in expensive Manhattan areas and, increasingly, many prime locations in Brooklyn. In certain economically distressed target areas, different limits apply. For example, you can spend $1,441,110 for a one-family and up to $2,771,860 for a four-family building in a target area.
The need for a savvy lender: For the fastest turnaround, you’ll want to find a lender who handles volumes of SONYMA loans. The easiest way to do that is to look up the list of participating lenders on the agency’s website. Next, call up a few of those loan officers and ask them to explain the process to you. This will give you a sense of how familiar they are with it.
“If you are using a lender who knows the system, the turn times are similar to a conventional or FHA loan,” Lucia said.
Peter Kwak, a home lending officer at Citibank, said SONYMA loans take around two to three months to close.
The federal recapture tax: If you sell your home within nine years, you may pay higher income taxes that year because of the so-called federal recapture tax. The amount you’ll pay is based on a complicated formula that takes into account the profit you made on the house, the cost you incurred in selling it, and any home improvements. SONYMA often reimburses the borrower for the tax.
No conditional commitments: You can qualify for a conventional loan even with a host of contingencies, such as your down payment check clearing. Not so with SONYMA. The agency will only issue a loan once you meet all the requirements, so the funds to cover that check had better be in your account. On the other hand, having your completed board package could speed up the process and save a co-op or condo board some time.
Some standard rules apply: Even if you’re purchasing with a SONYMA loan, you’ll still have to meet many of the same requirements as a buyer getting a traditional mortgage. For example, most co-ops require at least 20 percent down, so if you can only come up with 5 percent, you won’t be able to buy in these buildings. Likewise, the lender will still want to ensure that the building has strong financials, such as having funds in reserve for major repairs, and, if it’s a new development, at least a certain percentage of the apartments must have sold.
You’ll need mortgage insurance: Just like with any loan where you put less than 20 percent down, you’ll have to take out private mortgage insurance, or PMI. The amount you pay each month depends on the size of the loan, your credit score, and the down payment.
The property must be owner-occupied. If you want to move out, the loan must be paid off before you can sell your property. “The same applies if someone gets relocated or just wants a bigger space because they’ve outgrown it; a conventional loan wouldn’t necessarily have to be paid off, whereas SONYMA requires it,” Lavell said.
Additional restrictions for a SONYMA loan
You can only use a SONYMA loan on a primary residence, and no commercial activity is allowed—that means no renting it out if you decide to move. Co-op and condo units must be at least 500 square feet, though exceptions can be made.
With minimum down payments required at many co-ops, you may not be able to take advantage of the low down payment. Condos, however, typically do not have financing limits—the loan amount is determined between the lender and the buyer. As long as the buyer is approved for financing and can close, a SONYMA mortgage can be used to buy a condo.
“It’s important to note that SONYMA requires a minimum of 10 units in a co-op or condominium project, and the building must be professionally managed by a third party,” Lavell said.
How to get pre-qualified
Before you even begin the hunt, speak with a lender to get prequalified. That way, you’ll know you fit the SONYMA requirements and won’t have to scramble (or worse, find out you can’t get a loan) when you’re ready to make a deal. A pre-qualification will also give you an idea of how much home you can afford.
At a minimum, SONYMA will need information about your work history, bank account balances, credit card and other debt information, and details about your landlord and rental arrangement. You will need to provide pay stubs, bank statements, income tax returns, and the names, addresses, and rental amounts of previous apartments.
The time it takes to get approved will depend on the lender. Just like with any mortgage process, you’ll want to start amassing a paper trail months before you apply. For example, if you sell your car while apartment hunting, keep the bill of sale to explain the resulting large deposit in your account. Likewise, if a relative gives you a gift for the down payment, which is allowed, keep a copy of the check.
What determines whether you qualify
When obtaining approval, the lender you’re working with sends your file to SONYMA, which then works through an outside underwriter to determine whether you qualify.
Just like with a traditional mortgage, they will assess the loan-to-value and debt-to-income ratios, the strength of the building’s financials, and (in the case of a condo), the percentage of the building that has sold, among other factors. If a co-op restricts how much you can finance, you’ll need to come up with a bigger down payment, though you can still use a SONYMA loan.
Once the lender approves you based on the above criteria, SONYMA will verify that you meet the program’s requirements, including the income limits. After that, the file goes back to the lender to finalize the loan, and you’re all set.
Previous versions of this article included writing and reporting by Leah Kamping-Carder and Emily Myers.
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Housing has become the hottest issue in the 2025 federal election. Picture: Brendan Radke.
A new warning that rent will rise by $83 a week if negative gearing is removed could backfire for investors, with figures showing renters have endured much worse than that since 2020.
A fresh battle has broken out as Australia heads to the polls, with investors seeking to maintain their grip on generous tax perks including negative gearing and capital gains exemptions which the Greens have vowed to take away from anyone who owns more than two properties.
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Increase in weekly rent in capital cities if negative gearing is removed as estimated by AIP commissioned research. Picture: Supplied.
Gene Tunny said abolishing negative gearing would see the return on investment from rentals fall by 13 to 16 per cent, making it much less attractive for investors.
Research commissioned by the Australian Institute for Progress from Adept Economics warned that abolishing the investor tax concessions would see the return on investment for rentals fall by between 13–16 per cent.
Adept Economics director Gene Tunny warned that could see significant rent increases within two years of the policy removal as landlords seek to compensate for higher costs, with “the modelling predicting rents could be 11 per cent higher than they would otherwise be”.
“This equates to $60 –$95 a week higher in capital cities based on current asking rents, with an average of $83 a week.”
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Neither Prime Minister Anthony Albanese nor Opposition Leader Peter Dutton wish to touch negative gearing and capital gains tax settings despite public pressure. Picture: Matt Roberts/ Pool/ ABC
Mr Tunny said the removal may see some Australians better off with more people living in their own homes, “but those stuck in the rental market would be significantly worse off”.
But a report by Everybody’s Home found capital city renters had already endured worse rental hikes in just four years of as much as $356 a week higher for houses (Sydney) and $279 a week for units (Perth) since 2020.
On average rent increased by $185 a week for units and $283 a week for houses compared to 2020, with all reports warning it would get worse regardless in coming years.
In Adelaide, units were up $196 a week and houses $256/wk compared to 2020; Brisbane up $199/wk for units and $259/wk for houses; Canberra up $92/wk units and $108/wk houses; Darwin $87/wk units and $281/wk houses; Hobart $42/wk units and $68/wk houses; Melbourne $137/wk units and $207/wk houses; Perth $279/wk units and $352/wk houses; Sydney $201/wk units and $356/wk houses.
Everybody’s Home figures for how much rent has increased in four years across some of the capitals since 2020. Picture: Supplied.
Everybody’s Home spokesperson Maiy Azize said we need to get rid of investor tax breaks involving housing not add more.
Everybody’s Home spokesperson Maiy Azize said “to make housing more affordable, we need to get rid of tax breaks when it comes to property, not create more”.
“The Coalition’s proposal to allow mortgage payments to be tax deductible for first home buyers is a form of negative gearing for non-investors, a move that will give more help to people on high incomes and could push home prices even higher,” she said.
“Labor’s home deposit support for first-home buyers will also add to demand. Building 100,000 homes is a good step, but they aren’t guaranteed to be affordable. Australia doesn’t just need new homes, we need homes that people can actually afford.”
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Protests after 150 public housing residents in Waterloo South public housing estate were given eviction notices. Picture: NewsWire/ Tim Pascoe.
She said “in this election, Australians are seeking bold, visionary policies that will make housing affordable for everyone. Parties and candidates who are vying for votes must step up and deliver the policies that will shift the dial on the housing crisis”.
“We continue to call on the federal government to end the social housing shortfall, scrap investor tax breaks for property investors, increase Centrelink payments and protect renters from unfair rent hikes.”
Mr Chandler-Mather has vowed to thwart attempts to keep investor tax breaks saying “Australia has a choice to make: either we give our children and grandchildren the same chance at home ownership that previous generations had, or we continue to give investors with multiple properties billions of dollars in tax handouts. It can’t be both.”
The post Fresh battle to slash investor’s neg gearing, capital gains tax perks appeared first on realestate.com.au.
In most markets, the portal has resumed displaying non-MLS listings alongside other properties in spite of NAR’s no-commingling rule, the policy behind a lawsuit between Zillow and REX in 2021.
In the first quarter of the year, 44.4 percent of homesellers included concessions in their deals, just shy of the record 45.1 percent seen at the start of 2023, according to new data released Monday by Redfin.
Blaylock’s move to Sotheby’s International Realty comes about one week after Gino Blefari retired as CEO at HomeServices, and Chris Kelly stepped into the role. Blaylock will lead company-owned brokerage operations at the luxury brand.
The National Association of Realtors (NAR) Clear Cooperation Policy (CCP), implemented in 2020, is the source of much debate within the real estate industry.
The policy was a response to a proliferation of pocket listings and a rapid decline in housing inventory on the MLS, despite a large number of transactions still occurring.
“It got so bad that I could be walking through the grocery store and whisper that I had a listing coming up and all of a sudden five people would run over because they knew someone looking for a home,” Paul Carlson, the president of Michigan-based Five Star Real Estate, said. “People just started holding back inventory. There would be signs out for weeks before the listing went into the MLS, if it even went into the MLS, and it was killing the cooperative spirit of the industry, which NAR felt was a fundamental threat to the organization it had built.”
It was out of this that CCP was born.
While its existence was a quiet one for the first four years of it being in effect, the policy began gaining attention last year, garnering both harsh critics and staunch supporters. The stakes are high for NAR and the real estate brokerages trying to determine the best way to proceed — no one wants more litigation from class action plaintiff attorneys or renewed interest from the Department of Justice.
What is CCP?
The CCP requires listing brokers to share a listing to the MLS within 24 hours of publicly marketing the property. However, the policy allows for “office exclusives” which can be marketed to other agents in the same brokerage and in one-on-one communication with agents at other firms.
In late March, NAR announced its Multiple Listing Options of Sellers (MLOS) policy, which created delayed marketing exempt listings. These listings must be input into the MLS, but they are not allowed to be included in internet data exchange (IDX) feeds or syndicated to other sites. Despite these restrictions, sellers and their agents are allowed to market the listing however they see fit. It is up to each individual MLS to decide how long a listing may be delayed for.
As the policy has evolved, some industry players have enacted new policies or adopted new practices as a result.
The debate
Critics of CCP, namely Compass, believe the policy limits a seller’s ability to choose how to market their property, while those who support it feel like a repeal of the policy would reduce transparency, lead to a fragmentation of listings and potentially even raise fair housing concerns.
Both sides are claiming that the policy, whether you are abiding by it or going against it, creates legal exposure for industry players.
The critics
Compass is the most vocal critic of the CCP and it has been loudly advocating for its “three-phase marketing plan,” which it claims is “designed to maximize demand and fine-tune [the seller’s] positioning for the best possible sale outcome.”
When a listing is a private exclusive, Compass privately markets the property to all Compass agents, which it claims allows the seller to test the market to gain insight on the property and its pricing without accumulating days on market or price drops. If the listing does not get any offers in this phase, it becomes a “Compass Coming Soon,” which means the property is searchable by anyone on the internet, but it again will not accumulate days on market or price drop history. If the property does not sell as a “coming soon,” it then goes into the MLS.
Compass has also sent a letter to MLS executives asking them to remove delayed listings from VOW feeds, which goes against a 2008 settlement between NAR and the Department of Justice (DOJ), which created NAR’s VOW policy. According to this policy, brokerages are not allowed to prevent competitor firms from sharing their listings on their VOW websites.
In addition to this letter, Compass has also told MLSs that they will face legal exposure if they do not change CCP. Compass and CEO Robert Reffkin have been doubling down extra hard on one MLS in particular: Washington state-based Northwest MLS (NWMLS).
MLSs get caught in the fray
As a non-Realtor owned MLS, NWMLS is not subject to NAR’s rules, and as such NWMLS does not allow agents to withhold listings from the MLS as privately marketed office exclusives. In contrast, NAR’s policy allows listing agents to privately market an office exclusive listing to other agents within its firm or to agents and brokers at other firms provided that the listing is shared one-to-one.
The tiff between Compass and NWMLS began in late March when Reffkin called out NWMLS and its CEO Justin Haag for this policy on social media.
Compass has also backed a website, called Washington Homeowner Rights, which is soliciting NWMLS home sellers for a potential class action lawsuit. The site is looking for homesellers who have been “harmed” by NWMLS’ policies and who have experienced a price drop or significant days on market.
On April 15, 2025, NWMLS revoked Compass’s license for the NWMLS IDX feed. According to an NWMLS spokesperson, this action was taken as the “result of Compass’ failure to input numerous of its own listings and share those listings with other member real estate firms and their clients in accordance with Northwest MLS’s rules.” Compass’ data feed from NWMLS was restored on April 17, 2025.
In contrast to portals Zillow and Redfin, Homes.com, is not against publicly marketed private listings. In a letter sent to agents, CoStar CEO Andy Florance called Zillow’s move “a pure power play of epic proportions.” Florance also reassured agents that “if Zillow does block your listing it will still be seen on Homes.com and the other sites.”
The supporters
If Compass is the main brokerage on the “con side” of the CCP argument, eXp Realty is the main brokerage on the “pro side.” The firm and its CEO Leo Pareja have been vocal supporters of CCP since the debate began. The company has even gone so far as to announce in an industry-wide call in mid-April that it would not be doing delayed marketing listings, despite NAR allowing for them.
Other supporters of CCP include both Zillow and Redfin, who announced in early April that they would be banning exclusive listings that were not entered into the MLS and available via virtual office website (VOW) data feed to be shared on MLS members’ websites. Due to this, both firms are allowing for delayed marketing listings, but not publicly marketed exclusive listings.
eXp Realty was the first brokerage to sign on to Zillow’s listing standards. NextHome, has also pledged to abide by Zillow’s listing standards.
Donny Samson, the CEO of Samson Properties has also come out in support of Zillow’s and Redfin’s policies, as well as CCP in general.
“Let’s be honest about what’s happening,” Samson said in a statement. “Private listings aren’t about protecting clients — they’re about giving brokerages more control, more commissions, and more opportunities to double-end deals. It’s not in the best interest of the seller or the buyer — it’s a profit strategy, plain and simple.”
Samson feels that a move to private listing networks would be a regression for the industry, going back to the pre-MLS days “when listings were hoarded, buyers were kept in the dark, and deals were made behind closed doors.” Like other CCP supporters he feels the guiding principals of the modern real estate industry should be inclusion, access and transparency.
Neutral territory
Realtor.com, the only major listing portal yet to announce a stance on this issue, told HousingWire in mid-April that it is “giving the topic thoughtful consideration.”
Other large nationwide companies that have yet to come out strongly in support or against CCP, as well as the policies put forth by Zillow and Redfin, including Keller Williams, RE/MAX and Anywhere Real Estate. In emailed statements, reps at all three firms noted that while they support transparency and believe broad access to listings should be preserved, they also support providing their sellers with options as to how they want to market their home, and they believe that their agents will help their clients to decide what is best for them.
Prior to NAR unveiling its MLOS policy, Anywhere Brands and Advisors president and CEO Sue Yannaccone was advocating for a “middle road,” which she saw as “a thoughtful revision of the policy that serves the best interests of consumers and real estate agents.”
It is unknown if the MLOS is close to what Yannaccone had in mind, but the firm and its leaders have not made any other major statements about the issue.
Buying a home in a capital city is out of reach for most young Aussies, but there are still some metro suburbs scattered across the country where the Australian Dream on a budget could become a reality.
Exclusive PropTrack data shows that while opportunities to buy an affordable home in a capital city location have rapidly dwindled over the past decade, there are still 43 suburbs with median home prices below $400,000.
Darwin had the most entries on the list, with 22 of the Northern Territory suburbs making the list.
Berrimah and Lee Point were the only two localities with house prices under $400,000, while remaining suburbs – Driver, Moulden, Karama, Gray, Malak, Bakewell, Coolalinga, Leanyer, Marrara, Millner, Nightcliff, Wagman, Larrakeyah, Brinkin, Johnston, Rosebery, Coconut Grove, Bellamack, Woolner and Darwin CBD – only offered up units under $400,000.
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When looking at Australia’s major capital cities, Melbourne was the top contender with eight suburbs on the list.
In Albion, located on the city’s outskirts around 37km from the CBD, buyers can still snag a unit for $281,000, according to the data, followed by Notting Hill ($335,880), Travancore ($366,000), Melton South (378,500), Camobellfield ($379,000), Melton ($380,000), Essendon North ($386,750), and Flemington ($395,000).
In Adelaide, buyers had a choice of seven affordable suburbs under $400,000.
Elizabeth Vale presented the best value for money with a median unit price of $315,000, followed by Enfield ($335,000), Glandore ($345,000), Kilburn ($375,000), Kurralta Park ($385,000), Rosewater ($385,000) and Salisbury ($395,000).
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Sydney also still has three metro suburbs under $400,000 – Normanhurst, Vineyard and Carramar, while the ACT has two – Lyons and Hawker.
There was just one suburb under $400,000 – Gagebrook – recorded for Hobart.
REA Group economist Anne Flaherty said each of the suburbs presented a historic, final opportunity to secure a home under $400,000.
She said prices were unlikely to drop to pre-Covid levels, even if more housing stock were to become available.
“The fact that the list is so short and centred in some of the more affordable locations, particularly Darwin, really just shows that there is very little out there for people looking for affordable options with good transport amenity into the cities,” she said.
“If you think about how dramatically we’ve seen the number of suburbs below $400,000 drop off over the last five to 10 years, it’s very reasonable to assume that we’re going to see fewer and fewer of these suburbs.
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REA Group economist Anne Flaherty predicts that Australian capital cities will have run dry of homes under $400,000 by the end of next year.
“Access to metro (areas) increases demand and with further price rises projected, it’s completely feasible that in two years time, we won’t have any suburbs left on that list.”
Ms Flaherty said she expected the list would catch many buyers by surprise.
“Going back only a few years, $400,000 seemed like a very reasonable price but now, to get something at that level, you typically have to look very far away from a capital city and in suburbs where prices are discounted because of a lack of access to things like a metro network or easy road access.”
In 2025, national house prices are expected to experience a modest increase.
REA Group’s PropTrack predicts a 1 to 4 per cent increase in dwelling prices, citing high interest rates and the anticipation of further rate cuts.
The post Revealed: 43 suburbs where you can buy a house for less than $400,000 appeared first on realestate.com.au.
No.39 Moir Road, Kingston. Picture: Supplied
In Kingston’s newly constructed Moir Road development, Unit 43 is a spacious and stylish three-bedroom, two-bathroom villa that delivers a low-maintenance lifestyle without compromising on comfort or design.
It is among 51 thoughtfully designed residences that have just hit the market for the first time.
This development launched last year as a build-to-rent project. The homes are now available to purchase.
Listed for sale with Peterswald, there is a collection of two-bedroom, three-bedroom and four-bedroom homes available.
Prices start in the $585,000-plus range up to $765,000-plus.
Unit 43, 39 Moir Road, Kingston.
Unit 43, 39 Moir Road, Kingston.
Property representative Harry Briant said these properties would be ideal for young buyers, in particular.
For first-home buyers trying to get a foothold in the market, they would be perfect. They would also suit downsizers looking for something easy and low maintenance, or an investor,” he said.
“We have both tenanted and vacant options available to purchase.”
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Unit 43, 39 Moir Road, Kingston.
Unit 43, 39 Moir Road, Kingston.
Unit 43, 39 Moir Road, Kingston.
Mr Briant is confident potential buyers will be impressed by the properties when inspecting them.
“Walking through the development, it was pleasing to see a development of this size that has maintained an exceptional level of quality with every build,” he said.
“Kingston attracts property buyers with its mix of lifestyle, convenience, and investment potential.
“Just 12 minutes from Hobart’s CBD, it’s perfect for commuters looking for a quieter suburban feel.
“Kingston is known for being family-friendly, with parks, quality schools, and a strong sense of community.
“The Moir Road complex offers potential buyers the opportunity to join a friendly, secure, and low-maintenance community all within a five-minute drive of everything you could possibly need.”
Unit 43, 39 Moir Road, Kingston.
Unit 43, 39 Moir Road, Kingston.
Unit 43 features a light-filled open-plan kitchen, dining, and lounge area.
The beautifully appointed kitchen features premium appliances, ample storage, and an expansive breakfast bar — perfect for casual dining or entertaining.
Flowing effortlessly from the kitchen is the dedicated dining space and generous lounge, complete with a reverse-cycle air conditioner for year-round comfort.
Glass sliding doors extend the living area out to the terrace and fully fenced front yard, enhancing the home’s sense of space and connection to the outdoors.
Upstairs, you’ll find three sun-drenched bedrooms, all with plush carpet and built-in wardrobes.
The master suite includes an ensuite with a large shower, vanity, and toilet.
Unit 43, 39 Moir Road, Kingston.
Unit 43, 39 Moir Road, Kingston.
Centrally located, the main bathroom features a freestanding bathtub, glass corner shower, vanity with storage — carrying through the same contemporary finishes seen throughout the home.
Completing the upper level is a versatile study nook, ideal for those working or studying from home, along with a space-saving European laundry.
The outdoor areas have been fully landscaped, featuring lawn, garden beds, and paths.
Parking is provided via a single garage with internal access, plus an additional off-street space in front.
Contact Peterswald for inspection opportunities.
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