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Recent sales of grand character homes – some on large allotments – are rapidly transforming a northern fringe suburb into the latest must-have address.
Prospect, famed for its funky cafe and retail scene, has experienced a run of grand villas in the past year – all with multimillion-dollar settlements – many of which would not at all look out of place in the prized 5061-postcoded inner-southern suburbs of Unley, Hyde Park, Malvern, and Unley Park.
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These include a 1920-built return veranda villa at 30 Daphne St on a 2043sqm allotment over two titles which SAILIS documents reveal transferred for $4.428m earlier this month.
30 Daphne Street, Prospect recently sold for a huge price. Supplied
Then there was the 31 Willcox Ave home that realestate.com.au has listed as selling in November. That five-bedroom home on an 1820sqm allotment with a court and pool fetched $4.06m.
And yet another stunner at 17 Gloucester St on a 947sqm allotment fetched $3.4m in November, SAILIS documents show.
31 Willcox Ave, Prospect also fetched a large sum. Supplied
According to PropTrack data, Prospect currently has a $1.265m median – a fair achievement, Williams Real Estate sales agent Marina Ormsby, who specialises in the suburb, said given the suburb also houses its fair share of more affordable accommodation that naturally scale that median back.
“I think this run of big sales has been a long time coming,” she said.
Real estate agent Marina Ormsby outside one of her recent Prospect home sales. Picture: Tim Joy
“It was always going to happen, it was just a matter of when, and it’s absolutely happening.
“Unley, Unley Park, Malvern – we’re now achieving prices that at one point you would have only achieved them there.
“We’ve got homes here that pre-Covid would have been $2m, and now they’re $3m-$3.5m, and there are some generationally-held homes here that would achieve significantly more than that.”
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On the comparison between postcode 5061, she said Prospect was nobody’s poor cousin,
“It’s a destination in its own right and that’s testament to the fact that families are moving within the suburb and those who have the money to live anywhere choose to stay here,” she said.”
42 Highbury Street, Prospect recently sold. Supplied
2 Le Hunte Ave, Prospect is another of the suburb’s impressive recent sales. Supplied
PropTrack data shows Prospect’s median house price is up 1.3 per cent over the past month, 20.5 per cent over the past year, 42.9 per cent over the past three years, and 79.7 per cent over the past five years.
Taarnby Real Estate director Tayla Taarnby, who sells in Prospect, said homes in the suburb were predominantly targeted by locals.
Tayla Taarnby. Supplied
“There’s a lot of wealth in Adelaide, a lot of people sitting on a pretty penny,” she said.
“I can’t see any reason, particularly in that high end, why prices would not continue to rise in Prospect because there’s still not enough stock to meet demand, and that demand is enormous.
2 Graham Place, Prospect recently sold. Supplied
As did 22 Alexandra Street, Prospect. Supplied
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“The gap between Prospect and suburbs like Unley Park, Unley, Malvern and so on is definitely closing and that’s due to people wanting a property that ticks their boxes and aren’t fussy about the 5061 postcode.”
The post Prospect is becoming the next hotspot for grand character homes appeared first on realestate.com.au.
Looking to save money on your city carparking? Rent one!
New data analysis by Ray White shows pay carparking across Adelaide CBD has experienced the greatest price increase of any Australian capital over the past 12 months.
It costs, on average, $27.55 to park in the city on a casual rate. This is an increase of $5.15, or 11.3 per cent on this time last year.
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That means a full-time worker parking in the city every weekday is forking out an average of $551 per month.
It makes SA SA’s fifth least affordable capital city, with just Canberra, Hobart and Darwin cheaper, at $21.64, $18.83 and $11.10 respectively.
If you thought almost $30 a day was rough, spare a thought for Brisbane workers who currently fork out, on average, $80.84 for parking.
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As high as this is, it is actually cheaper than both the $82.61 they were paying last year, and the $85.05 Sydney residents were paying.
They are now paying $77 a day.
Adelaide’s average early bird discount of 37.38 per cent, bringing it down to $17.25, seems like a decent saving, but compared to the 62.90 per cent discount Melbourne residents are getting – bringing their $64.43 daily rate down to $23.90 – it hardly seems generous.
Vanessa Rader Head of Research Ray White Group Picture: Supplied
Ray White head of research Vanessa Rader the direct correlation between office market health and parking rates provides a valuable economic indicator of CBD vibrancy, with discounting strategies offering additional insights into competitive pressures facing operators across Australian cities.
“These pressures have mounted into decision making surrounding the sale of many of these assets,” she said.
“Typically purpose-built parking facilities in CBD locations are tightly held and are not often subdivided from the basement of larger office buildings.”
Analysing available carparks on Spacer.com.au – an online platform for storage units, garages and car spaces – the Sunday Mail found parking opportunities in the CBD for as little as $230 per month for an outdoor, unreserved parking space on Grote St.
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In fact, at $520 a month for a garage space on York St, even the state’s most expensive rental worked out to be cheaper than paying Adelaide’s daily rate.
“Currently there are a number of parking facilities on the market across Australia, suggesting owners may be capitalising on counter-cyclical investment appetite or reconsidering the long-term prospects of these traditionally stable assets,” Ms Rader said.
Highlighting Ms Rader’s point, a 1206-space car park at 215-225 North Terrace, Adelaide is currently on the market.
215-225 North Terrace, Adelaide, which is currently for sale.
The post How to cut your parking costs across Adelaide’s CBD appeared first on realestate.com.au.
Releasing the GSEs from conservatorship became a hot topic again this week after President Trump posted that he was giving it “serious consideration” on Wednesday, followed by a Bloomberg interview with Treasury Secretary Scott Bessent on Friday.
The timing of the president’s announcement took many by surprise, given rising bond yields, an uncertain trade war landscape and mortgage rates surpassing 7%. With mortgage rates and bond yields rising, there are understandable concerns that this decision could lead to even higher rates as the year progresses. However, after Besset’s interview, we have some clarity about the future.
First, Bessent said the White House must address trade-related concerns before proceeding with this initiative. Second, a central theme of Bessent’s discussion was that any transition of Fannie Mae and Freddie Mac out of conservatorship must not increase mortgage rates.
What does all this mean for housing? Here’s what I think.
Risks of releasing the GSEs from conservatorship
Over the years, I have discussed the influential role of the GSEs in promoting stability within the mortgage market. Their ongoing conservatorship has provided certainty concerning market health, allowing them to function effectively over the past decade.
This was particularly evident during the challenges presented by COVID-19, where the GSEs played a crucial role in facilitating lending at reasonable mortgage rates and bolstering the American economy. In the early stages of the COVID-19 pandemic, there were concerns among some observers that mortgage lending would become more stringent. While we did experience some tightening in the non-QM (Qualified Mortgage) sector, the fact that Freddie Mac and Fannie Mae were under conservatorship helped prevent widespread credit constraints. This ultimately proved to be a great advantage for the U.S. economy during that period.
I am concerned about the potential consequences of removing government backing from the GSEs. The absence of such support could result in higher mortgage rates, wider mortgage spreads and increased fees. The amount of private capital needed for these two giants would be enormous.
Additionally, during economic strain, the GSEs may face more significant constraints in accessing credit, which deserves thoughtful consideration. During a recession, lenders typically tighten credit to minimize losses, as banks must consider capital requirements. However, in conservatorship, this concern is less significant for the GSEs.
Critically, publicly traded companies have a responsibility to prioritize the interests of their shareholders. Recent events have demonstrated that concerns regarding liquidity can significantly impact bank stocks. This highlights the risk of having Fannie and Freddie publicly traded if the markets go against them.
Also, we could see higher mortgage costs in states impacted by climate change as the risk in those areas would warrant higher pricing for publicly traded companies.
Bessent adds context
Secretary Bessent has raised important considerations regarding the potential increase in mortgage spreads that could arise from the GSEs transitioning out of conservatorship. In the Bloomberg interview he said that if this process would to lead to higher mortgage rates, a thorough reevaluation of the decision to move forward will be warranted.
As illustrated in the chart below, mortgage spreads expanded following the Silicon Valley Bank crisis, contributing to the rise in mortgage rates observed in 2023. Indeed, the 8% mortgage rates we experienced during that period could be linked to the deterioration of spreads. At present, mortgage spreads remain higher than historical averages. If we were to return to a more typical environment, we would expect mortgage rates to be closer to 6% rather than 7%. However, if the spreads were to worsen, it’s possible that we could see rates approaching 8%.
After the President’s social media announcement, I was initially concerned about whether the release process might be expedited for reasons we may not yet understand. However, after hearing from Bessent, it seems that the White House is currently focused on other priorities, suggesting there is no immediate urgency to move forward with this plan since the mortgage market is functional already.
I hope this approach holds, as the process to release the GSEs from conservatorship should be thorough and carefully considered to avoid any potential negative implications down the line.
Conclusion
The concerns of real estate and mortgage professionals regarding a GSE release process are valid, especially in light of the elevated mortgage rates we’ve been experiencing. There is a worry that without an appropriate government backstop after an exit, we could end up with higher mortgage rates and less credit availability during a downturn. Many in the housing industry believe that maintaining the status quo is beneficial: as the adage goes, “if it ain’t broke, don’t fix it.”
If we take the Treasury secretary’s statements at face value, it appears that this process will be approached thoughtfully and deliberately.
Engaging with investors will be crucial in assessing the potential impacts on rates, as this is a significant decision that carries long-term implications. Considering the complexities of the current global economic landscape, we must proceed with patience and thorough analysis.
Thinking about diving into real estate investing but feeling a bit short on funds?
Or perhaps you’re looking for a low-risk way to dip your toes into the market?
There’s a world of options out there, especially if you’re willing to think beyond the traditional four walls and a roof.
Real estate investments come in various shapes and sizes, and one intriguing option gaining traction is carparking spaces.
Investing in a set of painted white lines might sound a bit out there, but it’s all about crunching the numbers.
Whether it’s a single spot or part of a larger complex managed by a company, buying a car space at the right price can offer a low-cost, low-maintenance entry into the property market.
To help investors crunch the numbers on where to park their hard earned cash, Ray White Commercial has provided an in-depth look on how car parks perform across capital cities and where buyers stand to drive home the biggest investment returns.
Here is what the data had to say.
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Thinking of investing but strapped for cash? Buying a car park could be the answer.
BRISBANE
Brisbane CBD retains its position as Australia’s most expensive parking market for the second consecutive year, with daily casual rates now averaging $80.84, surpassing Sydney’s $77.00. This marks a significant shift in the Australian parking landscape, where Sydney had historically dominated as the premium market.
The change reflects broader shifts in office attendance patterns and CBD vibrancy across Australian capital cities as workers continue adjusting their commuting habits post-pandemic.
Brisbane’s pricing strength stems from limited parking supply coupled with stronger office attendance, demonstrated by its relatively contained vacancy rate of 10.2 per cent and positive occupied stock change.
What makes this even more remarkable is that Brisbane continues to command premium parking rates despite the Crisafulli Government making 50 cent public transport fares permanent across all TransLink networks in Queensland.
However, beneath headline rates, Brisbane operators still offer substantial discounts of 55.5 per cent for online bookings and 57.9 per cent for early bird parkers, revealing continued competition for regular commuters despite the market’s apparent strength.
MELBOURNE
Melbourne presents perhaps the most concerning trajectory among major markets.
Current daily rates of $64.43 have fallen below 2013 levels ($65.00), producing a negative growth rate over the 12-year period.
This decline mirrors Melbourne’s struggling office market, which maintains the highest vacancy rate among Australian CBDs at 18.0 per cent and continues to experience negative occupied stock change.
Melbourne operators have responded with the country’s deepest early bird discounts at 62.9 per cent, though online discounting remains surprisingly modest at just 15.1 per cent, suggesting a focus on capturing the dwindling population of regular commuters.
Individual parking spaces or even entire garages can offer great rental returns.
SYDNEY
Sydney’s market shows signs of recovery but remains below its 2023 peak of $85.05.
With a 12.8 per cent office vacancy rate and positive, albeit modest, absorption figures, Sydney’s parking ecosystem appears relatively balanced but lacks the growth momentum seen before the pandemic.
Sydney maintains significant discounts for both online bookings (-43.5 per cent) and early bird parking (-54.9 per cent), indicating ongoing competition despite the market’s gradual improvement.
ADELAIDE
Adelaide has recorded the highest 12-month growth rate in parking at 11.3 per cent, despite a high office vacancy of 16.4 per cent.
Its discounting strategy remains moderate, with 15.5 per cent for online bookings and 37.4 per cent for early bird, indicating a market finding equilibrium.
PERTH
Perth continues its steady improvement with 3.8 per cent annual daily rate growth and relatively substantial discounting for both online (-30.5 per cent) and early bird (-44.8 per cent) options.
The best part about owning a car park? They require little upkeep – unlike a house or a unit.
HOBART
Hobart’s parking market has experienced a concerning downward trend, with current rates at $18.83 sitting below 2013 levels ($21.00) and showing a negative 12-year annual growth rate of -0.86 per cent. The market offers modest online discounts of 20.4 per cent but notably provides no early bird options, reflecting its unique position as a smaller capital with limited commuter patterns despite having the lowest office vacancy rate among all Australian CBDs at just 3.6 per cent.
CANBERRA
Canberra presents an interesting case with modest but steady growth in parking rates to $21.64, despite ongoing decentralisation of government departments away from the traditional Civic centre. Operators in the capital offer minimal discounting compared to other markets, with online rates discounted just 9.9 per cent and early bird options at 13.8 per cent, suggesting less pressure to fill capacity despite the 9.2 per cent office vacancy rate.
The post Aus car parks: The new frontier in property investment appeared first on realestate.com.au.
The parking space that many luxury Sydney cars are parked on is often worth more than the actual car.
Sydney has become swept up in a wheel estate craze as the cost of parking eclipses the price of many apartments and luxury cars.
Parking spaces – mere slabs of concrete of about 6m by 2m – have been selling for over $600,000 a piece across inner suburbs, with individual spaces outside the CBD selling for over $200,000.
It comes amid a shift by developers to new housing projects without parking – a move primarily guided by zoning restrictions and developer attempts to rein in costs.
The extravagant parking costs have also defied a drop in daily charges for commercial parking as the work from home trend continues to leave office vacancies elevated.
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One of the spaces recently sold as part of a $13.65m parking sale.
Daily charges for parking spaces within commercial lots now average about $77, down from $85 in 2023, making the Sydney CBD the second most expensive daily parking market behind Brisbane.
Ray White Economics commercial property analyst Vanessa Rader said demand for daily parking was falling because fewer people were coming to the CBD, but it was a different story for private lots near, or within, residential buildings.
Private spaces could command hefty price tags because of cashed up residents living in the CBD and its surrounds, she explained.
These homeowners often lived in luxury apartments with limited parking facilities, making private parking a sought after commodity – often worth hundreds of thousands.
“It’s a very specific category of buyer, they need somewhere to park long-term,” Ms Rader said.
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Source: Ray White Economics.
Sydney remains in a league of its own when it comes to sales of private parking spaces: last week six neighbouring spaces on Phillip St, near Circular Quay, sold at auction for $3.65 million.
The sale of the 85 sqm of concrete equated to a tyre screeching $608,000 per space.
Selling agent James Cowan of Colliers, who sold the spaces with agent Cameron Colquhoun, said they had expected demand for the parking to be strong but nowhere near the level it reached: there were close to 100 buyer inquiries.
“Strong bidding saw the reserve reached by the fourth bid, with more than 30 bids received,” Mr Cowan said.
He attributed the price to parking “being one of the most undersupplied and tightly held asset classes in the Sydney CBD”.
Parking spaces in this building on Clarence St have been selling for up to $308,000 in the past year, with the latest parking sale coming in at $290,000 in February 2025.
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Other recent parking sales included the $308,000 paid for an individual space within a compound on Clarence St. Another space in the same building sold for $290,000 in February.
Single parking spaces in the Macleay Regis, a building on Macleay St in Potts Point, have sold for $200,000-$270,000, with the latest sale coming in late last year for $225,000.
Back in the CBD, a double parking space on Bond St is up for sale for $525,000 – although the owner has had it listed for years without finding a buyer.
Ms Rader said these sales were all the more incredible when contrasted with the lower volume of people coming into the CBD and its surrounds since Covid.
“Traffic into the CBD is still down about 25 per cent on pre-Covid levels. No vacancy signs are rare at (commercial) parking lots,” she said, adding that recent developments may have been a factor in high private space sales.
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Parking spaces in the Macleay Regis in Potts Point, have been selling for up to $270,000.
This dual parking spot remains up for sale for $525,000.
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“There has been a reduction in parking within new developments,” she said. “Developers have been encouraged to include less of it in their new projects.
“People living in the CBD need somewhere to park over long periods and there aren’t a lot of those spaces.”
Real estate veteran Nuri Shik, a Potts Point agent with Ray White, has sold numerous parking spaces over the years and told The Daily Telegraph prior to a $225,000 transaction that a reduction in street parking for residents may be pushing up prices further.
The post Insane Sydney parking trend exposed appeared first on realestate.com.au.
The race to buy in Brisbane before 2032 is on, with more than 1.5m Australians expected to try lock down their own slice of the river city before the Olympics comes to town.
A new survey by Finder found 7 per cent of Australians were planning to buy property in Brisbane in the lead up the 2032 Olympic and Paralympic Games.
That equated to about 1.5m people hoping to create their own Olympic gold through capital growth.
The Finder research found one in 10 Queenslanders wanted to buy in Brisbane in hopes of experiencing strong house price growth.
About 8 per cent of New South Wales residents were prepared to buy north of the border to take advantage of Olympic value gains, while 6 per cent of Victorians were also keen to invest in Brisbane real estate.
Finder personal finance expert, Sarah Megginson said the 2032 Games might be nine years away, but the race for Brisbane property had already begun.
“Brisbane is in the global spotlight and that buzz is translating into serious buyer interest,” she said.
“With so many people eyeing Brisbane property, we’re likely to see demand outpace supply, and that can put upward pressure on prices.”
Terry Ryder, director of real estate research company Hotspotting, said history had shown Olympic host cities saw increases in home prices in the lead up to the Games.
“In the five years leading up to the 1992 Barcelona Olympics, property prices rose by 130 per cent,” he said.
“In Sydney between 1996 and 2001 home prices rose 53 per cent.”
Hotspotting founder and property analyst Terry Ryder. Picture: Supplied
Mr Ryder said since it was announced Brisbane would host the 2032 Olympic Games, median house prices surged in the city as well as on the Gold Coast and Sunshine Coast, going from between $650,000 and $750,000 in 2021 to about $1m.
“You wouldn’t attribute all uplift to the Games, but it’s certainly a factor,” he said.
Brisbane real estate agent Ally Edmonds, of Place Bulimba, said savvy buyers were already acting in anticipation of an expected pre-Olympics price boom.
“I’m selling a boutique apartment project in Kangaroo Point targeting the downsizer market that won’t be completed until 2027,” she said.
“What I’m seeing is people buying now so they don’t miss the boat.
“These are buyers who are considering downsizing within the next five years or so, but realise the market may be out of reach before then.”
Ms Edmonds said buyers were also keen to be in the thick of not only the Olympics come 2032, but also the planned infrastructure upgrades.
“I’m so excited for Brisbane to be put on that world stage and apart from the infrastructure and the developments, the lifestyle precincts being created will support generations to come.”
Ms Edmonds said demand remained high for city property, but supply just wasn’t there, especially in terms of quality apartment stock.
“Brisbane’s already one of the fastest growing markets in Australia without the Olympics,” she said.
“Add the Olympics and it’s hard not imagine we’ll see storing growth in the next 10 years and the 10 years after that.”
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Colliers Queensland has identified ‘golden rings’ of opportunity emerging in the lead up to the 2023 Olympics. Picture: Supplied
A Colliers International report highlighted the emerging “golden rings of opportunity” for property investors around areas earmarked as Olympic venues.
The research found the 2032 Games were already unlocking commercial growth and infrastructure transformation, especially near the strategic “golden rings” connecting the new 63,000-seat Victoria Park Stadium in Herston, the Athletes’ Village in Bowen Hills, the National Aquatic Centre in Spring Hill and the surrounding precincts.
Colliers Queensland chief executive, Simon Beirne said these areas would see a quick surge in investment and development, if previous Olympic cities as well as what was seen after the announcement of Woolloongabba hosting the main stadium was anything to go by.
“The Victoria Park precinct and surrounding suburbs are likely to see similar trends as investors position themselves ahead of major infrastructure rollouts,” he said.
“Rising demand for housing, retail, and office space will drive above average capital growth, making these precincts key hotspots for developers, investors, and businesses.”
Mr Beirne said the 2032 Olympics would reshape Brisbane’s inner city with world class infrastructure, better public transport, and an increase in investment.
“Areas like Herston, Spring Hill, Bowen Hills, Fortitude Valley and Roma Street will feel the biggest impact, as limited space in the CBD pushes new commercial and residential projects into these growing precincts,” he said.
“These once overlooked areas will experience unprecedented activation, evolving into high density, highly connected urban hubs.
“There will be a significant amount of focus from the Government and Brisbane City Council on connecting the precincts and linking Victoria Park to Suncorp Stadium and South Bank, providing many further commercial opportunities.”
A view of the proposed Olympic venues at Victoria Park, in the Arcadis Victoria Park Strategic Plan for the 2032 Brisbane Olympic Games. Picture: Archiepelago
Mr Beirne said Brisbane’s industrial and commercial property markets would also see significant growth.
“The Games will drive demand for logistics, warehousing, and last-mile distribution centres, especially in key fringe areas where transport links are improving,” he said.
Mr Ryder said co-host cities, such as the Sunshine Coast, Gold Coast, Townsville, Cairns, Rockhampton and Toowoomba would also benefit from the Games, with sporting and transport infrastructure projects and increased tourism creating more jobs, more interest in the regions and more demand for real estate.
“One of the stats from the feasibility study they did for the Games shows in the years leading up to the event, they’re expecting 91,600 jobs to be created in Queensland,” he said.
“The quantifiable economic and social benefits for Queensland is estimated to be $8.1b and for Australia $17.6b overall.
“They’ve estimate they will spend $7.1b on facilities to prepare for the games.
“Imagine how many jobs that will create and those people will come into Brisbane, the Sunshine Coast, Townsville and Cairns to work on projects.
“The projects will take years to build and the workers will need somewhere to live.
“Some won’t want to leave – they’ll experience the weather and lifestyle and choose to stay.”
Mr Ryder said the expected increase in tourism to the regions – as well as Brisbane – wouldn’t just be for duration of the Olympics.
“In Sydney, during the 2000 Games tourism increased 22 per cent that year, and in the 10 years that followed tourism was up 15 or 16 per cent,” he said.
“Were going to see those types of increases for Townsville and Cairns.
“These regional cities will have upgraded facilities and become better known because of the Olympics.
“The will go on to attract other major sporting events as well as tourism benefits.”
The post On your marks, get set, buy! appeared first on realestate.com.au.
New-home sales continue to be a bright spot in a housing market that’s struggling with high mortgage rates and other economic headwinds.
According to a report from the U.S. Census Bureau and the Department of Housing and Urban Development (HUD), new homes in April sold at seasonally adjusted annual rate of 743,000, which is a 10.9% rise over March and a 3.3% increase year over year.
The number of available homes for sale jumped year over year by 8.6%, though it’s a slight drop compared to last march. The inventory and sales combination has resulted in 8.1 months of supply, an 11% drop month over month and a 5.2% rise annually.
The media sales price of new homes hit $407,200, 2% drop from last year.
“While today’s report appears optimistic at first glance, there are underlying concerns,” said First American Deputy Chief Economist Odeta Kushi in a statement. “The new-home sales report does not adjust figures to account for cancellations of sales contracts. Redfin recently highlighted a rise in home sales cancellations due to affordability challenges and heightened economic uncertainty. This trend suggests that sales figures might be overestimated.”
The South drove the national increase in sales, as it makes up around two-thirds of all new-home sales in any given month. The region rose year over year by 6.5% and 11.7% monthly.
The West, which makes up about 20% of new-home sales, rose by 1.3% annually and 3.3% month over month. The Midwest showed huge growth compared to March, with a 35% increase. The volatile Northeast drop significantly but the region only makes up 3% of new-home sales.
The new-homes sale numbers are in stark contrast to April existing-home sales, where a drop in the South drove a 2% national decline year over year.
The positive report suggests that President Donald Trump’s announcement of a new global tariff regime has not had a negative impact on homebuilders or buyers, at least not yet.
“With the pool of inventory refilling closer to typical levels, more builders are cutting their prices, just as existing home sellers are,” said Zillow Senior Economist Orphe Divounguy in a statement. “Despite economic jitters, lower mortgage rates combined with strategic price cuts and incentives from builders’ are helping more potential home buyers get home.”
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Former CEO Wendy DiVecchio filed suit in February, saying she was wrongfully terminated and her reputation damaged after a prolonged and mysterious investigation that hasn’t been made public.
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