They’ve just been delivered an interest-rate cut but many Aussies won’t reap the benefits because of growing financial complacency that’s left most people stuck with banks that give them a lacklustre deal.
Alarming polling revealed most borrowers didn’t know what interest rates they were paying on their loans, indicating they were not up to speed on whether they were getting a good deal.
The majority of Aussie adults were also banking with the same account they joined as children – even when higher interest earning options were available.
It comes as the Reserve Bank of Australia announced another 0.25 per cent cut to the cash rate on Tuesday, a move that the big four banks have since announced they will pass to borrowers and savers in full.
The official cash rate has now dropped from 4.1 per cent to 3.85 per cent.
Personal finance expert Sarah Megginson said many Aussies thought changing banks was more hassle than it actually is. Picture: Michelle Swan.
The Finder survey laid bare the costly reality of banking complacency, revealing 51 per cent of Aussie adults polled were still using their first bank account as their primary repository for savings.
That loyalty is now costing cold, hard cash.
Finder personal finance expert Sarah Megginson said Aussies’ loyalty to their childhood banks was being rewarded with subpar interest rates and a financial kick in the teeth.
“You might think your existing bank is ‘good enough’, but if you’re not earning interest, it’s your bank balance that is missing out,” Ms Megginson said.
Such banking inertia wasn’t simply hurting savings.
A shocking number of homeowners admitted they didn’t even know what interest rate they were paying on their mortgages – their single biggest household expense.
Half of Aussies banked with the same accounts they opened as teens. Picture: Rohan Kelly.
An additional Finder survey found just 37 per cent of mortgage holders could name their interest rate.
This suggested up to 63 per cent of homeowners were paying off home loans without knowing how much they were paying in interest – potentially costing families thousands in missed refinancing opportunities.
Ms Megginson warned that blindly trusting your bank to pass on rate savings was a mistake.
“Mortgage repayments are often a family’s biggest monthly expense, and not knowing your rate is like driving blind on your financial journey,” she said.
“Knowing your rate is absolutely crucial. There’s money on the table to be saved by renegotiating with your lender or shopping around for a better deal, and that starts with knowing your rate.”
A significant amount of homeowners don’t know what interest rate they are paying on their homes. Picture: NCA NewsWire/ Gaye Gerard
There was something of a gender divide when it came to rates: 30 per cent of female mortgage holders knew their interest rate, compared to 45 per cent of men.
There was also a divide, albeit smaller, when it came to banking loyalty to savings accounts opened as teens. About 55 per cent of women continued to bank with their first account, compared to 47 per cent of men.
“Many people stick with the same bank for years, as the idea of switching seems like a massive hassle,” Ms Megginson said. “It’s really a lot quicker and more straightforward than you think.”
A simple balcony in an Australian apartment can cost you up to $390,000 extra in the search for your new home.
New research by outdoor furniture brand Woodbury Furniture has found nearly a quarter of apartments in major Aussie cities did not have a balcony, and buyers can feel the difference when it comes to cost.
Depending on what city you live in, balconies can drastically increase the price of an apartment on the market, with Brisbane taking the lead at a 46.4 per cent increase.
An apartment for sale in Queensland, where balconies can increase your home’s value by nearly $400,000.
Woodbury Furniture interior design expert Chris Catinaro said this difference was thanks to outdoor space becoming increasingly coveted in real estate, with big population centres in the country becoming more crowded with hopeful homebuyers.
“In urban living, outdoor spaces like balconies and patios have evolved from optional extras to essential components of a well-designed home,” he said. “They have a dual benefit, acting as both a lifestyle enhancement as well as adding value to the property, which is exactly why I think we’re seeing such significant price premiums for homes with well-utilised outdoor areas.”
A study of apartment units across Australia, and how their price is affected by the presence of a balcony. Picture: Woodbury Furniture
The data was collected from apartment sales in five major Australian cities on realestate.com.au. These sales were measured over the course of 12 months, up until April of 2025.
On average, the typical mark-up a balcony would bring to a home totalled at $173,205.80.
At mark-ups of $393,937, Brisbane was the city willing to pay the most for a balcony in their apartment, marking a 46.4 per cent rise.
Woodbury Furniture’s commentary said this was due to the area’s subtropical climate and culture for outdoor living, where balconies were considered an essential feature to connect high-rise buildings to the outside.
An apartment with a balcony for sale in Sydney. The city’s high population density meant apartments with balconies were in higher demand.
Meanwhile, Sydney’s rising population and growing density were why the company felt balcony prices were growing there, with a hike of $363,198 (or 19.19 per cent).
Adelaide came shortly after on the list with a rise of 16.04 per cent for balcony apartments, totalling an increase of $95,320 from standard prices.
This was attributed to SA’s outdoor entertaining culture during dry summers, with a smaller price jump thanks to lower property prices and a less crowded city.
An apartment for sale in Adelaide. 23 per cent of Aussie apartments in Woodbury Furniture’s study did not have a balcony, and those that did typically had mark-ups – like a 16 per cent increase in Adelaide.
But the populated city of Melbourne’s mark-up for balconies was more modest at $46,777, making a 7.5 per cent increase.
While balconies offer more views for residents, analysis suggested colder winters and more public parks meant Melbourne residents treated the feature as less high-value.
Finally, Perth represented an outlier, where balconies seemed to decrease property value by $33,203 (-4.85 per cent).
This may have been due to a lower demand for balconies in favour of full outdoor yards in larger homes, due to Perth’s abundance of land space.
An apartment for sale in Perth, the one measured state where a balcony actually decreased the unit’s value. This was speculated to be due to a lower demand for balconies in apartments, with land more readily available around the state.
Mr Catinaro said if apartment homeowners have a balcony, there are a few things they can do to make the most of it, such as greenery and weather-resistant materials.
“Incorporating plants into your balcony design adds more than just visual appeal,” he said. “They can act as natural privacy screens, help cool the space, and create a peaceful, relaxing atmosphere.”
“Opt for durable materials like teak that can stand up to rain, sun, and changing seasons without losing their charm. With the right pieces, you won’t need to drag everything inside when the weather turns, they’ll keep looking good and feeling comfortable no matter the forecast.”
https://www.juliankent.com/wp-content/uploads/2025/11/logo.png00JKentshttps://www.juliankent.com/wp-content/uploads/2025/11/logo.pngJKents2025-05-21 12:01:472025-05-21 12:01:47The simple feature that adds nearly $400k to your apartment
Following the Reserve Bank of Australia’s 0.25% cut to the cash rate, hopes are high that more new homes – and more choice for buyers – will start flowing onto the market.
The recent announcement brings the cash rate to new rate of 3.85% – the lowest Australians have experienced in more than two years.
While it wasn’t the 0.50% cut that many had hoped for, the downward trajectory is nonetheless being taken as a short-term and long-term gain for mortgage holders, Australians currently in the market, as well as those concerned about the state of the nation’s housing affordability.
RBA governor Michele Bullock.
The news the construction industry needed
While it’s true that interest rate cuts generally coincide with rising home prices – due to a boost both in borrowing power and buyer demand – lower rates are also crucial for delivering more supply, by helping developers seek financing for new projects.
The impact of the RBA’s recent announcement could have significant implications for developers, as well as buyers considering a new home in the months ahead.
At a time when home building approvals have lingered consistently lower than national targets, it’s more important than ever that this industry sees an easing of pressures.
To meet the nation’s national accord targets Australia should be approving and completing roughly 20,000 homes per month to build 1.2 million new homes over five years. The most recent figures saw just 15,220 approved in March.
REA Group’s executive manager of economics, Angus Moore, noted that new residential construction could be considered “the most interest sensitive part of economic activity – both because lower interest rates lower financing costs, but also because it raises home prices, making more projects viable”.
“All else equal, we’d expect that lower rates will start to encourage more new builds, which will bring more supply in to market and help improve availability and affordability. It’s obviously a slow process though, as building homes takes time.”
According to Metricon chief executive Brad Duggan, property seekers and mortgage holders now need reassurance from the RBA for this rate cut to have the necessary impact.
“What I want from the Reserve Bank governor is some positive sentiment about how robust the Australian economy is. It’s not just the cut that is important, it’s the messaging around the cut that’s critical,” Mr Duggan said.
“The rate cut in February was combined with some pretty negative commentary, and it really didn’t result in any change in land sales and new house contracts.”
In Metricon’s view, according to Mr Duggan, there are “a lot of good things to talk about in the economy”.
He would like to see more discussion around the return of core inflation to within the RBA’s 2%-3% target band, as well as record low employment.
“For people to feel secure and take the leap, this rate cut is not going to deliver the full outcome we are looking for, which is to inspire people to go out and build a home,” he said.
“This interest rate cut gives people confidence from a financial point of view, but they still need confidence in the build journey.”
Mr Duggan is hopeful the country can expect three more rate cuts before the end of the year.
“If they are delivered over a period of time, and they’re combined with positive sentiment about the market, it will result in a significant increase in new people deciding to build new homes.”
A cash rate cut it good, now positive messaging needs to follow, according to Metricon chief executive Brad Duggan. Image: Getty
Bank forecasts remain cautious
The Commonwealth Bank, which is the nation’s largest lender, has forecast cuts in August and November to bring the cash rate to 3.35% by the year’s end. This would be the lowest rate since February 2023.
ANZ and Westpac are also predicting two more rate cuts for 2025.
National Australia Bank – the only big four bank to have predicted a double cut today – is retaining its bullish anticipation for cuts in July, August, November and February 2026.
The next meeting of the RBA board is not scheduled until the country rolls over into a new financial year, with the next announcement slated for 8 July.
Are you interested in buying and building new? Check out our New Homes section.
https://www.juliankent.com/wp-content/uploads/2025/11/logo.png00JKentshttps://www.juliankent.com/wp-content/uploads/2025/11/logo.pngJKents2025-05-21 12:01:472025-05-21 12:01:47RBA’s interest rate cut brings new hope for increasing home supply
Atlas at 383 La Trobe St has already sold more than half of its 852 apartments, a rare feat in today’s CBD market.
A Melbourne supertower is just months away from commencing construction, despite similar projects running into difficulties amid a building crisis.
A new 72-storey, $1bn residential tower at 383 La Trobe St, Melbourne, dubbed Atlas is capturing buyer attention with more than half its 852 apartments now sold as it proves supertowers still have a place in the city’s skyline.
It comes as plans for what was to be Australia’s tallest building, the STH BNK by Beulah development, faces an uncertain future after cost blowouts and planning delays led to the once-hyped tower stalling — and its project manager being placed in administration in February.
Colliers residential director Tim Storey said the project’s success was down to a mix of smart planning, bold timing, and a keen understanding of who Melbourne’s inner-city buyer really is.
“Atlas has really resonated with the market. It’s the first supertower to launch in the CBD in about five years and that’s created a lot of pent-up demand,” Mr Storey said.
“We’ve seen other buildings sell in recent years, but nothing of this scale or freshness.
“Buyers especially younger international buyers in their late 20s want that city lifestyle, they want quality, and they want a product that feels like it belongs.”
Residents will have access to a dedicated wellness club with spa, sauna, gym and a resort-style pool overlooking the city skyline.
In contrast, the once-lauded Beulah tower, planned to reach 366-metres and become the country’s tallest building, has been beset by financial and delivery challenges.
The collapse of its development manager earlier this year left creditors tens of millions out of pocket and raised doubts about the project’s future.
The tower’s striking vertical greenery and landscaped terraces echo the “vertical village” ethos behind Atlas’s community-focused design.
Mr Storey said Atlas had avoided the pitfalls by sticking to scale, offering variety, from affordable garden residences to premium sky crown apartments, and locking in its development permit back in 2017, before CBD height limits changed.
“Without that permit, this building couldn’t have happened today,” he said.
“There’s definitely a prestige element to supertowers, people love the height, the views, the lifestyle, but it has to be backed by the right offering.”
All 189 studio apartments in Atlas sold out quickly, with Colliers confirming a waiting list as buyer demand surges in the CBD.
The Colliers residential director said Melbourne’s city apartment market had matured.
“The average age of a CBD resident is 28. Most live in households of under two people, and over 90 per cent are born overseas,” Mr Storey said.
“That’s who we designed for. Not just affordability, but lifestyle and status. “The studios apartments were a big part of that they were gone in a flash.”
Atlas sits at the northern end of the CBD, near Flagstaff Station, the Queen Victoria Market and walking distance to top universities and the new Metro Tunnel station.
Mr Storey said that location with its “unbeatable lifestyle” and park proximity had given Atlas a distinct edge over more hemmed-in sites across the city grid.
The 72-storey Atlas tower is the tallest Melbourne CBD skyscraper approved under pre-2017 planning rules, no others like it can now be built.
“It’s buzzing, And after Covid, the northern CBD has come back strong,” he said.
“Retail’s bouncing back, there’s energy again, and weekends in the city are packed.
“The confidence is returning, and Atlas is a green shoot.”
Construction is set to begin in the third quarter of 2025, with completion due in 2029.
Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox.
https://www.juliankent.com/wp-content/uploads/2025/11/logo.png00JKentshttps://www.juliankent.com/wp-content/uploads/2025/11/logo.pngJKents2025-05-21 12:01:472025-05-21 12:01:47Melbourne CBD skyscraper sells out studios as buyers rush into $1bn Atlas tower
There’s no worries about affordability or interest rates when it comes to this home bargain, all it needs is a lot of TLC.
There’s no worries about affordability or interest rates when it comes to this home bargain, all it needs is a lot of TLC.
The classic two-bed home with a single bathroom sits on a very generous 904 sqm which leaves plenty of scope for expansion and renewal.
It really is ‘one for the renovator’.
“Located on a large corner block, this property presents a blank canvas for renovators seeking a project. With its 2 bedrooms and spacious corner block, this home is just waiting for the right person to bring it to life,” the listing for the home reads.
https://www.juliankent.com/wp-content/uploads/2025/11/logo.png00JKentshttps://www.juliankent.com/wp-content/uploads/2025/11/logo.pngJKents2025-05-21 12:01:472025-05-21 12:01:47‘Just waiting’: $89k home could be Australia’s best buy
The nation’s most-viewed properties highlight not only Australians’ obsession with luxury real estate, but our desire to find affordable homes that won’t break the bank.
The latest data has revealed the most popular properties on realestate.com.au in the past year, and mega-mansions in premium suburbs with record-breaking price tags have topped the list.
Historic homes on blue-ribbon streets, luxury estates with sprawling grounds and newly-built residences with all the mod-cons were among the properties Australians clicked on the most.
High-end homes dominated the lists of the most-viewed properties on realestate.com.au at the national level and across all the states, with curious Aussies keen to see inside expensive homes that few of us could ever dream of owning.
Huge mansions like this 44-acre Gold Coast estate were among the most-viewed properties on realestate.com.au in the past year. Picture: realestate.com.au/buy
But at the other end of the spectrum, affordably-priced units also piqued the interests of buyers hoping to nab a bargain.
Mega-mansions and luxe homes excite property watchers
Source: PropTrack • Data from 12 months to April 2025.
Owned by the Myer family since 1903, the property known as ‘Cranlana’ was first purchased by Sidney Myer only a few years after he founded what would go on to become Australia’s largest department store chain.
The Toorak property Cranlana is expected to break the Victorian price record. Picture: realestate.com.au/buy
Occupying a 1.14ha block – the largest in the suburb – the eight-bedroom, nine-bathroom home includes a ballroom, tennis court, pool and a leafy grounds filled with rare plants and a sunken garden.
Selling agent Marcus Chiminello of Marshall White Stonnington said it was an iconic Melbourne property.
“It’s steeped in significant history that has ties to the fundamentals of Melbourne, given the Myer family’s influence through the retail community and philanthropic work subsequently,” he said.
It’s the largest private landholding in Melbourne’s most expensive suburb. Picture: realestate.com.au/buy
“It’s the largest private landholding in Toorak so that in itself is something that’s exceptionally scarce and near impossible to recreate.”
Of all its impressive features, the garden stands out the most, Mr Chiminello said. “It’s like you’re in the botanical gardens, but in your own backyard,” he said.
Its meticulously maintained gardens contain an extraordinary variety of rare plants. Picture: realestate.com.au/buy
In second place was ‘Opus’, a 2018-built French provincial style mansion on a one-acre block in Gilberton in Adelaide’s inner north that’s packed with luxury amenities.
The deep block features tennis and basketball courts, a pool and terraced lawns, while the house itself includes a cellar with tasting room and a dedicated gym and sits on what the listing describes as a “mansion laden street”.
This luxury mansion sits on an acre of land in Adelaide’s inner north. Picture: realestate.com.au/buy
The three-year-old house includes a grand entry hall, home theatre, library and billiards room on an elevated 4000sqm landholding.
This recently-built palatial property in Templestowe was a hit with house hunters. Picture: realestate.com.au/buy
But taking the cake when it comes to luxury and opulence was Bellagio La Villa, a European-style gilded mansion in Tallebudgera in the Gold Coast hinterland with $30-35 million price expectations that was the nation’s fourth most-viewed property.
The 10-bedroom home includes a living room with a 7.5m high ceiling and a five-car showroom, and 44-acre block property also features a three-bedroom guesthouse, horse stables and landscaping by celebrated designer Paul Bangay.
The fourth most-viewed property in Australia in the past year was a sprawling Gold Coast mansion on a huge block of land. Picture: realestate.com.au/buy
“It is a mega-mansion,” said selling agent Lucy Cole. “It is exceptionally impressive and people are just curious.”
“The architecture is outstanding and it sits on massive land. It’s so incredibly imposing and people just want to view it.”
The luxury home Gold Coast home could potentially be a wedding venue or retreat. Picture: realestate.com.au/buy
Mr Chiminello said he expected a flurry of sales activity in the top end of the market in the months ahead after disruptive few months of public holidays and international trade ructions.
The fairytale exterior of this Hawthorn home enchanted property seekers. Picture: realestate.com.au/buy
“Though we’re heading into winter, our market’s actually coming out of hibernation,” he said.
“We’ll find there’ll be less listings coming on, but far more transactions.”
REA group executive manager of economics Angus Moore said the beginning of an interest rate cutting cycle has historically led to stronger price growth for more valuable homes.
“One of the things we often see in the housing market is that when prices are going up, the top end tends to outperform, and the reverse is true when prices are going down,” he said.
A Noosa Heads home with an impressive waterfront position clocked up huge numbers of views online. Picture: realestate.com.au/buy
“As rates come down we may see a little bit more strength in home prices, and a bit more strength at the top end of the market.”
Penthouses and cheap units cause a stir
It was a different story in the unit market, where the types of homes generating the most views varied more compared with houses.
Sweeping ocean views made this Newcastle apartment highly sought-after. Picture: realestate.com.au/buy
Also ranking highly was a harbourfront apartment just a few doors down from the Prime Minister’s Sydney residence in Kirribilli, which offered sweeping views of the Harbour Bridge and Opera House.
An unbeatable view of Sydney Harbour made this Kirribilli apartment one of Australia’s most popular units for sale. Picture: realestate.com.au/buy
But topping the list of most-viewed units was a humble one-bedroom apartment in the Sunshine Coast suburb of Caloundra, which is priced at less than half a million dollars.
The furnished holiday rental is the cheapest unit currently on the market in the hot seaside suburb, where median unit prices rose 17% in the past year, and is just a 30-second walk to the beach.
This humble Sunshine Coast unit was viewed more than any other on the market in the past year. Picture: realestate.com.au/buy
“We’re seeing the majority of interest coming from investors,” said selling agent Lachlan Anderson.
“There’s’ a lack of stock on the market which due to supply and demand does push the prices up.”
It wasn’t the only affordable apartment to rate highly among property watchers, with a $650,000 two-bedroom unit in an over-55s complex in Drummoyne in Sydney’s inner west coming in second place.
Filtering the data for homes priced below the median of their capital city reveals just how much Australians love a bargain property, especially amid the high interest rate environment and with the price of a typical home higher than ever.
Source: PropTrack • Data from 12 months to April 2025. Affordable defined as properties priced below the capital city median price.
Many of the most-viewed properties priced lower than a typical home were located in the outer suburbs and were among the cheapest homes on the market, while others were sold in somewhat questionable condition.
The most-viewed affordable house in Sydney was this property in Cambridge Park in the outer west, on the market for $749,000. Picture: realestate.com.au/buy
Mr Moore said many of Australia’s affordable property markets had been popular with buyers in recent years.
“We’ve seen prices hold up more in the affordable capitals, and more affordable parts of cities,” he said.
“That’s consistent with the fact that housing affordability has been extremely challenging and so buyers have been looking in more affordable areas.”
This storm-damaged Melbourne home caught the attention of buyers seeking a bargain, selling for $420,000. Picture: realestate.com.au/buy
Sydney’s most-viewed affordable house was a three-bedroom property in Cambridge Park, about 54km west of the CBD, which is on the market for $749,000 – about half the price of a typical Sydney property.
Several of the most viewed affordable Sydney homes were located on the Central Coast – a ‘satellite city’ included within the Greater Sydney region – while one leafy property was located in Elvina Bay, a suburb that’s only accessible by boat.
Source: PropTrack • Data from 12 months to April 2025. Affordable defined as properties priced below the capital city median price.
In Melbourne, the most popular affordable home in the city was a four-bedroom house in Kalorama near Mount Dandenong, on a large 2991sqm block which sold for just $420,000 last year.
The unpolished state of this Melbourne home drew bargain-hunters looking to update with cosmetic improvements. Picture: realestate.com.au/buy
But the buyer would need to spend a lot more to make it habitable as it had suffered extensive storm damage, had gaping holes in the roof and lacked ceilings and internal walls in many rooms.
A four-bedroom house in Chelsea in the city’s east also ranked highly, attracting attention for its dilapidated state, which included a collapsing ceiling and a weed-filled swimming pool, not to mention the dirt bike parked in the kitchen.
A junk-filled Perth house selling in a hot suburb had buyers offering to purchase it without even stepping foot inside. Picture: realestate.com.au/buy
Perth’s most-viewed affordable home went viral when it was offered to the market filled with abandoned possessions and junk after it was vacated by its previous owner. Selling agent Ash Swarts warned potential buyers “you better be prepared to get your hands dirty” and suggested the furniture remaining behind could be used as kindling for a fireplace.
The Kelmscott house sold for $589,000, with Mr Swarts receiving six offers to buy the property before the first open home had even been held.
It wasn’t the only affordable home in a damaged state to rank highly, with a fire-damaged house in Medina also getting plenty of views.
Mr Moore said stability in construction costs may be giving some buyers more confidence in taking on renovation projects.
“Buying a fixer upper is going to be a more affordable purchase than a turnkey home, though of course you then have to put in the construction costs so it’s not as if it’s necessarily going to be that much cheaper overall.”
“Building costs are still very high, but they’re not growing as quickly as they were, so that might be starting to give people a little bit more comfort around picking up some of these fixer-uppers.”
https://www.juliankent.com/wp-content/uploads/2025/11/logo.png00JKentshttps://www.juliankent.com/wp-content/uploads/2025/11/logo.pngJKents2025-05-21 12:01:472025-05-21 12:01:47Revealed: The wildly varied homes that Aussies love the most
The average Aussie household needs to hand over half of their income to pay off a new mortgage, a new government report says.
It’s the latest blow to Australian first-home buyers who are trying to get onto the property ladder amid rising home prices and higher living costs.
And things may be about to get harder for hopeful home buyers, with fresh interest-rate cuts likely to boost home buying activity and fuel greater home-price growth.
A new report from the federal government-backed National Housing Supply and Affordability Council found 50% of a median household income was needed to meet repayments for new mortgages in December 2024.
Renters on a median household income were expected to spend a third of their pay to meet rental costs for new leases.
For aspiring homeowners, the average number of years required to save for a deposit rose to 10.6 years.
National Housing Supply and Affordability Council chair Susan Lloyd‑Hurwitz said the human cost of this chronic unaffordability was unacceptably high.
A report has found that 50% of the median household income was needed to meet repayments for new mortgages in December 2024. Picture: Getty
“Many households have to make difficult trade‑offs in the face of rising housing costs, including by reducing spending on other essential household items, living further away from places of employment, education and family networks, or living in inappropriate housing,” she said.
It comes after the latest PropTrack Housing Affordability Index found that a median household income could only afford to purchase just one in seven homes sold across the country last year.
REA Group executive manager of economics Angus Moore said housing affordability was at its worst level on record.
“First-home buyers, or renters looking to buy, who often rely on significant borrowing to enter the housing market are facing incredibly stretched affordability,” he said.
“In this time, income growth has been insufficient to offset rapidly rising home prices and mortgage rates, meaning the typical Australian household can now afford only 14% of all homes sold across the country.”
Australia’s median home price hit a new record high in April, rising 3.7% year-on-year to reach $805,000, according to the latest PropTrack Home Price Index.
There has been some relief for mortgage holders since the Reserve Bank cut interest rates twice this year, but rates still remain higher than average.
Experts have agreed the best way to improve housing affordability and help people get into home ownership was to build more homes quickly.
Australia is forecast to fall short of its five-year home building target by 262,000 new homes. Picture: Getty
The report found the supply of new housing was near its lowest level in a decade.
There were 177,000 new dwellings completed in 2024, falling significantly short of underlying demand for housing which was estimated at 223,000 for the same period.
The council forecasted the country wouldn’t hit the federal government’s Housing Accord target of building 1.2 million new homes during the five years to mid-2029.
Australia was expected to build 938,000 new homes over the five-year period, falling short by 262,000 dwellings.
Median home prices in April 2025
Property Council chief executive Mike Zorbas said the report showed the need to increase productivity in the construction sector, simplify planning systems and encourage investment.
“We have seen the federal and state governments coordinate their efforts on boosting supply, but more must be done,” he said.
“The least cost answer for indebted states is to modernise our planning systems and put measures in place to boost the proportion of skilled workers coming into the country.
“We need to bring forward federal environmental approvals and force power and water providers to stop delaying the delivery of new homes, industrial and commercial assets that our communities need as they grow.”
https://www.juliankent.com/wp-content/uploads/2025/11/logo.png00JKentshttps://www.juliankent.com/wp-content/uploads/2025/11/logo.pngJKents2025-05-21 12:01:472025-05-21 12:01:47‘50%’: The shocking cost of a new mortgage for Aussie households
The Block judge and Whitefox Real Estate chief executive Marty Fox and his wife and business partner Charlotte Fox are selling their Toorak home, less than four years after buying it.
The couple purchased the home in 2021 and extensively renovated the circa 1890 property while settlement was going through.
“We bought it on a six-month settlement, and we actually renovated it before moving into it,” Mr Fox said.
“I had a license to occupy the property to renovate and that took us about four months, which was a very intense renovation.”
Made more intense by the fact that Charlotte was heavily pregnant with their third child at the time.
“I was 40 weeks pregnant the day we moved in – and I popped the next day,” Ms Fox said.
Marty and Charlotte Fox are set to sell their Toorak home. Picture: Ash Koek
The expansive, meticulously renovated five-bedroom, three-bathroom home in Melbourne’s most exclusive suburb is a far cry from the first property the couple owned together.
“The pool is larger than the first property we flipped in St Kilda,” Mr Fox said.
They have certainly come a long way from that first property – this being the 15th home they have renovated together.
Marty Fox’s Toorak home has hit the market. Photo: realestate.com.au
It was meant to be their “forever home”, but so was the one before that – an Italianate Victorian terrace in Middle Park which they sold in 2021 for $7.35 million after buying it just two years earlier for $4.5 million.
“We didn’t want to move from there either, but then I saw this and it was just something in my gut,” Ms Fox said.
“The market was really strong in Albert Park and Middle Park at the time. And I was like, ‘if we want to get this, now it’s time to sell’.”
Marty Fox’s Toorak home has hit the market. Photo: realestate.com.au
She was right – the pair purchased the Toorak property for $7.2 million – $50,000 less than what the previous owner paid in 2017.
“You read the plate beautifully on that,” Mr Fox said to his wife during the interview with realestate.com.au.
“Even though I was dreading moving with being so pregnant,” Ms Fox responded. “But I was just like, ‘I think we need it’.”
Marty Fox’s Toorak home has hit the market. Photo: realestate.com.au
From overlooked to opulent
The house was tired, but it had potential in the eyes of the experienced renovators, who worked with – rather than overhauled – the existing floor plan.
“It’s not about changing the architecture, the architecture’s been done for a reason. How do you amplify the architecture? Add bi-folds, add period French windows, create booths, add V-Luxes [skylights],” Mr Fox said.
Marty Fox’s Toorak home has hit the market. Photo: realestate.com.au
They worked with the features of the existing home, yes – but the renovation was anything but slap-dash.
Lead by Castley McCrimmon Architects and executed by Dome Building, every corner of the Victorian home has been transformed to bring back to life the stunning period details and add modern luxury and amenity.
Marty Fox’s Toorak home has hit the market. Photo: realestate.com.au
Ceiling roses, ornate cornices and fireplaces honour the home’s heritage, as do the antique, hand-made, glass light fittings sourced by Ms Fox from Europe.
Chevron floors in blonde timber run through the hallway into the living spaces beyond, while plush carpet is cosy underfoot in the bedrooms.
Marty Fox’s Toorak home has hit the market. Photo: realestate.com.au
Speaking of warmth, the bathrooms exude it – with grey-and-maroon-veined marble, brass tap ware and underfloor heating.
The marble theme continues in the pristine kitchen – this time in more neutral tones – and it cascades from the splash back to the bench tops.
Marty Fox’s Toorak home has hit the market. Photo: realestate.com.au
Shaker-style cabinets and brass hardware are a nod to the home’s Victorian past, while the butler’s pantry and integrated appliances place it firmly in the 2020s.
A sunken meals area features a built-in leather banquet, while the open-plan living room opens to the deck beyond. There is also a grand formal dining room adjoining the living area.
Marty Fox’s Toorak home has hit the market. Photo: realestate.com.au
Back to that deck, where an impressive outdoor fireplace from New Zealand company Trendz Outdoors begs to be hovered around on this crisp Melbourne day.
Down to the garden and it’s a family paradise. Pool, rumpus and gym, sauna, grass for days and even a pickleball court – made possible by Mr Fox’s wily negotiation skills.
Marty Fox’s Toorak home has hit the market. Photo: realestate.com.au
He approached the neighbour to the rear of the property to see if they would be interested in selling part of their backyard. After an initial rebuff, the owner gave in – that was – only if the Foxes would buy the entire house.
The couple purchased the neighbouring home and added roughly half that block to theirs – taking their original 1160sqm piece of land to more than 1400sqm.
“It’s the largest landholding between Hawksburn and Toorak Villages,” Mr Fox said.
Marty Fox’s Toorak home has hit the market. Photo: realestate.com.au
Why sell their ‘forever home’?
“Our business is growing and we’re travelling a lot, and we feel that our dream is to be able to have a home in Queenstown [New Zealand], a home on the Gold Coast – which we now have – and a smaller home in Melbourne,” Mr Fox said.
“I think we have the ability to live between three places with a growing, global brand now.”
Marty and Charlotte Fox are selling their “forever home”. Picture: Ash Koek
Beyond the logistics of running the business – which expanded into New Zealand in 2022 – the renovation bug has once again bitten the couple.
“We’re in flow as a couple when we’re renovating. So we bring in very different skill sets to the renovation project. One of us will spot the opportunity, Charlotte will do interiors, I’ll do floor plan design, we’ll work in with an architect like we did on this one.”
Where to next?
Mr Fox was tight-lipped on whether or not they have secured their next reno project, only to say the couple has “options”.
“So we can go interstate. We can go overseas or we can go locally where we identified something that is really suitable,” he said.
Marty Fox’s Toorak home has hit the market. Photo: realestate.com.au
Away from the hustle and bustle of the inner-city, perhaps?
“Never. We’re urban dwellers,” Mr Fox said. “We’re not country people, but we’ve got country values.
See the home before Marty and Charlotte Fox renovated it
The Toorak home prior to renovation. Click to see the whole gallery. Pictures: realestate.com.au
“We’ve loved all the places and everyone’s like, ‘how could you leave?’ But if we didn’t leave the last one, we wouldn’t be here.”
“So, if you’re looking at this …” he said, gesturing to the marble-clad, light-filled kitchen and the living room beyond “… what do you think the next one’s going to be?”
The home has a price guide of $12 million to $13 million and is being sold via an expressions of interest campaign ending on 24 June.
Marty Fox’s Toorak home has hit the market. Photo: realestate.com.au
Sydney Roosters star Angus Crichton has $3.1m reasons to smile heading into next week’s State of Origin opener. Picture: Getty
Only two weeks after the Sydney Roosters star walked down the aisle with Chloe Esegbona at the glamorous Krinklewood Estate, Angus Crichton has sold his Rose Bay semi for $635,000 over expectations.
Angus Crichton and Chloe Esegbona just got married. Picture: NRL
“We just had a lot of competition on it. Interest rates got cut on the day and we can see now that sentiment has really been improving in the market,” Mr Lyons said.
“I’ve done over $100 million worth of sales just this past week.”
The NRL and State of Origin champion decided to list the property prior to tying the knot with plans of upsizing the family home.
It’s been a period of celebrations of late, on and off the field, with Crichton named yet again to don the blue jersey for the famous clash of the states.
He made his State of Origin debut in 2018 and last year started all three games for the Blues, finishing the season with the Wally Lewis Medal and Brad Fittler Medal.
According to title records, Crichton bought the 308sq m property at 73 Onslow St for $2.18m in 2018, and has most recently been collecting $1,650 per week in rent.
Crichton in action for the Roosters. Picture: Getty
The single-level semi on the quiet cul de sac has timber floorboards, high ceilings, an open plan layout to a private courtyard, a stone gas kitchen with Smeg and Miele appliances, a main bedroom with ensuite, renovated bathrooms, as well as a lock up garage and off-street parking
https://www.juliankent.com/wp-content/uploads/2025/11/logo.png00JKentshttps://www.juliankent.com/wp-content/uploads/2025/11/logo.pngJKents2025-05-21 12:01:472025-05-21 12:01:47State of Origin star Angus Crichton’s investment home sold for $3.135m
The widely predicted 0.25% cut to the cash rate yesterday is a welcome handout to homeowners but cannot fill the widening void of concern about policy decisions coming out of the White House.
Housing and mortgage industry insiders seem largely in agreement that the Reserve Bank’s decision yesterday marks the official start of the ‘year of cuts’ and points to the beginning of easing cycle expected to continue well into next year.
Despite positive commentary from governor Michele Bullock around the strength of the domestic economy, concerns continue over a potential US-China trade war and what it could mean for interest rates worldwide.
“Consistent with recent messaging from Reserve Bank officials, the board refrained from providing clear forward guidance on the timing or scale of future rate cuts,” Deloitte Access Economics partner Stephen Smith said.
“Discerning the extent to which these uncertainties change expectations for the Australian economic outlook is a key challenge for the RBA at present.”
Financial breathing room?
Despite policy tensions, Mr Smith said the move to slash the rate to a two-year low of 3.85% struck “the right balance between insuring against geopolitical shifts while not overreacting to the daily news cycle”.
“Households with a mortgage will welcome some additional financial breathing room,” he added.
Real Estate Institute of Australia president Leanne Pilkington has welcomed the rate cut. Picture: supplied
Real Estate Institute of Australia president Leanne Pilkington agreed it was clear the pre-rate cut market was making it too difficult for Australians to get into the property market, welcoming the 0.25% cut as a much-needed boost for housing affordability.
However, the Australia Institute chief economist Greg Jericho said yesterday’s rate cut – which could have been as much as 50 basis points – may not have gone far enough to restore balance in the economy.
“Borrowers have endured two full years of pain, as rates shot up quickly but started coming down slowly,” he said. “People are still hurting, and there’s no need to keep inflicting unnecessary additional pain.”
A closing door on economic growth?
Ray White Group chief economist Nerida Conisbee said the rate cut was welcome but warned it was driven “primarily by continued global uncertainty brought about by the election of Trump in the US”.
The RBA’s monetary statement – published on Tuesday – reiterates its view that Australia is not immune to shifts in global trade policy.
US president Donald Trump recently called a truce with China though it is likely this will implode. Picture: Getty
Mr Smith says the major implications for Australia are likely to be through indirect trade and financial market channels, adding a structural slowdown in China “could be exacerbated by tariffs”.
“A deterioration of growth in China would weigh on Australian exports,” he explained. “However, it could also mean access to cheaper goods in Australia, and softer inflation.
Ms Conisbee agreed the impact on China specifically has significant potential to stifle domestic economic growth – unwelcome news as Australia continues to grapple with low productivity levels.
“In addition, while Australia is not a major trading partner with the US, supply chain disruptions and the potential for global pricing by US companies is likely to impact our inflation rate,” she said. “This could be offset somewhat by lower prices for products out of China however the extent to which this happens is highly uncertain.”
Where to next for rate cuts?
The big four banks are still split on where they see the flightpath of rate cuts this year, with National Australia Bank (NAB) still the most optimistic.
The Reserve Bank of Australia interest rate board will next meet in the new financial year on 8 July. Picture: Getty
NAB has priced in three more cuts for 2025, ahead of Commonwealth Bank and Westpac’s forecast for two and ANZ’s more conservative estimation for one.
Monash University economics professor Isaac Gross is expecting two further cuts for the rest of the year, contingent on both the continued moderation of inflation and the potential impact of US trade policies.
“Should Trump re-commit to radically higher tariffs, we would almost certainly see a large reduction in interest rates,” Dr Gross said. “On the other hand, the chance for further cuts could evaporate if inflation stays stubbornly high, which remains a real risk given the strength of recent job numbers and wage growth data.”
100,000 new homes?
When it comes to home building, Housing Industry Association senior economist Tom Devitt said this week’s cut should act as a catalyst for much-needed activity across the country.
It comes after Ms Bullock addressed lack of affordable housing in yesterday’s post rate cut press conference, stating the RBA had little control over the housing market.
The newly re-elected Albanese government last month pledged $10m towards 100,000 new homesfor first-home buyers in its pre-election manifesto – an ambitious promise it will more than likely struggle to meet.
“Home building has fallen to its lowest volume in more than a decade following the rise in the cash rate from April 2022,” Mr Devitt said.
“Today’s cut, along with an expectation of further cuts in 2025, will improve market conditions and confidence and continue to support an increase in the volume of homes commencing construction.”
This article first appeared on Mortgage Choice and has been republished with permission.
https://www.juliankent.com/wp-content/uploads/2025/11/logo.png00JKentshttps://www.juliankent.com/wp-content/uploads/2025/11/logo.pngJKents2025-05-21 12:01:472025-05-21 12:01:47Wary welcome for RBA rate cut as White House woes persist
We may request cookies to be set on your device. We use cookies to let us know when you visit our websites, how you interact with us, to enrich your user experience, and to customize your relationship with our website.
Click on the different category headings to find out more. You can also change some of your preferences. Note that blocking some types of cookies may impact your experience on our websites and the services we are able to offer.
Essential Website Cookies
These cookies are strictly necessary to provide you with services available through our website and to use some of its features.
Because these cookies are strictly necessary to deliver the website, refusing them will have impact how our site functions. You always can block or delete cookies by changing your browser settings and force blocking all cookies on this website. But this will always prompt you to accept/refuse cookies when revisiting our site.
We fully respect if you want to refuse cookies but to avoid asking you again and again kindly allow us to store a cookie for that. You are free to opt out any time or opt in for other cookies to get a better experience. If you refuse cookies we will remove all set cookies in our domain.
We provide you with a list of stored cookies on your computer in our domain so you can check what we stored. Due to security reasons we are not able to show or modify cookies from other domains. You can check these in your browser security settings.
Other external services
We also use different external services like Google Webfonts, Google Maps, and external Video providers. Since these providers may collect personal data like your IP address we allow you to block them here. Please be aware that this might heavily reduce the functionality and appearance of our site. Changes will take effect once you reload the page.
Google Webfont Settings:
Google Map Settings:
Google reCaptcha Settings:
Vimeo and Youtube video embeds:
Privacy Policy
You can read about our cookies and privacy settings in detail on our Privacy Policy Page.
JKDS is a licensed New York State real estate brokerage firm. #10351200205