It’s starting to feel a lot like spring, with the weather improving and the first trickle of glamorous luxury homes that Sydney’s east is famous for starting to appear.

One of the most impressive is 33 Vaucluse Rd, which property records show has been owned by the Tsipris family for nearly 40 years.

The double-storey modernist six-bedroom residence, with three bathrooms and double garage on an 824sqm block, offers panoramic harbour views taking in the Bridge and Opera House, and is built directly opposite the Hermitage foreshore walk and Strickland House.

Records show they’d bought it for $760k in 1985.

It’s set for a September 25 auction with a $20m guide, which seems to be the norm for a family home with an iconic view like this in Sydney’s east today.

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Rising Ray White Double Bay star Adam Reichman, recently named an associate director who sold the Liebotwiz family’s Wolseley Rd, Point Piper mansion for a whopping $55m in June, has scored the plum listing.

“It’s a once in a lifetime opportunity and the owners have loved living there,” Reichman said.

There’s an internal lift, harbour-facing balcony, quality granite kitchen, pool and an enormous rooftop that offers huge potential.

Reichman is upbeat heading into spring.

“I’m seeing a lot of confidence and positive sentiment in the luxury market, with the eastern suburbs a safe haven” he said.

“There’s an influx of local buyers and also expats.”

He expects listings to ramp up over the next four to six weeks.

“It’s a really good time to be considering selling,” Reichman said.

“The luxury market is holding up really well, and when vendors see strong results that will encourage more to list.”

He highlighted Bellevue Hill and Vaucluse as particularly strong.

Eastern suburbs veteran Brad Pillinger of Pillinger said listings were a little down on the same time last year.

“But prices are up,” he said.

“Everything has come together to suggest it will be a strong spring in terms of both turnover and outcomes for vendors.

“Demand strong with interest rates heading south, optimism about what’s ahead, not as much stock as usual, again pushing pricing up.”

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Homeowners often weigh up a renovation before selling their home, but they tend to face a common issue, says interior design expert and Selling Houses Australia host Wendy Moore. 

Ms Moore, who is in the middle of filming a new season of the hit TV series, told Realestate.com.au that homeowners often became “paralysed” on whether to give their home a makeover before sale. 

“With Selling Houses Australia, many of those parting with their home know the existing problems within it, and tend to become confused about whether it’s a general problem or one specific to them – and they feel quite paralysed what to do with it,” Ms Moore said. 

“That’s when I would suggest to get a real estate agent to give their advice or an interior designer, as they inspect lots of homes and can give their opinion with ease if you’re stuck.” 

A full makeover may be too much for some, but a small tweak could make all the difference. 

Homeowners could update a vanity, choose a new mirror in the bathroom, regrout any problem areas in the shower or basin areas, and add some tactile furnishings to add warmth to the space. 

Choosing which rooms to focus on was important too, with some rooms holding greater influence on buyers than others.  

Open plan living 

Open plan living areas were one of the most underestimated areas within the home, according to Ms Moore. 

“It is where prospective buyers spend most of the time when inspecting your home,” she said. 

“It’s also where buyers will decide whether your home feels right, and if it’s a place they want to live in, so from the moment they walk in your home, it’ll be here that they decide to buy it.” 

It’s also the easiest room to fix and get sale ready.

Open plan living zones are often filled with clutter and don’t have a cohesive story to tell when it comes to interior styling. 

It’s here you want to avoid too many items, keeping your space streamlined, stylish and making it an inviting space for those who visit it for the first time. 

Ms Moore said to create a sense of delineation – make sure those coming to inspect it see the line between the kitchen to a dining and living zone. 

Rugs and soft furnishing help create that sense of separation, while tones and colour palettes should be united to allude to a warm feeling. 

The trick is to introduce texture into your open plan spaces – it’s a subliminal message that works wonders. 

Texture acts as an invitation for us to touch – our brain makes that connection immediately when we walk into a room. It all happens in a split second, giving us permission to enter. 

Ms Moore said this can be achieved with a big rug that feels nice under the foot, a textural throw at the furthest point of the sofa, window furnishings that have texture to the fabric and cushions to add texture. 

“They make a room feel more welcoming and intimate, and from a styling point of view, they make it more comfortable,” she said. 

Kitchens and bathrooms 

These are often the most expensive zones to renovate and the reason most people want to move out of their existing homes to begin with. 

“They’re expensive because they require the most amount of licensed tradespeople and really add a lot of money to the renovation cost of your home,” Ms Moore said. 

“It’s also the most problematic areas to live with, and these zones turn a lot of prospective buyers off. 

“I think there’s a lot of pressure to get a bathroom or kitchen right, but if you’re marketing what you have, always go for a timeless appeal and while there is no such thing as that, at least give the sense that what you choose to style these areas with has some currency for a while.” 

While buyers focus on what they can see in and around a home, sellers might want to think about what buyers can smell too. 

Ms Moore said making buyers feel welcome in your home all began with the first scent they interacted with when opening the front door. 

“If it smells good, they’ll remember it,” she said. 

“You don’t want an overpowering scent though, go for something that makes it feel comforting and welcoming.” 

Baking a loaf of bread or muffins can work – or choose room sprays that stir nostalgia or holiday destinations. 

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A Melbourne home with million-dollar lake views straight out of Bonnie Doon has hit the market for a fraction of the price.

It comes as Keilor East’s tightly held Valley Lake estate cements its reputation as one of the city’s hidden gems with, where buyers have paid up to $3m for prestige homes with panoramic water views.

The four-bedroom, two-bathroom residence at 88 Valley Lake Boulevard with a $700,000-$770,000 price guide, occupies a prime corner block with direct views across the lake, a private sundeck and a flexible floorplan suited to families, downsizers or investors.

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Matthews Agency director John Matthews said the address was already proving a magnet for young families, while downsizers were also drawn to the low-maintenance lifestyle.

“It’s million-dollar views at a far more accessible price point – and only 14km from the city,” Mr Matthews said.

Mr Matthews said buyers were also drawn to the property’s number, with “88” considered lucky, and tipped the home to be well over $1m within the next decade as the pocket grows in profile.

“Valley Lake is still a bit of an undiscovered hotspot. You’ve seen prestige sales hit $2m –$3m here, and opportunities like this are only going to become rarer,” he said.

The home features open-plan living, a modern kitchen with Bosch appliances and stone benchtops, an al fresco entertaining area, Euro laundry and secure garage.

The master bedroom has a walk-in wardrobe, ensuite and balcony overlooking the water.

The Matthews Agency director said the “holiday at home” vibe was the property’s “true X-factor.”

“Standing on that sundeck feels like you’ve booked a resort getaway. Serenity and proximity rarely coexist in Melbourne – but here, they do,” Mr Matthews said.

Families are also expected to chase the location for its zoning to Penleigh and Essendon Grammar, along with proximity to walking trails, Keilor Road’s cafes and the Cannoli Bar.

The home heads to auction 1pm this Saturday.

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The Rose Bay home owned by pub baron Jon Adgemis, who has more than $1.8bn in debt, and his mother has hit the market.

And with Rose Bay currently in the spotlight as a development hot spot, the agents selling it are highlighting the potential of the 556sqm corner block for townhouses to maximise the price.

News Corp broke the news in July that the five-bedroom home at 2A Conway Ave had signs on the door saying “the mortgagee is in possession of this property” and that Fred Small and Steven Zoellner of Laing and Simmons Double Bay had been appointed to sell it.

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Reports had emerged in late May that the former KPMG dealmaker had mortgaged the property behind his mother’s back.

They’d purchased it for $4.45m in 2018.

Now the home, on a 556sqm block, is listed on realestate.com.au, in an expressions of interest campaign closing September 18.

Mr Small says there’s no price guide, though other Double Bay agents have previously estimated the property is worth between $7m and $8m.

Mr Small said that comparable sales would be available at Saturday’s open for inspection, highlighting the site’s potential for both residential buyers but also developers.

“As you know, the zoning codes have changed recently in Rose Bay, and this property already has an R3 zoning,” he said.

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An R3 zoning allows for townhouses, villas and low-rise apartments.

Mr Small says the home has only been on realestate.com.au for a day but he’s already been inundated with inquiry.

“It’s on, there’s big demand for property right now,” he said.

“And this is a five-bedroom home with two bathrooms and a lock-up garage, that’s been very tastefully done, with a terrific floor plan.”

The land title includes a long list of caveats from creditors, including the chief commissioner of state revenue.

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The hospitality boss has been battling to keep his faltering hospitality empire — which included Oxford House, pubs The Lady Hampshire and the Camelia Grove and Noahs Backpackers — out of the hands of liquidators.

Mr Adgemis now lives in a Bondi apartment owned by billionaire fund manager Will Vicars, having moved out of the Point Piper ‘Bang & Olufsen’ waterfront house owned by Jerry Yafu Qiu, in exchange for property maintenance.

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Australia’s housing market is gearing up for the spring selling season with a renewed sense of momentum, particularly in the underperforming capital cities of the past few years.

The national picture masks a striking divergence, some capital cities and regions are seeing enquiries per listing surge, while others are cooling after a period of significant outperformance.

PropTrack data on the number of enquiries per listing in July provides a timely barometer of buyer appetite. At a national level, enquiries per listing are at a three-year high, and search activity is the strongest since October 2021.

But when we disaggregate by capital city, we see a clear split between markets where demand is strengthening and those where momentum is easing.

Where demand is building

The strongest demand momentum is in Darwin, Hobart and Melbourne.

Darwin stands out as the clear leader. Buyer enquiries per listing surged almost 50% compared with last year, the highest of any capital city. In a relatively small market, shifts in demand can have outsized effects, and the breadth of this increase suggests widespread competition across Darwin’s suburbs.

Key enquiries per listing – houses

City / Region	Key enquiries per listing	12-month change
Sydney	71	-3%
Melbourne	34	22%
Brisbane	63	-6%
Perth	46	-18%
Adelaide	50	-9%
Hobart	28	24%
Darwin	31	57%
Canberra	19	3%
Regional NSW	28	13%
Regional VIC	18	33%
Regional QLD	42	8%
Regional WA	21	12%
Regional SA	25	9%
Regional TAS	20	20%
Regional NT	10	28%
National	41	2%

Hobart has also experienced a meaningful lift, with enquiries rising nearly 30% year-on-year. This marks a turnaround after softer conditions in recent years, underscoring how lower interest rates and limited supply are reigniting activity.

Melbourne has seen demand strengthen across more than 90% of its suburbs, with enquiries up on average 23%. After lagging other capitals, Melbourne is now attracting buyers back in force. The relative affordability of Melbourne compared with Sydney and Brisbane, combined with population growth, has restored its appeal. Houses in Melbourne are around the cheapest they have been relative to Sydney in two decades.

In regional Australia, the trend is even more pronounced. Regional Victoria and regional New South Wales are among the standouts, with enquiries per listing up by 15–30%.

Markets such as Albury, Ballarat, Bendigo and Mildura are benefitting from affordability, lifestyle appeal and hybrid work flexibility.

The “value migration” story that reshaped demand patterns during the pandemic is still resonating with affordability at historic low levels many are choosing to become more flexible with location.

Key enquiries per listing – units

City / Region	Key enquiries per listing	12-month change
Sydney	52	-3%
Melbourne	32	16%
Brisbane	60	-11%
Perth	38	-6%
Adelaide	44	-12%
Hobart	23	31%
Darwin	24	40%
Canberra	11	-2%
Regional NSW	24	6%
Regional VIC	15	28%
Regional QLD	43	2%
Regional WA	21	15%
Regional SA	23	21%
Regional TAS	14	16%
Regional NT	9	42%
National	40	0%

Where demand is cooling

By contrast, demand has cooled in the previously hottest markets.

Perth has seen the sharpest slowdown of any capital, with enquiries per listing falling 11%. After a remarkable run of outperformance in 2023 and 2024, when Perth led national price growth, buyer interest is now moderating and returning to more “normal” levels. Importantly, this easing comes from very elevated levels, so conditions remain solid but less frenzied.

Adelaide (-7%) and Brisbane (-6%) are also seeing softer enquiry levels. Both markets have experienced extraordinary growth in recent years as buyers chased affordability and lifestyle, but demand is now normalising.

Sydney is essentially flat (-1%). However, demand in the capital is bifurcated, prestige eastern suburbs such as Rose Bay, Bellevue Hill and Vaucluse continue to attract intense competition, while more affordable western suburbs like Werrington and St Marys are also highly sought after.

But across the broader city, enquiry growth has plateaued.

This cooling does not imply imminent price declines. Rather, it suggests that price growth in Perth, Adelaide and Brisbane is likely to stabilise, while Darwin, Hobart and Melbourne are set to see stronger competition and firmer upward pressure in the months ahead.

Consumer sentiment, a turning point

The demand picture is being reinforced by a shift in consumer sentiment. The Westpac-Melbourne Institute survey showed the “time to buy a dwelling” index has climbed to a four-year high. While still below long-run averages and yet to climb into positive territory, it indicates Australians are more confident about purchasing property than at any time since 2021.

Perhaps more telling, three-quarters of consumers now expect home prices to rise over the next 12 months, the second-highest reading since December 2013.

This matters because expectations can be self-fulfilling, when households anticipate rising prices, urgency builds, and demand is brought forward, reinforcing the very price momentum they expect. Markets are not only about fundamentals but also about expectations.

Lower mortgage rates are central to this shift. Recent interest rate cuts have boosted borrowing capacity and reduced monthly repayments, giving buyers greater confidence to stretch budgets.

Auction clearance rates in Sydney and Melbourne are around their highest levels in two years after the most recent cut, signalling a resurgence in competitive bidding.

Listings and supply dynamics

On the supply side, stock remains constrained nationally, according to REA Group’s latest listings report. Tight supply continues to underpin prices, though there are important regional differences, Perth and Adelaide now have more homes available than a year ago, a factor contributing to cooling competition.

Melbourne, in contrast, remains well below last year’s levels, restricting choice and amplifying competition.

This divergence helps explain why we are now seeing a more synchronised upturn in prices across the capitals than in 2023 and 2024, as the hottest markets slow and previous laggard re-accelerate.

Policy impacts, Home Guarantee Scheme changes

The government’s decision to bring forward the expansion of the Home Guarantee Scheme to October 2025 will add further fuel to buyer demand heading into the spring selling season.

By allowing all first-home buyers with a 5% deposit to avoid lenders mortgage insurance, the scheme reduces a significant upfront cost and enables earlier entry to the market. Importantly, the removal of income caps and the lift in property price thresholds mean the scheme’s reach is far broader than past iterations.

While this may assist first time buyers to transition into ownership sooner than they otherwise would have, it also adds another layer of demand and reinforcing upward price pressures. As with previous first-home buyer incentives, the scheme’s benefits will be most sustainable if accompanied by policies that address the supply side of the market.

Ultimately, these measures only work sustainably if they’re accompanied by policies that increase supply responsiveness, otherwise they just shuffle the affordability problem forward in time.

Outlook for the spring selling season

As we move into the spring selling season, the outlook is one of strengthening buyer competition, particularly in Darwin, Hobart, Melbourne and the major regional centres of Victoria and New South Wales. Enquiry levels suggest that the selling season is set to be busy, auction markets will remain robust, and price growth will be supported in these cities.

In Perth, Adelaide and Brisbane, demand has eased. With more stock coming to market, these cities may shift into a period of more balanced conditions with price growth moderating rather than reversing.

The synchronisation of demand across regions signals that the housing upswing, once narrowly led by a handful of cities, is broadening. With lower rates boosting sentiment and borrowing power, and with consumers increasingly expecting prices to rise, as we enter spring, the housing market appears poised for another leg higher, albeit with important differences across cities.

Enquiry levels show that demand is strengthening in some capitals while cooling in others. While affordability remains severely constrained, the underlying market pressure of persistent housing undersupply relative to population growth remain in place. We expect home prices to continue rising in the months ahead.

With interest rates moving lower this year, momentum in the housing market has strengthened, marking a turnaround from the slower conditions observed in late 2024. Renewed buyer sentiment, supported by earlier rate cuts and the prospect of further reductions, is underpinning this recovery.

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