Major banks are continuing to announce large cuts to fixed rate deals.
Australia’s biggest bank has stunned borrowers by slashing its fixed mortgage rates — unleashing its first loan with a “4” in front in years.
Commonwealth Bank today unveiled a two-year fixed-rate special of 4.99 per cent, breaking through the psychological 5 per cent barrier in the latest round of mortgage warfare.
It’s a move analysts claim may be designed to turn heads and win back borrowers who are increasingly turning to variable rate products amid warnings of further Reserve Bank moves to cut the cash rate.
CBA’s latest fixed rate deal comes with strings attached. It’s strictly limited, and only open to owner-occupiers paying principal and interest with deposits of at least 30 per cent.
The shock move follows rival Westpac’s cuts in late August, which pushed its lowest advertised fixed rate down to 4.89 per cent.
Canstar insights director Sally Tindall said CBA’s move is a clear attempt to stay in the game and stop customers drifting to cheaper rivals.
Ms Tindall said CBA’s latest move was designed to “turn heads” but warned borrowers not to be blinded by the headline figure.
“At 4.99 per cent, fixed for two years, CBA’s new loan looks attractive. However, it’s only for a limited time and borrowers need to be living in the home they own with at least 30 per cent equity to be eligible,” she said.
The RBA is widely expected to announce another cut later this year.
“Fixed rates under 5 per cent are no longer a rarity. At the start of the year there wasn’t a single one, now we’ve got more than 30 lenders in this space. The competition is heating up as banks encourage more borrowers to lock in.”
Westpac remains the market leader for fixed rates across the board, except in the 3-year term where it shares the crown with NAB.
More than 30 lenders now offer at least one fixed rate under 5 per cent, according to Canstar.
At the very bottom of the pile sits Pacific Mortgage Group and Australian Mutual Bank, both offering a two-year fixed deal at 4.64 per cent for owner-occupiers.
Ms Tindall cautioned borrowers against rushing into deals simply because they looked cheap.
“Smaller lenders are offering rates as low as 4.64 per cent,” she said.
“While the thought of a rate starting with a ‘4’ might be tempting, don’t just be swayed by the headline number. Whether or not you should fix should also come down to your personal circumstances and appetite for certainty.”
Ms Tindall added that borrowers should weigh up their options carefully.
“Keep a cool head when it comes to limited time offers. The mortgage market is flush with competition so don’t feel like there’s only one option available to you.
“The RBA has said at least one more cash rate cut is likely, however, exactly how many will come our way and in what time frame is still very much up in the air.”
The property market is gearing up for a turbocharged spring selling season off the back of interest rate cuts, but in some suburbs homes are already being snapped up rapidly.
PropTrack data shows that in the suburbs where homes sell quickest, properties barely last a week on the market.
Rapid selling times indicate that homes in these areas are in very high demand, with properties typically receiving multiple offers very soon after being listed
The data measures the median number of days a property is on the market before being sold.
If days on market are low, it means demand for properties is high and homes are being sold quickly as a result.
If days on market are high, it means it takes longer to find a buyer, potentially due to factors such as an abundance of properties on the market or lower demand for homes in the area.
REA Group executive manager of economics Angus Moore said the time it takes a home to sell is a good benchmark for how competitive a market is.
“It captures both how much demand there is for homes, but also the availability of homes for buyers to choose from,” he said.
“When homes are selling quicker, it suggests there’s more buyers for any given home, and more competitive conditions. It doesn’t always perfectly correlate, but it’s a useful summary measure.”
Where properties sell within a week
The data shows that one city is topping the charts for the lowest days on market, with homes in some suburbs sold within a week of being listed.
Homes in suburbs of Townsville are selling faster than anywhere else, with hot suburbs Condon topping the charts for houses (9 days) and Douglas coming out on top for units (7 days).
The city has been inundated by southern buyers heading north, with investors seeking affordable properties with high rental yields and competing with local first-home buyers looking to get into the market.
This three-bedroom house in Condon, a suburb of Townsville, sold in just five days. Picture: realestate.com.au/sold
Mr Moore said Townsville’s rapid price growth had made it the fastest growing region in Australia this year, with prices having doubled since the pandemic.
“That’s obviously made affordability far more challenging,” he said. “Given that, that pace of growth is going to be hard to sustain,” he said.
Homes snapped up in affordable pockets
In Sydney, houses are selling fastest in the Penrith and Macarthur regions – two affordable pockets of the city’s west where properties are typically much less expensive than the rest of the city.
It typically takes 12 days to sell a house in Jamisontown in Sydney’s outer west. Picture: realestate.com.au/sold
Real estate agent Jasmyn Calgaro of Ray White Nepean Group said Jamisontown and South Penrith were in demand, with first-home buyers and local upsizing families keen to buy homes quickly.
“Properties don’t come up that often but when they do they’re very popular.” she said.
“A lot of people are opting for older houses with more land. It’s definitely good value for money.”
House prices rose 6% in Jamisontown and 11% in South Penrith in the past year, PropTrack data shows.
In these affordable hotspots, first-home buyers have been competing with investors for properties priced below the $750,000 mark.
Houses in Carrum Downs in Melbourne’s outer east typically sell in just 11 days. Picture: realestate.com.au/sold
Real estate agent Michelle Stephens of OBrien Real Estate Carrum Downs said the area’s affordability had put it on the map for first-home buyers priced out of suburbs closer to the city, as well as interstate investors, mostly from Sydney, Brisbane and Perth.
“For a long time a lot of people hadn’t heard of Carrum Downs,” she said. “But we’re finding it’s quite hot property at the moment.”
“You’re getting really good rental returns, and also days on market for the rental market are quite low as well.”
Melbourne’s improved affordability relative to the other cities has encouraged more investors to search for properties in the city’s outer suburbs, where homes are typically cheaper.
Price growth in Melbourne has lagged behind the other capitals in recent years, and with prices having risen rapidly in Perth, Brisbane and Adelaide, interstate investors are starting to see opportunities in the Victorian capital.
Mr Moore said housing affordability was at its worst level on record as a result of rapid interest rate rises coupled with strong price growth, and buyers were looking at areas where homes could be purchased for less.
“Affordable parts of Australia have been popular in recent years given the very challenging levels affordability is at,” he said.
Where homes are now selling quicker
The biggest reductions in days on market were mostly seen across regional Australia, including suburbs of Geelong, Bendigo and Mildura in Victoria and Bundaberg and Gladstone in QLD.
Houses are selling quicker in Melbourne suburbs such as Yarraville, Burnside and Aintree, while in Perth pricier suburbs such as Wembley Downs and Mount Lawley had the biggest reductions in days on market.
Days on market have reduced significantly in several regional towns and cities such as Bellingen and in NSW. Picture: realestate.com.au/sold
In Hobart, houses are selling twice as fast as a year ago Austins Ferry, Rosetta and Geilston Bay.
Mr Moore said Tasmania’s property market was recovering, but prices were still below the peak reached a few years ago.
“Conditions since 2022 have been softer in Tasmania, following a big boom in home prices during the pandemic — and in the years leading up to it — that pushed Tassie to being one of the least affordable states in the country,” he said.
Houses in Newnham, an affordable suburb of Launceston in Tasmania, are selling 63% faster than a year ago. This three-bedroom brick house sold for $470,000 earlier this year. Picture: realestate.com.au/sold
“Prices have started to recover since around early 2024, but are still yet to get back to where they were in early 2022.”
Units in focus after big rise in house values
While homes in many Perth suburbs are still selling in as little as two weeks or less, days on market have risen considerably in some parts of the city.
In the outer south east, homes in sought-after affordable suburbs were selling in as little as seven days a year ago, with prices rising rapidly as a result.
But with some heat coming out of the market as properties become less affordable, many interstate investors have moved on and days on market have normalised.
Other buyers have switched focus to units, with days on market declining in many inner Perth suburbs.
Real estate agent and Acton Belle Property Mount Lawley director Chris Pham said more buyers were opting to purchase units to get into desirable and pricey inner suburbs.
“It’s a premium location for people to live, and apartments are quite attractive for young professionals,” he said.
“Stock levels are very low, which is pushing up prices and pulling down days on market.”
Days on market have trended up in many Brisbane suburbs, which comes after a huge run-up in prices over the past few years.
Properties are selling quicker than a year ago in Bardon, bucking the wider trend across most Brisbane suburbs. Picture: realestate.com.au/sold
Mr Moore said Brisbane and Perth have been very competitive markets for the past few years, and prices have grown quickly as a result.
“Even since the RBA started raising rates, prices are up 33% in Brisbane and 49% in Perth,” he said.
“Price growth has started to slow down this year though, and it looks like conditions may be starting to cool, at least a little, as affordability constraints start to bite.”
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Rents have skyrocketed across Adelaide over the past five years – so much so that prospective tenants wouldn’t be able to lease a house in any suburb at their 2020 prices.
Latest PropTrack figures show the median weekly asking rent for a house has climbed from $400 in August 2020 to $600 today.
There are currently no suburbs across the metropolitan area with a median weekly rent for houses below $400, according to the data.
The closest is Munno Para West with a median of $550 per week.
Those looking to secure a unit have a slightly better chance, with just five suburbs that have a median weekly rent below the $350 asking price recorded in August 2020.
Latest PropTrack data shows the median weekly rent for a house has climbed from $400 in 2020 to $600 today, and from $350 to $515 for units during the same period.
Hampstead Gardens, Edwardstown and South Plympton each had a median asking rent of $300 per week, while Plympton and Glandore’s stood at $325.
Greater Adelaide’s median weekly asking rent for a unit is now $515.
Ray White SA chief executive Matt Lindblom said while renting had become much more expensive in recent years, prices were no longer rapidly rising.
“I do think it’s got better but slowly,” he said.
“It will get better a lot quicker in the apartment/unit/medium density area than houses.”
Mr Lindblom said limited available land to build large homes and the construction of several units and townhouses on properties that once had one house would impact rental prices.
“It’s still getting better but to get to a point where demand and supply are equal … that’s years away still,” he said.
Developments like the one at Tonsley were part of the solution, he said.
“That’s the solution for people who want to buy or rent, that’s the only way we can do it in a timely manner,” he said.
While bigger homes with large backyards have traditionally been the preferred form of housing in SA, Mr Lindblom said that was changing.
“Your adults now are very comfortable renting in an apartment or unit,” he said.
Turner Real Estate chief executive Emma Slape. Picture: Brad Griffin
Turner Real Estate chief executive Emma Slape said her agency had noticed prices stalling, even falling in some cases, as people’s budgets started to “max out”.
“We’ve definitely found that the market has slowed down considerably,” she said.
“Affordability has really, really tightened in recent years and people are stretched.
“We’re definitely getting the feedback from the market that it’s hit the top, we’re definitely starting to see the market reach an equilibrium.”
Ms Slape said properties advertised with rents below $500 per week were in very high demand but those above that threshold, particularly $650 per week and higher, were less appealing.
She said prospective tenants were more picky with their options and some were even moving out to find cheaper alternatives.
https://www.juliankent.com/wp-content/uploads/2025/11/logo.png00JKentshttps://www.juliankent.com/wp-content/uploads/2025/11/logo.pngJKents2025-09-17 12:01:062025-09-17 12:01:06Where you can lease an Adelaide rental property at 2020 prices
The property market is gearing up for a turbocharged spring selling season off the back of interest rate cuts, but in some suburbs homes are already being snapped up rapidly.
PropTrack data shows that in the suburbs where homes sell quickest, properties barely last a week on the market.
Rapid selling times indicate that homes in these areas are in very high demand, with properties typically receiving multiple offers very soon after being listed
The data measures the median number of days a property is on the market before being sold.
If days on market are low, it means demand for properties is high and homes are being sold quickly as a result.
If days on market are high, it means it takes longer to find a buyer, potentially due to factors such as an abundance of properties on the market or lower demand for homes in the area.
This three-bedroom house in Condon, a suburb of Townsville, sold in just five days. Picture: realestate.com.au/sold
REA Group executive manager of economics Angus Moore said the time it takes a home to sell is a good benchmark for how competitive a market is.
“It captures both how much demand there is for homes, but also the availability of homes for buyers to choose from,” he said.
“When homes are selling quicker, it suggests there’s more buyers for any given home, and more competitive conditions. It doesn’t always perfectly correlate, but it’s a useful summary measure.”
Where properties sell within a week
The data shows that one city is topping the charts for the lowest days on market, with homes in some suburbs sold within a week of being listed.
Homes in suburbs of Townsville are selling faster than anywhere else, with hot suburbs Condon topping the charts for houses (9 days) and Douglas coming out on top for units (7 days).
The city has been inundated by southern buyers heading north, with investors seeking affordable properties with high rental yields and competing with local first-home buyers looking to get into the market.
Mr Moore said Townsville’s rapid price growth had made it the fastest growing region in Australia this year, with prices having doubled since the pandemic.
“That’s obviously made affordability far more challenging,” he said. “Given that, that pace of growth is going to be hard to sustain,” he said.
Homes snapped up in affordable pockets
In Sydney, houses are selling fastest in the Penrith and Macarthur regions – two affordable pockets of the city’s west where properties are typically much less expensive than the rest of the city.
It typically takes 12 days to sell a house in Jamisontown in Sydney’s outer west. Picture: realestate.com.au/sold
Real estate agent Jasmyn Calgaro of Ray White Nepean Group said Jamisontown and South Penrith were in demand, with first-home buyers and local upsizing families keen to buy homes quickly.
“Properties don’t come up that often but when they do they’re very popular.” she said.
“A lot of people are opting for older houses with more land. It’s definitely good value for money.”
House prices rose 6% in Jamisontown and 11% in South Penrith in the past year, PropTrack data shows.
In these affordable hotspots, first-home buyers have been competing with investors for properties priced below the $750,000 mark.
Houses in Carrum Downs in Melbourne’s outer east typically sell in just 11 days. Picture: realestate.com.au/sold
Real estate agent Michelle Stephens of OBrien Real Estate Carrum Downs said the area’s affordability had put it on the map for first-home buyers priced out of suburbs closer to the city, as well as interstate investors, mostly from Sydney, Brisbane and Perth.
“For a long time a lot of people hadn’t heard of Carrum Downs,” she said. “But we’re finding it’s quite hot property at the moment.”
“You’re getting really good rental returns, and also days on market for the rental market are quite low as well.”
Melbourne’s improved affordability relative to the other cities has encouraged more investors to search for properties in the city’s outer suburbs, where homes are typically cheaper.
Price growth in Melbourne has lagged behind the other capitals in recent years, and with prices having risen rapidly in Perth, Brisbane and Adelaide, interstate investors are starting to see opportunities in the Victorian capital.
Mr Moore said housing affordability was at its worst level on record as a result of rapid interest rate rises coupled with strong price growth, and buyers were looking at areas where homes could be purchased for less.
“Affordable parts of Australia have been popular in recent years given the very challenging levels affordability is at,” he said.
Where homes are now selling quicker
The biggest reductions in days on market were mostly seen across regional Australia, including suburbs of Geelong, Bendigo and Mildura in Victoria and Bundaberg and Gladstone in QLD.
Houses are selling quicker in Melbourne suburbs such as Yarraville, Burnside and Aintree, while in Perth pricier suburbs such as Wembley Downs and Mount Lawley had the biggest reductions in days on market.
Days on market have reduced significantly in several regional towns and cities such as Bellingen and in NSW. Picture: realestate.com.au/sold
In Hobart, houses are selling twice as fast as a year ago Austins Ferry, Rosetta and Geilston Bay.
Mr Moore said Tasmania’s property market was recovering, but prices were still below the peak reached a few years ago.
“Conditions since 2022 have been softer in Tasmania, following a big boom in home prices during the pandemic — and in the years leading up to it — that pushed Tassie to being one of the least affordable states in the country,” he said.
Houses in Newnham, an affordable suburb of Launceston in Tasmania, are selling 63% faster than a year ago. This three-bedroom brick house sold for $470,000 earlier this year. Picture: realestate.com.au/sold
“Prices have started to recover since around early 2024, but are still yet to get back to where they were in early 2022.”
Units in focus after big rise in house values
While homes in many Perth suburbs are still selling in as little as two weeks or less, days on market have risen considerably in some parts of the city.
In the outer south east, homes in sought-after affordable suburbs were selling in as little as seven days a year ago, with prices rising rapidly as a result.
But with some heat coming out of the market as properties become less affordable, many interstate investors have moved on and days on market have normalised.
Other buyers have switched focus to units, with days on market declining in many inner Perth suburbs.
Real estate agent and Acton Belle Property Mount Lawley director Chris Pham said more buyers were opting to purchase units to get into desirable and pricey inner suburbs.
“It’s a premium location for people to live, and apartments are quite attractive for young professionals,” he said.
“Stock levels are very low, which is pushing up prices and pulling down days on market.”
Days on market have trended up in many Brisbane suburbs, which comes after a huge run-up in prices over the past few years.
Properties are selling quicker than a year ago in Bardon, bucking the wider trend across most Brisbane suburbs. Picture: realestate.com.au/sold
Mr Moore said Brisbane and Perth have been very competitive markets for the past few years, and prices have grown quickly as a result.
“Even since the RBA started raising rates, prices are up 33% in Brisbane and 49% in Perth,” he said.
“Price growth has started to slow down this year though, and it looks like conditions may be starting to cool, at least a little, as affordability constraints start to bite.”
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Originally from Melbourne, builder Richard Oliver noticed how people in Darwin “spend a lot of time at home”. So he wanted to create a resort-style tropical sanctuary that they’d never want to leave.
A five-bedroom, three-bathroom resort-style home in Darwin’s exclusive Nightcliffe is “unmatched” in the Northern Territory, says its sales agent, and is causing a stir among local and interstate buyers amid a market showing no signs of slowing.
Almost 200 people swarmed the resort-style home during its first open. Picture: realestate.com.au
“Darwin’s market is super active at the moment but homes of this calibre rarely hit the market,” he said. “This property is in a league of its own.”
The entertainer’s pavilion includes an outdoor kitchen overlooking the pool, with pergola and landscaped tropical gardens. Picture: realestate.com.au
Listed for $2.3m, Mr Harding believes this property will most likely sell to an interstate buyer, a trend that has driven record price growth across Darwin in recent months.
The price is significantly higher than the $570,000 vendor and builder Richard Oliver and his wife Paula paid in 2017 for their “little shack”, the second property on the block after the original was wiped out by Cyclone Tracy in 1974.
Originally from Melbourne, Mr Oliver of local construction company ROC NT demolished the shack in 2022 to build a “masterpiece” tailored to the Northern Territory’s tropical lifestyle.
He said he was struck by how much time Darwin locals spend at home compared to those in southern cities, who have more options for entertainment and short getaways. So he wanted to create a private resort-style sanctuary that offered a sense of escape.
“We wanted it to feel like a place where you’re spending thousands of dollars a night to stay,” Mr Oliver said.
Completed in 2023, Boomerang House sits on a fully fenced 988sqm block just 350 metres from the foreshore. With polished concrete floors, stone feature walls and micro-cement finishes, it’s a bold modernist statement that balances luxury with relaxed tropical living.
Boomerang House is described as Nightcliff’s most elite residence. Picture: realestate.com.au
At the heart of the home, expansive living and dining areas alongside a matte-black concrete kitchen open onto lush, manicured gardens and an entertainer’s pavilion with an outdoor kitchen. This enticing space overlooks an Italian Bisazza mosaic-tiled pool, framed by a poolside pergola and a curved concrete firepit area with underlit built-in seating.
The property offers four bedrooms, including a master suite with walk-in robe and ensuite, plus a versatile fifth bedroom or home office with private keyless entry and access to a Balinese-inspired outdoor bathroom nestled among palms.
Mr Oliver said he is proud of the “warm” feeling the home creates.
“The house takes you on a journey,” he said. “With the materials we’ve used, it’s a sensory experience that gives you a new perspective.”
Is Darwin’s price growth sustainable?
With Mr Oliver and his family moving on to their next project, they are looking to capitalise on Darwin’s rising property market.
After a sluggish 2024, the Northern Territory capital is now leading capital cities for price growth, with tight supply and relative affordability fuelling strong demand, particularly from interstate investors.
Darwin leads the nation for price growth after a strong rise in values in August. Picture: Getty
The sought-after coastal suburb of Nightcliff outpaced the wider market, recording a 17.8% jump in median house values over the past 12 months to reach $1.1m.
PropTrack economic analyst Megan Lieu said Darwin still offered a relative value advantage.
“Currently, median house values are $630,000 and median unit values are $418,000 which is below the median values of all other cities,” she said.
“Though recent interest rate cuts have improved buyer’s borrowing capacities, housing affordability still remains close to its lowest levels on record. If current trends persist, Darwin’s affordability may continue to be a drawcard, supporting further gains in home prices.”
Darwin is currently experiencing the strongest price growth of all the capital cities. Picture: Getty
Mr Harding described Darwin’s property market as being in a correction phase.
“This is the most interest we’ve seen in a long time,” he said. “We’ve had strong growth, but it’s come off a low base. I think we’ve got a couple more years in it before things plateau.”
He said the interstate investment market remained strong, particularly in the sub-$700,000 bracket, where houses were delivering rental yields of 7–9%.
Meanwhile, properties over $1 million were typically selling to upsizing locals or cashed up families from other states seeking value, space and a tropical lifestyle, he added.
The home is scheduled for auction on 4 October. Picture: realestate.com.au
Ms Lieu said new investor loans in Darwin jumped 81% in the 12 months to June 2025 compared to the same period a year prior.
But buyer’s agent Belinda Tennant, director of Thrive Property NT, said yields were already beginning to compress as price growth outpaced rental returns.
She argued Darwin will need “significant population growth” to sustain its momentum — something the city has historically struggled with, given its transient population as a result of the often-oppressive heat, remote location and the temporary nature of many employment contracts.
“Darwin is a fantastic place with a fabulous lifestyle, but it’s not for everyone,” she said. “Without stronger population growth, it’s hard to see how long these price increases can continue.”
10 Cunjevoi Crescent, Nightcliff will go to auction on 4th October 9:30am unless sold prior.
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Pro golfer Cameron Smith has been revealed as the buyer of the penthouse crowning this building at 60 Moray St, New Farm.
Pro golfer Cameron Smith has forked out $10 million for the penthouse crowning one of Brisbane’s most luxurious apartment buildings.
The off-market sale of the property at 5/60 Moray St, New Farm, sets a new benchmark for the city’s booming prestige apartment market, achieving about $47,000 per square metre.
Mr Smith snapped up the penthouse from Heath Williams of Place New Farm before it was due to be marketed publicly online — one of multiple offers made two days prior to the launch.
This penthouse at 60 Moray St, New Farm, has sold for $10m. Image supplied.
Mr Smith currently lives in the United States with his wife and their six-month-old baby, but is set to return to Brisbane within the next month for upcoming tournaments.
Known for its sweeping rooftop, expansive entertaining zones and uninterrupted views of the Brisbane River and city skyline, the residence is one of only six exclusive apartments in the award-winning ‘Maison’ development, designed by architect Joe Adsett and developed by Graya and Frank.
The property was previously held by the late, high-profile businessman Eddie Phillips, widely known as the ‘Spa King’.
This penthouse at 60 Moray St, New Farm, has sold for $10m. Image supplied.
Mr Phillips was an entrepreneur known for setting up the successful chain of luxury, high-end fitness centres, Phillip Wain, across Southeast Asia.
His children said their father loved the residence, having personally worked with Graya and Frank Developments on the design and execution of the rooftop and shaping the apartment’s unique layout. Maison was to be his last acquisition out of his diverse property portfolio.
Mr Williams, who negotiated the off-market transaction, said the sale underscored Brisbane’s transformation into a prestige market on par with Australia’s larger capitals.
The view from the rooftop deck of the penthouse at 60 Moray St, New Farm. Image supplied.
“This was an incredibly rare opportunity and the level of interest in securing a property like this was significant,” Mr Williams said.
“Trophy homes of this calibre are tightly held, and it speaks to both the desirability of New Farm and the rise of Brisbane as a true prestige property market.”
Mr Williams said he was seeing a growing appetite from “elite buyers” looking for the
ultimate Brisbane base — properties with privacy, security, space to entertain, and proximity to the river.
Golfing fans will be very familiar with Queenslander Cameron Smith, who held the World Number 2 ranking in 2022 before signing with the LIV Golf league for a reported $140m.
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Billionaire media family the Stokes family is behind the record-busting purchase of one of Sydney’s most beautiful homes that is accustomed to A-list owners.
A billionaire media family is behind the record $37.5m purchase of the Darlinghurst mansion Iona, famous as the former home of Hollywood royalty.
However other sources on Wednesday confirmed that Bryant Stokes, son of the billionaire Channel 7 chairman Kerry Stokes and brother of its CEO, Ryan Stokes, and his wife Dominique were the buyers.
Bryant Stokes and his wife, Dominique, on their wedding day. Picture Kai Godeck
The family are moving to massive a 2716sq m inner-city playground.
It’s highly likely that the same sales team will now be appointed to sell the couple’s current home in Edgecliff Rd, Woollahra, purchased for $3.8m in 2014.
Their new home is quite an upgrade for Stokes, 47, who quit the family investment company in 2014 in favour of property development and married long-time fiancee Dominique Lomas, daughter of celebrity hairdresser Lloyd Lomas, in 2017.
The couple have two children, a boy and a girl, and the family will no doubt relish their new playground — a seven-bedroom, seven bathroom Italianate manor on a 2716 sqm block.
They were obviously keen to snap it up, being among the six contract holders on the grand property that sold in just 12 days.
The home, this week’s Wentworth Courier House of the Week, had a $27m price guide this time round, having been listed with another agent last September with a $40m price guide.
Back then, it sat on the market for five months.
The grand home sat on the market for five months last year with a different agent, when it had a $40m price guide.
The attractive price guide of $27m brought a range of buyers to the table and it sold for $37.5m, a suburb record.
But the attractive price guide brought buyers to the table, and Ballard told the Wentworth Courier exclusively on Monday morning: “There were six contracts out, with four competing for it and then it was down to two.”
He said the home attracted strong local and international interest. Initially, a private auction was planned down the track, in perhaps five week’s time.
“The campaign was brought forward due to the calibre of buyers and their eagerness to own the home,” Ballard said.
“A local buyer ended up with the keys which the current owners are delighted with.
“It was a hotly contested four-hour private bidding process.”
The result sets a new house price record for Darlinghurst.
The property last traded for $16m in 2015.
The in-ground pool is one of the attractions.
Vendors Tim Eustace, who is Mercury Private’s principal adviser, and his partner Salvador Panui, have put their own stylish stamp on iconic Iona since buying it from the Luhrmann-Martins for $16m in 2015.
They modernised several elements of the 22-room house, specifically the kitchen which has undergone an complete transformation.
They also nurtured the expansive landscaped gardens to render the estate more private.
While the Hollywood heavy weights owned Iona, VIP guests included married couple at the time, Tom Cruise and Nicole Kidman, as well as her Moulin Rouge co-star Ewan McGregor.
Later, The Great Gatsby stars such as Toby Maguire and Joel Edgerton also partied in the elaborate mansion.
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The U.S. rental market is shifting in 2025, but for rental agents, opportunity remains abundant. National vacancy rates reached 7 percent in the second quarter, up from 6.6 percent a year earlier, according to the U.S. Census Bureau. A wave of new construction and moderating rent growth has created a more balanced market, but in many states, rental agents are finding plenty of business as landlords and tenants navigate these changing dynamics.
Renting also remains the only viable option for many Americans, as rising home prices, tight mortgage underwriting, and limited inventory continue to put homeownership out of reach for large segments of the population. This dynamic ensures a steady flow of renters seeking guidance, and rental agents are there to connect them with available units.
Here’s a look at the states giving rental professionals the most to work with for the remainder of 2025.
Texas: Growth that keeps agents busy
Texas continues to be a hotspot for rental agents. Cities like Dallas and Austin are booming, with more than 81,400 new apartment units under construction statewide, according to industry data. For agents, that means a steady stream of landlords looking for tenants and tenants seeking guidance. Combined with landlord-friendly laws, including no rent control and clear eviction procedures, agents in Texas have both high volume and predictable rules to work within, making the state a lucrative market.
Florida: Competitive markets create opportunities
Florida’s rental markets, particularly in Miami and Orlando, remain highly competitive. The Rental Competitiveness Index ranks Miami with a score of 74.6, highlighting high demand and limited vacancy, according to recent industry data. Agents benefit by guiding landlords through pricing strategies and helping tenants secure sought-after units. With ongoing population growth and no state income tax, Florida’s rental market provides a steady flow of business for professionals who know the terrain.
North Carolina: Fast-growing cities, favorable rules
Raleigh and Charlotte are growing fast, and agents are capitalizing on the influx of renters. North Carolina’s landlord-tenant laws allow for quick resolution of lease violations, which makes agents’ work smoother when managing multiple clients. Low property taxes and affordable entry points for investors mean more landlords are entering the market, creating more opportunities for agents to place tenants and work on maintaining long-term relationships.
Ohio: Affordable housing drives agent business
In Ohio, affordability meets profitability. Cities such as Cleveland and Columbus have average home prices around $220,000, yet rental yields remain above the national average, according to recent investment data. For rental agents, this is a sweet spot: landlords can invest in properties with strong cash flow, and agents can help connect tenants to affordable housing while maintaining repeat business from satisfied landlords.
Arizona: Rising property values keep agents on their toes
Phoenix and Tucson are hot spots for rental agents thanks to rising property values and strong yields, according to recent rental data. The state’s laws allow landlords to raise rent with notice and resolve lease violations efficiently, giving agents the structure they need to place tenants and advise landlords. The result is a fast-moving market where skilled agents can thrive by balancing supply and demand.
Tennessee: High yields mean more work
In Nashville and Memphis, some of the country’s highest rental yields provide plenty of work for agents. These high yields are driven by strong tenant demand combined with relatively affordable property prices, which allow landlords to earn solid returns. For rental agents, this means more landlords are actively seeking tenants, creating a steady flow of transactions and opportunities to earn commissions while helping renters find quality housing.
Georgia: Atlanta drives agent opportunities
Atlanta’s rental market is growing rapidly, fueled by a combination of strong job growth, an influx of corporate relocations, and a steady stream of new residents attracted to the city’s relatively affordable cost of living compared with other major metros. This population growth has driven high demand for rental units, keeping agents busy placing tenants and helping landlords maintain occupancy. Favorable landlord-tenant laws allow agents to assist landlords with timely lease enforcement while guiding tenants through the rental process.
Nevada: Affordable and active
Las Vegas continues to attract renters and investors alike, with median property prices below national averages and strong rental yields, according to industry research. Agents benefit from a busy market where landlords need help placing tenants efficiently and investors rely on professional guidance to maximize returns. Nevada’s balance of affordability and demand creates a dynamic environment for rental professionals.
Bottom line
For rental agents in 2025, the most productive states are those where demand is strong, rental yields are attractive, and the regulatory landscape allows agents to serve both landlords and tenants efficiently. States such as Texas, Florida, North Carolina, Ohio, Arizona, Tennessee, Georgia, and Nevada all provide these conditions, giving rental professionals the opportunity to grow their business and help clients navigate an increasingly complex market.
Michael Lucarelli is the CEO of RentSpree. This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners.To contact the editor responsible for this piece: zeb@hwmedia.com.
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The week of Oct. 12–18 will be the best time for homebuyers in 2025, according to Realtor.com’s annual Best Time to Buy Report.
The analysis projects buyers could see 32.6% more active listings compared to the start of the year, home prices averaging $15,000 lower than summer peaks and 30.6% less competition.
“After years of constrained conditions, the 2025 housing market is giving buyers something they haven’t had in a long time: options,” said Danielle Hale, chief economist at Realtor.com. “I expect this market momentum shift to magnify typical seasonal trends that favor homebuyers in the fall.
“In a year that’s been the most buyer-friendly in nearly a decade, it’s the best window of opportunity for homebuyers all year.”
The report highlights several factors driving mid-October’s advantage:
Listings are at their highest point since before the pandemic, offering buyers more choices.
High mortgage rates and affordability challenges have slowed buyer activity, reducing competition.
Homes are spending longer on the market, giving buyers more time to negotiate.
Prices are on average 3.4% below peak levels, with roughly 5.5% of homes seeing reductions.
New listings typically increase by about 15.7% compared to early-year levels.
Active listings surpassed 1 million in late spring, a milestone not reached in years. Elevated borrowing costs and stronger rental alternatives have also sidelined some buyers, adding to available supply.
“While the market has not yet tipped into a full ‘buyer’s market,’ conditions are more balanced than they have been in years,” Hale said. “This represents a significant shift after a period of historically tight supply and intense competition that left many home shoppers priced out.”
The timing of buyer-friendly conditions varies by region.
Markets such as New York, Philadelphia, Chicago, Atlanta and Dallas are expected to peak earlier — while Florida metros like Miami and Tampa may not see the same conditions until December.
Houston, Los Angeles, and Washington, D.C. align with the national mid-October timing.
Across the 50 largest metros, 45 see their best weeks for buyers within one month of Oct. 12–18.
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Continuing their upward trajectory, mortgage applications increased 29.7% from one week earlier, according to data from the Mortgage Bankers Association (MBA)’s weekly mortgage applications survey for the week ending Sept. 12.
On an unadjusted basis, the index increased 43% compared with the previous week. Last week’s results included an adjustment for the Labor Day holiday.
The refinance index increased 58% from the previous week and was 70% higher than the same week one year ago. The refinance share of mortgage activity increased to 59.8% of total applications, up from 48.8% the previous week.
The seasonally adjusted purchase index increased 3% from one week earlier. The unadjusted purchase index increased 12% compared with the previous week and was 20% higher than the same week one year ago.
“Indicative of the weakening job market, and in anticipation of a rate cut from the Federal Reserve, mortgage rates last week dropped to their lowest level since last October, with the 30-year fixed rate declining to 6.39%. Homeowners responded swiftly, with refinance application volume jumping almost 60% compared to the prior week,” Mike Fratantoni, MBA’s senior vice president and chief economist, said in a statement.
“Homeowners with larger loans jumped first, as the average loan size on refinances reached its highest level in the 35-year history of our survey. Almost 60% of applications were for refinances, but there was also a pickup in purchase applications.”
Fratantoni added that “even as 30-year fixed rates reached their lowest level in almost a year, more borrowers, and particularly more refinance borrowers, opted for adjustable-rate loans, with the ARM share reaching its highest level since 2008″ at 12.9%.
“Notably, ARMs typically have initial fixed terms of five, seven, or ten years, so those loans do not pose the risk of early payment shock that pre-2008 ARMs did. Borrowers who do opt for an ARM are seeing rates about 75 basis points lower than for 30-year fixed-rate loans.”
The Federal Housing Administration (FHA) share of applications decreased to 16.3%, down from 18.5% the week prior. The U.S. Department of Veterans Affairs (VA) share increased from 15.3% to 15.8% during the week, while the U.S. Department of Agriculture (USDA) share dropped from 0.6% to 0.5%.
The average contract interest rate for 30-year fixed mortgages decreased to 6.39%, down 10 basis points during the week. The average rate for 30-year fixed mortgages with jumbo loan balances increased 4 bps to 6.48%.
The average rate for 30-year fixed mortgages backed by the FHA decreased 13 bps to 6.14% and rates for 15-year fixed loans decreased 7 bps to 5.63%. Rates for 5/1 ARMs moved 12 bps lower to 5.65%.
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