New construction drives market with $2.29 million average price tag as future builds signal even higher luxury premiums

Miami’s real estate market continues to outpace national trends with average home prices reaching $1.13 million, nearly triple the national average of $647,307, according to the latest market data. The city’s luxury segment is driving much of this growth, with over 2,100 properties listed at $1 million or higher.

Market data reveals Miami’s premium position

Current listing data shows Miami’s median home price stands at $649,999, significantly higher than the national median of $379,000. The city’s luxury market segment, defined as properties priced at $1 million and above, represents approximately 25.7% of all Miami listings, with an average price point of $2.84 million.

The premium pricing extends across property types, with single-family homes averaging $1.41 million and multi-family properties commanding $929,220. Even Miami’s land lots are averaging $1.9 million per listing.

New construction commands premium prices

Recently completed properties (built in 2023-2024) are commanding significant premiums in Miami, with an average price of $2.29 million, 102% higher than the overall Miami market average. These newer properties, representing approximately 4.6% of current Miami listings, typically feature modern designs and amenities that appeal to luxury buyers.

Even more striking is the pipeline of upcoming construction projects. Properties slated for completion in 2025-2027 show an average listing price of $2.76 million, 21% higher than current new builds and 144% above the overall Miami average. These future properties are also significantly larger, averaging 2,789 square feet with 3.9 bedrooms and 4.0 bathrooms, compared to 2,068 square feet with 3.0 bedrooms and 2.9 bathrooms for recent construction.

Luxury segment offers significantly more space

The luxury segment in Miami offers significantly more spacious accommodations than the overall market, with luxury properties averaging 2,672 square feet compared to the city-wide average of 1,591 square feet. Luxury properties also feature more bedrooms (3.7 vs. 2.7) and bathrooms (3.5 vs. 2.3) than the typical Miami listing.

Market implications for mortgage professionals

For mortgage professionals, Miami’s luxury market presents both opportunities and challenges. The high concentration of million-dollar-plus properties requires specialized knowledge of jumbo loan products and high-net-worth client services.

The data shows that Miami’s luxury market is substantially more robust than many other U.S. cities, with luxury properties representing more than a quarter of all listings compared to approximately 10% nationwide. This concentration creates a specialized market where mortgage professionals with expertise in high-value transactions can thrive.

The city’s diverse property types also present unique financing opportunities, with multi-family properties representing the largest segment (59.7% of listings), followed by single-family homes (30.2%) and multi-unit properties (5.3%).

Broader market context

Miami’s premium pricing comes amid continued strong demand for Florida real estate, particularly in the luxury segment. The city’s $1.13 million average listing price significantly outpaces the national average, positioning Miami among the most expensive real estate markets in the country.

The top end of Miami’s market reaches extraordinary heights, with the most expensive current listing priced at $59 million. This ultra-luxury segment, while representing a small fraction of total listings, helps establish Miami’s reputation as a global luxury destination.

The significant price premium for future construction projects suggests developers and investors remain bullish on Miami’s luxury market, anticipating continued demand for high-end properties despite broader economic concerns.

HousingWire will continue to monitor Miami’s luxury market trends and provide updates on how these pricing dynamics affect mortgage lending and real estate professionals in the region.

Australian borrowers are facing a nervous wait, with the Reserve Bank expected to hold interest rates steady in September before delivering another cut as a Christmas gift.

Markets and economists are increasingly betting that the central bank will slash rates again in November, taking the cash rate from its current 3.60 per cent to 3.35 per cent by the end of the year. However, this suggests that the RBA is likely to hold its cash rate steady at its September 29–30 meeting, following a 0.25 per cent rate cut in August.

Market indicators, including the ASX 30 Day Interbank Cash Rate Futures, indicate an 86 per cent probability that the RBA will maintain its current cash rate at the upcoming meeting. Economists have also ruled out back-to-back rate cuts, citing the need to evaluate the full third-quarter inflation figures, which are due in October.

RELATED

Revealed: The hidden cost crushing homebuyer dreams

Aus home landing recovery delayed until 2036

Surprise home feature adding millions to sale prices

Westpac Group chief economist Luci Ellis and head of macro-forecasting Matt Hassan stated that stronger-than-expected local data has effectively ruled out a September cut, but November remains a possibility.

“Domestic data since then has been on the positive side of expectations, essentially ruling out a September move and confirming our view that the next cut in the cash rate will be in November at the earliest,” they told Australian Broker.

RBA Governor Michele Bullock addresses the media. Picture: Christian Gilles / NewsWire

The RBA’s August rate cut, which brought the cash rate down to 3.60 per cent, marked the beginning of an easing cycle aimed at supporting economic growth. However, the economists noted that while risks are now more “two-sided,” the RBA is pursuing a cautious approach and will likely keep policy on hold until later in the year.

This comes as the RBA expects steady unemployment at 4.3 per cent through to 2027. It has also downgraded its economic growth forecast for 2025 to 1.7 per cent (from 2.1 per cent).

Major banks, including Commonwealth Bank, NAB, and ANZ, have also forecast a 25 basis point reduction in November.

“This is an RBA Board that appears comfortable with the current inflation outlook and the pace of easing,” CBA Senior Economist Belinda Allen said.

“We expect another rate cut in November to take the cash rate to 3.35 per cent as the RBA continues its gradual and cautious easing cycle.”

MORE NEWS: Aus’s worst suburbs for mortgage stress revealed

Dwelling price forecast for 2025.

Bendigo Bank chief economist David Robertson also told MPA that a September cut is unlikely.

“After the August RBA cash rate cut, we’re not expecting a back-to-back cut in September—especially after a higher read for inflation in the latest monthly indicator for July,” he said.

He added that attention is now turning to the quarterly inflation figures, due late next month, which will play a key role in determining when the RBA might next adjust the cash rate.

“The Reserve Bank wouldn’t have been surprised by the rise in CPI in the monthly numbers due to electricity rebates and other one-off factors, but core inflation was a little higher, so the RBA will want to see the full third-quarter data out on October 29 before cutting again,” he said.

What lies ahead

As the RBA navigates the complexities of inflation, economic growth, and global uncertainties, its decisions remain under intense scrutiny. For now, September appears to be a month of stability, with the central bank opting to hold steady and assess incoming data before making further moves.

The next few months will be critical in shaping Australia’s economic trajectory, with November emerging as the likely turning point for the RBA’s easing cycle. Until then, all eyes will be on inflation figures and broader economic indicators to gauge the central bank’s next steps.

The post RBA’s next interest rate move revealed by top economists appeared first on realestate.com.au.

Savvy real estate agents are scouring the social media profiles of potential clients in order the best service their needs. Picture by Max Mason-Hubers

Technology is continuing to change the property industry although the property sales process is being mostly done by real people … for now.

But AI-powered tools are starting to have a revolutionary impact.

For some decades there have been advancements in technology, especially in the back office. Property management is one area of improved productivity through cloud-based software. The official sales settlement process can see property sold with only virtual contact between an agent, solicitor and banker, accompanied by enhanced security hurdles.

Authoritative property data research has long shifted online, especially comparative market sales, although the automated predictive price estimates are problematic.

Virtual staging in marketing, print or digital, can give an idea of the empty space fitted out. For quite some time there have been virtual sales assistants addressing basic queries at any time of day by automated text. But these 24/7 chat bots were often pretty useless.

MORE: Aussie’s cunning boat hack to escape rent

Technology is continuing to change the property industry although the property sales process is being mostly done by real people … for now.

The recent AI endeavours by the smartest players across the industry have been strikingly successful by offering increasingly personable assistants, with their responses increasingly oral. They are hard to detect as fake.

These digital advancements are helping agents to scale increased productivity and reduce their manual work. And masked AI chat bots are being increasingly used.

Anyone who has handed over their phone number when attending an open house can expect these assistants to ring with previously tested conversations to seek out your circumstances.

These calls offer automated and scalable conversations that bring about fresh engagement with potential buyers. And a bot is a lot cheaper than lowly team members making the prospecting phone calls.

AGENTS SEEK OUT BUYER’S PERSONALITIES

Another emerging trend is estate agents seeking out the personality of prospective vendors, before making their sign-up presentation.

The new technology automates the process of getting insights of potential clients by putting their Facebook, Instagram, X and LinkedIn accounts into the mix.

MORE: Worst in 30 years: grim wake up call for younger Aussies

Another emerging trend is estate agents seeking out the personality of prospective vendors, before making their sign-up presentation. Picture: NCA NewsWire/ Gaye Gerard

It gives an assessment and even suggests how to sell to these people. It only works if vendors are active online and display enough aspects of their personality that AI can scrape publicly available information.

Of course it’s a refinement of the Google search and not a new science as estate agents have always been using psycholinguistics to determine personality traits, or study cues such as the family photos on display or a wedding ring.

Crystal has been around since 2015, and other tools, such as Humantic AI, have emerged. These tools offer deeper personality assessments, even categorising potential vendors into types like being risk averse.

Apparently it is what Ryan Serhant, the star on Bravo’s television series Million Dollar Listing New York for nine seasons, does. Serhant stresses personal relationships will still be key to securing sales.

MORE: Rare look into Chris Hemsworth’s $50m Byron Bay home

MORE: Inside Tom Trbojevic’s new $4.3m home

The post Personality counts: real estate agents’ social media searches appeared first on realestate.com.au.

It’s not the first time Parramatta Road has been targeted as a site of inner-city regeneration. So how will the government ensure success this time around? 

NSW premier Chris Minns stood alongside councillors from Sydney’s Inner West council on Sunday, 14 September, to announce that together they would take action on the pain point that is Parramatta Road. 

A major east-west artery of metropolitan Sydney running 23km from the city’s east and ending in Parramatta, the road has been a constant target of criticism in recent history – as well as a focus for potential revitalisation. 

Now, the state government and Inner West council have earmarked the inner-city LGA’s portion of the road for substantial rezoning, hoping that more residential housing will not only help ease the city’s housing woes, but also bring commerce to the busy thoroughfare, minimising the presence of abandoned shops that have become a target for graffiti. 

The state and local governments estimate that 8000 new homes could be built along the busy road thanks to this increased density. Currently in the area only lower-level residential buildings are permitted.

Inner West Mayor Darcy Byrne said that the council would go “block-by-block” to decide where building zones could change along the road as well as several streets behind it.

And while the plan was welcomed by voices from across the development industry, they also stressed that more than just new homes would be needed to turn Parramatta Road’s reputation around. 

Property Council NSW executive director Katie Stevenson applauded the decision, noting that the area was ripe with potential. 

“Today’s announcement could turn this critical transport corridor into a vibrant precinct that delivers thousands of much-needed new homes,” Ms Stevenson said. 

She stressed that the next step must be aligning planning, infrastructure, and investment settings to make delivery viable. 

“Turning plans into homes means will require further investment in transport, community facilities and streamlined approvals to ensure the Parramatta Road corridor grows into a place that provides housing, jobs, services and vibrant neighbourhoods,” she noted. 

Government promises the past won’t repeat 

Parramatta Road’s rejuvenation was similarly welcomed by the Urban Taskforce, but the organisation noted that the government must learn from past mistakes. 

This isn’t the first time the area has been earmarked for urban renewal.  

The Parramatta Road Urban Transformation Strategy was released roughly a decade ago, with a 30-year plan to redevelop the area through planning and infrastructure investment. 

A third of the way through that project, and little change can be seen. 

According to Urban Taskforce acting CEO Stephen Fenn, past plans have floundered due to a lack of coordination between state and local governments, leaving the city with what he called a “boulevard of broken dreams”. 

“Today’s announcement offers some hope finally that we will start seeing the rezonings required to transform one of Sydney’s greatest eyesores,” Mr Fenn said. 

“We need to ensure these rezonings are converted into DAs, commencements and completions. A lighter touch in terms of fees, taxes and charges is needed to ensure project feasibility,” he added. 

In announcing the project, Mr Minns acknowledged the unrealised plans in the road’s history. 

“Parramatta Road has been talked about for decades with little result. It’s time to stop talking and start building. What will transform this major corridor is more homes for people to revitalise this area. That’s what’s needed to deliver more vibrancy to one of our city’s most important corridors,” Mr Minns said. 

Minister for planning and public spaces, Paul Scully, said that the state would be “working closely with Inner West Council,” together ensuring that “planning reflects the needs of local communities while providing the new homes Sydney so desperately needs”. 

According to the government, the project’s planning phase will involve an examination of affordable housing components, active transport connections, new open space, retail and commercial opportunities, as well as improvements to the public domain. 

NSW member for Summer Hill Jo Haylen also stressed that the two governments would work closely, in a partnership she said would show “what’s possible when councils and government collaborate to tackle Sydney’s housing crisis head-on”. 

Are you interested in learning more about NSW apartments? Check out our dedicated New Homes section.

The post Sydney ‘eyesore’ set for transformation – why the government says this time, it will work  appeared first on realestate.com.au.

A newly built home north of the city experienced such high demand within a week on the market, that a private offer for the house broke the suburb record by more than $650,000.

The five-bedroom property at 69 Kuran St, Chermside, went up for sale in early September with Place Ascot.

69 Kuran St, Chermside, broke a suburb record over its weekend sale.

Nicknamed ‘Gwendolyn’, agent Drew Davies said the home’s brand new build was designed to fit large families with older kids, offering 270 degree vistas and a view over the city and Mount Coot-Tha.

“I had it online for about 7 days,” he said. “I had over 100 people through the home, and it was just an unconditional offer that got it done.”

The recently finished house was completed by a young family who had originally built it for themselves, until they decided to sell the house and relocate to acreage property in Burpengary.

The house was built by a couple who wanted a wide view over the city, and plenty of space for their kids.

When they decided to move, more than 100 people went through the house’s open homes in just the first week.

With a 6 car garage, modern-day amenities, a large family retreat and five bathrooms, the house was quickly swarmed at the house’s few open homes – a fact the eventual buyers noticed very quickly.

“The level of demand for that style of home is huge right now,” he said. “I think with the market riding the way it is, we’re getting a lot of buyers who were initially considering the blue chip suburbs of Ascot, Hamilton, Clayfield. They’re expanding their vision further, getting everything they want in a price range that suits them.”

Within a week, a buyer had offered the vendors $3.32 million, which was accepted.

The number beats the suburb record price by more than $650,000.

Rather than go to auction, the buyer’s best offer was quickly accepted by the vendors, with the home selling for a whopping $3.32 million.

This beats the previous record for any residential home in the suburb by more than $650,000, in a suburb with a median house price of $1.165m.

“This is a phenomenal result for Chermside,” Mr Davies said. “It’s a pretty substantial thing, considering it’s on a block that’s just over 500 sqm.”

“I won’t be surprised if that record is broken relatively quickly.”

The home has now gone to a family with three kids, who had been searching on the market for 18 months.

The home is going to a couple with three kids, who had been searching for a spacious property for each member of the family.

“They had been looking for a suitable property for the past 18 months,” Mr Davies said. “This is the first one that ticked all the boxes.”

The post Brand new family home breaks suburb record sale by whopping $650k appeared first on realestate.com.au.