Australian homeowners are being urged to tread carefully as a wave of job cuts across the nation’s biggest banks threatens to deepen the financial strain on households already grappling with rising mortgage repayments and record-high cost-of-living pressures.

This week, National Australia Bank announced plans to axe more than 400 jobs, just a day after ANZ revealed it would slash a staggering 3,500 positions. Commonwealth Bank has also quietly trimmed its workforce, with 45 roles eliminated as part of its shift towards artificial intelligence solutions.

These announcements come on the heels of similar moves by Bendigo Bank and Bank of Queensland, signalling a sector-wide shake-up.

The timing couldn’t be worse for Australian homeowners.

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According to Aaron Scott, co-founder of real estate agent comparison service bRight Agent, the convergence of job insecurity and rising mortgage stress is creating a “debt trap” that could have devastating consequences for families.

“Families are doing it tough,” Scott said.

“House prices are rising, mortgage stress is hovering around record highs, household budgets are stretched to breaking point, and now we’ve got the big banks like ANZ, NAB and CBA cutting jobs

“Essentially new first-home buyers are being encouraged to take on risky loans and it would seem that major lay-offs are being announced on a daily basis.

“It’s a debt trap!”

New data from Roy Morgan underscores the severity of the situation. In the three months to June 2025, 28.4 per cent of mortgage holders were classified as ‘At Risk’ of mortgage stress – up 1.5 percentage points from the previous quarter.

This marks the highest rate of mortgage stress since January 2025, with 684,000 more Australians falling into this category since interest rate hikes began three years ago.

Alarmingly, 1,032,000 Australians (19.7 per cent of mortgage holders) are now considered ‘Extremely At Risk’, well above the 10-year average of 14.8 per cent.

The Finance Sector Union (FSU) has slammed the banks for gutting jobs while posting massive profits.

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Bendigo Bank, which recently reported a $514 million profit, announced a restructure impacting 637 technology workers, with 145 jobs axed outright. BOQ, meanwhile, cut 200 jobs last week and outsourced half of its contact centre to India.

FSU National Secretary Julia Angrisano criticised the banks for prioritising executive bonuses over workers and customers.

“Three banks in less than a week have cut jobs– ANZ, NAB, and now Bendigo. Add BOQ last week, and it’s clear this is a tidal wave of cuts hitting workers across the sector,” Angrisano said.

“Workers are being blindsided, jobs are being offshored, and customers are left with poor service. This is not consultation; it’s box ticking.”

For homeowners, the implications are dire.

With fewer experienced staff in mortgage help and technology divisions, longer wait times and reduced services are expected – just as lending becomes more accessible to first-home buyers.

Scott warns that young Australians entering the property market must proceed with caution.

“Young people, especially first-home buyers, need to do everything they possibly cannot to exceed their means and savings,” he said.

“You never really know what financial bumps and hardships will come your way, so it’s best not to be stretched to the limits.”

As the Reserve Bank’s interest rate cuts fail to provide immediate relief and job cuts ripple through the financial sector, the message to homeowners is clear: brace for impact.

The debt trap is closing in, and navigating the property market has never been more fraught with risk.

The post Big bank job cuts leaves Aussie homeowners on the brink appeared first on realestate.com.au.

Australian homes are cracking under pressure – literally – as wild weather wreaks havoc on the ground beneath them.

Researchers are warning that current building standards are failing to protect properties from the damage caused by extreme rainfall and prolonged dry spells, leaving homeowners vulnerable to costly repairs.

The problem lies in clay soils, which swell during heavy rains and shrink during drought.

This movement destabilises foundations, cracks pipes, and damages roads, creating a nightmare for homeowners and insurers alike.

While building guidelines exist to mitigate soil movement, experts say they are inadequate to address the increasing frequency of extreme weather events.

The hidden danger beneath your home

Professor Simon Beecham from the University of South Australia, who published research on the growing frequency and intensity of La Niña events and climate change, and how they could make structures unsafe in the Journal of Environmental Management, explained that the damage caused by shifting soil often appears long after the weather event has passed.

He said cracks generally develop very slowly and it could be several months or even years before the effects were seen.

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He told Yahoo News that most of Australia’s capital cities experience problems with “shrink-swell soils” which cover roughly 20 per cent of the country.

Adelaide is the worst-affected major city, but Melbourne, and to a lesser degree Sydney and Brisbane, are also impacted.

“It’s a well-understood phenomenon, but at the moment, none of the codes (in Australia) allow for changes in that periodic drying and wetting. So climate change hasn’t been factored into any designs,” he said.

The Millennium Drought (1997–2009) was a stark example of the damage that dry conditions can inflict on homes.

Thousands of properties across Australia were left with cracked walls, uneven floors, and destabilised foundations.

Now, researchers warn that similar issues could become far more common as weather patterns shift.

Why your home could be next

For homeowners, the risks are significant.

The combination of heavy rains and dry spells creates a perfect storm for structural damage, with cracks in walls and foundations often appearing years after the initial weather event. Insurers are bracing for more claims as the problem worsens.

Dr Rajibul Karim, who co-authored the study published in the Journal of Environmental Management, said their modelling suggests ground movement could increase by up to 32 per cent before the end of the century.

“Whatever we’re using for designing today, we probably need to adapt or adjust so that structures remain resilient for their design life, which is typically 50 to 100 years,” he said.

Building stronger foundations

The solution may lie in constructing larger, thicker, or stiffer foundations for homes, but this would likely increase construction costs.

Researchers used data from Braybrook, a suburb in Melbourne’s western growth corridor, to validate their findings, highlighting the growing risks for new developments in high-risk areas.

For prospective buyers and current homeowners, understanding soil conditions and ensuring properties are built to withstand extreme weather is becoming increasingly critical.

As storms intensify and droughts persist, experts say Australia’s building codes must evolve to protect homes from the ground up.

The post Warning: Why Aussie homes face major structural risk by 2100 appeared first on realestate.com.au.

Rapper-turned-renovator Vanilla Ice switched the script while shooting a spoof film on Aussie soil, halting the production to sell a $19.3 million mansion while on set.

The 90s icon, who was just 16 years old when he recorded his smash hit, Ice Ice Baby, funnelled his riches into a slew of luxury homes across the US which he flipped for profit over the years.

Born Robert Van Winkle, the charismatic artist showcased some of his renovations across nine seasons hosting reality TV show, The Vanilla Ice Project.

In another surprise career move, the 57-year-old starred as himself in Zombie Plane, Radioactive Pictures’ riotous feature landing in cinemas nationwide in November.

The Aussie production co-starring a host of celebrities past and present was filmed in 2023/24 at a variety of locations in Brisbane and on the Gold Coast.

Local real estate agents and stunt actors, Alex and Victoria Fleri, also joined the cast, bonding over details of their luxury listings with the property-obsessed Van Winkle.

With Zombie Plane’s premiere upcoming, Mr Fleri has revealed the behind-the-scenes action that closed the mansion deal.

“We had a buyer who had been sitting on a contract for a stunning riverfront property at Surfers Paradise for 10 days,” Mr Fleri, of Amir Prestige, said.

“So, Victoria has her phone tucked into the cowboy boots that are part of her costume, she’s in the studio filming scenes with Vanilla Ice and the phone is ringing.

“There’s 100 people on set, I’m screaming, ‘Vic, Vic’, because [agency principal Amir Mian] is on the other line, working through the contract.

“It’s madness, but then Vanilla Ice calls out, ‘Alex, what do you need?’. I tell him I’ve got a contract for nearly $20m, and he says, ‘everyone, stop! Alex needs a contract right now!”

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With filming paused, Vanilla Ice then followed the Fleris, keen for an insight into local prestige real estate, stating, “okay, show me how you do a contract in Australia.”

Mr Fleri said the rapper looked on as the deal was made official, even serenading the agents with a rendition of his classic, Ice Ice Baby.

The property at 91 Commodore Drive, Paradise Waters, known as North Point, was one of the year’s biggest sales on the Gold Coast.

Directed by Lav Bodnaruk and Michael Mier, Zombie Plane follows a flight from Sydney to Los Angeles which is overrun by zombies, forcing an eclectic band of passengers led by celebrities-turned-secret agents to unite and save humanity.

The comedy debuts a wild on-screen ensemble, including Sophie Monk, Chuck Norris, Ice-T, Kyle Sandilands, Amy Shark, Natalie Bassingthwaighte, Sir Bob Geldof, Brian Austin Green, Cody Simpson, John Jarratt, Matt Okine, Dan Ewing, Teressa Liane and Ann Truong – all battling zombies at 30,000 feet.

Mr Bodnaruk described the film as a “love letter to the ’90s and the bold, bonkers pop-culture movies we grew up on”.

“It’s designed to be a big-screen, laugh-with-your-mates experience with outrageous action, irreverent comedy and a soundtrack that bangs harder than Vanilla Ice in a zombie fight.

“We want audiences to pile into a cinema, switch off the world and have a blast together.”

The post Vanilla Ice’s cool $19.3m Aussie mansion deal appeared first on realestate.com.au.

Christie’s International Real Estate has appointed G. Scott Hurlock as senior vice president of strategic growth, a new role at the company.

Hurlock will oversee network expansion for the luxury real estate brand by pursuing new partnerships and working with affiliates on organic growth, mergers and acquisitions.

“Scott comes to us with an incredibly impressive track record, deep industry relationships and a natural talent for identifying quality leadership and high potential in the luxury space,” Gavin Swartzman, president of Christie’s International Real Estate, said in a statement. “As we look to the next phase of our growth, Scott’s connections and strategic expertise will undoubtedly help us reach our goals.”

Hurlock has more than 20 years of sales and marketing experience with national and international real estate firms.

He previously worked at HomeSmart, Berkshire Hathaway HomeServices and Realogy (now Anywhere), and most recently served as senior vice president of expansion at Engel & Völkers.

During his four years at Engel & Völkers, Hurlock helped expand the brand through partnerships — including the 2023 merger of Dilbeck Real Estate with the network’s largest U.S. broker-owner, adding nine offices and more than $1.3 billion in business in southern California.

“Christie’s International Real Estate is an incredible luxury brand that has come under the industry’s finest leadership team,” Hurlock said. “Their excellence in brokerage operations, marketing, technology and affiliate services is best in class, and the strength of ownership signals a very bright future. I look forward to building on the brand’s storied pedigree and strong foundation to help create the world’s preeminent luxury real estate network.”

An unrenovated mid century house in Hamlyn Heights has sparked a buying frenzy to be snapped up in its first week on the market.

The three-bedroom house at 13 Hamlyn Ave was sold after the first open-home as Maxwell Collins agent Lois Wilson fielded multiple offers on the 645sq m property.

Ms Wilson said the majority of interest in the house came from first-time buyers looking for a sound property where they could add value by renovating.

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The house presents as a mid century time capsule ready for new owners, complete with built-in timber features and original wallpaper.

“It was largely a blank canvas – it was a good, sound house and they loved the mid century modern features, the high ceilings and wide cornices and hardwood floors.”

The property was listed with $645,000 to $685,000 price hopes, but sold for an undisclosed price above $700,000, Ms Wilson said.

“We received multiple offers which took it to the point of tipping into the low $700,000s,” she said.

“But I guess it’s not surprising now that the median price for Hamlyn Heights is now $725,000.

“It was hotly contested and we ended up with an unconditional offer but we’ve got heaps of buyers looking for the Hamlyn Heights and Herne Hill area.”

A Ballarat couple had held the property as an investment for 22 years.

Ms Wilson said the latest cut to interest rates had increased competition for homes, driven by owner-occupiers but there are some investors coming in because of how the suburb is performing.

“But the majority are first-time buyers and they’ll nearly pay as much for an unrenovated home than a partially renovated one where they’ll have to undo it.

“They are valuing the area, which has always been a good family area. The ring road is still a big driving force because it’s ideal for commuters.”

Ms Wilson said the 645sq m block size was unheard of in new estates, and the location was “five minutes from everything”.

The post First-time buying frenzy for mid-century Hamlyn Heights home appeared first on realestate.com.au.