The new normal: Where $1 million-plus suburbs are booming

Million-dollar house prices are becoming the new normal among the nation’s fastest growing suburbs, as rising property values leave buyers with fewer affordable options.

About half of the top 30 capital city suburbs for house price growth in the past year had median prices of $1 million or more, the latest PropTrack data shows.

It’s a shift in the trend seen over recent years, when suburbs with the strongest price growth in percentage terms fell toward the more affordable end of the market. For several years, most of the suburbs with the fastest house price growth were priced around the $500,000 mark.

With prices having risen strongly in more affordable suburbs, growth has slowed a little and some hot suburbs come off the boil, with pricier areas taking their place on the leaderboard.

The change in the top-performing suburbs comes after a series of interest rate cuts from the Reserve Bank throughout this year, with the cash rate falling to 3.6% – the lowest it’s been since April 2023.

The median house price in Semaphore in Adelaide’s west rose by almost 40% in the past 12 months. Picture: Getty

Rising interest rates from 2022 onwards pushed buyers towards more affordable markets, with outer suburbs of Perth, Adelaide and Brisbane recording the strongest growth among the capitals as first-home buyers and investors competed for less-expensive properties.

But with this year’s interest rate cuts increasing buyers’ borrowing power and underpinning home price growth across Australia, the housing upswing has broadened, and the latest data shows higher-value suburbs are now topping the charts.

The capital city suburbs where house prices rose the fastest

Suburb State Median sale price 12-month change
1 Semaphore SA $1,185,000 39%
2 Marden SA $1,355,000 39%
3 Somerton Park SA $2,130,000 37%
4 Dayboro QLD $1,237,500 35%
5 Kensington Grove QLD $969,500 33%
6 Ardross WA $1,720,000 32%
7 Hectorville SA $1,100,000 31%
8 Madeley WA $985,000 31%
9 Toogoolawah QLD $530,000 29%
10 Blair Athol SA $902,000 29%
11 Silver Sands WA $875,000 29%
12 Trigg WA $2,300,000 29%
13 Mount Helena WA $1,025,000 28%
14 Newtown QLD $835,000 28%
15 Elizabeth Vale SA $635,400 27%
16 East Ipswich QLD $640,000 27%
17 Bullsbrook WA $765,000 26%
18 West Leederville WA $1,800,000 26%
19 Woodend QLD $712,500 26%
20 Coopers Plains QLD $1,210,000 26%
21 Aldgate SA $1,631,000 26%
22 One Mile QLD $635,000 26%
23 Elizabeth Grove SA $523,500 25%
24 Port Noarlunga South SA $943,000 25%
25 North Booval QLD $629,000 25%
26 Seaford Heights SA $808,000 24%
27 Tivoli QLD $670,000 24%
28 Bicton WA $1,670,000 24%
29 Bayview NSW $3,600,000 23%
30 Elizabeth North SA $515,000 23%
Source: PropTrack. Suburbs ranked by % change in median house price. Only includes suburbs within Greater Capital City Statistical Areas (GSSCA) according to ABS standards. Excludes suburbs with fewer than 30 sales in the 12 months to August 2025.

The top 30 capital city suburbs for house price growth were split among Adelaide, Perth and Brisbane, while only one Sydney suburb made the list.

The beachside suburb of Semaphore in Adelaide’s west was the number one capital city suburb for house price growth in the past year, with prices rising 39% to $1.185 million.

It rounded out an all-Adelaide top three, which included Marden in the inner north east and another beachside suburb, Somerton Park, in the south west.

REA Group executive manager of economics Angus Moore said interest rate reductions could be encouraging some homeowners to upgrade, especially in cities where home values have surged in recent years.

“With rates starting to come down, affordability is beginning to improve a bit,” he said.

“On top of that, many buyers in smaller capitals are sitting on significant equity, with prices having nearly doubled over the past five and half years.”

“That combination might be driving upgrader demand in some of these more expensive areas.”

Upgraders head to desirable lifestyle suburbs

Real estate agent and Noakes Nickolas director Simon Noakes said lifestyle-oriented suburbs such as Somerton Park were firmly on the radar of upgrading homebuyers seeking a home near the coast.

“It’s just gone from strength to strength,” he said. “It’s become a really family-orientated area – it’s quiet with beautiful streets, and the beaches in Somerton Park would be up there with the best in Australia.”

“Plus the proximity to the city and the ability to get a full-sized block makes it a pretty desirable area.”

The median house price in Somerton Park in Adelaide’s west has reached $2.13 million, which is 37% higher than a year ago. Picture: realestate.com.au/sold

Mr Noakes said Adelaide’s strong price growth in recent years, combined with recent rate cuts, had allowed more homeowners to upgrade into pricier suburbs.

“There’s been a bit of movement with people building up so much equity in their property since Covid,” he said. “That’s given them choices and options.”

The list of top-performers included several pricier Perth suburbs, including Trigg, West Leederville and Bicton.

Real estate agent Craig Gaspar of Duet Property Group said buyers in West Leederville were mostly upgrading families.

“The location is so central,” he said. “We’re seven minutes from the city and seven minutes to the beach. You can walk to a train and we’re surrounded by very good public schools.”

West Leederville, one of Perth’s pricier suburbs, was one of the city’s top suburbs for price growth. Picture: realestate.com.au/sold

The suburb was quite tightly-held, he said, with the supply and demand imbalance driving prices higher.

“Vendor expectations have now gone to a different level,” he said. “I don’t see the stock situation changing for a very long time, so there’s still going to be that pressure on pricing.”

Affordability still a priority for many buyers

There were still plenty of more-affordable areas in the top 30 suburbs ranked by house price growth, particularly in the Ipswich region, about 40km west of the Brisbane CBD.

Ipswich real estate agent Josie Smith of Century 21 said the region’s affordable home prices attracted buyers priced out of inner Brisbane suburbs.

“People come out this way for the lifestyle as well,” she said. “A lot of Ipswich suburbs still offer lower density living.” 

“Ipswich has a predominately younger demographic. There are a lot of younger families and first-home buyers moving here.”

“There’s a lot more planned infrastructure to come for the region and that puts us on the map for job growth as well.”

The median house price in North Booval in Brisbane’s Ipswich region is up 25% in the past year, and has more than doubled in the past five years. Picture: realestate.com.au/sold

Other more-affordable suburbs, such as Elizabeth North in Adelaide and Bullsbrook in Perth’s outer north recorded rapid growth in the past year

Outer suburbs of Perth, Adelaide and Brisbane where homes can be purchased for between $500,000 and $750,000 have been in high demand among both first-home buyers and out-of-area investors in recent years.

However, there are indications that some investors may be shifting focus to other markets such as Darwin, Albury and Mildura.

The expansion of the federal government’s First Home Guarantee scheme could further influence where first-home buyers look for homes, with higher price caps unlocking more capital city suburbs for first-home buyers.

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The coastal homes bringing resort-inspired, downsizer living to one of SA’s most awarded towns

Victor Harbor has long been South Australia’s quintessential seaside escape—a place of fishing trips, family holidays and windswept coastal walks.

Now, it’s becoming something more: a destination for over-55s who want to downsize without losing the lifestyle they’ve worked hard to build.

Clifton Victor Harbor is a new $190 million land lease community in the town, designed to combine high-quality homes with resort-style amenities.

The project is well underway, with the first homes expected to start construction as early as November this year.

Though not yet officially released, stage one has already garnered unprecedented demand, according to Clifton Lifestyle Development Director Ben Styles.

“The level of inquiry we’re experiencing at this early stage is unprecedented for us—it reflects the strong market appetite for this kind of resort,” Mr Styles says.

“We’ve got 40 purchasers who have joined our Early Access Club, securing their place in the first release.”

He expects stage one to sell out upon release, with stage two to follow suit by the end of the year.

Homes in the initial stage are expected to be priced from $580,000.

Clifton Victor Harbor offers year-round, resort-style living in South Australia’s Top Tourism Town for 2025.

A stamp duty-free opportunity

Land lease communities have evolved significantly in recent years, with the high-quality builds and state-of-the-art facilities previously synonymous with South-East Queensland now making their way to South Australia.

Buyers can look forward to communities that combine the premium finishes and lifestyle amenities of holiday resorts with the unique financial advantages of the land lease model—right here in South Australia.

“What we’re delivering is closer to what our purchasers are used to: traditional slab-on-ground homes, constructed on-site with high-quality materials and built with care,” he says.

The land-lease model allows buyers to purchase their home outright, while leasing the land it sits on from the operator—keeping upfront costs lower.

Residents pay a weekly site fee, which helps cover community facilities, maintenance and security.

Eligible downsizers can often claim rent assistance from the government to offset those costs.

“The key most attractive thing about land lease is that there is no stamp duty applicable to the purchase and any capital gains are 100% the purchasers to keep; there are no entry or exit fees or deferred management fees involved in a Clifton Lifestyle community,” Mr Styles says.

Victor Harbor buyers can choose from 10 unique home designs, from two-bedroom, single garage homes to three-bedroom, double garages.

“Our purchasers all have the ability to tailor those designs to suit their style and taste,” he says.

“Architectural designed homes, built with care, with all the comforts our residents expect.”

The land lease model gives downsizers greater flexibility and access to premium communities like Clifton Victor Harbor.

An instant community

Along with high-quality homes, the community will include a 20-metre heated magnesium pool, private cinema, expansive dining areas, sports bar, library, arts & crafts space and a wellness centre.

It’s like living in a resort, but more than the luxury feel, the idea is to create immediate community connection.

“When you move into a lifestyle resort, instantly you’ve got – in our case – 271 potential like-minded future friends,” Mr Styles says.

“Not only are you purchasing the home, but you’re purchasing the lifestyle.”

As more people move in, and friendships and connections develop, residents tend to form their own clubs and groups based on their interests, he explains.

“One of our resorts has a group of residents who have discovered that they’re all Harley Davidson enthusiasts, so they’ve gone and formed their own Harley Davidson club.”

The luxury clubhouse at Clifton Victor Harbor is the vibrant heart of the community.

A savvy move

With home prices in Adelaide experiencing exponential growth in recent years—realestate.com.au data shows the median house price is up by 9.5% to $916,000 in the year to July—Mr Styles says retirees have an opportunity to capitalise as they make their next move.

“Those purchasers who have built up equity over the past 20 or 30 years are looking to downsize to a location they may very well have been spending Christmas and holidays at for generations,” he says.

“They’re freeing up capital to top up their superannuation or go on a holiday—without needing to give up lifestyle.”

For buyers looking to learn more, there is a Clifton Victor Harbor information event planned for October 30.

The event will feature Rachel Lane from Aged Care Gurus, Australia’s leading expert on financial advice for downsizers and retirees.

Registration for this event is open now and buyers can also contact the Clifton Harbor sales office to find out more about the project.

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Holocaust survivor’s Rose Bay home sells $1m over reserve

98 Dover Rd, Dover Heights sold for $9,725,000 prior to auction — $1m above the intended reserve price.

A Rose Bay home owned by Holocaust survivors has sold $1m above its intended reserve price prior to auction.

The humble three-bedroom residence with iconic harbour views on close to 500sqm of land at 98 Dover Rd fetched $9,725,000 via Ray White Double Bay’s Dion Markovics and Warren Ginsberg.

It’s understood the reserve was going to be $8,725,000. But two buyers had been fighting over it ahead of the planned auction, pushing the price way beyond expectations.

It had been held by the Grunstein family for more than 60 years.

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Barbara Grunstein, John Grunstein, Jim Grunstein and Eva Grunstein. Source: Australian Jewish Historical Society.

The Grunstein family had owned 98 Dover Rd, Rose Bay, for more than 60 years.

John and Barbara Grunstein had both been Hungarian Holocaust survivors.

While John died many years ago, Barbara passed away last December. Last year, at the age of 98, she appeared in a NSW Jewish Board of Deputies video where she detailed her Holocaust experience.

“In 1944, Germany invaded Hungary,” she said.

“The Germans came to our home, and my father gave them a glass of wine and the next day we were taken to the ghetto.

“There was very little food.”

They were then shipped to Aushwitz, where she and her sisters were selected for working, and three weeks later they were taken to Germany where they worked in a factory making bullets.

They ended up in Bergen-Belsen concentration camp.

“We were hungy and thirsty, there was no food at all,” she said.

City skyline, Bridge and harbour views.

The buyers plan to knock down the old home and rebuild.

“We were liberated by the British and taken back to Hungary.”

She married John in 1949 and they moved to Australia. “I have two children, six grandchildren and 10 great grandchildren,” she says proudly.

In a footnote to the video, the producers say Barbara has a very important message: “She tells everyone that it’s important not to hate.”

Barbara was well regarded for her charitable contributions and her commitment to sharing her story at the Jewish Museum.

Their sons, Professor Ron Grunstein, a consultant physician in sleep disorders for over 30 years and a pioneer in improving patient care in sleep medicine, and retired lawyer Gary Grunstein, managed the sale.

It is understood the buyer intends to build a new residence on the site.

More than 120 buyers inspected the home during the four-week campaign.

The initial guide had been $7m–$7.7m, which as later revised to $8m in line with market feedback.

The result set a record price for a knockdown in the area (486sqm with gun-barrel harbour views).

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Federal judge blocks Trump’s attempt to fire Lisa Cook

A federal judge blocked President Donald Trump’s effort to fire Federal Reserve Governor Lisa Cook, granting Cook’s request for a preliminary injunction on Tuesday evening.

In her ruling, Judge Jia Cobb said that Trump’s reasons for removing Cook did not meet the standard for sufficient cause, noting the alleged conduct occurred before her tenure as a Fed governor.

“The best reading of the ‘for cause’ provision is that the bases for removal of a member of the Board of Governors are limited to grounds concerning a Governor’s behavior in office and whether they have been faithfully and effectively executing their statutory duties,” Cobb wrote.

Trump has accused Cook of committing mortgage fraud by signing documents in 2021 that listed more than one property as her permanent residence. Those mortgages were obtained before President Biden appointed her to the Fed in 2022.

Cook’s lawyer Abbe Lowell said in a statement that Cobb’s decision “recognizes and reaffirms” the Fed’s independence from political interference.

“Allowing the president to unlawfully remove Governor Cook on unsubstantiated and vague allegations would endanger the stability of our financial system and undermine the rule of law,” Lowell said.

The ruling comes before the Federal Reserve meets next week to vote on cutting the Fed funds rate, which could also lower mortgage rates — a top priority for Trump. Another key vote during that meeting may come from Stephen Miran, Trump’s pick to take the place of Fed Governor Adriana Kugler, who resigned on Aug. 1. The Senate is expected to vote on Miran’s confirmation this week.

Despite Trump’s effort to oust Cook, she has not been charged with any mortgage fraud. Federal Housing Finance Agency (FHFA) Director Bill Pulte sent two criminal referrals to Attorney General Pam Bondi on Aug. 15, which prompted Trump to attempt to dismiss Cook “for cause” on Aug. 25.

Cook has denied that she committed mortgage fraud and filed suit against President Trump on Aug. 28. On Sept. 4, the U.S. Department of Justice (DOJ) began examining whether Cook misrepresented the occupancy of three properties to secure more favorable mortgage terms.

Cook’s lawyers argue Trump’s attempt to fire her was politically driven, pointing to the president’s push to install loyalists at the Fed who would lower interest rates at his direction.

The White House, Federal Reserve and DOJ did not return HousingWire’s requests for comment on Tuesday evening.

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‘Out there’: Laundrette home conversion to wow buyers

11 Roslyn Gardens, Elizabeth Bay is set for an October auction.

A unique home that was previously an inner-city laundrette is expected to wow spring buyers.

The vendors, Adam and Emma Marshall, of Sydney-based hospitality company Bird & Bear Group, had been won over by the potential of the former Peddle Duck Laundrette at 11 Roslyn Gardens, Elizabeth Bay when they spotted it for sale in 2013.

“We were living just around the corner and had always admired this quirky building with so much character,” the Marshalls said.

“When it first came on the market, we never imagined it as a home — it didn’t have a kitchen and hadn’t been lived in for years.

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Mosman/NST cover shoot- Bird and Bear couple

Emma and Adam Marshall at Mosman Rowers. They own the company Bird and Bear and run Archie Bear at Mosman Rowers as well as other local restaurants. Picture: John Appleyard

How it looked when the vendors bought it in 2013.

They say they “explored some pretty out-there ideas”.

“The opportunity to breathe new life into such an iconic building, in a suburb we already loved, sold us.”

Records show the couple, who are behind Foys Kirribilli and The Flying Bear cafe at the Sydney Flying Squadron; Navy Bear cafe at the Royal Australian Navy Sailing Association; Sandy Bear at Clontarf Marina and Archie Bear at Mosman Rowers Club, picked it up for $1.4m and they started planning the architectural transformation.

“We were always mindful of the building’s place on the street, alongside such a beautiful row of terraces,” they say.

“It was important that the building’s heritage — and that of our neighbours — was respected.

“At the same time, we wanted to add something modern and playful.”

Working with their architects, they say they “explored some pretty out-there ideas” before landing on a design that felt “timeless and balanced”.

The new residence is built over four levels.

The vendors wanted the design to be “timeless and balanced”.

Agent Clay Brodie says the interiors are well-thought out and provide flexibility.

“The rooftop garden we have created has become our sanctuary,” they say.

Spread over four levels above a leased café tenancy (Juno + Sons), the home offers three bedrooms, two bathrooms, and a rooftop garden retreat.

The couple are now selling to upsize.

BresicWhitney’s Clay Brodie has a price guide of $5m and it’s scheduled for an October 18 auction.

Brodie says: “This is one of Elizabeth Bay’s most recognisable homes.

“It’s a great example of how architecture can reshape these classic older buildings in a way that’s contemporary while being mindful of its past.

“The living spaces created over four levels are well-thought out and provide flexibility and scope for the next owner.

“The ground-floor tenancy is likely to strengthen the home’s appeal among not only families and professionals, but investors too.”

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Occupancy fraud: Not as simple as you think

The facts uncovered in fraud investigations are often shocking, revealing stories of both tragedy and comedy. And those stories inform how we help our clients to navigate the landscape of risk, regulation, and management.

Stories about occupancy fraud, until very recently, never made the news. Then in the Spring of 2024, a top producing loan officer in New Jersey made headlines for falsifying occupancy. And in 2025, stories about occupancy fraud are everywhere, as allegations of it are the cudgel-du-jour in and around Washington, DC. 

The baseline

The standard Fannie Mae mortgage provides that the borrower must move in within 60 days, that the home must be their primary residence, and that they live there for a year “unless extenuating circumstances exist which are beyond Borrower’s control.”

That “extenuating circumstances” clause is weighty. 

When special investigations units do their job, they look for these “extenuating circumstances.” If they exist, the borrower’s “non-occupancy” is excused. 

If extenuating circumstances don’t exist, this article will detail your bumpy road.

Checking for extenuating circumstances

Long ago I was a loan officer in Southern California and originated an owner-occupied loan to a young couple in Riverside. The escrow closed on Wednesday, and on Friday, the wife jumped from a freeway overpass into the windscreen of an oncoming semi. The death certificate listed the time between injury and death as “simultaneous.” The borrower/widower moved back to family in Michigan and never moved into the subject property.

I know this because the lender that I brokered the loan to called me after the close, wanting to grill me about “Did I know the borrowers were not going to occupy the subject property?” 

I then tracked down the borrower in Michigan, got the story of the suicide and, unbelievably, the death certificate. With that, the lender calmed down.

Life’s “extenuating circumstances” can come from any direction – from doctors, from employers, from spouses. Suddenly you are moving, or commuting, or hospitalized, and you never saw it coming.

These are the contingencies that are countenanced in the standard mortgage obligation, and they can excuse you from occupying the subject property.

Intent is key

Mortgage investigators, we look for these contingencies as well as any indications of a borrower’s intent. That’s the key word, intent. Without it, you simply don’t have fraud. 

Proving intent can be tough. Unless you get ahold of incriminating email chains, the evidence is mostly circumstantial.

One investigation I conducted involved a 40-year-old marketing executive who had two houses – one, a mansion near UCLA, in the tony area called Cheviot Hills, and the other was a junker in Van Nuys about 15 miles away. 

The borrower had taken cash out of the junker, which he said was his primary residence. I called him and he was well rehearsed, perfect actually, about why he lived in the junker – it was nearer his clients, the mansion was too big for one guy, he was happy living in the junker and he just bought the mansion as an investment. 

He was a sophisticated borrower with a good cover story, and he was expecting the call. 

The circumstantial evidence is the comparison of the two properties – one a lovely colonial with a white picket fence, the other a starter-home with bars on the windows.

Fallout – fixing the problem

Long ago I originated a cash-out, owner-occupied refinance on house A for a woman who was, in my decade as an originator, the most difficult client I’d had. Sixty days after closing I got a call from the lender saying the borrower lied about occupancy, that she’d bought house B and moved into it. What followed was a month of “fixing” this loan, with lawyers and the borrower in a continuous back and forth. The borrower had to fix the LTV by getting money from her dad to buy down the loan amount, and the lender adjusted her rate up a full point. For her it was miserable. For me, it was a month of schadenfreude, where yielding to my baser instincts, I thought “couldn’t happen to a nicer person.”

This kind of fallout results from an intentional misrepresentation of occupancy, which was clear in this case.

Conversely, if you can’t find “intent,” you can’t conclude it’s fraud. If you couple “no fraud” with “extenuating circumstances” then you don’t have breach of contract either. 

You have life. A vicissitude. No harm no foul.

Default judgment: The public doesn’t care

When I was a practicing attorney, I sued a borrower for, among other things, misrepresented occupancy. He failed to answer the complaint or respond in any way, and when that happens, the law says I’m entitled to a default judgment in my favor. I went to see the judge to get his signature and was ushered into his chambers, literally hat-in-hand. 

He took my papers from me and read the complaint and my allegations of occupancy fraud. He took a long time to read it, every line. And let me inject here, as it is relevant to this story, that the judge was Japanese-American. 

He finished reading, set my complaint down on his desk, and he said, “Occupancy. Did you know that in the 1940s, my Japanese grandfather was not permitted to purchase property in the United States, so the family had to rely on a white friend to act as the borrower?” 

After an awkward pause, he then signed my judgment. 

I prevailed, but his message was loud and clear – don’t bring this kind of weak nonsense to this court again and certainly not without other more serious allegations.

Conclusion

Occupancy fraud has made the news lately because of its use as an offensive weapon. Getting to actual fraud, however, is a high bar – it requires that you find “intent” and that you understand the bumps in your borrower’s road. 

Under the direction of BSA Officers, lenders investigate both tragedies and comedies. You know, life. You investigate and find divorces and job losses, home invasions and cancer. And suicide. 

All to determine the borrower’s intent. And when you find that there are extenuating circumstances, it means that not only is there no fraud, but there’s no breach of contract either. 

Confronted with the unpredictability of life’s turns, it falls on the BSA officer to make that call. Tough job.

Bob Simpson is the president of DaylightAML.

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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‘Zillow, show me this house with mid-mod furniture’

Consumers shopping for a home on Zillow can now virtually stage properties in their specific design style, as long as those properties are using Zillow Showcase. The listing portal giant announced the integration of Virtual Staging with Zillow Showcase on Wednesday.

The integration enables homebuyers using Zillow to view rooms — in listings that are part of Zillow Showcase — fully staged in a variety of design styles. 

“Many buyers struggle to picture themselves in a home, especially when it’s empty or styled differently from their own,” the release states. “Virtual Staging gives them a quick, interactive way to see how it could look and feel in a style they love.”

The launch of Virtual Staging is the first major integration Zillow has made since its acquisition of Virtual Staging AI last October. By enabling consumers to virtually stage listings in their own style, Zillow says it is moving closer to its goal of personalizing the home shopping experience for consumers and making things easier for consumers. 

“Buying a home is an emotional decision as much as a financial one,” Amanda Pendleton, Zillow’s home trends expert, said in a statement. “Too many buyers overlook what could be the perfect home for their family simply because they can’t see past the furniture or design choices.”

Combined with SkyTour, which Zillow launched earlier this summer, the company said it feels it is setting a new standard in how listings are shown online. 

“Virtual Staging is the latest example of how we’re bringing our AI strategy to life for consumers and agents,” Josh Weisberg, senior vice president of AI at Zillow, said in a statement. “It’s the next chapter in Showcase’s evolution and a step forward in making home shopping more immersive and personal.”

According to Zillow, these additions further enhance the advantage agents using Zillow Showcase already have. Zillow’s data shows that agents using Showcase on the majority of listings already win 30% more listings than non-Showcase agents, and Showcase listings sell for $7,000 more on average than similar non-Showcase listings.

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Mortgage applications jump nearly 10% as rates drop across the board

Lower mortgage rates prompted mortgage applications to increase 9.2% from one week earlier, according to data from the Mortgage Bankers Association (MBA)’s weekly mortgage applications survey for the week ending Sept. 5. Last week’s results include an adjustment for the Labor Day holiday.

On an unadjusted basis, the index decreased 3% compared with the previous week. Applications reversed course from the prior week’s data, when they dropped in reaction to only a slight change in mortgage rates.

The refinance index increased 12% from the previous week and was 34% higher than the same week one year ago. Meanwhile, the share of refinance activity increased to 48.8% of all applications — up from 46.9% the previous week.

The seasonally adjusted purchase index increased 7% from one week earlier. The unadjusted purchase index decreased 6% compared with the previous week and was 23% higher than the same week one year ago.

“Mortgage rates declined for the second consecutive week as Treasury yields moved lower on data indicating that the labor market is weakening. The 30-year fixed rate decreased to 6.49%, down 20 basis points over the past two weeks to the lowest since October 2024,” said Joel Kan, MBA’s vice president and deputy chief economist.

“The downward rate movement spurred the strongest week of borrower demand since 2022, with both purchase and refinance applications moving higher. Purchase applications increased to the highest level since July and continued to run more than 20% ahead of last year’s pace. There was also a pickup in ARM applications, both in terms of level and share, as ARM rates were considerably lower than fixed-rate loans, which typically benefits homebuyers.”

By product activity, the adjustable-rate mortgage (ARM) share of activity increased to 9.2% of total applications.

The Federal Housing Administration (FHA) share of applications decreased to 18.5%, down from 19.9% the week prior, while the U.S. Department of Veterans Affairs (VA) share increased to 15.3%, up from 13.8%. The U.S. Department of Agriculture share increased from 0.5% to 0.6% during the week.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($806,500 or less) dropped 15 basis points to 6.49%. The average contract rate for 30-year fixed loans with jumbo balances (greater than $806,500) dropped 14 bps to 6.44%.

Rates for 30-year fixed mortgages backed by the FHA moved 4 bps lower to 6.27%, while rates for 15-year fixed mortgages were down 14 bps to 5.70%. Rates for 5/1 ARMs decreased from 5.90% to 5.77% during the week.

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The Block 2025 Episode 28 recap: Britt’s decision to freeze out her former bestie has Alicia on the warpath

As an avid Block fan, Alicia should have known better than to follow the advice of 2023’s returning contestant Kristy.

In case you’ve forgotten, Kristy became the season villain for her mean girl antics and toxic relationship with BFF turned arch nemesis Leah. She and husband Brett didn’t exactly come out trumps on auction day either, begrudgingly leaving with a paltry $65,000 profit.

Having left the show on relatively bad terms, it was a surprise to see the couple on the Daylesford building site.

Apparently, they have a vague connection to Robby. Seeing the pair pop in, Mat was quick to distance himself, shrugging: “I don’t know them.”

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Brett and Kristy return to discover a disappointing lack of fighting.

It didn’t take long for Kristy to get back to what she did so well: stirring the pot.

“Who is the villain?” Kristy asked, soon after expressing disappointment that things seemed to be “all sunshine and rainbows” compared to her own stormy season.

When Alicia admitted she’d exchanged words with Han and Can over their copycat spa room, Kristy’s eyes lit up.

“I love that,” she smiled, reassuring Alicia that venting was an important part of the process. “If I can give you any advice it would be enjoy the experience and have your cliques.”

Kristy’s “clique” strategy wasn’t anything to emulate given how her friendship with Leah completely fell apart towards the end of the series.

Eager not to repeat the same mistakes as Kristy and Leah, Alicia said: “I saw what you girls went through, being here is enough of a pressure cooker so I said to Britt that if we have got any beef, we just have to make sure we express how we both feel. And no matter what, we have to make sure we are ok.”

True to her word, Alicia later bailed Britt up by the bins when word reached her that the West Australian cop had gone to Kmart without her that day.

Alicia had been feeling on the outer with Britt ever since Steph and Gian teamed up with them for the Rex renovation challenge.

Now that Steph had departed, Alicia was ready and waiting to get the call up to once again become Britt’s shopping wing woman. Only the call never came.

Alicia storms off when she finds out Britt went shopping without her.

Instead, Britt took off to do all her shopping solo.

“It just gave me the s**ts that I have waited around and my mate didn’t tell me that she was going without me,” Alicia said, sourly.

“Not happy. It’s exactly like being stood up. It’s embarrassing.”

Only, rather than an apology, the mother-of-three received a feeble excuse and nervous laughter from Britt, only enraging her further.

Alicia suspected (correctly) that Steph had inspired Britt to play the game harder.

“Fine. I will put my game on too and go back to playing for myself. But it will only make me angrier and more determined to win. She’s awoken the beast.”

Spending time shopping with Steph had opened Britt’s eyes to taking a more insular approach to their game.

Steph also planted seeds of doubt about Alicia’s design prowess, telling Britt that she didn’t like Alicia and Sonny’s house design at all.

Taz claims every last log of free timber.

Tensions were on the rise between Britt and Alicia’s husbands too, with Sonny and Taz engaged in a turf war over old logs. Yes, logs.

At Foreman Dan’s urging, Taz decided to exercise the “first in, best dressed” rule and claim every log of available wood donated by a timber supplier for himself by spraying it with a territorial “H2” tag.

Justifying Taz’s actions, Britt reasoned: “Look you’ve got to find ways to get ahead. It is a competition and we have got to start thinking about ourselves a bit.”

Sonny wasn’t impressed. In need of wood for their landscaping too, he just painted over Taz’s tags to claim timber for himself. And he didn’t even let some stern words from foreman Dan deter his efforts, offering to take it to a body corporate meeting if Taz wouldn’t relinquish some of his haul of fallen free trees.

Cutting the logs up proved a far more friendly affair. Too, friendly perhaps.

Taz likened slicing the wooden posts with some expert guidance from host Scott Cam to Demi Moore and Patrick Swayze’s sensual pottery-throwing scene in the 1990s movie Ghost.

Scott and Taz do some Ghost-style timber cutting.

“It felt like something out of a movie,” Taz smiled. “It was actually a bit romantic, me and Scotty Cam there.”

Scott didn’t win any hearts over at Han and Can’s place though when he and Shelley made their weekly rounds to offer feedback on the teams’ progress.

“I know this is a terrible thing to say but if I was a buyer, I couldn’t buy this place because of that,” Scott Cam said pointing at the low hanging rangehood.

“Because if I am cooking, I would hit my head.”

The girls digest Scott Cam’s comments about their low rangehood.

A snarky Can said it was lucky they weren’t trying to attract Scott’s bids, leaving the host to chuckle

“Let’s hope a whole bunch of short people come to look at this house.”

Han was non-plussed by the feedback, shrugging “I don’t care what anyone thinks”.

MISSED AN EPISODE? HERE’S ALL OUR RECAPS SO FAR

Episode 1: Why no NSW applicants were good enough for The Block

Episode 2: The worst day on The Block

Episode 3/4: ‘Tear them off’: teams forced to rip tiles from walls

Episode 5: Judges feedback leaves one contestant vomiting

Episode 6: Dan and Dani’s heartbreak

Episode 7: The big problem with the Block house designs

Episode 8: Robby and Mat’s drunken blunder

Episode 9: ‘An up-market nursing home’

Episode 10: Can faces the wrath of Han

Episode 11: Han micromanaging from her sick bed

Episode 12: Sonny cops a spray from Alicia

Episode 13: Brutal feedback leaves Block team confused

Episode 14: Han and Can are in trouble with Dan, and other contestants

Episode 15: Han explodes at Dan in shocking tirade

Episode 16: Defiant Han gets epic dressing down from Scott Cam

Episode 17: Two teams are smashed by hyperbolic judges

Episode 18: Two teams start the week devastated by judges’ feedback

Episode 19: Copying scandal erupts as Alicia and Sonny point the finger

Episode 20: Ben and Emma drop good news into tense Block week

Episode 21: Ben and Emma and Sonny and Alicia cop the wrath of the judges

Episode 22: As Sonny and Alicia despair, Mat summons his inner Mean Boy

Episode 23: Han and Can all but quit the spa room challenge

Episode 24: Ben and Emma finally crack after yet another loss

Episode 25: Britt and Taz make a major blunder

Episode 26: The girls fire their builder

Episode 27: Ben and Emma hatch a sneaky plan

The post The Block 2025 Episode 28 recap: Britt’s decision to freeze out her former bestie has Alicia on the warpath appeared first on realestate.com.au.

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Consumers are increasingly self-reporting rent payments, TransUnion says

The number of consumers whose rent payments are reported to credit reporting agencies rose to 13% in 2025, according to TransUnion‘s latest Rent Payment Reporting analysis, released on Wednesday. That number is up from 11% in 2024.

In a press release, the company suggested that this trend may gain momentum after the July 2025 directive from FHFA director Bill Pulte, which ordered Fannie Mae and Freddie Mac to accept VantageScore 4.0 credit scores for mortgage underwriting.

The order also allows for consideration of rent payment history in mortgage applications, which could open the housing market to far more first-time homebuyers.

“The regulatory developments we’ve seen in this space are very encouraging,” said Maitri Johnson, SVP and head of TransUnion’s tenant and employment screening business. “The vast majority of renters reliably make on-time payments and they deserve to leverage that proven responsibility toward home ownership and other financial opportunities.”

The analysis found property manager participation in rent reporting fell to 44% in 2025, down from 48% in 2024 — the first decline after rising from 27% in 2022. The sudden decrease in property managers’ participation and the slight rise in consumers who say their payments are reported suggest that consumers may be self-reporting their rent payments through third-party data furnishers, the company’s release said.

“Rent payment reporting is well documented as a means to improving credit scores and financial inclusion, so I’m happy to see that more consumers are empowered to participate,” said Johnson. “We hope the new FHFA policy will help increase the number of consumers opting in for rent payment reporting.”

Rent payment reporting attracts responsible renters, with 57% more likely to choose managers who report payments and 80% more likely to pay on time. Adoption has also grown through state actions; California now mandates reporting, while Colorado requires managers to offer it annually.

chart visualization

Participation rose across most generations, except Gen Z, which dropped from 26% in 2024 to 18% in 2025, though they remain the most active users given their shorter credit histories.

“The decreased participation from Gen Z was surprising considering they likely do not have enough credit built yet,” said Johnson. “With rent payments now being considered as a qualifier for mortgages, many Gen Z consumers may be better positioned to achieve homeownership at an earlier age than they otherwise would.”

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