Once again, the Manhattan sales market saw quarter with booming sales in contrast to the largely “sluggish” national real estate market.

In the third quarter, sales jumped annually to their highest level in more than two years, an increase of 13.4 percent, according to the latest edition of the Elliman Report, which covers Manhattan co-op and condo sales.

Both median and average sales prices rose annually for the third time; the median sales price increased 5.8 percent to $1,180,000 while the average sales price ticked up by .8 percent to

$2,098,658 compared to the year-ago quarter, as per the Elliman Report.

Not all arrows pointed up: the median sales price for new development dropped 18.4 percent to $1,750,000. However, new development saw its highest market share in more than six years, wrote Jonathan Miller, president and CEO of appraisal firm Miller Samuel and author of the report. 

The subplot for the quarter is inventory, which was “overpowered” by deals, Miller said. Listings were down 7 percent annually. New development and luxury inventory both fell again.

‘Trophy opportunities’

The upward trajectory of Manhattan’s residential market defied “economic and political headwinds,” said Coury Napier, director of research at SERHANT in his firm’s report.

The $1–$3 million segment dominated market activity again, accounting for 39 percent of all sales. A surge in deals in the $10–$20 million tier, however, was “a clear indicator that high-net-worth buyers are continuing to act on trophy opportunities,” Napier wrote.

Buyers got a jump on the competition

Compass also released a Manhattan sales market report for the third quarter, which noted that Manhattan buyers swung into action “ahead of intensified competition as rates began to trickle downward.”

But many buyers are waiting for interest rates to drop further, and for the mayoral election to be over, said broker Ian Slater. He also noted that many NYC co-op buildings are relaxing their notoriously strict rules in an effort to attract buyers.

Another factor boosting sales in the third quarter: Sellers coming to grip with reality.

“Sellers whose properties have been sitting adjusted their prices to something more realistic,” said broker Michael J. Franco. “Renovated properties, which are priced well are selling” thanks to cash buyers, he said. “Most buyers don’t want to renovate.”

Looking ahead

In her firm’s Manhattan third quarter market report, Bess Freedman, CEO of Brown Harris Stevens, wrote that momentum is expected to carry into year-end, fueled by low mortgage rates, strong Wall Street bonuses, and limited inventory.

The co-op market showed strength, with average prices rising from both the previous quarter and last year, Freedman noted.

Decline in new development contracts

About 298 Manhattan new development contracts were signed in in the third quarter, a 15 percent decline from the third-quarter, 10-year average (349), according to a report from Brown Harris Stevens Development Marketing.

Manhattan total contract dollar volume based on the last asking price was $1.3 billion, driven in large part by estimated sales at 80 Clarkson.

“Contracting supply is a main contributor to softening demand in Manhattan…[b]ecause we expect this trend to continue through at least 2028, we see real supply continuing to tighten,” said Stephen Kliegerman, president at BHSDM. “Despite this, contracting mortgage rates, strong equities markets, and a weak dollar against many global currencies may help propel sales in the coming quarters.”

On a streak

Corcoran’s market report noted that overall Manhattan contract activity marked the sixth straight quarter of annual growth and one of its longest positive streaks since before 2009.

“The fundamentals of this market remain solid, fueled by strong demand and a very active luxury segment. As we head into the final quarter of 2025 and look ahead to 2026, we remain confident in Manhattan’s strength and long-term appeal,” said Pamela Liebman, president and CEO at Corcoran.

The real estate portal giant expects a chill on prices to spread through markets across the country over the next year, with pockets of strong price growth in the red-hot Midwest and Northeast.

Premiership winning Demons star Christian Salem is looking for a slick disposal after listing his Brighton East home for a multimillion-dollar auction this month.

The Melbourne defender has played 199 games since debuting for the side in 2014, after becoming the number nine draft pick in 2013.

A strong run on the field in 2021 saw Salem selected for the All Australian squad, and culminated with his side winning the AFL Premiership, as well as the 2021 McClelland Trophy — which the Demons cemented again in 2023.

After almost six years in his Brighton East home, he’s now selling up.

The four-bedroom house has been renovated, with updates to the kitchens and bathrooms as well as the installation of a home cinema.

The overhaul also refreshed paints and carpets, and is expected to help deliver a $2.3m-$2.45m result when it goes under the hammer this month.

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Kay & Burton Bayside director Matthew Pillios is selling the home in the “heart of Brighton East” where Salem and his family have loved the location and the easy-care block.

“But it’s still got the house size, even though it’s a low-maintenance allotment,” Mr Pillios said.

A cleverly landscaped, north-facing garden provides a paved patio lined with greenery for outdoor enjoyment.

The interior is also a winner for families, according to Mr Pillios.

“It has a really nice flow and a really good floorplan for a young family,” he said.

“From the beautiful kitchen to the two living zones, they have made it really nice.”

The double-storey home has a ground floor guest bedroom, that could suit as a home office if desired, with the rest upstairs — including a sumptuous main suite that showcases multiple walk-in wardrobe spaces and an ensuite.

The open-plan rear living zone has the kitchen at one end, and sliding glass doors at the other.

A formal lounge room is warmed by a fireplace, while the home’s double garage provides direct access to the laundry.

Located an easy walk from Brighton Public Golf Course, it’s located in a street with Dendy Park at one end and the Dendy Street Beach at the other.

Kids can walk to school at nearby St Leonard’s College or Haileybury.

Brighton Grammar, where Salem went to school, as well as Middle Brighton Train Station and the Church St shops and eateries are also conveniently close.

Sales records show Salem bought the home for $1.8m in 2019.

It is set to go under the hammer at 2:30pm, October 25.

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Fitness influencers Lauren Simpson and Mark Carroll have offloaded their palatial home for $6.25 million after upgrading to another mega mansion in the same waterfront estate.

The newlywed couple splurged $9.5m on their new Sovereign Islands property, known as The Lighthouse, listing the nearby opulent home they bought sight-unseen in 2021.

Simpson is a world bikini champion with 1.8 million Instagram followers, while Carroll was her gym coach.

They have a one-year-old daughter, Sailor, and tied the knot in a secret ceremony on Waikiki Beach, Hawaii, in August.

Their four-storey home just sold by Ivy Realty agents Ivy Wu and Isaac Kim comprised four bedrooms and five bathrooms over a massive 1035 sqm floor plan, plus seven-car basement garage and a pontoon with jet ski docks.

Standout features included a cast-iron spiral staircase crowned by a French chandelier, marble kitchen, home theatre, and library likened by buyers to a scene straight from the Harry Potter movies.

An infinity-edge pool at the waterfront was flanked by a domed pavilion with built-in pizza oven, while the home’s top two levels opened out to terraces taking in 360 degree views of the Gold Coast.

“This home has a very distinct style,” Mr Kim said.

“The limestone and mahogany used throughout sets it apart from others on Sovereign Islands.”

The cashed-up gym fans kicked it up a notch with their new home a few streets over in the gated estate, where billionaire Clive Palmer also owns several properties.

Bigger, bolder and brasher, their latest purchase has an in-house casino and gaming arcade, while the top level hosts a full-floor party deck, complete with rooftop pool, barbecue kitchen and teppanyaki bar.

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Named The Lighthouse for the glass pyramid on its rooftop shining over the Broadwater, the mansion’s black facade is trimmed in white with pops of red and features turrets and porthole-like windows.

It was crowned Master Builder’s Gold Coast Home of the Year when the build was completed in 2017, and also sold by Ivy Realty.

“The buyers wanted a bigger house and were absolutely blown away with the Broadwater views and obviously the scale of the house and all the features,” Mr Kim said.

“It only took them one inspection and then they bought it.”

Sovereign Islands sits within the suburb of Paradise Point, where the median house price of $2.052m fell 6.7 per cent over the past 12 months, according to PropTrack data.

The post Inside bikini model’s jaw-dropping mansion swap appeared first on realestate.com.au.

Taking out a home loan is a big financial decision. This is why, when we recently asked 1000 Australians about their most recent home loan, more than three-quarters said they took out their last home loan with a lender they’d already heard of. Just 24 per cent chose a lender that was new to them. Could our preference for familiarity be holding us back?

In Australia, the major banks are household names. For many Australians, one of the big four was their first interaction with a bank via a school banking program. When you consider that these banks are more likely to have a physical presence in many communities than other lesser-known lenders, it’s understandable why so many borrowers see them as the only option. But there are quite a few reasons why it can pay to look beyond the majors.

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Speed

In a competitive property market, getting your home loan approved quickly can mean the difference between securing your dream home and missing out. Smaller lenders can be faster to approve a home loan application than bigger banks. Many smaller and non-bank lenders have simpler, more agile team structures and have built their systems on newer technology, which can lead to quicker decision making when assessing and approving a home loan application.

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Rate cuts

Many smaller lenders are also faster when it comes to passing on the Reserve Bank cash rate cuts. For example, Athena Home Loans, the lender behind the Mortgage Choice Freedom loan products, has passed on the last three RBA rate cuts in full and on the same day as announcement.

Flexibility

Non-bank lenders have different regulatory requirements than the major banks, giving them more freedom to provide tailored solutions for borrowers who may not fit a larger bank’s credit policy. For example, if you’re self-employed, run a small business, or work freelance, a non-bank lender might be more understanding of irregular income.

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Trying to navigate the home loan market alone can be overwhelming, which is why many borrowers fall into the familiarity trap. That’s where expert advice, and the choice a mortgage broker can offer, become a borrower’s secret weapon.

A mortgage broker can access thousands of loan options from a range of different lenders so you can weigh your options and find a lender that truly fits your needs.

How costly is it?

On a loan balance of $500,000 with an 80 per cent loan to value ratio on a 30-year term, you’ll save over $170 a month, and over $2000 a year with the Freedom product.
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Now, let’s say you were with the major lender and decided to swap to Freedom to access the lower interest rate – by switching loans and making the minimum repayment ($2899 per month), you would save $66,420 over a 30-year term.

If you switched and made higher repayments ($3083 per month, the same minimum repayments as the major lender) you would save $155,117 over the life of the loan and pay off your loan 50 months sooner.

Anthony Waldron is CEO of Mortgage Choice

The post Familiarity can be costly when borrowing: Mortgage Choice CEO appeared first on realestate.com.au.