Video: Can Aussies guess how much these houses sold for?

Are you confused on when to buy and what to spend on property? We quizzed people on the sold price of these properties to see how well they’re keeping up with market changes. Watch how they did.

Melburnians couldn’t peg the price of this enormous Brighton mansion, falling short by millions in their guesses. Picture: Buxton Real Estate

It’s a confusing real estate landscape for many, with the burden of interest rate hikes, the relief of stage three tax cuts, and the fiercity of competition amid population growth providing conflicting hints at when to purchase.

And for those ready to buy, how do you know what to spend on a house?

Herald Sun reporters took to the State Library to see if Melburnians were keeping up with the state’s real estate market, quizzing them on the sold prices of three properties in Collingwood, Donnybrook and Brighton, respectively.

Those taking part in the quiz instantly upped their guess when it was revealed the first home was in Collingwood, where the median house price in June was $1.15m – 1.7 per cent less than June 2023.

While predictions were upwards of $1m, this quaint three bed, one bath home on Campbell St went for a skerrick of that last month at $780,000.

This quaint home in Collingwood sold for $780,000 in June 2024. Picture: Nelson Alexander Real Estate

Melburnians guessed this property had a $1m price tag. Picture: Nelson Alexander Real Estate

Melburnians upped their guess at the sold price of this home when they heard it was in Collingwood. Picture: Nelson Alexander

The second property similarly caught guessers off guard.

Around 45 minutes from the CBD is the unassuming booming suburb Donnybrook, neighbour to Craigieburn on the outskirts of metropolitan Melbourne.

Houses went for a median price of $667,676 in June, jumping one per cent in the last quarter alone.

This home in Donnybrook sold for $710,000 last month. Picture: Ghizlaine Digby Property

Guessers were wowed by the property’s finishes but not a fan of its location 45-minutes from the city. Picture: Ghizlaine Digby Property

Guessers ‘oohed’ and ‘aahed’ at the lush finishes when shown a new build in the suburb, but squandered their guesses when told it was nearly an hour out of the city.

The four bed, two bath, double garage property on Alloca Crescent went for $710,000 in June, leaving guessers confused after the Collingwood comparison.

This home in Donnybrook sold for $710,000 in June. Picture: Ghizlaine Digby Property

Finally, a ‘spanner in the works’ in the exclusive Brighton where property prices have jumped a huge 2.2 per cent in the last 12 months — the median price a huge $3.27m in June.

With six bedrooms, three bathrooms and a five-car garage, this mansion on Middle Crescent went for a huge $7.75m in March this year.

This Brighton mansion sold for a whopping $7.75m in March 2024. Picture: Buxton Real Estate

Despite it offering a luxurious al fresco complete with sky light for pool underneath and top-end Miele and Electrolux kitchen for entertaining in the seemingly never-ending living areas, guessers pegged this property to be in the range of $2m to $3m.

Melburnians severely undervalued the price of this property. Picture: Buxton Real Estate

The median property price in Brighton last month was $3.27m. Picture: Buxton Real Estate

Despite the mostly stagnant housing market, median prices in Melbourne are still slowly creeping towards a whopping $1m in a slow recovery from the 2022 slump.

The Saturday Herald Sun reported that almost half of Melbourne’s suburbs are now in the million-dollar club, with property prices pegged continue rising in line with population growth.

Suburbs with the greatest annual change in property price include Mont Albert North, 5.2 per cent, Toorak, 5.1 per cent, and Heatherton, 4.3 per cent.

Those suffering steep falls in median prices include Queenscliff, -6.4 per cent, Maiden Gully, -5.6 per cent, and Ventnor, -5.3 per cent.

Melbourne’s house prices are continuing to lag behind other major cities. Brisbane and Adelaide had almost tipped Melbourne’s median house price in May, both seeing house price growth of more than $100,000 in 12 months, according to Domain.com.

Meanwhile, Melbourne median house prices grew a scrawny $7500.

Real estate experts suggest the city’s renowned real estate landscape is suffering at the hands of land taxes, the cost of living and the implications of the pandemic.

But, stage three tax cuts are set to boost borrowing power by $16,000 for those with an annual gross income of $96,621.

To get a better understanding of the market, a house should be looked at in its entirety — its location, land and property size, age, architecture and nearby amenities.

To best estimate the value of a property, undertake market research on comparable sales in the area from the last three months. Comparable properties should have the same number of beds and baths and be on a similar size block. A property’s amenities, location within a suburb and condition can also cause differentiation between comparable sales.

Home buyers should also speak with a broker to understand their borrowing power before conducting house inspections, so when they find the one can drop a competitive offer straight away.

Homeowners are renowned for overvaluing their own property, but it always pays to be objective. Advertising your property at an inflated figure can detract buyer interest, lead to longer time on the market and worse outcomes in negotations.

Originally published as Video: Can Aussies guess how much these houses sold for?