The top five property stories of the week in Australia
Why do Aussies have a history of rising property prices? Plus, Melbourne overtakes Brisbane and the Aussie family who sold their house to pay for IVF. Here’s the top real estate news of the week.
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The reason Australia has such a long history of rising property prices, Brisbane’s median house price overtakes Melbourne for the first time more than a decade and an iconic superyacht goes on the market for $7.95m.
Welcome to our weekly roundup of the latest property news, where we look at the top stories in real estate across Australia.
To compile this list, we gather the week’s most read stories and news that matters to you from our site and sister brands to deliver your need-to-know property report.
Here are the biggest Australian real estate news stories of the week.
1. Forgotten factor pushing home prices sky high
John McGrath reveals one of the reasons Australia has a long history of continually rising property values is that so many of us choose to live in one of just eight capital cities.
75 per cent of Australia’s population lives on just 2.6 per cent of the country’s total land mass, according to CoreLogic data.
According to McGrath, this is one of the elements that makes Australian property unique to other countries in terms of its reliable capital growth and relative resilience in cyclic downturns.
John McGrath examines the impact of population density on housing values
2. Melbourne home prices languish while other capital cities climb
Melbourne’s median house price has been overtaken by Brisbane for the first time in more than a decade, with Adelaide set to also eclipse the city if current price growth trends continue into 2025.
PropTrack’s latest Home Price Index showed monthly and yearly growth for each capital city as of April, revealing a typical Brisbane abode cost $818,000 surpassing Melbourne for the first time since 2010.
See the full list of Australian home price changes for April 2024
3. ‘Remarkable’ price for late marine identity’s last superyacht
A superyacht owned by the late marine industry identity Keith Lloyd has hit the market with a surprising asking price and long list of luxury inclusions.
The 46m Italian-built vessel, named Mistress, is currently docked at Marina Mirage on the Gold Coast and has been relisted for sale at $7.95m following Mr Lloyd’s death in 2023 aged 85.
Read more about the late Keith Lloyd’s superyacht Mistress for sale
4. SA property prices climb to new high in PropTrack’s latest data
South Australia’s property sector continues to show its strength on the national stage, with Adelaide recording the second-highest growth of any capital city over the past month and year, and regional SA recording the highest value growth over the past 12 months.
PropTrack’s May Home Price Index, released today, shows Adelaide’s median combined dwelling price rose 0.55 per cent month-on-month to a record high of $730,000 in April, with combined dwelling values up 13.99 per cent on this time last year.
See the full list of Adelaide home price changes for April 2024
5. Aussie family who sold their house to pay for chance at IVF’s surprise home luck
A family who made the heartbreaking decision to sell their home to pay for a chance at a child are about to get a year of “essentially rent-free” living. And they’re not alone.
A major Melbourne developer is offering to let tenants in their estates convert 12 months of leasing costs into a deposit to build their own home, sparking calls for more creative solutions to the state’s housing crisis.
Read more about the Melbourne developer offering tenants to convert leasing costs into a home deposit.
Remember, if you’re house hunting, moving, selling or renovating this weekend we’ve got a whole heap more tips and guides to help you out. Check out the latest property news.
Originally published as The top five property stories of the week in Australia
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