NSW set to take auction capital crown as Victorian buyer sentiment drops to lowest in Australia
For years, Melbourne and surrounds have been the nation's auction powerhouse, dominating the number of properties going under the hammer every week.
But since 2025 began, NSW has knocked the Education State off its throne several times.
Mount Martha beach box sells for $1m at hotly contested two-hour boardroom auction
In January, a three-week stretch saw the Sydney Opera House's home state host more auctions than its southern counterpart, including one week where Sydney topped Melbourne by more than 100 auctions.
But Victoria is not backing down without a fight as experts predict that the state will triumph to retain its auction title long-term – despite having less auctions scheduled than New South Wales in coming weeks.
Realestate.com.au's research arm PropTrack is expecting 509 auctions in Melbourne and beyond this week and 518 in Sydney and surrounds.
Next week, there's 833 homes set to go under the hammer in Victoria and 840 in New South Wales.
The week after is expected to have 863 Victorian auctions and 884 in the Sydney Opera House's home state.
PropTrack senior economist Anne Flaherty said the numbers pointed to New South Wales having stronger seller sentiment than Victoria.
'This is slightly surprising, because we typically see Victoria as the auction capital of the country,' Ms Flaherty said.
In October, PropTrack research found that Victoria had the nation's weakest seller sentiment with just 14 per cent of property owners surveyed believing it was a good time to sell – likely as a result of underperforming home prices in 2024.
'I think we could see that start to turn around later in this year, but it certainly seems like, compared to the rest of the country, the seller sentiment tends to be stronger in other places,'
Ms Flaherty said.
Melbourne's median home price, including houses, units and apartments, rose 0.2 per cent to $778,000 in March, after reaching $774,000 in February.
Real Estate Institute of Victoria director Adrian Butera, who is also a managing director at Compton Green in Melbourne's inner west, said that much like the AFL, auctions worked well across Australia but remained a Victorian institution.
'I don't think a couple of weekends will be enough to lose or take away the crown, we'll let them have it for a weeks,' Mr Butera said.
'Victoria will continue to hold onto the auction title, there's no doubt in my mind.'
He has noticed rising interstate interest in Victorian homes, including through buyers' advocates.
'Any suburbs that have a sub-$1m median house price will see investors and buyers active,' he said.
'For example, a period house in Footscray or West Footscray, there's not a lot of them but they are there – you show that to a Sydney buyer and that's unbelievably good value.'
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Sky News AU
an hour ago
- Sky News AU
Leaked documents expose Victorian Labor's proposed policies
Over 100 pages of leaked documents from the Victorian Labor government have exposed multiple proposed policies, including a state-run cannabis industry, replacing stamp duty with an annual land tax, and plans to weaken anti-protest laws.
Sky News AU
2 hours ago
- Sky News AU
Leaked policy papers reveal Allan government mulling fresh taxes and establishing permanent truth-telling commission as part of re-election bid
Leaked policy papers from the imminent Victorian state Labor Party conference have provided an insight look into the Allan government's future agenda which could include lobbing Victorians with fresh taxes and setting up a permanent Indigenous truth-telling commission. More than 600 Victorian Labor delegates which include union representatives, MPs and senior members are set to congregate at the 2025 state conference on the weekend. It was revealed on Monday that Victorian Labor members would move three urgency motions at the conference to urge the federal government to 'immediately' recognise a Palestinian state and impose sanctions on Israel. However, The Herald Sun acquired a collection of reports that have uncovered every draft policy proposal which would form the crux of the Allan government's suite of measures ahead of next years election. The policies, which have been developed over the past year, include legalising cannabis for recreational use, removing stamp duty and replacing it with annual land tax and slugging Victorian homeowners with a new land sale super tax targeted at capital gains. 'Stamp duty in its current format means that people are effectively mortgaging the stamp duty and paying it off over the term of their loan, with interest,' an excerpt from the documents read. The state conference is also seeking to eliminate coal from the state's energy mix in its entirety and to set up a state-owned offshore wind corporation. Victoria stands as one of the country's most fossil fuel dependent states and has struggled in recent months to make progress on its 2035 target of having 95 per cent renewable electricity generation with numerous major developments falling over. Establishing a permanent Indigenous truth-telling commission is also under consideration despite the Yoorrook Justice truth-telling inquiry wrapping up four years of proceedings in early July and determining that the state had been illegally occupied. The Daniel Andrews and Jacinta Allan governments have invested almost $400 million on negotiating a treaty with Indigenous Australians over the past decade with the government also seeking to make the state's First Nations assembly a fixed institution. Other policy proposals include reducing the rate of population growth, making pill testing a permanent practice at music festivals and dumping the council rate cap in the 'medium term.' The Victorian local council rate cap for the 2024-35 financial year was set at 2.75 per cent and was part of the Fair Go Rates system that limits the increase in a council's total revenue from general rates and municipal charges. However, even if a measure is backed by the gathering it does not automatically become official policy but rather is incorporated into a wider framework of proposals for the party's election platform. After pro-Palestinian activists forced the conference into emergency lockdown last year the gathering will feature strict new safety measures including beefed up security, bag checks and photo ID requirements. The frameworks were formulated by ALP policy committees who also slammed the Allan government for its handling of numerous issues including crime, housing and health. They opposed the government's imposition of new anti-protest laws as part of the states plan to crack down on rising antisemitic sentiments. Committees will also call on the government to make sweeping changes to payroll and company taxes, to pull out of the AUKUS submarine deal and to commission a state-owned cannabis body which is both regulated and taxed.
7NEWS
21 hours ago
- 7NEWS
Terrace jackpot! This home quadrupled in price in over a decade
A grand Victorian terrace in Potts Point has changed hands and more than quadrupled its price since it last sold for just $2.45 million in 2012. The landmark five-storey property at 157 Victoria Street, was once a dilapidated boarding house, but has since been transformed into one of the most impressive private homes in inner Sydney. Sold this month through Bresic Whitney, the sale highlights the extraordinary capital growth seen in tightly held areas of the eastern suburbs over the past decade. With over 360 square metres of internal space, a 6-metre-plus frontage, and rare uninterrupted views of Sydney's city skyline, Harbour Bridge and Opera House, the property represents a rare convergence of scale, location and prestige. records show it last sold for $2,450,000 in 2012, before the current boom in demand for high-end, inner-city living hit its stride. Located at the top of Victoria Street, an enclave locals refer to as the "Parisian end" for its leafy streetscape and village-like charm, the home sits among some of Sydney's most desirable addresses. A canopy of London Plane trees, historic architecture, and proximity to celebrated dining spots like Ms G's and The Butler create a European-style ambience in the heart of the city. property expert and CEO of Cohen Handler Buyer's Advocates, Simon Cohen, said: "It's an absolute beauty! "My favourite part of the house is the wine cellar stocked with some great reds, and the kitchen which is modern and sleek and offsets the style of this Victorian terrace and brings it into the modern world." The residence has been completely reimagined with a focus on luxury and light. Multiple outdoor entertaining areas with views over Cowper Bay to the CBD, elegant interiors, and thoughtful restoration details blend 19th-century character with contemporary design. Perhaps the property's most impressive feature is its exclusive outlook. It backs directly onto Embarkation Park, one of the city's hidden green spaces perched above Woolloomooloo Wharf. With panoramic views extending across to harbour icons, the terrace offers a front-row seat to New Year's Eve fireworks and access to a peaceful park sanctuary year-round. Cohen agrees: "The best part of the house is this epic terrace with the quintessential Sydney view." Access to the city is just as spectacular. The Butler and McElhone heritage staircases are cut into the cliff, providing locals with a sneaky shortcut to the Domain, galleries, and harbourside paths and an excellent workout with a view. In a suburb dominated by compact apartments and smaller terraces, homes of this scale are almost never available. Agent Chris Breedon of Bresic Whitney East, who handled the sale, said of the property: "It's rare to find a property of this size and quality in Potts Point." Breedon also revealed that the sale was the result of a longstanding relationship with the buyers, which ultimately made the deal possible. "The buyers were previous clients of mine," he said. "Back in January they mentioned they were looking to upsize locally, and asked me to keep them in mind if the right place came up. If it did, they wanted to be among the first to know." That opportunity came in March when the home was due to launch to market. Breedon immediately notified a shortlist of interested parties, including the eventual buyers, though they were overseas at the time. "I wanted to show them straight away, but the timing didn't work," he said. "The home went to market but didn't find the perfect buyer. The owners were happy to be patient until it felt that way, so we paused the campaign." The property remained on Bresic Whitney's private sales portal, which showcases exclusive listings not available elsewhere, keeping it visible to qualified buyers throughout the agency's network. When the buyers returned from Europe over winter, the conversation picked up where it left off. "They specifically asked if they could see the home and over about a fortnight they visited it several times," Breedon said. "They weren't active buyers in the traditional sense, but they'd remembered the home. And now, the timing was right." With very few properties offering this combination of heritage, luxury, and views, it's little wonder one buyer was willing to pay a premium, and the vendor walked away with a multimillion-dollar windfall.
