Latest news with #SimonMurphy
Daily Mail
09-07-2025
- Business
- Daily Mail
My client wanted to buy a property but something didn't sit right with me... I couldn't believe what the real estate agent was trying to do
A fed-up buyer's agent has slammed a real estate agent for trying to dupe his client into buying a shoddy property. Melbourne Property Advocate founder Simon Murphy was outraged after making the shock discovery while inspecting a property in Melbourne's west. Mr Murphy, who has more than 14 years experience, said the agent refused to include a building and pest inspection clause in the property sales agreement. The agent, who Mr Murphy wished not to identify, initially offered to sell the property at $510,000. When Mr Murphy insisted his client would only go ahead with the sale if it passed the inspections, the agent insisted the closing price should be increased to $550,000. Mr Murphy said it immediately set off 'alarm bells' and prompted him to ask the agent whether they were aware of any damage to the property. The buyer's agent recalled the unbelievable experience on his TikTok channel Melbourne Trusted Advocate and claimed he told the real estate agent they were required to tell him the 'material facts'. The agent insisted they were not aware of any issues and Mr Murphy decided to arrange for a building inspector to visit the property the following day. After booking in an inspector at his client's expense, the agent told him they were unable to find the key to allow the inspection to go ahead. Shortly after, the agent called Mr Murphy and insisted the unconditional offer at the initial price of $510,000 was still available. 'I'm like, "Are you joking? We're doing a building inspection, we're going to do one before we even make an offer",' he said. 'In my head, I'm like, "I don't trust you at all".' The former agent said he was already wary of the property's condition, given it had been on the market since the beginning of the year. When asked why it had not yet found a buyer, Mr Murphy said the agent told him previous attempts to buy the property had fallen over 'due to finance'. They also said the sale had been stalled due to the owner becoming pregnant. Mr Murphy's suspicions were confirmed when his building inspector gained access to the property and found the sub-floor alone needed an estimated $40,000 in work. 'It just goes to show, and this has been happening a few times for the agents out in the west, they are doing whatever they can to get sales over the line.' While Mr Murphy refused to identify the agent by name, he added: 'If you are watching this, I know who you are and I will never be dealing with you again.' He closed the video with an urgent warning to homebuyers to be wary of real estate agents who are reluctant to facilitate building and pest inspections. Social media users were horrified, with many claiming they had been persuaded to proceed with a sale without conducting prior inspections. One said an agent had told him inspections 'don't do anything', before finding the property was infected by termites. Another said the behaviour was all the more despicable when it involved first homebuyers whose emotions often cloud their judgments. 'Buying their first home, people are attached more emotionally than financially and those crooked agents know it very well,' he said. Some were less sympathetic, including one man who claimed the onus should be on the buyer to do their due diligence. 'Well, that's the message, do your due diligence prior no matter what,' Mr Murphy replied. Another woman agreed, going so far as to say agents 'should be held accountable for future costs'. Disturbing as it was, Mr Murphy said he had encountered similar agents in the past. 'The agents in the west of Melbourne are absolutely to the point where Consumer Affairs needs to go out there,' he said.
News.com.au
24-06-2025
- Business
- News.com.au
Revealed: Australia's 50 supercharged suburbs for price growth
A suburb once written off is now Australia's hottest housing market, and the property rebound is only getting started. Frankston, in Melbourne's outer south, has topped a new list of Australia's 50 most 'supercharged' suburbs for price growth, with insiders warning buyers could soon be priced out if they hesitate. Hotspotting's Winter 2025 Price Predictor Index highlights suburbs showing surging sales activity, a leading indicator of future price growth. And it's not just Frankston making a move. Melbourne suburbs dominated the list with 18 entries, followed by strong results from the Gold Coast, Adelaide, Darwin and even Sydney's south. Melbourne Property Advocates director Simon Murphy said Frankston's transformation was 'just going gangbusters.' 'They're putting up big apartments, office buildings, the hospital's been redone … zoning's been upgraded to three, six storeys in some areas,' Mr Murphy said. 'They're really trying to make Frankston the place to be' Mr Murphy warned entry-level buyers were now struggling to get in. 'You really need a purchase price of $800,000 just to get a look into the market,' he said. 'Frankston North's always the first suburb to go up — and the first to go down — but this time, I think its price will soon catch Langwarrin.' Hotspotting founder Terry Ryder said Frankston's rise reflected a wider turnaround in Melbourne's outer zones. 'Frankston has gone from underperformer to frontrunner,' Mr Ryder said. 'Melbourne began recovering in late 2024 and the uplift has only accelerated this year.' Mr Murphy said demand was now flowing into Carrum Downs, Langwarrin and Werribee, which also made the list. 'Langwarrin's very family-focused. Carrum Downs has stigma but great value — four-bed homes on good land, double garages,' he said. 'Werribee's still under $600,000 and just 10 minutes further than Melton. It's still affordable.' In Sydney, Michelle May Buyers Agent director Michelle May said market momentum had shifted south to the St George and Bankstown corridors, areas now backed by Metro upgrades and comparative affordability. 'The migration from the east has gone to the inner west, and now the inner west demographic is moving down to St George and the Sutherland Shire,' Ms May said. 'We've been inundated with inquiry since Q4 2024. There's a lot of money still out there. 'Clearance rates hit 70 per cent here last weekend for the first time in ages — prices are going up.' But Ms May warned that supply remained tight — especially for downsizers — and three-bedroom apartments were in short supply. 'Downsizers are competing with young families for the same limited stock. They've got deeper pockets — and young families just can't compete,' she said. The Sydney buyers agent said Bankstown and Bexley, both on Hotspotting's list, were benefiting from transport links and better perceived value. 'Cross the Cooks River and you get green space, lifestyle and a 15-20 per cent discount on the inner west,' she said. On the Gold Coast, low stock levels and interstate demand are pushing prices north. Cohen Handler Associate Director Luke Serhan said listings were down up to 40 per cent year-on-year in some suburbs. 'Miami's still a bit undercooked compared to Mermaid Beach, but Elanora is taking off,' Mr Serhan said. 'Southport's been huge — it's central and getting a lot of movement. 'We're seeing so much buyer interest that anything that hits the market becomes competitive instantly.' Mr Serhan said confidence surged the weekend after recent rate cuts. 'Buyers are still picky because they've been used to choice, but I think FOMO is coming back. They'll soon have to buy what's available.' The Cohen Handler Associate Director said lifestyle remained the Gold Coast's trump card. 'People are choosing proximity to the beach over the metro lifestyle of Brisbane. We're even seeing Brissie locals relocating here,' South Australia also made a strong showing, with 11 suburbs and towns on the list including Ingle Farm and Christies Beach. Lands Real Estate's Matthew Lipari said Ingle Farm had seen sales rise steadily over 18 months. 'It's in high demand right now because of its price point and development over the past decade,' Mr Lipari said. He said the demographic was changing quickly. 'Older vendors who've lived here 20, 30, 40 years are selling to younger buyers. But even some developers are being priced out — we've seen buyers miss out multiple times at opens and auctions.' Mr Ryder said Adelaide remained one of Australia's most consistent growth cities. 'It's been rising longer than any other and continues to deliver,' he said. The surprise twist in this quarter's index was Darwin, with 92 per cent of suburbs now ranked as rising and none in decline. Hotspotting General Manager Tim Graham said the comeback was real. 'Six months ago we said Darwin was about to boom, and the numbers have proven it,' he said. With national buyer activity rising and listings still tight, experts say the window for bargain buys is closing. 'People are realising the market isn't going to come to them,' Mr Murphy said. 'They're jumping back in, and they're bringing competition.' HOTSPOTTING'S TOP 50 SUBURBS FOR CAPITAL GROWTH Suburb Name LGA Property Type Somerton Park Holdfast Bay HOUSE Frankston Frankston HOUSE Wollongong Wollongong UNIT Buderim Sunshine Coast HOUSE Rosebery (NT) Palmerston HOUSE Lake Albert (NSW) Wagga Wagga HOUSE Miami Gold Coast UNIT Port Pirie South Port Pirie HOUSE Werribee Wyndham HOUSE Glenorchy (Tas.) Glenorchy HOUSE Modbury Tea Tree Gully HOUSE Hawthorn East Boroondara HOUSE Norlane Greater Geelong HOUSE Prospect (SA) Prospect HOUSE Little Mountain Sunshine Coast HOUSE Seaton (SA) Charles Sturt HOUSE Christies Beach Onkaparinga HOUSE Runaway Bay Gold Coast UNIT Point Vernon Fraser Coast HOUSE Surfers Paradise Gold Coast UNIT Ascot Vale Moonee Valley HOUSE Encounter Bay Victor Harbor HOUSE Kingston (ACT) Unincorporated ACT UNIT Manor Lakes Wyndham HOUSE Dandenong Greater Dandenong HOUSE Beveridge Mitchell HOUSE Port Augusta Port Augusta HOUSE Sanctuary Point Shoalhaven HOUSE Ingle Farm Salisbury HOUSE Dandenong North Greater Dandenong HOUSE Mermaid Beach Gold Coast UNIT Seaford (Vic.) Frankston HOUSE Meadow Springs Mandurah HOUSE North Melbourne Melbourne UNIT Munno Para West Playford HOUSE Darwin City Darwin UNIT Port Lincoln Port Lincoln HOUSE Clyde (Vic.) Casey HOUSE Taree Mid-Coast HOUSE Port Melbourne Melbourne UNIT Carlton (Vic.) Melbourne UNIT Armstrong Creek (Vic.) Greater Geelong HOUSE Langwarrin Frankston HOUSE Baulkham Hills The Hills Shire HOUSE Carrum Downs Frankston HOUSE Bellamack Palmerston HOUSE Port Macquarie Port Macquarie-Hastings UNIT Mooroolbark Yarra Ranges HOUSE Ryde Ryde UNIT
News.com.au
02-06-2025
- Business
- News.com.au
Victorian suburbs where you can still buy and build wealth in 2025
With Melbourne buyers locked out of million-dollar markets, a surge of first-homebuyers and savvy investors are seizing their chance in Victoria's value pockets. New analysis from property forecasters Hotspotting has named Frankston, Bendigo and Wodonga among the top 10 best places in the country to buy in 2025, with strong capital growth tipped over the short to medium term. Hotspotting director Terry Ryder said Victoria was now leading the nation for future buying opportunities, after a sluggish 2024 that saw Greater Melbourne underperform much of the country. First-home buyers hit with $40k+ tax bill 'Melbourne is looking more promising than it has in years, with transaction levels in the December quarter at their highest since the Covid boom,' Mr Ryder said. 'Units made up around a third of all sales in that quarter, and both the near-city market of Yarra and the lifestyle-focused Frankston area are experiencing rising transaction levels.' 'These are not one-hit wonders. They've got the foundations to grow further, and buyers are recognising that.' Melbourne Property Advocates founder Simon Murphy said confidence had returned in 2025, and buyers were getting strategic. 'Frankston is evolving fast, especially with rezoning near the bay,' Mr Murphy said. 'Some even joke it's becoming the colder version of Surfers Paradise, give it 10 years and we'll see if they're right.' Mr Murphy said three-bedroom homes on larger blocks were disappearing quickly under $700,000, and investors were back in full force chasing yield and land. 'There's no such thing as cheap anymore, just smart buying,' he said. 'In this market, if you're not ready to act, you'll miss out.' The Melbourne Property Advocates founder said regional centres like Bendigo and Wodonga were now delivering rental yields of six to seven per cent, with fewer planning headaches and more flexible zoning. 'Bendigo councils are more open to development than many metro ones,' Mr Murphy said. 'And off-market deals are much more common.' In Wodonga, First National Bonnici & Associates' Harley Maclachlan said buyer activity had intensified below $700,000, driven by first-home buyers, investors, retirees and downsizers. 'You can still get a quality four-bedroom home around $600,000 here,' Mr Maclachlan said. 'That kind of lifestyle and price point just doesn't exist in Melbourne anymore.' With few rental listings and demand rising, Mr Maclachlan said many buyers were expanding their search to neighbouring suburbs. 'The growth is spreading, we're telling people not to ignore the fringe suburbs of Albury-Wodonga,' he said. 'That's where the spillover is landing.' In Frankston, Ray White's George Devic said homes under $850,000 were being fiercely contested, with first-home buyers, investors and Melbourne upsizers leading the charge. 'That's where the action is,' Mr Devic said. 'The energy has completely shifted from 2024, buyer activity is up about 25 per cent on last year and that's huge.' Mr Devic said more millennials and Generation Z buyers were trading inner-city aspirations for coastal lifestyle, value and space. 'With EastLink, it's not far from the city, and you're getting way more home for your money.'
News.com.au
23-05-2025
- Business
- News.com.au
How rate cut is supercharging Melbourne's late-autumn auction boom
Melbourne's auction market is set for a late autumn surge as more than 1100 home sellers who had timed their sale for the days after the Reserve Bank's interest rate decision chase a result. It's a jump of almost 300 from last weekend, with the owners who bet on a cut to add heat to their auctions hope to cash in on boosted confidence after a 0.25 per cent reduction in the cost of borrowing was announced on Tuesday. PropTrack figures show 1151 auctions are scheduled across the city this week are also up 3 per cent on the same time last year, and the number will surge to 1533 next week — a 25 per cent jump from 2024. Buyers will have the best odds in Reservoir where there will be 22 auctions, followed by Craigieburn, 21, Mount Waverley, 19, as well as Carnegie and Wollert, with 17 each. Prominent buyers' advocate Cate Bakos said lower interest rates were already prompting stronger pre-auction offers, as buyers stretched their budgets to get in before stock thins out over winter. 'There's already a shortage of listings coming through, and I expect demand will outstrip supply by June,' Ms Bakos said. Ray White Judd White director Dexter Prack said the cut had already supercharged competition in the southeast, with bidders 'coming out swinging' at midweek auctions and some vendors accepting offers days before planned weekend sales. 'Buyers who were sitting on their hands are jumping back in,' Mr Prack said. But Melbourne buyers advocate Simon Murphy said as competition rose first-home buyers were being pushed further out, with intensifying competition in fringe suburbs. 'If you're chasing value, now's the time to act, because by spring, you might be priced out,' Mr Murphy said. 'There are still good buys in areas like Craigieburn, Wollert and Rockbank. 'But the window's closing. If you wait until spring, you could be priced out.'
