Selling
Home resale profits grow across Australian capitals
Resale profits in Sydney, Brisbane and Adelaide are the highest amongst the Australian capital cities according to new data. The Domain Profit & Loss Report shows that this increase was driven by median resale prices in Sydney, which has the highest median price of A$700,500 and Brisbane and Adelaide, with median prices reaching A$480,000 and A$430,000, respectively. Unit resale prices varied more dramatically across the capital cities. In Brisbane, Adelaide and Perth, more than 97% of units sold for a profit, with Perth unit profits surging by 55.5% and Brisbane and Adelaide climbing 40.4% and 37.4% respectively. Nationally, median profits sat at A$365,000 and at A$202,000 for units. According to Domain senior economist, Dr Joel Bowman, the opportunity for profit-making resales remains strong for the rest of 2025, partly due to long tenure by home owners. “Most sellers are making solid gains, in large part because they’re holding onto their properties longer – on average, nine years for houses and eight for units – and building significant equity over time,” he said. “With ongoing undersupply and renewed price momentum already emerging, the outlook for profit-making resales remains positive across most region
US homes sales dip as mortgages remain high
United States home sales have once again become weak after showing some signs of a rebound in May. Two months ago, existing home sales in the U.S. hit a five-month low, then this May showed signs of rebound before declining 2.7% in June to an annual rate of 3.93 million, according to Mortgage News Daily. This leaves activity just above the recent slow and 25% below long-term norms, but remains unchanged from June 2024. Housing sales have been hovering at 75% of pre-pandemic norms for the past three years. “The record high median home price highlights how American homeowners’ wealth continues to grow — a benefit of homeownership,” NAR Chief Economist Lawrence Yun said. “High mortgage rates are causing home sales to remain stuck at cyclical lows.” Mortgage rates have remained high and steady for the past seven months at an average of 6.77%. At the end of June, supply continues to gain with 1.53 units for sale at the end of June, representing a 15.9% increase year-over-year. The median house price in June increased 2% year-over-year to US$435,300, which is a record high for June. This is the 24th consecutive month of an annual increase. “Multiple years of undersupply are driving the record-high home prices.
Aussie auctions hold strong, Melbourne leads the charge
Auction clearance rates remain steady across Australia, with 1,574 auctions held across the capital cities last week. According to Cotaility, this is a 9.9% rise from the prior week’s 1,432 but an 11.4% drop from 1,777 in the same week last year. The preliminary auction rose higher to 74.4% last week compared to 72.2% the week prior, marking the highest preliminary clearance rate so far this year after the final week of June. This is also the sixth straight week where the number of successful auctions has held above the 70% mark. Melbourne has the highest number of auctions with 678, which is higher than the prior week’s 628. Based on current results, 76.7% of the auctions were successful, which is a sharp rise compared to the previous week’s 70.5% and the highest preliminary clearance rate since May 2023. Sydney had 578 homes up for auction last week, up from 566 in the week prior. The city recorded 74.8% successful auctions, down from the previous week’s 76.2%. Despite the dip, this was Sydney’s sixth week in a row where the number of successful auctions was held above 70%. Across the smaller capitals, Brisbane hosted the most auctions with 155 homes going under the hammer, with 68.4% of these being successf
May Downs cattle station fetches $47.5m at auction
An outback cattle station in North Queensland has been bought at auction for A$47.5 million. The May Downs station was sold by Lord Cattle to McMillan Pastoral Company, based in Cloncurry. This purchase is in addition to the two stations the McMillan family purchased in 2020 on the Queensland and Northern Territory border from Chinese owners for $53 million. These stations were previously owned by one of China’s richest businessmen, Xinfa Ma, who bought them in 2015. The 223,000-hectare station was owned by the Lord family for 39 years and is 30 kilometres west of Mount Isa. The lease backs onto Mount Isa Mines and holds 9,500 head of prime cattle. "We were interested in presenting our property to the market and accepting the result on the day," previous owner James Lord said. According to Stock Place Marketing Agent Luke Westaway, the station is a “quality asset”.