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According to the RP Data Rismark June home value results released today, Melbourne dwelling values rose by 1.8% over June but are still lower over the quarter with a 2.4% fall. 
This further highlights some very short term variability against a stable background with a 2.9% rise over the first half of the year.
Melbourne is showing all the signs of a stable but shallow growth phase with a 14.2% rise over this cycle.
The market is well-placed for spring, well ahead of any of the previous three years.
The data shows that this is less of a roller coaster ride than the last two cycles in 2007 and 2010 and is therefore likely to be more sustainable.
House values rose by 1.7% in the month and by 3.3% this year compared to a rise of 2.7% for units which have shown zero growth this year.
The median sale price from settled sales in the quarter was $630,000 for houses and $468,000 for units.
Quite often, myths or commonly accepted facts about the property market can turn out to be incorrect when a review of the actual numbers is conducted.
Do people really buy and sell every seven years?
It’s often said that most home owners buy and sell every seven years, however, research shows that in Melbourne the average hold period for houses is 11.4 years and for units 9.5 years.
While the hold period differs from suburb to suburb, there are a number that match the commonly accepted seven years. 
In Melbourne these include <a href="/news">Pakenham</a>, <a href="/news">Narre Warren South</a>, <a href="/news">Burnley </a>and <a href="/news">St Kilda West</a>.  
Some of the shortest hold periods for property ownership are in the city’s newest suburbs such as <a href="/news">Lyndhurst</a>, <a href="/news">Doreen </a>and <a href="/news">Truganina </a>where the average hold period for a house is around four years. 
At the other end of the spectrum is <a href="/news">Vermont South </a>with a hold period of 18.2 years.
Is it true that houses double in value every decade?
The answer to this question highlights that sometimes timing is everything in real estate.
The RP Data Home Value index for houses in Melbourne shows values doubled in just over seven years between February 2003 and October 2010 however, the same scenario occurred over 11 years between February 2003 and May this year. 
Do rents always rise?
It seems that rents are often always rising when in fact they may not be. The reality is that it all depends on balance of demand and supply in the relevant suburb.
For instance, over the past five years advertised rents for houses in <a href="/news">Toorak</a>, <a href="/news">Doreen </a>and <a href="/news">Mernda</a> have decreased. While in <a href="/news">Clayton</a>, <a href="/news">Oakleigh</a> and <a href="/news">Eltham</a> they have risen by no more than 1% per annum.
There are many more that have risen over this time including the popular suburb of <a href="/news">Northcote</a> where rents have risen by 28% over five years.
Houses sell for more than the advertised cost – but do they?
A popular topic over dinner tables and in the press is the relationship between advertised prices for houses at auction and the sale price. The main view is that the sale price always exceeds the advertised price.Less often discussed is the fact that most homes sell for less than their advertised price.
 Around 70% of homes sell by private sale and are usually sold for around 6% below the initial advertised price.  
However, this does vary across the city with the discount being 8% in <a href="/news">Springvale</a>, and 4% in <a href="/news">Yarraville</a>.
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Melbourne property market myths v the hard facts

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A preliminary weighted average clearance rate of 68.1% was recorded this week across capital cities compared to 65.4% last week and 66.9% this time last year.
Based on the auctions conducted in the first six months of this year volumes have risen by a remarkable 38% since 2013. More people are selling homes by auction this year and this is a sign of a market that is performing well and delivering results for sellers and buyers.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/20140629-Capital-city.jpg" target="_blank"><img class="aligncenter size-large wp-image-3424" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140629-Capital-city-580x425.jpg" alt="RP Data National Auction Comment" width="580" height="425"></a>
Sydney continues to see the highest rates of sale at auction. This week a preliminary clearance rate of 73.2% was recorded compared to 70.1% last week.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/20140629-Sydney.jpg" target="_blank"><img class="aligncenter size-large wp-image-3425" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140629-Sydney-580x381.jpg" alt="RP Data Sydney Auction Comment" width="580" height="381"></a>
The improvements in the Melbourne market over the last few weeks have been sustained with a preliminary clearance rate of 69.3% recorded compared to 69.1% last week.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/20140629-Melbourne.jpg" target="_blank"><img class="aligncenter size-large wp-image-3426" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140629-Melbourne-580x382.jpg" alt="RP Data Melbourne Auction Comment" width="580" height="382"></a>
In Brisbane, a preliminary clearance rate of 43.9% was recorded compared to 32.2% last week.
Adelaide recorded a clearance rate of 66.7% compared to 59.7% last week.
In Canberra a clearance rate of 63.6% was recorded and in Perth there was a clearance rate of 50%.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/20140629-Brisbane.jpg" target="_blank"><img class="aligncenter size-large wp-image-3427" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140629-Brisbane-580x385.jpg" alt="RP Data Brisbane Auction Comment" width="580" height="385"></a>
 
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/20140629-Adelaide.jpg" target="_blank"><img class="aligncenter size-large wp-image-3428" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140629-Adelaide-580x385.jpg" alt="RP Data Adelaide Auction Comment" width="580" height="385"></a>
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Capital city auction numbers rise 38%: RP Data's national auction wrap

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Last year Melbourne saw 30.5% of sales by auction compared to 21.1% for the previous year.
The proportion of sales by auction tends to follow the market; rising when prices and demand increases and falling in soft markets.
Early indications this year are showing that new records are likely to be set. At the end of the March quarter, 30.6% of sales were by auction compared to 21% last year, and the previous high of 20.8% in 2010.
Due to a lack of auctions in January and a slow start to February, the proportion of sales by auction always rises as the year goes on.  The same will be the case this year, especially in light <a href="/expert-insights/buying/melbourne-auction-market-setting-records">of the records reached in May</a>.
This means we are likely to see a significant shift in selling methods towards auctions this year. This would be unprecedented because price growth and clearance rates are lower than in other years when this occurred.
The data points towards a shift in auctions as a selling method by Melbourne real estate agents, and one that vendors are clearly agreeing with.
This may be due to research which shows that even if you fail to find a buyer at the auction, there is a high likelihood you will within four weeks. The data shows that within four weeks of the auction, the proportion of homes sold rises to around 80% as sellers negotiate with buyers after the conclusion of the auction. This shows that the concentrated marketing and ‘sale date’ associated with an auction campaign helps ensure a timely sale.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/Proportion-of-sales-by-auction-in-Melbourne.jpg" rel="wp-prettyPhoto[g3410]"><img class="aligncenter size-large wp-image-3411" src="https://blog.rpdata.com/wp-content/uploads/2014/06/Proportion-of-sales-by-auction-in-Melbourne-580x522.jpg" alt="Proportion of sales by auction in Melbourne" width="580" height="522"></a>
Source: RP Data.
There are 728 auctions scheduled this week in Melbourne compared to 719 for the same time last year. The highest number of auctions are expected in the northern suburbs of Melbourne this week with 14 scheduled in <a href="/news">Preston</a> and 13 in neighbouring <a href="/news">Reservoir</a>.
The Melbourne auction market appears to be improving with the clearance rate being close to 70% last fortnight. That is compared to the clearance rate of 67.6% this year from 18,657 auctions whilst last year the comparative number was 68.45% from 14,226 auctions.
The average time on market for houses sold at private sale tightened from 35 to 34 days. Vendor discounting softened slightly over the week, to -5.6%, compared to -5.5% over the previous week.
Key data
<ul>
<li>Clearance rate week ending 29 June: 69.1%</li>
<li>Melbourne auctions expected week ending 29 June: 728</li>
<li>Melbourne private sales time on market week ending 22 June: 34 days (houses)</li>
<li>Melbourne vendor discounting market week ending 22 June: -5.6% (houses)</li>
<li>Listings being prepared for market are 1.8% higher in month ending 22 June (seasonally adjusted)</li>
</ul>
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Three out of 10 properties sold by auction: RP Data's Melbourne weekend auction preview

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A preliminary weighted average clearance rate of 66.6% was recorded this week across capital cities compared to 65.5% last week and 66% this time last year.
A medium term review of the national auction market shows stable performance after a period of appreciation in 2013 and the previous two years when the clearance rate was at comparatively soft levels of 44.7% in 2011 and 54.1% in 2012.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/20140622-Capital-city.jpg" rel="wp-prettyPhoto[g3392]"><img class="aligncenter size-large wp-image-3393" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140622-Capital-city-580x430.jpg" alt="RP Data - national auction comments" width="580" height="430"></a>
In the Sydney market a preliminary clearance rate of 71.9% was recorded compared to 69.3% last week. The stability present nationally is especially the case in Sydney where the clearance rate has shown little variance over the last three months with high of 76.1% and low of 67.3%.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/20140622-Sydney.jpg" rel="wp-prettyPhoto[g3392]"><img class="aligncenter size-large wp-image-3394" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140622-Sydney-580x384.jpg" alt="RP Data: Auction comments, Sydney" width="580" height="384"></a>
In Melbourne there was a preliminary clearance rate of 69.1% recorded compared to 69.2% last week. Last week was the best result in three months and it has been matched this week as volumes remain strong.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/20140615-Melbourne1.jpg" rel="wp-prettyPhoto[g3392]"><img class="aligncenter size-large wp-image-3395" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140615-Melbourne1-580x384.jpg" alt="RP Data: Auction comments, Melbourne" width="580" height="384"></a>
In Brisbane a preliminary clearance rate of 38.1% was recorded compared to 43.5% last week.
Adelaide recorded a clearance rate of 58.8% compared to 52.3% last week.
In Canberra a clearance rate of 65.4% was recorded and in Perth there was a clearance rate of 30%.
In Tasmania four homes sold from nine auctions.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/20140622-Brisbane.jpg" rel="wp-prettyPhoto[g3392]"><img class="aligncenter size-large wp-image-3396" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140622-Brisbane-580x384.jpg" alt="RP Data: Auction comment, Brisbane" width="580" height="384"></a>
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/20140622-Adelaide.jpg" rel="wp-prettyPhoto[g3392]"><img class="aligncenter size-large wp-image-3397" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140622-Adelaide-580x383.jpg" alt="RP Data: Auction comments, Adelaide" width="580" height="383"></a>
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Auction market stable across capital cities: RP Data's national auction wrap

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Folklore says that people buy and sell every seven or so years. However, the truth does seem to be longer with the average hold period for all the homes sold in Melbourne in the year ending 31 March being 11.4 years, and 9.5 years for units.
What’s even more interesting are the suburbs whose owners seem to rarely sell; they cover a range of prices and locations in Melbourne.
Topping the list with the suburb for the longest period of ownership are the home owners of Vermont South. In Vermont South the average hold period is 18.3 years. If you really like the area and don’t want to wait that long, the average hold period in the more affordable Vermont is only 13.8 years.
The top 10 list also has three suburbs with million dollar house values, Ormond where the average hold period is 16.9 years, Caulfield North at 15.4 years and Parkville at 15.4 years.
At the more affordable end of the market is Tullamarine. Owners of houses there sell on average every 15.7 years.
The fact that the houses in Tullamarine are as tightly held as Ormond but under half the value suggests owners reasons for selling infrequently is not strongly related to their cost. Rather, there will be a range of other demographic reasons why people sell infrequently, which includes what stage of life they were at when they purchased, along with the actual age of the suburb.
One interesting and common factor is that each of the suburbs in the top 10 has a lower than average proportion of investors as owners. Vermont South for instance has less than 1 in 10 homes owned by an investor. In Wheelers Hill, which has an average hold period of 16.2 years, only 10.6 per cent of homes are owned by investors.
This factor alone does not explain the long periods of ownership in Tullarmarine in which investors own 16.2 per cent of houses. It is likely to be a special case due to its proximity to the major economic activity centre and employment generator, the airport.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/2014-06-17-melb-blog.jpg" rel="wp-prettyPhoto[g3381]"><img class="aligncenter size-full wp-image-3382" src="https://blog.rpdata.com/wp-content/uploads/2014/06/2014-06-17-melb-blog.jpg" alt="Suburbs where homes rarely come up for sale - RP Data" width="350" height="360"></a>
Melbourne Auction Market preview for week ending 22 June
There are 834 auctions scheduled this week in Melbourne compared to 820 for the same time last year.
Last week was the eleventh time this year that there were more than 1,000 auctions in a week. The latest data shows the use of auctions as a sales method is consistent with last year. In the first three months of this year 30.6 per cent of sales were by auction. This is consistent with last year but is expected to rise as data for April and May is compiled following the settlement of sales.
There was a rise of 7.9 per cent in new residential listings in Victoria over the last month with 9,616 homes being newly listed for sale.
The average time on market for houses sold at private sale remained stable and tight at 35 days. Vendor discounting improved slightly over the week, at -5.5 per cent, compared to -5.6 per cent over the previous week.
Key data
<ul>
<li>Clearance rate week ending 15 June: 69.2 per cent 
</li>
<li>Melbourne auctions expected week ending 22 June: 834 
</li>
<li>Melbourne private sales time on market week ending 15 June: 35 days (houses) 
</li>
<li>Melbourne vendor discounting market week ending 15 June: -5.5 per cent (houses) 
</li>
<li>Listings being prepared for market are 2.4 per cent higher in month ending 8 June (seasonally adjusted)</li>
</ul>
 
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Tightly held Melbourne suburbs: RP Data's Melbourne weekend auction preview

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A preliminary weighted average clearance rate of 66.6% was recorded this week across capital cities compared to 60.6% last week and 63.3% this time last year.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/20140615-Capital-city.jpg" target="_blank"><img class="aligncenter size-large wp-image-3366" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140615-Capital-city-580x426.jpg" alt="RP Data national auction comments - Capital cities" width="580" height="426"></a>
Sydney has returned a result consistent with its performance over the year and Melbourne has seen a strong week with another 1,000 plus weekend and a clearance rate above trend.
In the Sydney market a preliminary clearance rate of 71.7% was recorded compared to 67.3% last week.
<img class="aligncenter size-large wp-image-3367" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140615-Sydney-580x381.jpg" alt="RP Data national auction comments - Sydney" width="580" height="381">
In Melbourne there was a preliminary clearance rate of 69.6% recorded compared to 62.4% last week. The traditional winter slowdown is more akin to the spring market in some recent years.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/20140615-Melbourne.jpg" target="_blank"><img class="aligncenter size-large wp-image-3368" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140615-Melbourne-580x384.jpg" alt="RP Data auction comments - Melbourne" width="580" height="384"></a>
In Brisbane a preliminary clearance rate of 44.7% was recorded compared to 37.3% last week.
Adelaide recorded a clearance rate of 50% compared to 59.4% last week.
In Canberra a clearance rate of 42.9% was recorded and in Perth there was a clearance rate of 25%.
In Tasmania three homes sold from 14 auctions.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/20140615-Brisbane.jpg" target="_blank"><img class="aligncenter size-large wp-image-3369" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140615-Brisbane-580x381.jpg" alt="RP Data auction comments - Brisbane" width="580" height="381"> </a>
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/20140615-Adelaide.jpg" target="_blank"><img class="aligncenter size-large wp-image-3370" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140615-Adelaide-580x387.jpg" alt="RP Data auction comments - Adelaide" width="580" height="387"></a>
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Demand in Melbourne auction market rises: RP Data's national auction market wrap

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Research by RP Data comparing the level of property ownership between owner occupiers and investors at a suburb level in Melbourne reveals some clear and interesting trends.
The results show that ownership for investment purposes in the Melbourne detached housing market is strongest in the growth suburbs. In many of the cities growing outer suburbs investor ownership accounts for more than three in every 10 properties.
When ranked by level of ownership by investors, the top three suburbs are <a href="/news">Point Cook</a> which has 41.9% of all houses owned by investors, followed by <a href="/news">Tarneit</a> with 40.9% and <a href="/news">Truganina</a> at 39.8%.
In each case, median rents are below the Melbourne average of $444 per week and yields are in excess of the metropolitan average of 3.3%.
In Point Cook the median advertised rent is $380 per week and the indicative gross yield is 4.3%. In Tarneit the weekly rent is $315, the yield is 4.4% and in Truganina the rent is $320 per week and the yield is 4.7%. Clearly investors in these areas are motivated by the yield.
Only time will tell how these suburbs will fare from a capital gains perspective as they are still experiencing a high rate supply with many new properties being built and sold. Coupled with this is the short length of ownership making it difficult to draw strong conclusions on capital gains into the future.
At the other end of the spectrum are the areas with the lowest proportion of investor ownership and highest level of owner occupiers. RP Data’s research shows that less than one in 20 houses in the suburbs of <a href="/news">Narre Warren North</a>, <a href="/news">Wonga Park</a>, <a href="/news">Launching Place</a>, <a href="/news">Park Orchards</a> and <a href="/news">Montrose</a> are owned by investors. Like many other suburbs with a very low level of investor activity, these places tend to be in the outer eastern or north eastern suburbs.
In the unit segment of the market, the suburbs with the highest levels of investor ownership are often those with significant and large developments with suburbs such as <a href="/news">Travancore</a>, <a href="/news">Kingsville</a>, <a href="/news">Carlton</a>, <a href="/news">Elwood</a>, <a href="/news">Notting Hill</a>, <a href="/news">Hawthorn</a> and <a href="/news">Melbourne</a> topping the list. Each of these areas has more than seven in 10 units owned by an investor.
If you are looking at this data with a view to investing in residential property it is important to appreciate that just because investor concentration is high in these areas it does not mean these are the areas likely to deliver the best return on an investment. When making investment decisions, great care and attention to detail such as using the correct research is imperative.
There are 922 auctions scheduled this week in Melbourne compared to 868 for the same time last year.
Auction volumes remain high despite the season.
Based on settled sales in the first quarter of this year, the suburbs with the highest number of house sales were mainly in the growth areas, suburbs with a high supply of new homes, such as <a href="/news">Pakenham</a> with 185 sales, <a href="/news">Berwick</a> with 139 sales and <a href="/news">Frankston</a> with 134 sales. Whilst not a growth suburb, <a href="/news">Glen Waverley</a> was fourth at 117; largely the result of it being a large suburb.
We also saw a contraction in the average time on market for houses sold at private sale from 39 to 35 days. This was coupled with a rise in vendor discounting to – 5.6% from -5.5% over the previous week.
Key data
<ul>
<li>Clearance rate week ending 8 June: 62.4%</li>
<li>Melbourne auctions expected week ending 15 June: 922</li>
<li>Melbourne private sales time on market week ending 8 June: 35 days (houses)</li>
<li>Melbourne vendor discounting market week ending 8 June: -5.6% (houses)</li>
<li>Listings being prepared for market are 1.1% higher in month ending 8 June (seasonally adjusted)</li>
</ul>
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Investor activity high in growth suburbs: RP Data's Melbourne weekend auction preview

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A preliminary weighted average clearance rate of 59.9% was recorded this week across capital cities compared to 66.4% last week and 61.4% this time last year.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/20140610-Capital-city.jpg" target="_blank"><img class="aligncenter size-large wp-image-3346" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140610-Capital-city-580x436.jpg" alt="RP Data National Auction Comment - Capital City" width="580" height="436"></a>
This is well below the year’s high of 76.2% recorded in late February, however comparatively low volumes this week reduce its value as an indicator to the state of the market.
In the Sydney market a preliminary clearance rate of 65.7% was recorded compared to 73% last week.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/20140610-Sydney.jpg" target="_blank"><img class="aligncenter size-large wp-image-3347" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140610-Sydney-580x391.jpg" alt="RP Data auction comment - Sydney" width="580" height="391"></a>
In Melbourne there was a preliminary clearance rate of 61% recorded compared to 65.4% last week.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/20140610-Melbourne.jpg" target="_blank"><img class="aligncenter size-large wp-image-3348" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140610-Melbourne-580x386.jpg" alt="RP Data auction comment - Melbourne" width="580" height="386"></a>
In Brisbane a preliminary clearance rate of 42.9% was recorded compared to 42.5% last week. Adelaide recorded a clearance rate of 63% compared to 55.3% last week. In Canberra a clearance rate of 50% was recorded and in Perth there was a clearance rate of 33.3%. In Tasmania four homes sold from 17 auctions.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/20140610-Brisbane.jpg" target="_blank"><img class="aligncenter size-large wp-image-3349" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140610-Brisbane-580x386.jpg" alt="RP Data auction comment - Brisbane" width="580" height="386"></a>
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/20140610-Adelaide.jpg" target="_blank"><img class="aligncenter size-large wp-image-3350" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140610-Adelaide-580x393.jpg" alt="RP Data auction comment - Adelaide" width="580" height="393"></a>
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Low auction volumes across capital cities: RP Data's national auction wrap

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The key differences between the past two property cycles and the current one has become much clearer following Monday’s release of the <a href="https://image.e.rpdata.com/lib/fe591570776d03757d17/m/7/2014-06-02--rpdata-rismark-home-value-index.pdf" target="_blank" title="Read media release">RP Data-Rismark Home Value Indices results for May</a>.
The May results showed that the value of a house dropped by 3.6% in May resulting in a rise of only 1.6% over 2014. Unit values also fell by 2.6% over the year following; a drop of 3.4% in the month.
After a new nominal peak in Melbourne house values was reached in March, there has been two consecutive months in which values have fallen ensuring buyers in winter and early spring won’t face rapid price rises. In fact, they are likely to see houses valued lower than they were in real terms in 2010. This result should also eliminate any concerns that the local market was locked into a cycle of unstainable growth in prices.
This upswing phase in house values started in May two years ago and is clearly more moderate than the 2007 and 2010 cycles due to better alignment between supply and population growth along with the fact that consumers remain cautious. Over the past two years, house values in Melbourne have risen by 13.1%  and are now only 0.7% higher than the October 2010 peak.
There are 303 auctions scheduled this week in Melbourne compared to 197 for the same time last year. Volumes are temporarily low due to the long weekend.
So far this year there have been 16,357 auctions and a clearance rate of 67.5% compared to 68.6% from 12,341 auctions this time last year.
The high volume of residential listings this year is having a positive impact for buyers. Home values have fallen for the second month in a row and auction clearance rates have remained in the 60’s.
The RP Data-Rismark May Home Value Index released this week showed that the value of a house dropped by 3.6% in the month resulting in a rise of only 1.6% over 2014. Unit values fell by 2.6% over the year following a drop of 3.4% in the month. It’s unlikely that buyers over winter and into spring will see their purchasing power diminished.
We also saw a small fall in the average time on market for houses sold at private sale from 41 to 39 days. This was coupled with a rise in vendor discounting to – 5.5% from -5.4% over the previous week.
Key data
<ul>
<li>Clearance rate week ending 1 June: 65.4%</li>
<li>Melbourne auctions expected week ending 8 June: 303</li>
<li>Melbourne private sales time on market week ending 1 June: 39 days (houses)</li>
<li>Melbourne vendor discounting market week ending 1 June: -5.5% (houses)</li>
<li>Listings being prepared for market are 1.1% higher in month ending 1 June (seasonally adjusted)</li>
</ul>
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Melbourne house and unit values fall for two consecutive months: RP Data's Melbourne weekend auction preview

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There are 1,264 auctions scheduled this week in Melbourne compared to 867 for the same time last year.
The strong level of auction listings in the first five months of this year compared to 31.6% higher last year is a reflection of two things; firstly it shows the confidence of vendors where they are willing to sell for a reasonable price, and secondly, a preference by real estate agents for auctions as a method of sale in an improving market.
The strong volumes will also mitigate price growth as buyers’ bargaining power is increased.
We saw a small rise in the average time on market for houses sold at private sale from 40 to 41 days. Vendor discounting reduced to – 5.4% from -5.5% the previous week.
Key data:
<ul>
<li>§ Preliminary clearance rate week ending 25 May: 61.7%</li>
<li>§ Melbourne auctions expected week ending 1 June: 1,264</li>
<li>§ Melbourne private sales time on market week ending 25 May: 41 days (houses)</li>
<li>§ Melbourne vendor discounting market week ending 25 May: -5.4% (houses)</li>
</ul>
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Volume down on this time last year: RP Data's Melbourne auction preview

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<a href="https://www.apartments.com.au/developers/doma-group">DOMA Group</a> has unveiled plans for Newcastle Quay, a major waterfront precinct set to reshape Newcastle’s harbourfront and further cement the city’s evolution into one of Australia’s fastest-growing urban destinations.

Positioned on a prominent site within the Honeysuckle Precinct, Newcastle Quay will span both sides of Honeysuckle Drive, connecting directly to the Foreshore Promenade and sitting within walking distance of Newcastle Interchange.

The mixed-use precinct is planned to include around 1,000 apartments, more than 28,000 sqm of commercial office space, 6,000 sqm of retail, and a 180-room hotel anchored by a 500-seat conference and exhibition centre, a move expected to significantly lift Newcastle’s ability to attract major business and tourism events.
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<img alt="DOMA Group unveil Newcastle’s future with transformative Newcastle Quay Precinct" data-entity-type="file" data-entity-uuid="0642ca09-67cc-4920-8a7e-d18df9729b4e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/%3D.png?VersionId=CnDmZxQnOV5LN0ePu7jaFBXC9tPGTrWm" />

The proposal builds on DOMA’s growing Newcastle pipeline, where the developer has already delivered 866 apartments and more than 19,000 sqm of commercial and retail space since entering the market in 2013. A further $2 billion pipeline is also in the works across the city.

The masterplan and executive architecture are led by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, with building concepts developed alongside Stewart Architecture, Architecture AND and Curious Practice, and landscape design by <a href="https://www.apartments.com.au/landscape-architect/turf-design">Turf Design Studio</a>. More than 11,000 sqm of open space is planned, including a new waterfront park known as Honeysuckle Green, upgrades to Tree of Knowledge Park, and new pedestrian and cycling links throughout the precinct.

At the centre of the development will be the heritage-listed Wickham School of Arts, which DOMA plans to reposition as the civic and cultural heart of the precinct through restaurants, bars, events and public gathering spaces.

The broader vision is to create a genuine day-to-night precinct, blending residential, hospitality, retail, commercial and cultural uses in a way Newcastle has yet to experience at this scale.

DOMA Group Managing Director Jure Domazet said the aim was to create a precinct that becomes synonymous with Newcastle itself.

“Our vision is to create a precinct that not only delivers high-quality commercial, residential, and cultural spaces, but also defines Newcastle’s waterfront for generations to come,” Domazet said.

DOMA’s Chris Farrington said the project would fundamentally change how Newcastle is perceived nationally.

“Newcastle Quay is more than a waterfront precinct, it is a national announcement for this city,” Farrington said.

“A world-class Conference and Exhibition Centre will open Newcastle and the Hunter Region to a national and international audience for the first time, delivering something this city has long deserved.”

The project is expected to generate more than 4,000 full-time equivalent jobs and act as a major economic driver for the Hunter region through tourism, business events, hospitality and commercial investment.

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Minister for Planning and Public Spaces Paul Scully said the final parcel of harbourfront land will be a "true mixed-use precinct destination that includes housing, hospitality and entertainment, commercial spaces, retail, economic and social outcomes."

Joel Robinson

DOMA Group unveils 1,000-apartment Newcastle Quay precinct

ASX-listed developer Stockland is continuing to ramp up its return to the apartment market.

In late 2024, <a href="https://www.apartments.com.au/developers/stockland">Stockland</a> announced it would resume apartment development after a 13-year absence, launching with Stanton Place in Rosebery, a 144-apartment project now under construction.

Last week, the developer unveiled plans alongside the NSW Government for a <a href="https://www.apartments.com.au/news/nsw/first-look-stockland-nsw-gov-unveils-plans-for-3-300-home-waterloo-south-renewal">3,300-home precinct in Waterloo</a>.

Now, Stockland has shifted its focus in St Leonards, lodging a State Significant Development Application (SSDA) to replace an approved 42-storey office tower with a 52-storey residential development comprising more than 500 apartments.

<img alt="Stockland" data-entity-type="file" data-entity-uuid="8979095e-9072-432b-a7da-58b180cf994d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-20%20at%204.27.36%E2%80%AFPM.png?VersionId=_jbRXYOafCSHjwsz.yQCNIymMyCj8zkF" />

An existing 14-storey commercial office building would make way for a 264.5-metre tower designed by <a href="https://www.apartments.com.au/architects/bates-smart">Bates Smart</a>. The project would deliver 538 apartments, including 30 affordable housing units, alongside retail and commercial uses at the podium and ground plane.

It will rise from&nbsp;<a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">601 Pacific Highway</a>, a prominent 2,844 sqm triangular site adjoining Mitchell Plaza and fronting Pacific Highway.

The development is being pursued under the Housing Delivery Authority pathway after Stockland’s proposal was declared State Significant Development earlier this year.

<img alt="First look: Stockland plans 52-storey mixed-use tower with 538 apartments in St Leonards" data-entity-type="file" data-entity-uuid="67f40f35-0458-47ab-80c0-a4e98a31838a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/stockland%201.png?VersionId=rxXe3njr.auuGDuiR0k42uI8Zr4K.gZA" />

The apartment mix includes 217 one-bedroom apartments, 191 two-bedroom apartments, 122 three-bedroom apartments, and eight four-bedroom residences. Six basement levels would accommodate 300 car spaces, bicycle parking, loading areas, and building services.

Bates Smart said the project has been shaped around a series of urban design principles intended to improve the pedestrian experience and respond to the evolving character of St Leonards.

“With a boundary length of almost 75m along Pacific Highway and 70m along Atchison Street to the north, complying simply with the LEP envelope and required setbacks would result in a very wide tower form on the skyline,” the architects noted in the Design Report.

“We propose breaking the tower form into two defined volumes rather than a singular form.”

The podium has similarly been articulated into separate forms to reduce perceived bulk and create a finer-grain response to Mitchell Plaza and Atchison Street. Retail tenancies would activate the lower levels, while commercial space is proposed across the podium floors.

<img alt="First look: Stockland plans 52-storey mixed-use tower with 538 apartments in St Leonards" data-entity-type="file" data-entity-uuid="90149990-0551-40d2-bd48-14b69a015d12" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/stockland%202.png?VersionId=MJC2KIIWFvU9FPGr3IVq09gkRN_gX3m8" />

The design also places a significant emphasis on communal amenity and environmental performance. Residents would have access to landscaped terraces, wellness areas, flexible workspaces, and rooftop communal facilities, while the all-electric building is targeting an average 7-star NatHERS rating. Bates Smart said the project incorporates passive design measures including natural ventilation, integrated shading, and lightweight façade systems.

Planning documents note the site is around 350 metres from St Leonards Station and 400 metres from the metro entrance, placing it within one of Sydney’s most connected emerging residential precincts.

The project arrives amid a wave of large-scale redevelopment proposals reshaping the St Leonards and Crows Nest skyline. Several nearby sites have recently been approved, lodged, or declared under the Housing Delivery Authority pathway as the precinct absorbs significant residential density uplift tied to transit-oriented development policies.

<img alt="Stockland" data-entity-type="file" data-entity-uuid="7805bd7c-dfd7-4b35-8e15-ec4a8bf8e61b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-20%20at%204.27.26%E2%80%AFPM.png?VersionId=iY12K2m2bQ6EeDnshqfZC9rbLx_oEugP" />

Bates Smart’s report describes St Leonards as transitioning away from its historical commercial identity toward a more mixed-use urban environment.

“In recent years, the character of St Leonards has started to evolve, driven by new development trends along the Pacific Highway corridor,” the report said.

“These projects have increasingly focused on residential accommodation, marking a shift from its purely commercial roots.”

Sekisui House Australia is currently selling Waterstone down near Newlands Park, in a pocket being branded "St Leonards South." Hyecorp recently completed Audrey in the same pocket.

First look: Stockland plans 52-storey, 538-apartment St Leonards tower

ANZ believes the Reserve Bank is in no rush to move again.

Following the release of the May Monetary Policy Board Minutes, ANZ has taken the view that the RBA is now firmly in a holding pattern, with the cumulative impact of previous rate hikes giving the Board scope to assess how the economy evolves from here.

That positioning, in ANZ’s view, makes a June rate hike unlikely.

The bank continues to expect the cash rate to remain unchanged at 4.35 per cent for an extended period, with the RBA adopting what is effectively a wait-and-see approach.

The Minutes point to a Board that sees financial conditions as already restrictive, but without a clear read on just how restrictive they are. That uncertainty has shifted the focus away from immediate policy action and toward monitoring both domestic conditions and global developments, particularly the conflict in the Middle East.

As ANZ interprets it, the Board is deliberately avoiding strong forward guidance.

Instead, it is allowing itself flexibility, acknowledging that monetary policy has limited ability to influence the near-term trajectory of inflation, while also recognising that economic growth is likely to remain below potential for some time.

Despite that pause in momentum, ANZ notes that the Board still carries a tightening bias.

The Minutes reveal that, in weighing up its decision, the Board seriously considered another 25 basis point increase. The key debate centred on the trade-off between inflation and activity, particularly in the context of global uncertainty.

Ultimately, most members leaned toward the inflation side of that equation.

Underlying inflation is still expected to remain above target for an extended period, regardless of how external risks evolve. That has led to a view within the Board that the risks to its inflation objective have increased, and that the current cash rate may not be sufficiently restrictive to fully contain those pressures.

That’s important.

While the decision, for now, is to hold, the underlying tone of the Minutes suggests the door to further tightening has not been closed.

ANZ also points to commentary from Assistant Governor (Economic) Sarah Hunter, who highlighted the risk that inflation could pass through the economy more quickly and broadly than in previous cycles. Both Hunter and a majority of the Board expressed concern that inflation expectations could become less anchored after such a prolonged period above target.

That combination, persistent inflation and the risk of expectations shifting, is what continues to underpin the RBA’s cautious stance.

However, where ANZ diverges from the RBA is on the outlook for activity.

The Board appears relatively comfortable with current spending patterns, effectively downplaying recent declines in business and consumer sentiment. It notes that sentiment has historically been only weakly correlated with actual spending, and that feedback from its liaison program has not yet pointed to a meaningful slowdown in consumption.

ANZ is less convinced.

The bank believes the link between household disposable income, sentiment and spending is more direct than the RBA is currently acknowledging. With inflation continuing to erode real incomes, ANZ expects household spending to soften more materially than the central bank is forecasting.

That divergence matters because it shifts the balance of risk.

If activity weakens more than expected, the trade-off between inflation and growth changes. In ANZ’s view, that would reduce the need for further tightening and reinforce the case for the RBA to remain on hold.

It also suggests that the current policy setting may already be doing more work than the Board fully appreciates.

The broader takeaway from ANZ’s interpretation is that the RBA is walking a narrow path.

On one side sits the risk of inflation remaining elevated for longer than expected. On the other is the growing pressure on households and the potential for a sharper slowdown in activity.

For now, the Board is choosing to wait.

But it is a pause that still carries an underlying tightening bias, rather than a clear pivot toward easing.

In practical terms, that leaves the cash rate anchored at 4.35 per cent for the foreseeable future, with the next move still uncertain.

For borrowers, it reinforces the reality that relief is not imminent.

And for the broader economy, it highlights the delicate balance the RBA is trying to strike, between bringing inflation back to target and avoiding an unnecessarily sharp slowdown in growth.

According to ANZ, it is a balance that is becoming increasingly difficult to maintain.

RBA to hold rates for "prolonged period" rather than hikes: ANZ

<a href="https://www.apartments.com.au/developers/venturecrowd-property-projects">VentureCrowd</a> is down to the final Canopy Villa release at Cumulus Grand Villas in Carrara, as construction continues on the 59-residence gated community positioned above 100 hectares of natural savanna on the Gold Coast.

The remaining Canopy Villa forms part of one of four collections within the <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>-designed community and has attracted interest from buyers seeking larger-format homes that combine privacy, security and low-maintenance living. Positioned within a private cul-de-sac and facing a protected black she oak forest, the four-bedroom villa includes a large private outdoor area suited to pet owners and families wanting more flexible space.

<a href="https://www.apartments.com.au/new-townhouses/cumulus-grand-villas-carrara-17-baltimore-court-carrara-qld-4211">Cumulus Grand Villas</a>, located at 17 Baltimore Court, comprises a mix of three and four-bedroom villas across the Skyline, Canopy, Savanna and Broadview collections. Prices currently range from $1.455 million to $1.895 million, with the final Canopy Villa priced from $1.825 million.

[smartcode_project:default project_id=135663 project_image_fid=360477]

The Canopy Collection villas offer four bedrooms, 2.5 bathrooms and approximately 245 sqm of internal space, alongside double garages and landscaped private areas. Expansive glazing, open-plan living spaces and private balconies have been designed to maximise natural light and outlooks toward the surrounding savanna landscape.

Construction is now underway across the fully funded development, which VentureCrowd says has become an increasingly important consideration for buyers assessing off-the-plan opportunities on the Gold Coast. The project is being delivered by <a href="https://www.apartments.com.au/builders/devcon">Devcon Property Group</a>, which has operated in South East Queensland since 1993 and delivered more than 1,000 homes across the region.

VentureCrowd Director of Property David Whitting previously said the project responds to changing buyer priorities in the prestige Gold Coast market.

“Flexible floorplans have proven particularly relevant for purchasers aged between 40 and 65, including next home buyers, downsizers and investors,” Whitting said.

[smartcode_project:default project_id=135663 project_image_fid=360505]

The buyer profile at Cumulus has reflected that shift toward owner-occupier-driven demand. Stuart Towns and Tracey Loynes recently purchased a Canopy Villa, drawn to both the lifestyle offering and the flexibility the home provided for their next stage of living together.

The couple, who met three years ago, sold their Robina home earlier this year after identifying what they saw as strong long-term investment potential at Cumulus while remaining within the same Gold Coast market. The villa’s private backyard was a major drawcard for their dog Luna, while proximity to golf courses including Emerald Lakes also aligned with their lifestyle interests.

Beyond the residences themselves, the community has been planned around shared lifestyle and recreation amenities. The Infinity Terrace will include a 20-metre heated pool, barbecue facilities, alfresco dining spaces and elevated retreat areas overlooking the surrounding landscape. Walking trails, a private nature reserve, orchard and herb garden are also integrated into the masterplan.

[smartcode_project:default project_id=135663 project_image_fid=360473]

BDA Architecture Director Darren Greenaway said the design approach was heavily influenced by the site’s outlook and secluded setting.

The practice sought to create what Greenaway described as a “little piece of paradise,” drawing inspiration from the elevated views, surrounding greenery and quiet location.

<a href="https://www.apartments.com.au/developments/carrara-qld-4211">Carrara</a> continues to attract buyers seeking larger homes within proximity to the coast but without direct beachfront pricing. Cumulus sits within easy reach of Broadbeach, Pacific Fair, Robina Town Centre and the M1, providing connections north to Brisbane and south toward the Gold Coast Airport and northern New South Wales.

The first stage of Cumulus Grand Villas is targeting completion in 2026.

[smartcode_project_cta:default project_id=135663]

VentureCrowd nears sell-out of Canopy Collection at Cumulus Grand Villas in Carrara

Waverley Council has made a call that many councils have been reluctant to make publicly. Growth is coming, regardless of who controls it.

The release of the Bondi Junction Vision and Master Plan is less about whether the Eastern Suburbs’ primary centre will change, and more about how that change is shaped, funded, and ultimately experienced on the ground. Waverley Council has released a 100-page plan which is effectively the first comprehensive blueprint for Bondi Junction in over two decades, and in doing so, signals a clear shift in how councils are positioning themselves in the current planning environment.

For the past 18 months, the conversation across New South Wales has been dominated by the State Government’s Low and Mid-Rise Housing reforms and the emergence of the Housing Delivery Authority pathway. Both have created faster, more centralised avenues for development approvals, particularly in well-located, infrastructure-rich areas like Bondi Junction.

Waverley Council’s response has been to move early, and decisively.

Rather than react to individual proposals as they come through the HDA or broader State-led reforms, Council has sought to establish a clear, place-based framework that sets the terms for how Bondi Junction evolves. The underlying position is relatively straightforward: if densification is inevitable, it should be tied to infrastructure, public domain improvements, and a cohesive vision for the centre, not delivered piecemeal through ad hoc applications.

<img alt="bondi junction" data-entity-type="file" data-entity-uuid="7f1f729c-ed99-4c6c-bf87-ffbce6991941" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-19%20at%209.58.16%E2%80%AFAM.png?VersionId=ULX4OlXKjeJ5BvNCNGL86evgXCjCfMih" />

At its core, the document is attempting to reposition Bondi Junction from what it largely functions as today, a transport interchange anchored by a major retail centre, into something far more layered. The ambition is to transform it into what the plan describes as the “civic and cultural heart of Sydney’s East,” a place that is active beyond commuting hours and capable of supporting a broader mix of uses, experiences and communities.

That repositioning is built around four key ambitions.

The first is to create a true destination. Bondi Junction already attracts significant foot traffic, with more than 86,000 daily transport users and millions of annual retail visits, but much of that activity is transient. People pass through, rather than stay.

The Master Plan seeks to change that dynamic. It leans heavily into the idea of an “18-hour economy,” extending activity well beyond traditional retail hours through dining, cultural programming, events, and a more active night-time offering. This is not just about adding more hospitality venues, but about fundamentally shifting how the centre operates, from a daytime shopping destination to a place that functions across the full span of the day and into the evening.

Oxford Street Mall sits at the centre of that shift.

Long seen as underperforming relative to its potential, the Mall is identified as one of the key catalyst projects in the plan. It is to be reimagined as a day-to-night spine, combining retail, dining, wellness and cultural uses in a way that creates a continuous flow of activity. Outdoor dining, rooftop venues, laneway activation and a curated events program are all part of the strategy, alongside significant public domain upgrades that aim to improve comfort, safety and usability.

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The second ambition is to transform Bondi Junction into a world-class interchange.

Despite being one of the most heavily used transport nodes in Sydney, the current experience is fragmented. Connections between the station, Westfield, Oxford Street Mall and surrounding streets are often unclear, and major roads create physical barriers that disrupt pedestrian movement.

The Master Plan proposes a more seamless, people-focused network. That includes clearer pedestrian links, improved wayfinding, better integration between transport modes, and a rethinking of how arrival into the centre is experienced. The aim is to shift the perception of Bondi Junction from a place people move through, to a place they arrive in.

The third ambition focuses on greening and open space.

One of the more consistent pieces of community feedback throughout the Vision phase was the need for more greenery, better public spaces, and a more comfortable urban environment. Despite being surrounded by major parks, Bondi Junction itself has relatively limited accessible open space, with much of the public realm dominated by hard surfaces and traffic infrastructure.

The plan responds with a network of new and upgraded public spaces, increased tree canopy, and what it terms the “Parkline,” a green link connecting Waverley Park through to Centennial Park. This is not just about aesthetics. It is about addressing heat, improving liveability, and ensuring that increased density is matched by access to high-quality outdoor space.

The fourth ambition is perhaps the most important from a development perspective: growth that gives back.

Bondi Junction is already the primary location for new housing supply in the Waverley LGA, and that is expected to continue. The area carries a target of 2,400 new dwellings by 2029, with further growth projected beyond that as demand for well-located housing continues to rise. The Master Plan does not seek to limit that growth. Instead, it attempts to shape it.

New housing is to be concentrated around transport, with stepped building heights designed to protect the character of surrounding neighbourhoods. At the same time, the plan introduces a more explicit link between development uplift and public benefit. This is where value capture becomes central.

The document outlines a framework where increased development potential is tied to contributions that fund public domain improvements, community infrastructure, open space, and affordable housing. It is an approach that recognises that much of the transformation of Bondi Junction will be delivered by the private sector, but seeks to ensure that the benefits of that growth are shared more broadly. The Civic Precinct is a key part of that equation.

Leveraging Council-owned land, the plan proposes a consolidated civic and cultural hub centred around Ebley Street. This would include new community facilities, cultural spaces, and potentially a new Council Chambers, creating a focal point for civic life that currently does not exist in Bondi Junction at scale.

It is one of several catalyst projects identified in the Master Plan, alongside the Oxford Street Mall transformation. These projects are intended to anchor change, acting as early interventions that unlock broader investment across the precinct.

Importantly, the Master Plan is not just a design document. It includes a delivery framework that sets out how these ambitions are intended to be realised.

Council is explicit in acknowledging that it cannot deliver the transformation alone. Implementation will require coordination between State agencies, private developers, landowners and the community, with a mix of planning agreements, infrastructure contributions and direct delivery mechanisms used to fund and stage improvements over time.

The plan outlines a mix of short-term, medium-term and long-term actions, from immediate public domain upgrades and planning controls, through to larger-scale projects that will unfold over the next decade or more. In practical terms, the next 12 to 24 months will be the most important.

This is when the Master Plan will move through exhibition, refinement and eventual adoption. It is also the period in which Council will seek to embed the framework into its planning controls, giving it weight in the assessment of future development applications.

Council officers have indicated that once the Master Plan is in place, it could be used as a benchmark when assessing Housing Delivery Authority proposals, and potentially reduce the need for further HDA declarations within Bondi Junction. In effect, it is an attempt to bring planning control back to the local level, while still aligning with State housing targets.

That tension between State-led reform and local planning control is not unique to Waverley. It is playing out across Sydney.

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If delivered as intended, Bondi Junction will become denser, more active, and more complex. It will support more residents, more workers, and a wider range of uses, extending beyond its current retail core into a more layered urban environment.

Robert Larocca

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