Streetwhispers 10.04.2025 - Melbourne property market update
- sven6287
- Apr 11
- 3 min read
Good Morning ,
I spent the last days of summer out on the street, hustling. Turns out the maximum number of coffee meetings you can do in 34 degrees is four.
One lovely client relocating from Queensland’s north coast—serious “let’s get it done” energy - just broke the record for fastest onboarding to purchase: 10 days. I’ll admit, we got very lucky.
But beyond that bit of charm, reality is setting in. According to the ASX rate tracker, there’s a 77% chance of a 0.75 bp cut next month - though I believe it when it happens. Never before has one man’s signature had such an instant effect on the global economy.
As the old proverb says: May you live in interesting times.(I still prefer: May you live in interest-free times.)
What's happening with the market?
I'm glad you asked.
What strikes me lately is how much stronger the flight to quality has become. If a property has anything not quite right, it either struggles to sell or can’t find a buyer at all. And in most cases, there’s actually nothing wrong with the property itself—there’s just something wrong with how buyers perceive it.
Let me explain.
Say a nicely renovated 3-bed, 2-bath house sells for $1.6M. Then, just down the street, the slightly dated cousin on the same block size goes for $1.1M. That’s nuts. Why would you pay someone a $500k premium just because they picked fixtures you like, but don’t love?
Have you spoken to an architect lately? Asked what $200k–$300k can get you? Murdoch and Co. will tell you, “not much”—but the truth is, with a $300k budget, you can do a lot. You get to choose exactly how it looks, and you pocket the markup.
Same goes for apartments - only difference is, it’s quicker, easier, and can be done as a first home buyer.
I recently bought a 2-bed apartment in Stonnington. Solid 70s brick, generous layout, clean OC, car park, north-facing balcony - the works. Sales history in the block shows prices over $700k.
So what was the difference between the one we bought and the premium sales?
Here’s the math:
Purchase: $615k
Renovation: $35k
Stamp duty: $3.2k
Total investment: $653.2k
Compare that to the last renovated apartment in the same block:
Sale price: $712k
Stamp duty: $28k
Total cost: $740k
That’s nearly $90k instant equity - and we got to choose the finishes ourselves.
Be smart!
Working with us means that you won’t miss out, you won’t pay too much, and you won’t buy a bad home.
Peak and Pits
27 Hambleton St ALBERT PARK - Auction Sale $3,050,000
One swallow doesn't make a spring - but this auction was as hot as a summers day in the Simpson Desert and as wild as spring break before Covid. 😰
83 Faraday St CARLTON - Private Sale $2,900,000
Persistence beats resistance. I would have though an opportunity like Faraday Street is quite appealing to the market in Carlton. Granted, it had an interesting floor plan, but if you've ever looked into the area you will have seen worse sell for more.
13/7-9 Irving Av PRAHRAN Auction $612,500
First-home buyers - this one’s for you.
Proper entrance hall, separate kitchen, a bright, well-sized living area, and a separate powder room - cracking.
The bedrooms? A bit on the skinny side (ideally, you want at least 3 metres in width). Dealbreaker? Not necessarily. Check the sales history in the block ;)
3 York St ST KILDA WEST 3182 - Private Sale $2,310,000
Now, this one’s a cracking package for a young professional couple or fit and active empty nesters. Nothing to do - get your car off the street, low maintenance (at least for a period home), solid brick, beach nearby, Di Stasio… but why am I selling it to you? It’s already gone.
A proud price tag? Yeah, maybe. But I doubt there was any shortage of interest. Unless you fancied living on Canterbury Road or in a rendered ‘90s double-storey, this is the going rate for a spot like this.
