Blog

More Victorian houses were approved for construction in July than any month since 2018.

More than 3000 new houses will be ready to commence construction across Victoria by the end of October after the state recorded its strongest housing approval figures since 2018.

But the number of those added to the state’s construction pipeline and economic recovery before the Melbourne Cup will depend on how rapidly builders can exit stage four restrictions.

New houses account for almost 3300 of the 5064 dwelling approvals recorded across the state in Australian Bureau of Statistics figures for July.

RELATED: Dairy farm on Melbourne’s southeastern fringe will house 1600 homes

Victorians tackle most home renovations, filling footy gap

Broadmeadows in demand for first-home buyer deposit scheme

Across all builds, including apartments and units, the figure represents a 400 home (9.3 per cent) jump from June, still below figures seen earlier in the year.

But for new houses, the figure is the highest since October 2018.

Housing Industry Association chief economist Tim Reardon said while July approval figures were up nationwide, they were linked to sales made up to eight months prior and reflected builders’ confidence returning after the first lockdown rather than buyer demand.

The latest figures show builder confidence, rather than buyer demand.

“All you can tell from this data is that the number of slabs poured in three months time will reflect these numbers,” Mr Reardon said.

State Jobs Minister Martin Pakula yesterday confirmed the industry would be part of the state government’s road map out of lockdown being announced on Sunday.

Under stage four, new house construction is limited to five tradies on site at one time, with a cap on the number of sites they can attend a week, while larger builds are limited to 25 per cent of their normal workforce.

Restrictions currently limit the number of trades people allowed on site at new builds.

HIA Victorian executive director Fiona Nield said how fast the industry could turn the approvals into jobs would hinge on decisions being made this week.

“It will depend on how the restrictions are eased going forward, but I expect some of the home builders will be trying to play catch up,” Ms Nield said.

“But inevitably there are going to be some delays.”

Woodlea project director Matthew Dean said the Aintree housing estate being developed by Mirvac and Victorian Investments and Properties could ramp up to 50-75 per cent of its workforce on site rapidly once they were cleared to do so.

The Woodlea estate has almost 500 houses under construction already.

“We have the workforce there waiting to go,” Mr Dean said.

At present they are slowly progressing 500 new homes, preparing another 300 lots for construction and building the community’s town centre.

Urban Development Institute of Australia Victorian chief executive Danni Hunter said weaker figures for multi-unit development were still a concern.

She said while that part of the industry had the potential to deliver large numbers of jobs, it may need further government assistance.

Despite this, the industry was well placed to kickstart the state’s economy, Ms Hunter said.

“The bottom line is we have proven we are really good at working hand in glove with government and health requirements as an industry,” Ms Hunter said.

To date, developers and builders have used a mix of social distancing, on-site temperature checks and mobile COVID-19 tests to stop the virus’ spread.

MORE: Melbourne suburbs where salary required for property has fallen

Melbourne home values fall 4.6 per cent since COVID-19 hit

JobSeeker cut will hurt low-income Melbourne renters: Anglicare

The post Surge in Victorian home building approvals appeared first on realestate.com.au.

While much of the impact of COVID-19 is being felt in Victoria, the crisis is still having an effect across the country, including in the residential rental market.

There are discrepancies between rules in different states and territories, impacting what tenants can and can’t do at this time. Here’s a state-by-state look at what each government is now permitting right now and what it means for tenants.

Victoria

In Victoria, currently the worst impacted state, you are well protected as a tenant if you’re suffering coronavirus-related financial hardship. Not only are you shielded from eviction until 31 December 2020, your landlord can’t put up your rent, either.

Victoria has been hardest hit by the pandemic. Picture: Getty

Tenants struggling to make ends meet need to negotiate with their landlord “in good faith” to put a more manageable rental arrangement in place. This can include a complete waiver, reduction or deferral.

If you can negotiate a reduction in your rent, you may also be eligible for a one-off COVID-19 Rent Relief Grant, up to $3000, paid directly to your landlord.

When it comes to deferrals, check how and when you will need to repay the rent to avoid the shock of a sizeable lump sum cost.

Some tenants may choose to break their lease and move to a cheaper home, share house or even back home. This is much easier under Victorian rules, with many associated penalties waived.

Moving house is allowed under current restrictions, irrespective of how far you need to travel, i.e. the Melbourne 5km rule doesn’t apply.

Removal companies are permitted businesses, so you can get professional help, but if you’re doing it yourself, only one friend or family member who doesn’t live with you can pitch in.

Of course, moving home normally means opening your home for prospective new tenants or even buyers if the landlord decides to sell.

At the moment, open for inspections and live auctions must be done virtually in Melbourne, where stage four restrictions are in place, so there won’t be anyone trekking through your place.

In regional Victoria, now under stage three, would-be buyers and tenants have to view properties online and schedule a private, socially-distanced walkthrough, but auctions are online.

Given the level of community transmission in Victoria, if you need to move across state borders, you will most likely have to get a travel exemption.

New South Wales

Until 14 October 2020, tenants in the nation’s largest state can’t be evicted if they meet financial hardship requirements. But that doesn’t mean you can ignore the problem.

If you can’t make rent, you need to be open with your landlord and work together to find a solution.

The Office of Fair Trade provides a step-by-step guide for negotiating a rent reduction, waiver or deferral, including template letters.

Unlike some other states, New South Wales doesn’t currently provide any government assistance by way of a grant for struggling renters.

While the government is keeping a close eye on cases in Sydney, there’s currently no restrictions on residents travelling around, so if you need find a more affordable living arrangement, you can move into a new place just as you would pre-coronavirus.

Likewise, home inspections for new tenants or buyers can proceed as normal taking into account the normal rules on gathering size, social distancing and hygiene practices. So, if you are moving out, you can expect your agent to be asking you to keep the place clean and tidy.

Queensland

The Sunshine State has also adopted the Federal Government’s six-month moratorium on evictions, which is due to expire on 29 September.

Earlier in the pandemic, Queenslanders could apply for a government rental grant, but unfortunately this has been discontinued, so if your financial situation has changed you should immediately start talking to your landlord to find a solution.

The most common option is to ask for a rent reduction, but you can also look at a rent deferral or a complete waiver.

Struggling Queensland tenants are encouraged to negotiate a rent reduction with their landlord. Picture: realestate.com.au/rent

Make sure you consider the longer term financial impact of any agreement; a deferral of your rent may sound great now, but you will need to pay it back eventually.

The Queensland Government has recently announced gathering limits in Brisbane and the Gold Coast, but these don’t apply to real estate, be it a sale, auction or having a prospective tenant look through a home.

You’re also free to move home anywhere within the state’s borders.

Western Australia

It’s more or less “business as normal” in Western Australia, but that doesn’t mean everyone’s income has bounced back. If you’re financially impacted by COVID-19, under a six-month moratorium on evictions until the end of September, your landlord can’t evict you nor put up your rent.

Tenants needing help can also apply for a Residential Rent Relief Grant covering four weeks’ rent, to a maximum of $2000.

As with their eastern counterparts, WA renters who can’t make their rent should immediately talk to their landlord about a reduced fee or waiving or deferring part of any rent owed.

While it still has some of the toughest border restrictions in the country, or maybe because of them, West Australians can travel anywhere in the state.

Businesses, including real estate, are also operating as normal. So, if you’re moving out, your landlord can hold inspections.

Northern Territory

The Northern Territory is the only Australian jurisdiction not to put eviction protection in place.

Instead, it’s changed the rules around what it terms “broken promises” between a tenant and landlord, giving the tenant a little more time to meet their obligations and making it easier for a tenant to break their lease so they can move to a more affordable home.

Again, tenants are urged to discuss their situation with their landlord and come to an arrangement for reduced or deferred rent if they’ve lost income due to COVID-19.

The real estate industry in the territory is “back to normal” with inspections, sales and auctions going ahead without restrictions. Tenants are also free to move home.

South Australia

In good news for South Australians doing it tough during the pandemic, under the moratorium on evictions until 29 September, landlords can’t kick you out or raise your rent if you can show you’ve been unduly impacted financially.

Struggling tenants should negotiate with their landlord to come to an agreement on future rental payments. This could be a reduction, waiver or deferral.

If you do negotiate a payment plan, you may also be eligible for a $1000 rent relief grant paid to your landlord.

Virus-hit SA tenants can apply for a $1000 rent relief grant. Picture: Getty

With relatively few active cases in the state, residents can largely come and go as they please, so there’s no hiccups if you are looking to move to another home.

If you are moving home, your landlord or property manager can bring potential new tenants through the property. Similarly, auctions and home sales are going ahead as normal, with the normal contact tracing and hygiene rules in place.  

Tasmania

Like the majority of the mainland, Tasmanian tenants can’t be kicked out of their homes if they are facing COVID-related financial hardship under the moratorium on evictions, which is valid until 30 September.

However, you are expected to reach a mutual agreement with your landlord regarding a rent reduction, waiver or deferral.

Asking for a rent cut can be daunting, so the Consumer, Building and Occupational Services department has developed a Rent Reduction Agreement template that can help.

If you are suffering “extreme hardship”, the government will cover the cost of four weeks’ rent, up to $2000, or the amount you and your landlord have agreed as a rent reduction.

While it was the first state to close its borders, Tasmanians currently enjoy unrestricted travel across the Apple Isle.

There are no impacts on moving home and home sales, auctions and inspections can continue under standard social distancing and gathering rules. 

Australian Capital Territory

In the nation’s capital, evictions have been banned until 22 October.

ACT landlords aren’t allowed to put up rent, either and must have an open dialogue with tenants about reducing their rent, if the tenants has been financially affected by COVID-19.

Those looking to move home can do so easily, with no travel restrictions in place. And with businesses operating as normal,  open homes, auctions and potential new tenancies can also go ahead.

The post What each state’s restriction status means for tenants appeared first on realestate.com.au.

First time buyers lined up down the street for a look inside a charming renovated residence which went under contract after the first open home.

More than 40 groups turned out on Saturday to inspect the split level weatherboard home at 15 Susanne St, Southport, which was listed for offers over $549,000.

15 Susanne St, Southport.

McGrath – Surfers Paradise agent Mark Saveall said six written offers were received, with a local young couple signing a contract “well above” the asking price to secure their first home.

“Around 75 per cent of those who inspected the property were first time buyers,” said Mr Saveall.

“The price, the location and the big backyard with space for kids, a dog and a pool were all very appealing.”

MORE: Gold Coast set for a blooming spring selling season

Homesick expats crave a dose of green and gold

Luxury living hits new heights with garages in the sky

15 Susanne St, Southport.

With COVID-19 restrictions limiting gatherings to 10 people from 8am on Saturday morning, Mr Saveall said 42 groups formed a long line down the street for their chance to see inside.

Positioned on a 506 sqm north facing block, the house was fully renovated a year ago with warm timber flooring and a fresh colour palette hitting all the right notes.

15 Susanne St, Southport.

The property was among the 10 most-viewed properties on realestate.com.au across Queensland this week, with more than 5600 people having looked at the listing.

“In Southport, houses with three bedrooms and two bathrooms are the most-searched configuration so this property really matched what people were looking for,” Mr Saveall said.

15 Susanne St, Southport.

Although the price has not yet been revealed, Mr Saveall said the settled sale would set a new benchmark for a renovated three bedroom residence on Susanne Street, which is described as family-friendly with kids playing in the neighbourhood after school.

15 Susanne St, Southport.

Most-viewed on the Gold Coast last week

3 Lagoon Way, Mudgeeraba.

3 Lagoon Way, Mudgeeraba

There was plenty to drool over in this striking designer residence in Jabiru Estate, which was snapped up by a local family for $4.6 million well before the scheduled auction.

READ MORE: One-of-a-kind house sold for record pre-auction

6 Jake Court, Bonogin.

6 Jake Court, Bonogin

This newly constructed timber pole home is the next best thing to a hinterland hotel. The resort-style residence offers green glimpses at every turn, with seamless indoor-outdoor living making the most of the forest surrounds.

READ MORE: Two-year wait for unique pole homes

The post First time buyers line up for a crack at renovated charmer appeared first on realestate.com.au.

Spring has spring but the Reserve Bank of Australia has decided to hold the official cash rate at 0.25%, with the record low rate expected to boost buyer activity this spring selling season, despite the coronavirus crisis. 

Following the bank’s monthly meeting on 1 September, RBA governor Philip Lowe confirmed official rates would remain where they have been since March. 

The meeting comes ahead of new data, to be released on Wednesday, which is set to confirm Australia’s first recession since the early 1990s. 

The Board decided to maintain the targets for the cash rate and the yield on 3-year Australian Government bonds of 25 basis points. It also decided to increase the size of the Term Funding Facility and make the facility available for longer – https://t.co/vyYxRYDdz5

— RBA (@RBAInfo) September 1, 2020

However, in a statement following the meeting the RBA said: “As difficult as this is, the downturn is not as severe as earlier expected and a recovery is now under way in most of Australia. This recovery is, however, likely to be both uneven and bumpy, with the coronavirus outbreak in Victoria having a major effect on the Victorian economy,” the statement read.

Record low interest rates are expected to encourage more buyers to market this spring selling season. Picture: Getty.

More to come.

The post Interest rates on hold as real estate market braces for spring selling season appeared first on realestate.com.au.

There’s never been a better time to lock in a low rate mortgage, but experts warn homeowners must prepare for rises within coming months.

Experts are warning homeowners to prepare for a rise in mortgage rates within months, despite the RBA holding rates at 0.25pc today.

The latest Finder RBA cash rate survey saw 57 per cent of experts expect that mortgage rates will rise by 2021, whether the cash rate remained at 0.25 per cent or, as some warn, even if it flatlines at zero.

MORE: Demand for affordable housing set to soar

QLD postcodes lead first home loan deposit scheme take-up

The RBA board has decided to keep the official cash rate on hold at 0.25 per cent.

The RBA last moved to drop the official cash rate to a record low 0.25 per cent in March this year as the coronavirus crisis began to spread, and had since refused to touch it, even in the face of the market swinging towards a decrease to 0.00 per cent in late August.

On Monday the ASX 30 Day Interbank Cash Rate Futures September 2020 contract was trading at 99.885, “indicating a 56 per cent expectation of an interest rate decrease to 0.00 per cent at the next RBA Board meeting”, according to data on the Australian Stock Exchange.

Finder insights manager Graham Cooke warned against complacency either way, saying “a flat cash rate does not mean homeowners are in the clear”.

“We learned this during the most recent period of cash rate stagnation. While the rate held at 1.25 per cent for 34 months starting in 2016, banks increased their variable rates seven times,” he said.

“This means that homebuyers considering a variable mortgage should still factor in a potential repayment increase of 2-3 per cent to their budget to prevent rate shock.”

Canstar’s Steve Mickenbecker called for homeowners to look for better deals off lending institutions.

“There are likely better rates out there for you. We know lenders have been moving rates out of step with the Reserve Bank, and the moves have been largely cuts with just one variable rate increase since July, and widespread rate rises still seem a while off,” he said.

Canstar data showed that eight lenders hiked fixed interest rates while none increased variable ones in August.

At the same time, 17 lenders cut variable rates and 12 cut fixed rates, it found. The data was based on based on owner occupier and investment loans in Canstar’s database available for $400,000, 80 per cent LVR.

Experts are warning that the RBA cash rates flatlining are not something to celebrate.

Pandemic-induced pressure on banking profits was driving the prediction, with half the experts on Finder’s survey bracing for rises in the first half of next year.

Economist Cameron Kusher of REA Group said RBA statements indicated “it remains reluctant to cut official interest rates”.

“On the other hand,” he said, “their forecasts would seem to indicate they remain a long way away from achieving their economic goals which would put them in a position to start increasing rates”.

Matthew Peter of QIC told the survey that “RBA has signalled that it will keep rates on hold for around three years”.

“Governor Lowe has also indicated that the RBA is highly unlikely to shift rates into negative territory. It is more probable that the RBA will lower the cash rate to 0.10 per cent if the outlook deteriorates. However, at this point, the RBA is likely to remain on hold for the foreseeable future”.

MORE REAL ESTATE NEWS

The post Don’t celebrate RBA flatlining rates, prepare for a rise: Experts appeared first on realestate.com.au.

DARWIN was the only capital city in Australia to experience an increase in home values in August, according to a new report.

Corelogic’s Hedonic Home Value Index revealed Darwin values increase by 1 per cent, followed by Canberra by 0.5 per cent and Hobart at 0.1 per cent.

Melbourne had the biggest decline by 1.2 per cent. Sydney values declined by 0.5 per cent, and Brisbane by 0.1 per cent.

MORE NT REAL ESTATE NEWS

Major gas project full of promise for Top End property market

Prime time to sell property, if the price is right

Auction app Openns up possibilities in Darwin

Darwin house values increased by 1.1 per cent to a median value of $476,143, a 4.5 per cent increase in the year to date.

Unit values rose by 0.7 per cent to a median value of $277,551, however declined by 4.6 per cent in the year to date.

LIMITED TIME: New NT News subscription offer: $1 a week for the first 12 weeks

Darwin’s rental yields also remained the strongest in the country, with houses at 5.4 per cent and units at 6.8 per cent.

raphaella.saroukos@news.com.au

The post Monthly report shows Darwin property market grew in August while Melbourne’s and Sydney’s declined appeared first on realestate.com.au.

Cindy Crawford, once the world’s highest-paid model, has proved she knows a thing or two about stunning architecture, putting the gorgeous mid-century-style home in Beverly Hills she owns with husband Rande Gerber up for sale at AU$21.6m. 

The pair bought the extensively-renovated 1959-built home back in 2017, according to realtor.com, for AU$15.7.

The outside pool area is fit for any Hollywood star. Picture: Realtor

The five-bedroom, six-bathroom, mid-century pad features a gorgeous poolside entertaining area fit for a Hollywood party, as well as multiple uber-stylish spaces inside for an A-list crowd to mingle in including gas fire, bar area and cinema room.

The mid-century home has been extensively renovated. Picture: Realtor

The home sits on around 4000sqm in the exclusive Trousdale Estates area within the iconic postcode 90210, located in the foothills of the Santa Monica mountains.

Just a few minutes from downtown Beverly Hills, the house is secluded and private with manicured outdoor spaces, which have pathways and private spots to sit and relax in.

The home features some great entertaining areas. Picture: Realtor

The average home in the area is priced just under AU$15m and it’s home to numerous Hollywood A-listers, such as Jennifer Aniston, David Spade and Simon Cowell, as well as Uber co-founder Garrett Camp amongst others. 

Kaia, Rande and Cindy back in 2019. Picture: Getty

Parents to Kaia and Presley, now both in-demand models themselves, this loved-up couple have been married for more than 22 years and are reputed to be avid golfers.

Crawford and Gerber even bought a home in a luxury golf resort in the celebrity-friendly neighbourhood of La Quinta, California last year, but this is not the only real estate they have dabbled in, selling their Malibu Beach pad for a whopping AU$60m in 2018.

The post Cindy Crawford and Rande Gerber list stylish mid-century modern home appeared first on realestate.com.au.

No. 25 Tripod Street at Concord has set the suburb high for 2020.

A luxury residence going under the hammer in one of the inner west’s most popular areas has left onlookers speechless after it sold for $1m over the reserve.

The five-bedroom home at 25 Tripod Street in Concord fetched $4.21m in dramatic scenes after 14 bidders battled on the day.

The mayhem began from the get go, with the opening bid of $3.4m already $200,000 above the reserve. From here it was rapid bidding between five parties who traded blow after blow over the next $800,000 worth of bids.

MORE: Inside Karl Stefanovic’s new waterfront mansion

Mansion with insane Swarovski chandelier to shatter record

Fall in home prices slows across Sydney

Upsizers loved the Concord home.

Belle Property Strathfield principal Norman So said the thrilling scenes meant it was impossible for the nine other bidders to have a crack.

“So many potential bidders just didn’t have a chance to bid due to the rapid fire bidding we saw,” he said.

In the end, a local family upsizing emerged as victors — paying $4.21m. The sale price is also the highest price paid for a residential property in Concord this year, according to CoreLogic.

The backyard had a swimming pool and manicured lawns.

There are three levels and around 550sqm of internal space.

Mr So said he could hardly believe the property sold for so much over the reserve.

“We genuinely expected it to sell for around $3.2m based off comparable sales, so it was a huge shock to see it go a $1m over,” he said.

“It was a perfect storm with low stock level, a great location and it being a beautiful home.”

Mr So said the shortage of stock in the market was again seeing buyers compete over the few properties for sale.

“Along with this house, there was only one other luxury property for sale in Concord, so the 14 bidders had virtual no choice,” he said.

Real Estate: 25 Tripod St, Concord

The stunning tri-level home had plenty of luxury finishes over the 550sqm of internal living including a gym/rumpus room, home office, Miele appliances and a double garage. There was also a swimming pool with water feature, manicured gardens and multiple indoor/outdoor spaces.

No. 25 Tripod Street was one of 543 properties to sell on the weekend across Sydney. This secured the city a 74 per cent clearance rate — the same as this time last year, according to CoreLogic. The inner west was one of the best performing regions, with a clearance rate of 81.4 per cent from 78 auctions.

SIGN UP FOR THE LATEST NSW REAL ESTATE NEWSLETTER

The post Luxury Concord home sets suburb high after selling for $1 million above the reserve appeared first on realestate.com.au.

Carpenter Troy Hill just bought a home in Kilsyth. Picture: Mark Stewart

Teachers can now break into prized Melbourne suburbs that had needed the annual income of a doctor, new income data reveals.

Required salaries have been slashed by as much as $150,000 for buyers looking to secure properties in blue-chip ‘burbs like Middle Park, Toorak and South Yarra.

Middle Park buyers previously had to earn $501,664 annually to meet repayments on a 4.04 per cent loan for the average house, but that’s dropped $148,318 to $343,346 amid coronavirus.

RELATED: COVID-19 housemates plan to buy a way out of share houses

Eltham house kids refused to leave sells, as virtual tours satisfy buyers

Melbourne stage four restrictions prompt sight-unseen sales

A Middle Park church conversion recently sold for more than $2m.

Buyers need a healthy stream of income to afford in Toorak.

The Finder analysis of CoreLogic data also showed that required incomes to buy a median-value house in Toorak ($611,361), Hampton ($262,505) and South Yarra ($263,196) all dropped by over $100,000 in the three months to the end of June.

Big movers that became accessible to those on less than six figures included Upper Ferntree Gully (from $155,775 to $94,364), Kingsbury ($140,992 to $96,263), Hurstbridge ($136,765 to $96,712), Sydenham ($120,448 to $82,896) and Warburton ($110,965 to $74,261).

To put it in perspective, an average house in Warburton went from about the average income of a medical specialist ($110,033) to that of an event manager ($73,480), according to Seek data.

Bucking the trend were just 15 of Melbourne’s 360 suburbs, including Waterways, where the required salary increased from $144,168 to $186,517, Oakleigh ($138,110 to $154,740) and Spotswood ($114,296 to $130,562).

Victoria’s median salary for full-time workers was $69,576, according to Australian Bureau of Statistics data to 2019.

Amy Mylius Property director Amy Mylius said conditions were more favourable for buyers than at the start of the year, but those “on the cusp of being able to afford what they want” should enter the market soon, rather than wait and risk missing out.

Julie Wilson at her Warburton property. The suburb has opened up to more buyers. Picture: David Caird

Hurstbridge was also more affordable.

She labelled Highett, Coburg, Rosanna and Geelong West as suburbs offering good value to buyers.

Carpenter Troy Hill recently bought his first home in Kilsyth, where the $686,500 median house price is accessible to a buyer earning $94,847 annually.

The 28-year-old said being a sole trader made it harder to get approval for a loan during the pandemic.

Troy Hill at the Kilsyth home he recently purchased. Picture: Mark Stewart

Liz Byrne at her home in Spotswood, one of the few suburbs to increase in value. Picture: Mark Stewart

“Getting the actual home loan became a lot harder the further we got into COVID-19,” Mr Hill said. “I got pre-approval initially, but that was void when COVID came in.”

Finder insights manager Graham Cooke said many suburbs were now within reach for more buyers.

“The door is open for lower- and middle-income buyers – with the combination of lower rates and cheaper prices, now is the time to be looking,” Mr Cooke said.

The Finder analysis assumed a purchaser bought a median-priced property, obtained an average home loan rate of 4.04 per cent, and contributed a 20 per cent deposit. It capped loan repayments at 30 per cent of a buyer’s income — a common stress test used by banks.

Realestate.com.au chief economist Nerida Conisbee said government incentives were also providing buyers with a boost.

“Every announcement has been followed by a spike in inquiry levels, it is getting more buyers into the market,” she said.

Biggest reductions in required salaries over the past three months (houses)

Middle Park, required salary: $353,346, down $148,318 from $501,664 three months ago

Toorak, $611,361, down $130,313 from $741,673

Hampton, $262,505, down $108,219 from $370,724

South Yarra, $263,196, down $107,228 from $370,424

Elsternwick, $276,480, down $98,485 from $374,965

Camberwell, $300,499, down $86,885 from $387,384

Carlton North, $227,965, down $86,610 from $314,575

Caulfield South, $216,221, down $85,626 from $301,847

Glen Iris, $279,084, down $84,307 from $363,391

Armadale, $352,309, down $81,592 from $433,902

Biggest increases in required salaries over the past three months (houses)

Waterways, required salary: $186,517, up $42,349 from $144,168 three months ago

Oakleigh, $154,740, up $16,630 from $138,110

Spotswood, $130,562, up $16,265 from $114,296

Seville, $91,911, up $15,319 from $76,593

Balnarring $117,436, up $14,630 from $102,806

Werribee South, $84,554, up $14,092 from $70,462

Wattle Glen, $110,528, up $11,111 from $99,417

Strathulloh, $71,153, up $7,153 from $64,000

Eumemmerring, $73,294, up $6,663 from $66,631

Coldstream, $89,183, up $6,606 from $82,577

READ MORE: Ballarat’s most expensive sales dominated by Lake Wendouree houses

Regional Victoria building boom as Melburnians look outside capital

The Block 2020 episode 3 recap: Scott and Shelley pour cold water on plaster plans

jack.boronovskis@news.com.au

@jackboronovskis

The post Melbourne suburbs where salary required for property has fallen appeared first on realestate.com.au.