Real Estate & Property Market News

Rapidly rising property prices have reduced the number of homes eligible for the First Home Loan Deposit Scheme, which is set to be expanded in this year's federal budget.

At that level it is the highest house result outside Point Piper, where there have been three sales in recent weeks for more than $37 million.

The sunshine state is known for its golden beaches and far-north rainforests. Beautiful as they are, these well-worn tourist attractions often overshadow the quieter achievers.

No. 57 Vaughan Drive last sold in 2015 for $3.6 million, which also held the previous suburb record, Allhomes understands.

Although some parts of the Sydney market – including waterside – are still running hot, results in others are showing signs of cooling, agents say.

Owned by the same family since 1952, the house sold for $385,000 above the reserve thanks to a single strategic bid.

Weekend auction options were plentiful for buyers, and they splashed the highest sums under the hammer for six months, including on a ramshackle cottage that drew a rockstar turnout.

Have you been saving an extra $1585 a week? That's how much you need to have been putting away this year to keep up with the market – and maintain the 20 per cent deposit you saved last year.

As house prices spiral, there's a push to create small villages of tiny homes to help young people, retirees on fixed incomes and those in need of cheaper housing. But would it make the problem worse?

Bushfire survivors in Victoria and NSW are being forced to wait for up to two years to rebuild the homes they lost as the property boom fuels a massive shortfall in builders and building supplies.