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A 25-year-old man purchased a two-story house with a beautiful garden for over $300,000 referring to the early 1990s. Key points: Parts of Queensland saw property prices rise in July, contrary to national trends The Regional Australia Institute says housing affordability will keep much of Queensland more insulated from falling property prices than the city The Gold Coast and Sunshine Coast markets are the exception, registering accelerated declines in recent months But in outback Queensland towns like Longreach, it’s the norm. The Reserve Bank of Australia yesterday raised interest rates for the fourth month in a row, but Longreach resident Ben Galea said he was not stressed. “When it came time for my fixed rate to change … I didn’t have to change my lifestyle,” Galea said. “It’s a great city. It’s bustling. There’s a lot of young people here. There’s a lot to do, a lot of sports. It’s brilliant. “There are things we don’t have here. It takes money to fly back to shore. You don’t see f

Sydney’s picturesque seaside manor owned by F45 co-founder Adam Gilchrist will be hammered after the Australian fitness giant’s stunning fall. Gilchrist (not a cricketer), who stepped down as chief executive of F45 last week amid plummeting shares and company-wide layoffs, is selling his “waterfront trophy house” at Freshwater on Sydney’s north coast. The house, 52 Ocean View Rd, rose to prominence in 2018 when Gilchrist and his wife Eli purchased the property for $14 million due to a minor dispute with neighbors. Camera Icon F45 co-founder Adam Gilchrist will auction his home in northern Sydney. Clarke & Humel Credit: provided The couple had purchased a three-bedroom cottage at 50 Ocean View Rd for $5.4 million in 2017 and plan to spend $2.5 million developing the property. But neighbors complained that it didn’t match the building’s height or control limits, which led Gilchrist to take the extraordinary step of withdrawing his proposal and settling the issue by buying his ne

Sydney’s picturesque seaside manor owned by F45 co-founder Adam Gilchrist will be hammered after the Australian fitness giant’s stunning fall. Gilchrist (not a cricketer), who stepped down as chief executive of F45 last week amid plummeting shares and company-wide layoffs, is selling his “waterfront trophy house” at Freshwater on Sydney’s north coast. The house, 52 Ocean View Rd, rose to prominence in 2018 when Gilchrist and his wife Eli purchased the property for $14 million due to a minor dispute with neighbors. Camera Icon F45 co-founder Adam Gilchrist is selling his beautiful home on Sydney’s north coast. Clarke & Humel Credit: provided The couple had purchased a three-bedroom cottage at 50 Ocean View Rd for $5.4 million in 2017 and plan to spend $2.5 million developing the property. But neighbors complained that it didn’t match the building’s height or control limits, which led Gilchrist to take the extraordinary step of withdrawing his proposal and settling the issue by

Property prices across the country are expected to fall by another 5 percent before the year ends, a new report estimates. A mid-year report by market analyst PropTrack predicts average property prices nationwide will fall between 2 percent and 5 percent by the end of December. By the end of next year, they are expected to fall even further, potentially by as much as another 10 percent. Watch the latest News on Channel 7 or stream for free on 7plus >> Cameron Kusher, director of economic research and author of the PropTrack report, said the research highlights a rapidly changing housing market. “While there are already signs that the pace of price growth slowed earlier this year, we do not expect interest rates to rise until early 2023,” he said. “Since the inflation outbreak, which resulted in the Reserve Bank (RBA) raising interest rates in each of the three months through July 2022.” Property prices across the country are expected to fall by another 5 percent before the year

Sarah Keating is in a race to find a rental property before her two-year-old son grows out of bed. Key points: Rental prices in several of Melbourne’s outer southeast suburbs have seen strong growth in the past year A real estate agent says landlords are raising rents because of concerns about rising interest rates Proponents fear vulnerable people will be increasingly locked out of the rental market The 21-year-old single mother currently lives with relatives in the southeast outside Melbourne. He shared a room with Ryder’s son, but soon the two of them wouldn’t fit. “I’m trying to find a bigger place to start our life and our family’s life so he has his own room, I have his own room,” he said. “I just can’t find it anywhere. “My son can’t sleep in my bed every night with me. He needs his own bed.” Ms Keating said she had been looking for a two-bedroom place in Melbourne’s outer southeast – suburbs such as Dandenong, Pakenham, Officer, Beaconsfield, Noble Park and Clyde – for about si

Australia’s rental crisis has hit another record, as tenants complain of up to 22 per cent rise in weekly payments. Domain on Thursday revealed, across Australian capital cities, median weekly rent payments are $515 for a house and $460 for a unit. That’s an increase from $460 and $410 respectively at the same time last year. Watch the latest News on Channel 7 or stream for free on 7plus >> The lack of supply in the market has contributed to rising rents, along with successive rate hikes by the Reserve Bank of Australia. The tenant bears the costs. In this week’s Reddit thread, tenants said they had been hit by increases of more than 20 percent in some cases. Someone said while they expected rents to increase, they were surprised when it jumped from $220 per week to $270 – a 22 percent increase. Others say their rents have gone up from $620 per week to $680 – but they are pragmatic about those increases. “To be honest I’m glad I got a rent increase on the first rate hike,” said

With seven bedrooms and space for 14 cars, an upscale Townsville property has hit the market, but anyone moving will also call Australia’s first medical institution home. There are currently two modern kitchens and five bathrooms – one with a spa bath – but the property was originally built to study tropical diseases such as malaria and dengue fever in the early 1900s. The facility opened in 1913 before services were moved to Sydney in 1930. ( Provided: JCU ) James Cook University professor of public health and tropical medicine, Peter Leggat, spent 20 years working at the property known as the Australian Institute of Tropical Medicine. “It was the first medical institute in Australia, beating all the others in the whole of Australia … it was the first robbery … and it was amazing to set up in Townsville,” he said. This property has a kitchen on each level and two laundries. ( Provided: realestate.com.au ) Professor Leggat says the building’s constant need for improvement is far remo

Australian mortgage holders already battling the cost of living crisis should seek an additional $434 before Christmas on forecasts of further rate hikes. The Reserve Bank of Australia this week raised interest rates by 0.5 percent, the third straight increase. Check out the full story in the video above Watch the latest News on Channel 7 or stream for free on 7plus >> This brings the official cash rate to 1.35 percent, with warnings of more gains on the horizon. Australia’s biggest lender, Commonwealth Bank, predicts another 0.75 percent increase over the rest of the year. Australia’s biggest lender, Commonwealth Bank, expects another 0.75 percent increase over the rest of the year. Credit: PICTURE CommSec Chief Economist Craig James said it would come in three separate gains of 0.25 percent. “Reserve Bank has not finished raising interest rates,” he said. “We can expect further rate hikes in the coming months. This is the most aggressive a Reserve Bank has ever done – we’