Auction clearance rates rose strongly last week following the federal election, led by far stronger performances from the Sydney and Melbourne markets.According to data from CoreLogic, median home prices in Sydney and Melbourne also increased last week.The federal election result, along with likely rate cuts from the RBA and an easing in lending standards from APRA, may have contributed to the recent improvement in conditions in Australia’s largest and most expensive housing markets.Further housing-related data in the period ahead will help to determine whether a turning point for the property market is currently underway. Auction clearance rates rose strongly last week following the federal election, led by far stronger performances from the Sydney and Melbourne markets. Prices in both major cities also increased, bucking the trend seen for well over a year. According to CoreLogic, Australia’s preliminary combined capitals clearance rate jumped to 62.6%, a sharp improvement on the 57.0% level...

Deep-pocketed buyers on the hunt for prestigious real estate in Melbourne could splash $2 million on a family home in Brighton — or they could sign the deed to a one-bedroom inner-city flat for around the same price. Melbourne’s most expensive one-bedroom apartment has hit the market, set to clock a price record if it sells near its guide of $1.8 million. But for anyone shocked by such a pricetag hanging from a one-bedroom flat, it is worth noting the listing follows a Sydney one-bedder with just a sliding door to the bedroom – essentially a studio apartment – that was recently asking $2.1 million north of the border. The one bedroom in what could be Melbourne's most expensive one-bedroom flat. Photo: Caine Real Estate Found in East Melbourne’s exclusive “tower of power”, the 104-square metre one-bedder faces the historic Fitzroy Gardens. Agent Paul Caineof Caine Real Estate compared the listing to that of an...

A glamorous hotel, high-end apartments and rooftop pool are on the cards for Collingwood, marking a major turnaround for a suburb once known for its drug culture. Collingwood could soon have its first major hotel, cementing a turnaround for a suburb once known for its drug culture. One of Melbourne’s most outspoken developers, Tim Gurner, is planning to build a 95-room hotel on Johnston St in the inner-northern suburb known for its street art and cafe culture. The 4.5-star hotel — to be joined by 65 high-end apartments with prices ranging from $500,000 to $4.9 million — is believed to be a first for the suburb. The planned apartments. Source:Supplied The $120 million project will feature a bar, rooftop pool, valet-parking and a porte-cochere entry. The suburb has come a long way since the 1990s when Smith St — around the corner from the proposed development — was known as...