Elizabeth Redman

The billionaires are tipped to knock down the existing houses and rebuild their dream home on the site.

Two of the homes from the reality renovation TV show are still for sale almost two weeks after the auctions, and may take time to sell.

The gap is relatively strong in historical terms as buyers make enquiries, turn up at open homes and compete at auction.

Despite a recent uptick in house prices across Melbourne, some suburbs have experienced six-figure falls of as much as $700,000.

Tree-changers, locals and investors armed with interest rate cuts are pushing up property prices beyond Sydney.

Melbourne property owners sell within a decade on average, but in some sought-after areas, they stay twice as long.

The Visy heiress and her then-husband Alex Waislitz bought the home in 2000, but it was recently transferred into her name.

About seven in 10 homes for sale by auction found buyers in September, but experts warn the upbeat figures are masking underlying caution.

Property prices broadly have been rising this year as rate cuts pushed up buyer budgets, but not in every neighbourhood.

Landlords are asking record high rents for the city’s typical unit, at $25 a week more than this time last year.