diff --git a/.changeset/pre.json b/.changeset/pre.json
index 5826fb7f66..746638d45f 100644
--- a/.changeset/pre.json
+++ b/.changeset/pre.json
@@ -385,10 +385,12 @@
     "nasty-mayflies-smoke",
     "nasty-yaks-peel",
     "neat-boats-shake",
+    "neat-boxes-chew",
     "neat-dingos-clap",
     "neat-files-rescue",
     "neat-jokes-beam",
     "nervous-berries-boil",
+    "nervous-dolphins-allow",
     "nervous-ducks-repeat",
     "nervous-spoons-relax",
     "nervous-turkeys-end",
@@ -645,6 +647,7 @@
     "ten-worms-reflect",
     "tender-lemons-judge",
     "tender-rocks-walk",
+    "tender-suns-love",
     "thick-cycles-rule",
     "thick-pans-tell",
     "thick-shirts-deliver",
@@ -695,6 +698,7 @@
     "two-dogs-accept",
     "two-dragons-yell",
     "two-falcons-buy",
+    "two-keys-watch",
     "unlucky-boxes-obey",
     "unlucky-steaks-warn",
     "unlucky-trees-lick",
diff --git a/.changeset/small-planets-destroy.md b/.changeset/small-planets-destroy.md
new file mode 100644
index 0000000000..03a0b1bcea
--- /dev/null
+++ b/.changeset/small-planets-destroy.md
@@ -0,0 +1,5 @@
+---
+'svelte': patch
+---
+
+fix: update original source in HMR update
diff --git a/.changeset/tender-suns-love.md b/.changeset/tender-suns-love.md
new file mode 100644
index 0000000000..d4f4174da8
--- /dev/null
+++ b/.changeset/tender-suns-love.md
@@ -0,0 +1,5 @@
+---
+'svelte': patch
+---
+
+fix: correctly set filename on HMR wrappers
diff --git a/.changeset/two-keys-watch.md b/.changeset/two-keys-watch.md
new file mode 100644
index 0000000000..92a455e07b
--- /dev/null
+++ b/.changeset/two-keys-watch.md
@@ -0,0 +1,5 @@
+---
+'svelte': patch
+---
+
+fix: only emit binding_property_non_reactive warning in runes mode
diff --git a/packages/svelte/CHANGELOG.md b/packages/svelte/CHANGELOG.md
index b67d217c81..2e3f050a43 100644
--- a/packages/svelte/CHANGELOG.md
+++ b/packages/svelte/CHANGELOG.md
@@ -1,5 +1,17 @@
 # svelte
 
+## 5.0.0-next.194
+
+### Patch Changes
+
+- fix: bail-out of hydrating head if no anchor is found ([#12541](https://github.com/sveltejs/svelte/pull/12541))
+
+- chore: add warning for invalid render function of createRawSnippet ([#12535](https://github.com/sveltejs/svelte/pull/12535))
+
+- fix: correctly set filename on HMR wrappers ([#12543](https://github.com/sveltejs/svelte/pull/12543))
+
+- fix: only emit binding_property_non_reactive warning in runes mode ([#12544](https://github.com/sveltejs/svelte/pull/12544))
+
 ## 5.0.0-next.193
 
 ### Patch Changes
diff --git a/packages/svelte/package.json b/packages/svelte/package.json
index 5067c4ad51..5efa601433 100644
--- a/packages/svelte/package.json
+++ b/packages/svelte/package.json
@@ -2,7 +2,7 @@
   "name": "svelte",
   "description": "Cybernetically enhanced web apps",
   "license": "MIT",
-  "version": "5.0.0-next.193",
+  "version": "5.0.0-next.194",
   "type": "module",
   "types": "./types/index.d.ts",
   "engines": {
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/transform-client.js b/packages/svelte/src/compiler/phases/3-transform/client/transform-client.js
index 0ef05eeac0..7733871ad4 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/transform-client.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/transform-client.js
@@ -417,8 +417,19 @@ export function client_component(source, analysis, options) {
 	);
 
 	if (options.hmr) {
+		const id = b.id(analysis.name);
+		const HMR = b.id('$.HMR');
+
+		const existing = b.member(id, HMR, true);
+		const incoming = b.member(b.id('module.default'), HMR, true);
+
 		const accept_fn_body = [
-			b.stmt(b.call('$.set', b.id('s'), b.member(b.id('module.default'), b.id('$.ORIGINAL'), true)))
+			b.stmt(
+				b.assignment('=', b.member(incoming, b.id('source')), b.member(existing, b.id('source')))
+			),
+			b.stmt(
+				b.call('$.set', b.member(existing, b.id('source')), b.member(incoming, b.id('original')))
+			)
 		];
 
 		if (analysis.css.hash) {
@@ -438,20 +449,10 @@ export function client_component(source, analysis, options) {
 		}
 
 		const hmr = b.block([
-			b.const(b.id('s'), b.call('$.source', b.id(analysis.name))),
-			b.const(b.id('filename'), b.member(b.id(analysis.name), b.id('filename'))),
-			b.const(b.id('$$original'), b.id(analysis.name)),
-			b.stmt(b.assignment('=', b.id(analysis.name), b.call('$.hmr', b.id('s')))),
-			b.stmt(b.assignment('=', b.member(b.id(analysis.name), b.id('filename')), b.id('filename'))),
-			// Assign the original component to the wrapper so we can use it on hot reload patching,
-			// else we would call the HMR function two times
 			b.stmt(
-				b.assignment(
-					'=',
-					b.member(b.id(analysis.name), b.id('$.ORIGINAL'), true),
-					b.id('$$original')
-				)
+				b.assignment('=', id, b.call('$.hmr', id, b.thunk(b.member(existing, b.id('source')))))
 			),
+
 			b.stmt(b.call('import.meta.hot.accept', b.arrow([b.id('module')], b.block(accept_fn_body))))
 		]);
 
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/visitors/template.js b/packages/svelte/src/compiler/phases/3-transform/client/visitors/template.js
index 4683a945bd..84c0ad0ed5 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/visitors/template.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/visitors/template.js
@@ -780,7 +780,11 @@ function serialize_inline_component(node, component_name, context, anchor = cont
 		} else if (attribute.type === 'BindDirective') {
 			const expression = /** @type {Expression} */ (context.visit(attribute.expression));
 
-			if (expression.type === 'MemberExpression' && context.state.options.dev) {
+			if (
+				expression.type === 'MemberExpression' &&
+				context.state.options.dev &&
+				context.state.analysis.runes
+			) {
 				context.state.init.push(serialize_validate_binding(context.state, attribute, expression));
 			}
 
@@ -2826,7 +2830,11 @@ export const template_visitors = {
 		const { state, path, visit } = context;
 		const expression = node.expression;
 
-		if (expression.type === 'MemberExpression' && context.state.options.dev) {
+		if (
+			expression.type === 'MemberExpression' &&
+			context.state.options.dev &&
+			context.state.analysis.runes
+		) {
 			context.state.init.push(
 				serialize_validate_binding(
 					context.state,
diff --git a/packages/svelte/src/constants.js b/packages/svelte/src/constants.js
index f6adc94f50..061e6e2eb8 100644
--- a/packages/svelte/src/constants.js
+++ b/packages/svelte/src/constants.js
@@ -32,7 +32,7 @@ export const UNINITIALIZED = Symbol();
 
 // Dev-time component properties
 export const FILENAME = Symbol('filename');
-export const ORIGINAL = Symbol('original');
+export const HMR = Symbol('hmr');
 
 /** List of elements that require raw contents and should not have SSR comments put in them */
 export const RawTextElements = ['textarea', 'script', 'style', 'title'];
diff --git a/packages/svelte/src/internal/client/dev/hmr.js b/packages/svelte/src/internal/client/dev/hmr.js
index 050901cd7c..0b511ee841 100644
--- a/packages/svelte/src/internal/client/dev/hmr.js
+++ b/packages/svelte/src/internal/client/dev/hmr.js
@@ -1,19 +1,22 @@
 /** @import { Source, Effect } from '#client' */
+import { FILENAME, HMR } from '../../../constants.js';
 import { EFFECT_TRANSPARENT } from '../constants.js';
 import { block, branch, destroy_effect } from '../reactivity/effects.js';
+import { source } from '../reactivity/sources.js';
 import { set_should_intro } from '../render.js';
 import { get } from '../runtime.js';
 
 /**
  * @template {(anchor: Comment, props: any) => any} Component
- * @param {Source<Component>} source
+ * @param {Component} original
+ * @param {() => Source<Component>} get_source
  */
-export function hmr(source) {
+export function hmr(original, get_source) {
 	/**
 	 * @param {Comment} anchor
 	 * @param {any} props
 	 */
-	return function (anchor, props) {
+	function wrapper(anchor, props) {
 		let instance = {};
 
 		/** @type {Effect} */
@@ -22,6 +25,7 @@ export function hmr(source) {
 		let ran = false;
 
 		block(() => {
+			const source = get_source();
 			const component = get(source);
 
 			if (effect) {
@@ -50,5 +54,20 @@ export function hmr(source) {
 		ran = true;
 
 		return instance;
+	}
+
+	// @ts-expect-error
+	wrapper[FILENAME] = original[FILENAME];
+
+	// @ts-expect-error
+	wrapper[HMR] = {
+		// When we accept an update, we set the original source to the new component
+		original,
+		// The `get_source` parameter reads `wrapper[HMR].source`, but in the `accept`
+		// function we always replace it with `previous[HMR].source`, which in practice
+		// means we only ever update the original
+		source: source(original)
 	};
+
+	return wrapper;
 }
diff --git a/packages/svelte/src/internal/client/index.js b/packages/svelte/src/internal/client/index.js
index 1489d30df0..4150620999 100644
--- a/packages/svelte/src/internal/client/index.js
+++ b/packages/svelte/src/internal/client/index.js
@@ -1,4 +1,4 @@
-export { FILENAME, ORIGINAL } from '../../constants.js';
+export { FILENAME, HMR } from '../../constants.js';
 export { add_locations } from './dev/elements.js';
 export { hmr } from './dev/hmr.js';
 export {
diff --git a/packages/svelte/src/internal/server/index.js b/packages/svelte/src/internal/server/index.js
index 6300924ab2..593ddac548 100644
--- a/packages/svelte/src/internal/server/index.js
+++ b/packages/svelte/src/internal/server/index.js
@@ -1,6 +1,6 @@
 /** @import { Component, Payload, RenderOutput } from '#server' */
 /** @import { Store } from '#shared' */
-export { FILENAME, ORIGINAL } from '../../constants.js';
+export { FILENAME, HMR } from '../../constants.js';
 import { is_promise, noop } from '../shared/utils.js';
 import { subscribe_to_store } from '../../store/utils.js';
 import {
diff --git a/packages/svelte/src/version.js b/packages/svelte/src/version.js
index b947c0ce3f..fbd6debffa 100644
--- a/packages/svelte/src/version.js
+++ b/packages/svelte/src/version.js
@@ -6,5 +6,5 @@
  * https://svelte.dev/docs/svelte-compiler#svelte-version
  * @type {string}
  */
-export const VERSION = '5.0.0-next.193';
+export const VERSION = '5.0.0-next.194';
 export const PUBLIC_VERSION = '5';
diff --git a/packages/svelte/tests/runtime-legacy/samples/binding-member-expression-no-warning/_config.js b/packages/svelte/tests/runtime-legacy/samples/binding-member-expression-no-warning/_config.js
new file mode 100644
index 0000000000..e99efacba8
--- /dev/null
+++ b/packages/svelte/tests/runtime-legacy/samples/binding-member-expression-no-warning/_config.js
@@ -0,0 +1,23 @@
+import { flushSync } from 'svelte';
+import { ok, test } from '../../test';
+
+export default test({
+	compileOptions: {
+		dev: true
+	},
+
+	test({ assert, target, window }) {
+		assert.htmlEqual(target.innerHTML, `<input><p>hello</p>`);
+
+		const input = target.querySelector('input');
+		ok(input);
+
+		input.value = 'goodbye';
+		input.dispatchEvent(new window.Event('input'));
+
+		flushSync();
+		assert.htmlEqual(target.innerHTML, `<input><p>goodbye</p>`);
+	},
+
+	warnings: []
+});
diff --git a/packages/svelte/tests/runtime-legacy/samples/binding-member-expression-no-warning/main.svelte b/packages/svelte/tests/runtime-legacy/samples/binding-member-expression-no-warning/main.svelte
new file mode 100644
index 0000000000..5277309402
--- /dev/null
+++ b/packages/svelte/tests/runtime-legacy/samples/binding-member-expression-no-warning/main.svelte
@@ -0,0 +1,6 @@
+<script>
+	let object = { value: 'hello' };
+</script>
+
+<input bind:value={object.value} />
+<p>{object.value}</p>
diff --git a/packages/svelte/tests/snapshot/samples/hmr/_expected/client/index.svelte.js b/packages/svelte/tests/snapshot/samples/hmr/_expected/client/index.svelte.js
index 44600907c1..01daada7ac 100644
--- a/packages/svelte/tests/snapshot/samples/hmr/_expected/client/index.svelte.js
+++ b/packages/svelte/tests/snapshot/samples/hmr/_expected/client/index.svelte.js
@@ -10,16 +10,11 @@ function Hmr($$anchor) {
 }
 
 if (import.meta.hot) {
-	const s = $.source(Hmr);
-	const filename = Hmr.filename;
-	const $$original = Hmr;
-
-	Hmr = $.hmr(s);
-	Hmr.filename = filename;
-	Hmr[$.ORIGINAL] = $$original;
+	Hmr = $.hmr(Hmr, () => Hmr[$.HMR].source);
 
 	import.meta.hot.accept((module) => {
-		$.set(s, module.default[$.ORIGINAL]);
+		module.default[$.HMR].source = Hmr[$.HMR].source;
+		$.set(Hmr[$.HMR].source, module.default[$.HMR].original);
 	});
 }