Australian Regional Home Demand Depletes
Data suggests the want for a pandemic-fuelled change of scenery is diminishing.
< 1 min
In the midst of the first wave of COVID across Australia’s capital cities, reports of rising regional property demand emerged, with a number of city-dwellers looking to the regions for a socially distanced slice of life.
However, the latest report by CoreLogic shows that prices in the regions are growing at a slower pace since the start of 2021 – especially when compared to the capital cities.
From January to August house pieces in regional NSW grew by 15.5% – compared to Sydney’s 22.5% rise according to CoreLogic’s Data.
Queensland saw similar results with house prices rising 15.6% regionally, and 16.8% in Brisbane.
In South Australia, regional houses grew 9.8% compared to Adelaide’s 14.4% gain.
Victoria bucked the trend, with Melbourne recording a slightly lower growth rate of 14.9% compared to the 15.9% growth in regional Victoria.
Since the end of January, house values across the combined capitals have risen by 16.8% higher while regional house values were up by 14.7%.
Where regional growth has slowed the most include Warrnambool, Victoria – where house price gains had slowed by 6% to 3.7% in the three months to August – and Shepparton, Victoria – which slowed 5.5% to 2.4% during the same period.
NSW saw its central coast region drop by 4.3% to 7.1% – still a robust growth rate.
Before easing trends emerged, regional house values had recorded consistently higher rates of capital gain than the capitals since April 2020.
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
The harbourfront estate has views of the Sydney Opera House and can entertain up to 500 guests
2 min
A Sydney waterfront mansion that has just hit the market could set a countrywide price record as the first home to sell for A$200 million (US$129.77 million).
Located in the affluent suburb of Point Piper, the sprawling home sits on a lot that’s equivalent to “four normal housing blocks” and features 98 meters (321.5 feet) of water frontage along the harbor, according to an announcement on Wednesday from Ken Jacobs, director of Australia Pacific of Forbes Global Properties, who has the listing in association with real estate agent Brad Pillinger.
“The estate is Australia’s most iconic residence and ranks amongst the best in the world, combining both privacy and space, exuding elegance and comfort, while featuring gun-barrel views of the Sydney Opera House and the Harbour Bridge,” Jacobs said in a statement.
The residence is expected to sell for A$200 million or more, Pillinger added. “There is no comparable property in Australia.”
The home, named Wingadal, as it’s located on Wingadal Place, was built for Aussie Home Loans founder John Symond, who purchased the property in 1999. It took eight years to complete the mansion, which was designed by architect Alec Tzannes, according to the listing agency.
“Wingadal is a highlight of my career in residential design and architecture,” Tzannes said. “The timeless design on the Point Piper peninsula offers a unique appreciation of Sydney Harbour from a variety of angles, rotating around an axis that lines up perfectly with the Sydney Harbour Bridge.”
The colossal home has enough internal space to entertain up to 500 people, and underground parking provides space for 20 cars, plus eight more can fit inside the garage.
The four-level home has four bedrooms as well as a two-bedroom apartment. There’s also a 2,500-bottle wine cellar, a home theater that seats 22, two commercial kitchens and a swimming pool.
“Wingadal has been a special home for my family over the past two decades, and now I’m looking forward to spending more time traveling overseas,” Symond said in a statement. “While being an exceptional family home, we have also enjoyed hosting many important events for charities and other worthwhile causes.”
This is not the first time Symond has tried to sell his waterfront estate. In 2016, he listed the home in hopes of selling it for at least A$100 million, which would’ve been a price record for the country at that time Mansion Global reported . The current benchmark was set in 2022, when a baronial-style estate, also in Point Piper, sold for A$130 million, according to The Sydney Morning Herald .
Consumers are going to gravitate toward applications powered by the buzzy new technology, analyst Michael Wolf predicts
This stylish family home combines a classic palette and finishes with a flexible floorplan
