Regional Growth Outstrips Capital Cities
While Sydney and Melbourne slows, the regions forge ahead.
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The ascent of Australian housing values is slowing, with the CoreLogic Hedonic Home Value Index showing a 1% rise in December 2021, following a 1.3% lift in November.
The softening monthly growth rate — which was as high as 2.8% in March 2021 — is an indication of mixed results across Australian capital cities and regional Australia.
Brisbane, Adelaide and regional Queensland are the only locales where value growth hasn’t slowed.
Brisbane recorded a 2.9% jump in housing values to hold a median dwelling value of $683,552, while Adelaide grew 2.6% month-on-month with a median dwelling value of $569,882.
By comparison, Melbourne saw housing values dip 0.1% in the last month of 2021 while Sydney only recorded a 0.3% rise.
Sydney’s median dwelling value is now $1.098 million — Melbourne’s sits at $795,108.
Away from the capital cities, housing values across regional Australia rose 2.2% in December 2021 — the highest in nine months.
Housing values across regional Australia have lifted 32%, compared to the 20% jump across the combined capitals. The strongest regional markets are found in NSW (29.8%) and Tasmania (29.5%).
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Former Google CEO Eric Schmidt is selling his Northern California estate, which was listed Monday for $24.5 million.
Located in Atherton, an extremely affluent town northwest of Palo Alto and about 30 miles south of San Francisco, the 3.36-acre property is made up of three parcels that Schmidt acquired over the years, according to public records and Compass, who has the listing.
Schmidt, 69, and his wife, businesswoman Wendy Schmidt, purchased the main home in 1990 for $2 million, according to public records accessed via PropertyShark. They remodelled the 1969 home in 2007, and at that time, bought a neighbouring parcel of land, allowing an expansion of the main house and the addition of a guest house, according to Compass, who holds the listing. A third parcel was later acquired, on which the Schmidts added an English garden house and landscaped grounds overlooking the Eastern Hills.
“Finding three contiguous parcels in Atherton is rare. Even rarer are those with views of the Eastern hills,” said listing agent Katharine Carroll of the reSolve Group at Compass. “The location of this residence is ultra private, at the back of a cul-de-sac with the main house built into a hillside that provides privacy and very good security.”
Across the estate, there are five bedrooms, five full bathrooms and six half bathrooms.
The 5,265-square-foot main house also offers a number of private outdoor spaces on its upper level, including a large terrace off the primary suite, another large terrace off a secondary bedroom, plus a third smaller terrace and two balconies.
Behind the main house is a patio with a pool and spa. For even more outdoor space, there’s an entertaining pavilion, an open lawn and an outdoor fireplace area near the guest quarters.
The grounds themselves are also a standout feature, with an array of mature plants and specimen trees. The upper portion of the property’s landscaping is designed around an Amdega-designed conservatory, which was imported from the U.K. Around the greenhouse, there is a garden of raised beds and fruit trees, Carroll said.
“From the moment you step onto the grounds, it feels as if you’ve been transported to a private botanical sanctuary,” she said.
Schmidt served as Google’s CEO from 2001 to 2011, and then became the company’s executive chairman until 2015. He could not be reached for comment.
This article first appeared on Mansion Global
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