Sydney Housing Boom May Be Over
Sydney house values fell in February for the first time since October 2020.
Sydney house values fell in February for the first time since October 2020.
Sydney house values fell 0.1% in February, marking the first monthly decline since September 2020 according to the latest data from CoreLogic.
Melbourne’s values also stagnated over the month following on from similarly dour results in December and January with mortgage rate hikes, rising listings and poor affordability takings its toll on the market.
According to Time Lawless, CoreLogic’s director of research, the February home value index showed capital city and broad regions recorded a slowing trend in price growth.
“Sydney’s price drop is a pretty stark reminder that the boom in Sydney is over, and potentially we are looking at a marketplace now that is levelling out, potentially even moving into its downward phase earlier than what we expected,” he said.
“This could be the start of price falls,” Mr Lawless added.
Across the nation, housing values rose by 0.6% — the lowest monthly growth rate since October 2020 and is down from 1.1% in January and a cyclical peak of 2.8% in March 2021.
While smaller capitals continued to power ahead with Brisbane and Adelaide marking 1.8% growth and 1.5% respectively their growth rates have also been tempered.
In February, Brisbane recorded a 2.3% lift while Adelaide added 2.2%. Elsewhere, Canberra slowed to 0.45 and Hobart by 1.2%, Perth by 0.3% and Darwin by 0.4%.
According to Mr Lawless, the smaller markets have been resilient to the slowing conditions but now we’re seeing it affect the market.
“I’m quite certain that Brisbane and Adelaide will continue to be the standout performers across the capitals, but they’re not immune to a slowdown on the back of higher mortgage rates and worsening sentiment.”
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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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