House Prices Fall Across 40% Of Sydney
The market is feeling the effect of a slowdown.
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The first three months of the year has seen dwelling values drop in nearly two of five Sydney suburbs, while almost half of all Melbourne suburbs analysed posted value declines according to data from CoreLogic.
The market downturn appears to be gathering pace with 917 Sydney suburbs analysed and 354 recording a fall in median dwelling values. House prices in 189 Sydney suburbs slumped while 165 unit markets weakened during the same period.
Melbourne saw dwelling values across 303 suburbs drop during the same 3-month period — 154 house and 149 unit markets positing price falls.
According to Eliza Own, CoreLogic’s head of research, the largest price decrases were found in some of the most affluent parts of Sydney and Melbourne.
Areas such as Beaconsfield, Newtown and Camperdown notched up some of the sharpest house price falls, 7.2%, 5.8% and 5.7% respectively.
In Melbourne, Cremorne posted the largest house price decline of 6.4%, followed by South Yarra (-4.8%) and Toorak (-4.4%).
“High-end and inner-city areas are emerging as the first suburbs to experience this shift in market conditions,” Ms Owen said.
“It is likely that slightly tighter lending conditions and higher average fixed rates are hitting the very top of housing markets first.
Interestingly, this trend isn’t Australia wide with Brisbane posting a rise in median values across all 337 house markets analysed while only one out of the 171 unit markets posting a decline.
So too in Adelaide, where all 314 house markets in the analysis saw price increases and only two from the 105 unit markets saw a drop in values.
Elsewhere, Canberra saw dwelling values in seven out of 134 house and unit markets analysed record price decline while six from 55 house and unit markets In Hobart posted a drop.
Perth saw 13.4% of all suburbs analysed record a decline while 18% of the market logged value declines in Darwin.
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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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