Sydney house prices are down, but not out, new data reveals
Australia’s most expensive city feels the impact of successive rate rises, but it’s not alone as prices trend downwards around the capitals
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Sydney house prices have fallen more than 10 percent since February this year, CoreLogic reports.
The property data service revealed that Sydney home values are down -10.1 percent, or $116,500. Research director for CoreLogic, Tim Lawless said as Australia’s most expensive capital city, it was ‘unsurprising’ that Sydney had experienced the greatest decline following six consecutive rate rises and record low affordability this year.
“Although Sydney’s housing values were already in decline when the rate hiking cycle began, the pace of decline accelerated sharply following the first interest rate increase in May,” he said.
“Sydney values are now down –9.5 percent since 3 May, and -10.1 percent since peaking on 13 February this year.”
Melbourne property prices have also fallen this year at -6.4 percent since January. The results were similar in Brisbane, which has experienced a -6.1 percent decline. In Hobart and Canberra, the monthly Home Value Index revealed falls of -4.7 percent and -4.4 percent respectively.
Results were steadier in Adelaide and Perth, where prices have fallen less than -1 percent since peaking in August. Darwin is the only capital where prices have not declined.
Despite the bleak results in Sydney, Mr Lawless said there’s no need for concern just yet.
“Despite the -10.1 percent decline so far, Sydney home values still have a way to go before wiping out the capital gains accrued over the recent growth cycle. Home values would need to fall a further -11.4 percent to get back to the levels seen at the onset of COVID,” Mr Lawless said.
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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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