Unit prices prove resilient in a post COVID property market
It’s easy to think that it’s all doom and gloom for Australian property values, but for long term owners and investors, there’s still reasons to be cheerful
2 min
There were so many aspects about COVID 19 that were unprecedented, from the changes to daily working life to the impacts on mental health of extended periods of lockdown.
In the property world, it was also an untested period, with some sectors of the market predicting prices would fall. What happened instead was an escalation in prices from March 2020 onwards as the notion of home as sanctuary accelerated interest in property in urban and regional areas.
As governments around Australia moved away from zero COVID targets and life began to look a little more normal, property values appeared to dramatically fall in 2022. However, for those in the property market for the long haul, the news is positive.
Latest research from property data provider, CoreLogic reveals that while national unit values fell -6.1 percent in the past nine months, they are still 7.3 percent higher than those recorded in March 2020. National house values are 17.3 percent higher than they were prior to the pandemic.
Results are mixed across the capitals, however. While most markets continue to record values between 10 percent and 50 percent above pre- covid levels, CoreLogic reports that units in Sydney and Melbourne are almost back to their pre pandemic values.
Outside the major capitals, regional growth for units remained positive, however, consecutive interest rate rises are expected to take a toll.
“Following a temporary reprieve in interest rate rises in January, the RBA’s 25 basis point increase announced in February was accompanied by a marked change in tone,” the report said. “Previously optimistic, the Board reiterated its commitment to fighting inflation, noting that further rate hikes would be needed to get inflation under control.
With many economists now expecting the cash rate to settle closer to 4 percent than 3 percent, the outlook for unit values, and the broader property market, remains skewed to the negative.”
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.
A Sydney site with a questionable past is reborn as a luxe residential environment ideal for indulging in dining out
2 min
Long-term Sydney residents always had handful of not-so-glamourous nicknames for the building on the corner of Cleveland and Baptist Streets straddling Redfern and Surry Hills, but after a modern rebirth that’s all changed.
Once known as “Murder Mall” or “Methadone Mall”, the 1960s-built Surry Hills Shopping Centre was a magnet for colourful characters and questionable behaviour. Today, however, a $500 million facelift of the site — alongside a slow and steady gentrification of the two neighbouring suburbs — the prime corner property has been transformed into a luxury apartment complex Surry Hills Village by developer Toga Group.
The crowning feature of the 122-apartment project is the three-bedroom penthouse, fully completed and just released to market with a $7.5 million price guide.
Measuring 211sqm of internal space, with a 136sqm terrace complete with landscaping, the penthouse is the brand new brainchild of Surry Hills local Adam Haddow, director of architecture at award-winning firm SJB.
Victoria Judge, senior associate and co-interior design lead at SJB says Surry Hills Village sets a new residential benchmark for the southern end of Surry Hills.
“The residential offering is well-appointed, confident, luxe and bohemian. Smart enough to know what makes good living, and cool enough to hold its own amongst design-centric Surry Hills.”
Allan Vidor, managing director of Toga Group, adds that the penthouse is the quintessential jewel in the crown of Surry Hills Village.
“Bringing together a distinct design that draws on the beauty and vibrancy of Sydney; grand spaces and the finest finishes across a significant footprint, located only a stone’s throw away from the exciting cultural hub of Crown St and Surry Hills.”
Created to maximise views of the city skyline and parkland, the top floor apartment has a practical layout including a wide private lobby leading to the main living room, a sleek kitchen featuring Pietra Verde marble and a concealed butler’s pantry Sub-Zero Wolf appliances, full-height Aspen elm joinery panels hiding storage throughout, flamed Saville stone flooring, a powder room, and two car spaces with a personal EV.
All three bedrooms have large wardrobes and ensuites with bathrooms fittings such as freestanding baths, artisan penny tiles, emerald marble surfaces and brushed-nickel accents.
Additional features of the entertainer’s home include leather-bound joinery doors opening to a full wet bar with Sub-Zero wine fridge and Sub-Zero Wolf barbecue.
The Surry Hills Village precinct will open in stages until autumn next year and once complete, Wunderlich Lane will be home to a collection of 25 restaurants and bars plus wellness and boutique retail. The EVE Hotel Sydney will open later in 2024, offering guests an immersive experience in the precinct’s art, culture, and culinary offerings.
The Surry Hills Village penthouse on Baptist is now finished and ready to move into with marketing through Toga Group and inquiries to 1800 554 556.
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.
