A variable Australian property market holds firm in 2024 as west coast investors cash in

If there is one word to describe the Australian property market this year, it’s resilience.

That’s according to data released by CoreLogic today as part of its Best of the Best report.

Despite the cash rate remaining unmoved at 4.35 percent in 2024, home sales went up by 8 percent compared with last year and increased 6 percent on the previous five-year average. In signs that property continues to be a sound choice for investors, home values have risen 5.5 percent over the past 12 months, with the overall value of Australian homes now in excess of $11 trillion.

Head of research at CoreLogic, Eliza Owen, noted that there was significant ‘variability’ across markets, with Melbourne recording a fall of -2.3 percent in annual values while Perth saw home values rise by 21 percent over the same period. It was a similar story in regional areas, with regional Victoria experiencing falls of -2.7 percent and regional Western Australia witnessing a 15.5 percent increase.

Indeed, the Geraldton suburb of Beachlands in WA took out the top spot for the greatest increase in house values nationally, with a rise of 38.4 percent. In the unit market, Dolphins Heads in the Mackay region of Queensland experienced the most growth this year, with an increase in values of 52.8 percent. In capital city markets, Perth took out all 10 spots for strongest growth in house values.

While the greatest gains in terms of percentages were in the bottom quarter of the market, the greatest results were at the luxury end, with Sydney’s Mosman holding its position with the highest total value of house sales over the past 12 months at $1.652 billion.

While it has been a good year for those already in the market, there are indicators that conditions in 2025 could soften, with the final quarter of 2024 recording less robust results.

“The market’s initial strength in 2024 gradually waned due to declining demand, rising levels of advertised supply, and a shifting outlook for inflation and interest rates,” Ms Owen said.

However, she said an anticipated interest rate cut in the first half of 2025 and the possibility of wages growth next year made further increases in property values hard to predict.

“While market conditions are broadly expected to improve off the back of a cash rate

reduction in 2025, there will still be considerable diversity in housing market performance,” she said.

A perfectly-positioned harbourside residence, formerly the home of a late Melbourne Cup-winning horse owner, has come to market with $14 million price expectations for its February 22 auction.

Sitting in one of Sydney’s most coveted enclaves on Waiwera St in Lavender Bay, the duplex with never-to-be-built-out gunbarrell views of both the Sydney Harbour Bridge and Opera House was home to championship thoroughbred owner Michael Fergus Doyle. The Irish-born entrepreneur was part owner of Protectionist, the 2014 Melbourne Cup winner.

Bought by Doyle in April 2020, in an off-market deal totalling $11 million according to CoreLogic data, the two-storey Lavender Bay property is being sold by the racing legend’s family through Atlas Sydney & East Coast. Doyle, a prominent character in Sydney’s Irish community for more than 50 years after arriving down under in the 1960s with a 10 pound boat ticket, sadly passed away in November 2023 at the age of 77.

Doyle built his fortune by building a construction company from the ground up that eventually employed more than 300 people and had a contract with Sydney Water worth A$100 million a year. By 2009, Doyle sold the business to a company owned by the Singapore Government and breeding horses through Doyles Breeding & Racing became his next passion.

The contemporary four-bedroom three-bathroom property features 304sq m of internal living space with additional outdoor entertaining areas on both levels.

Beyond the impressive grand entrance foyer with a personalised floor medallion, the layout opens up to reveal a large everyday living level with a formal lounge room and casual sitting space featuring walls of windows to frame the Harbour City’s top icons. Thanks to a central skylight tower, this main living zone is also flooded with natural light.

A spacious chef-grade kitchen anchored by a long island bench is equipped with Gaggenau appliances, gas burners, dual ovens, and a grill plate. The adjoining dining area spills out onto a terrace with an integrated bar table plus a Luna Park and bridge backdrop. The entry level also houses a home office or guest bedroom with a Juliette balcony and integrated desks opposite a full bathroom.

In the main bedroom suite upstairs there is a deep full-width balcony with more landmark views, a vast walk-in wardrobe, plus a spa ensuite complete with twin vanities, heated floors and warming towel racks. Two more bedrooms on the upper level each have access via French doors to a shared street-facing terrace and built-ins with a common family-friendly bathroom.

Added extras include automatic awnings and privacy screens to the outdoor areas, marble floor tiles, and a double lock up garage with storage.

The designer duplex is located close to harbourside dining venues, foreshore parks such as Bob Gordon Reserve and Wendy Whiteley’s Secret Gardens, Kirribilli Markets and North Sydney’s bustling CBD.

Property 2 at 9-11 Waiwera St is on the market with Adrian Bridges and Daniel Chester of Atlas Sydney & East Coast with a price guide of $14 million. It is set to go under the hammer on February 22.

A variable Australian property market holds firm in 2024 as west coast investors cash in

The old adage ‘as safe as houses’ still holds true for Australian property owners

His stallion once won the Melbourne Cup, now this late legendary horse owner’s thoroughbred harbourside home is on the market.