Australian home value declines hit record lows
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Australian home value declines hit record lows

Australian homeowners brace as we may not have reached the bottom of the cycle yet

By Robyn Willis
Mon, Jan 9, 2023 10:39amGrey Clock < 1 min

Australian home values have hit a record low, data from CoreLogic has just revealed.

The CoreLogic Daily Home Value Index showed a -8.4 percent decline on January 7 after a high on May 7 2022, exceeding the previous record of peak-to-trough declines of -8.38 percent between October 2017 and June 2019.

Australian homeowners may be in for further declines, with more falls expected.

CoreLogic says last year’s consecutive rate rises following on from a 300 basis point increase in the cash rate are responsible for the sharp fall as borrowers struggle to finance home purchases.

The Reserve Bank of Australia has increased the cash rate in an attempt to draw down inflation in 2023.

Increasing strain on households, CoreLogic notes that right now Australians are carrying more debt than through historic periods of rate rises. In addition, post lockdown spending and higher inflationary pressures may have resulted in less household savings which could be used as a home deposit.

The three largest capitals have experienced the greatest falls, with Sydney seeing a peak-to-trough decline of -13 percent, followed by Brisbane on -10 percent and Melbourne at -8.6 percent. To put the falls in perspective, the significant drops follow an unprecedented national home value rise of 28.9 percent between September 2020 and May 2022. At the end of last year, CoreLogic data shows that home values were still 16 percent higher than they were five years ago.



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Property of the week: 59 Augustine St, Hunters Hill, NSW

A heritage-listed Federation estate with tennis court, pool and studio, Marika offers timeless elegance and modern family living in the heart of Hunters Hill.

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Fri, Apr 18, 2025 2 min

A grand old dame who has stood the test of time, Marika is a slice of Hunters Hill heritage transformed for modern-day living. 

Meticulously renovated between 1981 and 1983, with several updates since, Marika made it onto the heritage register in 1999 just in time to signal a new millennium. Today, the modernised mansion is on the market with an auction price guide of $7.5 million, marketed through BresicWhitney’s Nicholas McEvoy. 

“The home is a fantastic opportunity for a discerning buyer to get a grand family estate-style property, with a pool, tennis court and grounds, for a price that’s much more affordable than expected,” McEvoy says. 

Sitting pretty on the corner of Augustine St and Ryde Rd, the stately Federation residence  occupies a sprawling 2472sq m block, which was once part of a 30-acre land grant handed to Frederick Augustus Hayne in 1835. In 1902, he sold it to Dr Leopold Augustus Carter, a local dentist. Two years later, Marika, then known as “Ryde”, appeared in the famed Sands Directory – the social media of its era – a symbol of its architectural significance. 

Surrounded by manicured gardens with sculpted hedges, a pool and full tennis court, Marika is a prime example of Federation style with contemporary elements.  

Inside, the single-level five-bedroom home showcases intricate craftsmanship, from its decorative gables, period archways and bay windows to the coloured glass panels on multiple doors and windows. Elegant formal rooms have high ornate ceilings that are a preserved nod to Marika’s past, while the more modern spaces are relaxed family-friendly zones. 

Thanks to a pavilion-style addition, the L-shaped layout measures 450sq m internally and wraps around a central courtyard that plays host to the alfresco dining terrace and pool, while a wide veranda frames the original front rooms of the house.  

Primary living spaces, including the dining area with integrated bar, open to the great outdoors via stacker doors and the 21st century kitchen has a large island bench and a butler’s pantry with hidden access to the triple lock up garage. There is also a dedicated media room, a library or home office, plus a separate family room with a beautiful bay window. 

All bedrooms feature built-ins while the main retreat, and a second bedroom, have shower ensuites. The shared bathroom houses convenient twin vanities and a freestanding bathtub. 

Beyond the interiors, Marika delivers resort amenities with a full-sized, floodlit tennis court, the pool, barbecue terrace and a self-contained studio apartment with the added bonus of Harbour Bridge glimpses. 

Added extras include a converted loft storage space, a large laundry with side yard access, ducted air conditioning, multiple fireplaces, solar panels with a battery backup and modern insulation. 

Accessed via Augustine St, Marika is close to St Joseph’s College, Boronia Park shops, local ovals and city transport. 

Marika at 59 Augustine St, Hunters Hill is set to go under the hammer on April 26, on site at 9am with a price guide of $7.5 million. The listing is with Nicholas McEvoy and Narelle Scott of BresicWhitney Hunters Hill. 

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