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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The home in the village of Sagaponack has plenty of balconies to take in the surrounding water views

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A waterfront home in the Hamptons village of Sagaponack, New York, is on the market for the very first time.

Asking $25.95 million, the gray shingle-style home was built in 2008 by the seller and has since been available as a summer rental, but it’s never been up for sale.

Designed by architect Faruk Yorgancioglu, the “waterfront home offers privacy and panoramic beauty that cannot be duplicated under today’s zoning laws,” said co-listing agent Marilyn Clark of Sotheby’s International Realty – Bridgehampton Brokerage.

Jaime Lopez for Sotheby’s International Realty

The seller bought the property, which at the time had two small structures, at auction in 2005 for approximately $2 million, according to co-listing agent Deborah Pirro of Daniel Gale Sotheby’s International Realty. Mansion Global could not contact the seller.

The home hit the market Thursday, and in addition to Clark and Pirro, it is co-listed by Raquel Lopez of Sotheby’s International Realty – Bridgehampton Brokerage and Diane Anderson of Daniel Gale Sotheby’s International Realty.

Spanning 6,000 square feet, the home is filled with bright interiors, which were designed by New York-based interior designer Steven Gambrel. The open gourmet kitchen flows into a casual dining area and a living space with a fireplace, which is one of two double-sided fireplaces in the home, Pirro said.

A sunroom overlooks the water.
Jaime Lopez for Sotheby’s International Realty

“The placement and scale of fireplaces throughout the home is perfection,” she added.

A separate dining room has French doors that open onto a deck, listing photos show.

There are six en-suite bedrooms, including two primary bedrooms. The larger of the two is its own private retreat, outfitted with a fireplace, a sunroom and a large balcony, offering a space to watch the sun set over Sagaponack Pond, according to Sotheby’s.

Jaime Lopez for Sotheby’s International Realty

The home sits on a little more than an acre of waterfront land, bordering Sagaponack Pond, where there’s a private dock, and looking out at the Atlantic Ocean in the distance.

“The location on the pond with the view of the ocean waves breaking is spectacular and unique,” Clark said. “You are close to beaches and the Sagaponack General Store. It is a quick paddle to the famous Sagg Main Beach.”

Other outside amenities include a gunite swimming pool and a hot tub, which are surrounded by a spacious deck, as well as a pool cabana, which has a full bathroom, changing rooms and a sauna. There’s also multiple balconies, decks and a screened porch overlooking the pool, striking a balance between indoor and outdoor living.

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Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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