AUSTRALIAN HOME VALUES FALL IN OCTOBER, BUT IT’S NOT ALL BAD NEWS
The latest figures follow on from a continued decline in values in recent months
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Consecutive and aggressive interest rate hikes appear to have taken their toll on residential property prices as national home values fell by -4.1 percent in the three months to October 2022, data from CoreLogic reveals.
The decline was consistent across Australian capitals and regional areas, with combined regional values falling by -4.1 percent compared with -4.0 percent in the combined capitals.
The latest figures bring the drop in dwelling values over 12 months to -0.9 percent and represents a slowing in the pace of decline from -1.4 percent in September to -1.2 percent in October.
Digging deeper, Sydney home prices have continued to fall, by -1.3 percent in October, -10.2 percent less than the record high in January this year. Prices also fell in October in the southern capital of Melbourne, which saw a -0.8 percent decrease in values in October. CoreLogic reports Melbourne dwelling values are not -6.4 percent below the record high in February 2022.
Hobart has also experienced a -5.7 percent drop in values below the record high, which was recorded in May this year. October values dropped by -1.1 percent and by -4.4 percent ovet the quarter.
The news in Adelaide was mixed. While values dropped by -0.3 percent in October, they have increased by 16.5 percent over the past year. It’s a less dramatic story in Brisbane, where values fell by -2.0 percent in October but have increased by 8.4 percent over the past 12 months.
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.
