Australian house prices drop for third consecutive month
Kanebridge News
Share Button

Australian house prices drop for third consecutive month

Sydney led the way with a 2.2% drop in the last month.

By Robyn Willis
Mon, Aug 1, 2022 9:14amGrey Clock 2 min

Housing values fell in five of the eight capitals last month, according to CoreLogic’s national Home Value Index, with Australian dwelling values dropping -1.3 per cent over July. Sydney led the way with a -2.2 per cent drop, followed by Melbourne on -1.5 per cent. Hobart also recorded a -1.5 per cent decrease, followed by Canberra on -1.1 percent.

Brisbane recorded its first drop since August 2020 with values down by -0.8 per cent. Darwin saw the highest increase in values in July at +0.5 per cent, followed by Adelaide on +0.4 per cent and Perth on +0.2 per cent.

Regional markets have also softened, with NSW leading the way with a -1.1 per cent drop, followed by regional Victoria (-0.7pc), regional Queensland (-0.7pc) and regional Tasmania (-0.6pc). Regional South Australia (+1.1pc)  and regional Western Australia (0.1pc)  both saw values increase. Overall, regional markets continue to outperform capital cities.

CoreLogic’s research director Tim Lawless said housing values were already slowing before interest rates started rising but markets have weakened sharply since the first increase was announced on May 5.

“Although the housing market is only three months into a decline, the national Home Value Index shows that the rate of decline is comparable with the onset of the global financial crisis (GFC) in 2008, and the sharp downswing of the early 1980s,” he said. “In Sydney, where the downturn has been particularly accelerated, we are seeing the sharpest value falls in almost 40 years.”

Lenders such as Westpac and ANZ are predicting the Reserve Bank of Australia will announce another half a per cent rate increase this month, putting further pressure on cost of living.



MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

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

Related Stories
Money
A Killer Golf Swing Is a Hot Job Skill Now
By CALLUM BORCHERS 14/06/2024
Property
It’s a slam dunk as a covetable $2m KDR site complete with basketball court hits the market in the Hills District
By KANEBRIDGE NEWS 18/04/2023
Money
Apple Sued by Employees Alleging Unequal Pay for Women
By ERIN MULVANEY 14/06/2024
It’s a slam dunk as a covetable $2m KDR site complete with basketball court hits the market in the Hills District

The ball is in the buyer’s court with this knockdown/rebuild opportunity

By KANEBRIDGE NEWS
Tue, Apr 18, 2023 2 min

Glenhaven in Sydney’s Hills District is one of those areas that locals tend to keep to themselves. Leafy with large blocks on offer, the suburb takes its name from its valley location, with the northern end originally known as the Glen and the southern end called the Haven. 

En route from Parramatta to the Hunter, Glenhaven has become an ideal place for growing families in search of a little more space, or even room to house several generations under one roof.

The challenge is finding properties that tick all the right boxes.

As demand for trades and supply chain issues continue to ease, now could be the right time for a knockdown/rebuild project for would-be buyers looking to create their dream home.

Fairmont Homes specialises in knockdown/rebuild projects in Sydney. General manager at Fairmont Homes, Daniel Logue, said there are key features to look for when choosing a knockdown/rebuild site.

“The key items we look for are the site falling to the street, not to the rear, to help with stormwater drainage as well as access to the site,” he said. “Neighbouring property front setbacks are also important. In some older areas, the older houses are set closer to the street, meaning your new home will have to be set to suit.

“Value for money and the return on the end sale price of the home is another issue.”

If possible, he said designing a home that meets the criteria of the Complying Development legislation will speed up approvals considerably.

While suitable knockdown/rebuild sites can be hard to find in Glenhaven, there are still hidden opportunities if you know where to look.

One block at 158 Gilbert Road, Glenhaven is ideally suited for rejuvenation. With almost 850sqm to play with, it slopes down to the street and sits between neighbouring properties that have already been stylishly updated.

 

 

An existing basketball court at the rear could provide the perfect teen backdrop to a family home, or it could make way for a larger house with landscaped gardens and pool. Alternatively, it could be the perfect position for a cabana or granny flat to serve as in-law accommodation or a source of secondary income.

With recent sales of completed homes in nearby streets reaching well above $5 million, it’s a great opportunity to make a slam dunk of a buy into one of Sydney’s best kept secrets.

Address: 158 Gilbert Road, Glenhaven
Price guide: $1.8 million
Inspection: By appointment only

 

MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

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

Related Stories
Money
A Killer Golf Swing Is a Hot Job Skill Now
By CALLUM BORCHERS 14/06/2024
Property
It’s a slam dunk as a covetable $2m KDR site complete with basketball court hits the market in the Hills District
By KANEBRIDGE NEWS 18/04/2023
Money
Apple Sued by Employees Alleging Unequal Pay for Women
By ERIN MULVANEY 14/06/2024
0
    Your Cart
    Your cart is emptyReturn to Shop