Australian housing values finish the year on a low

Australian housing values experienced their greatest falls in 2022 since the 2008 Global Financial Crisis, CoreLogic data released today reveals.

After the monthly rate of decline moderated through September and November, values dropped a further -1.1 percent in December to record a -5.3 percent drop over the calendar year. It’s the biggest drop since 2008, when values were down -6.4 percent. The falls were greatest in Sydney, where values fell by -12.1 percent, followed by Melbourne at -8.1 percent and Hobart at -6.9 percent. The ACT also recorded a decline in values of -3.3 percent, while in Brisbane it was -1.1 percent.

However, values increased in other capitals, with Adelaide seeing a rise of 10.1 percent. Gains were more modest in Darwin at 4.3 percent and Perth at 3.6 percent.

After steady growth at the start of 2022, the downturn in housing values closely aligned with eight consecutive interest rate rises announced by the RBA since May.

“Our daily index series saw national home values peak on May 7, shortly after the cash rate moved off emergency lows,” said Corelogic’s research director, Tim Lawless. “Since then, CoreLogic’s national index has fallen -8.2 percent, following a dramatic 28.9 percent rise in values through the upswing.”

Predictably, the most significant falls were at the highest end of the market.

“The more expensive end of the market tends to lead the cycles, both through the upswing and the downturn,” Mr Lawless said. “Importantly, recent months have seen some cities recording less of a performance gap between the broad value-based cohorts.

“Sydney is a good example, where upper quartile house values actually fell at a slower pace than values across the lower quartile and broad middle of the market through the final quarter of the year.”

Despite the downturn in many parts of the country, CoreLogic reports that housing values still remain 11.7 percent higher in the combined capitals and 32.2 percent higher in the combined regional areas than they were pre pandemic.

Award-winning landscape designer and television host Jamie Durie has completed building his eco-friendly dream home on Sydney’s northern beaches.

Over a three-year journey, Durie and his partner Ameka Jane created what they call “Growing Home,” designed to prove that sustainability doesn’t have to mean sacrificing comfort or style.

The five-level residence includes five bedrooms, a gym, an office, landscaped gardens and an infinity swimming pool.

“The house is full of eco-innovation like our state-of-the-art geothermal heating and cooling system, this combined with our Solar system gives us the ability to be ‘grid independent’,” Durie said.

“Every element in this house has been engineered to serve a purpose – whether it’s saving energy, providing healthier air, or a greater connection to nature, the house was designed to be healthy for our family and the environment.”

Set on a steep 37-degree slope surrounded by native spotted gums, the home’s design responds closely to its environment.

“Building on a site like this means every decision has to respect the landscape,” Durie said. “It’s not just about fitting the house onto the land, but making sure the land feels part of the home.”

Large windows and open-plan spaces encourage airflow and blur the boundary between indoors and outdoors.

“We wanted the house to feel connected to the landscape through natural materials, textures, and light,” he added. “It’s about creating a calm, grounded space where we can grow as a family.”

Durie chose Bradford Gold High Performance insulation to help maintain stable temperatures, reducing reliance on artificial heating and cooling.

“Every detail in the home needed to elevate our quality of life and respect the environment,” he said. “With Bradford’s products, we’re able to create spaces that are peaceful, energy-efficient, and functional without sacrificing style.”

Other features include Luxaflex Duette Shades, crafted from 95% recycled materials, designed to regulate temperature while adding comfort and privacy.

“It’s not just about insulation,” Durie explained, “but about creating spaces that feel cosy and considered, no matter the time of year.”

Curved interior walls made possible with Gyprock Flexible add flow between spaces, while high-density Gyprock was used to reduce sound transmission.

“It’s all about layering softness and light,” Durie said of the use of Luxaflex® sheer curtains throughout the home. “The sheers run like waves along the track, wrapping the room in a way that feels both open and intimate.”

Outdoor living was another focus, with a patio leading to the pool and shaded by motorised Luxaflex Nordic Folding Arm Awnings.

“We knew we’d be spending a lot of time outside,” Durie said, “so it was important to have a solution that could handle Australia’s unpredictable weather.”

Durie describes the project as more than just a build, but an example of sustainable design in action.

“This project is about showing that sustainable design isn’t just possible – it’s beautiful,” he said.

“It’s about how thoughtful design and innovative products can make a house not just a home, but a legacy. Building smarter, creating homes that feel good to live in, and respecting the environment along the way.”

Australian housing values finish the year on a low

It’s the greatest decline in housing values since the GFC

Award-winning landscape designer Jamie Durie has completed “Growing Home,” an eco-focused residence that balances sustainability, comfort and style.