Australian housing values finish the year on a low
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Australian housing values finish the year on a low

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

By KANEBRIDGE NEWS
Tue, Jan 3, 2023 9:43amGrey Clock 2 min

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. 



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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.

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Hotel experience at home in Castle Hill

A new development in the Hills District sets a new standard in buyer expectations

By KANEBRIDGE NEWS
Wed, May 22, 2024 3 min

Castle Hill is set to be home to a new hotel-like development, with the announcement that the 94-apartment Astrid site is just weeks away from completion.

While the penthouse apartments across the two buildings have already been snapped up, there are still one, two and three-bedroom residences on offer. The development comes with a gold star iCIRT rating, guaranteeing it has met quality construction standards. The iCIRT rating system has been developed by Equifax in partnership with government, industry and market and rates projects from one to five stars following a rigorous and independent review process.

Steve Harb from developer CBD Core, said it’s the best indicator would-be buyers could have that their investment is safe.

“The iCIRT rating gives people the assurance that we’re trustworthy and have integrity as a developer,” he says. “Our service is complete from start to finish, from developer to builder. 

“As a buyer, you have one point of contact, there’s no shifting responsibility or passing the buck so if anyone has an issue, it can be sorted out as soon as possible.”

He said Astrid has proved popular with locals interested in upgrading without leaving the convenience and amenity of the Hills District. Surrounded by some of the best restaurants, clubs and recreational facilities in the area, it is also just six minutes’ walk to the new Metro station and a seven-minute drive to Castle Towers Shopping Centre. Schools and tertiary education options are also within an easy drive. In addition to some of the best parks and reserves in Sydney, it’s an attractive option for families on the move.

Mr Harb said the concept for the development, as with all his projects, was to create a hotel-like environment.

“I only do boutique projects and when I say ‘boutique’, I mean hotels without the concierge,” he says. “The quality and integrity is built into it.”

The infinity edge pool is surrounded by leafy gardens in a resort-style environment.

Leisure facilities include rooftop gardens and entertaining spaces as well as a fully equipped gym on the ground floor overlooking an infinity edge pool surrounded by lush landscaped gardens. Mr Harb says beautiful landscaping is a signature of all his developments.

“I have lived in the Hills District for more than 15 years and the reason I live here is because I love the leafy environment, the greenery,” he says. “I always like to emphasise that in my developments with strong landscaping.”

WORK FROM HOME HUB

Recognising the ongoing desire to adopt a hybrid working model, Astrid provides a dedicated on-site working environment suitable for exclusive use by residents needing focused work time, as well as those seeking professional meeting rooms to receive clients, with wifi enabled work desks, as well as more casual seating. 

Mr Harb said the pandemic taught him that, while working from home was convenient, having breakout spaces within a wider residential development was highly attractive.

“You’re not stuck looking at the same four walls,” he says. “The shared work space at Astrid has comfortable lounges, chairs, coffee tables and more than a dozen cubicles,” he says. “It’s more like going into a meeting room in a hotel.”

The apartments are characterised by light-filled interiors.

IN RESIDENCE

The apartments are light-filled living spaces with seamless access to balconies, through to integrated joinery secreting storage. Finishes have been chosen to last, from the Michael Angelo Quartz benchtop and Char Oak Polytec Ravine joinery in the kitchen to the stone splashback and custom-made joinery in the bathroom.

Access throughout the buildings is via a swipe card, providing a secure environment. 

For more information, see Astrid Castle Hill.

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.

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