Australian property buyers the winners in a spring market
A new report has revealed properties are taking longer to sell with more stock coming onto the market
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Australian property buyers have been the big winners this spring, according to new data released this week, with more stock available and a drop in sales volumes.
CoreLogic’s Housing Chart Pack for December showed sales were down 4 percent on the historic average while total listings volumes nationally increased 10.6 percent during spring.
Homes also took longer to sell through spring. The national median number of days on market in the three months to November was 32 days, up from 27 days for the same period last year.
CoreLogic economist Kaytin Ezzy said the trends combined to create a more favourable market for buyers rather than sellers.
“Between higher stock levels and lower-than-usual sales volumes, the data for the end of November shows that buyers were the winners this spring (just), and sellers generally saw softer market conditions over the past few months,” she said. “The increase in selling times has coincided with higher stock levels, and softer sales volumes year-on-year.
“The median time on market increased by four days year-on-year across both the combined capital cities and regional market.”
The best performing areas for home value growth continued to be in the 25 percent most affordable markets of Adelaide, up 4.7 percent, Perth (4.5 percent) and Brisbane. At the other end, the top quarter of homes in Darwin (-2.7 percent), Melbourne (-1.4 percent) and Sydney (-1.6 percent) saw the greatest falls over the same period.
In good news for renters — and less welcome for existing investors — the report found rental growth also slowed this year. Rents increased by 5.3 percent over the year to November, the slowest increase since April 2021. At the same time, the RBA reported the average household size has risen across Australia’s capital cities, suggesting more renters are moving into shared housing to offset cost of living concerns.
“The gradual slowdown in net overseas migration could also be contributing to the stabilising in rent values, and as the backlog of Homebuilder work moves into completion, this could also take some demand out of the rental market,” Ms Ezzy said.
“Rental growth may rebound a little through the seasonally strong first quarter of 2025, but beyond any seasonality, it looks increasingly like the rental boom is over.”
Early indications from several big regional real-estate boards suggest March was overall another down month.
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A heritage-listed Federation estate with tennis court, pool and studio, Marika offers timeless elegance and modern family living in the heart of Hunters Hill.
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A grand old dame who has stood the test of time, Marika is a slice of Hunters Hill heritage transformed for modern-day living.
Meticulously renovated between 1981 and 1983, with several updates since, Marika made it onto the heritage register in 1999 just in time to signal a new millennium. Today, the modernised mansion is on the market with an auction price guide of $7.5 million, marketed through BresicWhitney’s Nicholas McEvoy.
“The home is a fantastic opportunity for a discerning buyer to get a grand family estate-style property, with a pool, tennis court and grounds, for a price that’s much more affordable than expected,” McEvoy says.
Sitting pretty on the corner of Augustine St and Ryde Rd, the stately Federation residence occupies a sprawling 2472sq m block, which was once part of a 30-acre land grant handed to Frederick Augustus Hayne in 1835. In 1902, he sold it to Dr Leopold Augustus Carter, a local dentist. Two years later, Marika, then known as “Ryde”, appeared in the famed Sands Directory – the social media of its era – a symbol of its architectural significance.
Surrounded by manicured gardens with sculpted hedges, a pool and full tennis court, Marika is a prime example of Federation style with contemporary elements.
Inside, the single-level five-bedroom home showcases intricate craftsmanship, from its decorative gables, period archways and bay windows to the coloured glass panels on multiple doors and windows. Elegant formal rooms have high ornate ceilings that are a preserved nod to Marika’s past, while the more modern spaces are relaxed family-friendly zones.
Thanks to a pavilion-style addition, the L-shaped layout measures 450sq m internally and wraps around a central courtyard that plays host to the alfresco dining terrace and pool, while a wide veranda frames the original front rooms of the house.
Primary living spaces, including the dining area with integrated bar, open to the great outdoors via stacker doors and the 21st century kitchen has a large island bench and a butler’s pantry with hidden access to the triple lock up garage. There is also a dedicated media room, a library or home office, plus a separate family room with a beautiful bay window.
All bedrooms feature built-ins while the main retreat, and a second bedroom, have shower ensuites. The shared bathroom houses convenient twin vanities and a freestanding bathtub.
Beyond the interiors, Marika delivers resort amenities with a full-sized, floodlit tennis court, the pool, barbecue terrace and a self-contained studio apartment with the added bonus of Harbour Bridge glimpses.
Added extras include a converted loft storage space, a large laundry with side yard access, ducted air conditioning, multiple fireplaces, solar panels with a battery backup and modern insulation.
Accessed via Augustine St, Marika is close to St Joseph’s College, Boronia Park shops, local ovals and city transport.
Marika at 59 Augustine St, Hunters Hill is set to go under the hammer on April 26, on site at 9am with a price guide of $7.5 million. The listing is with Nicholas McEvoy and Narelle Scott of BresicWhitney Hunters Hill.
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