Australian regional markets soften as the shine wears off popular lifestyle locales
The hottest market on the coast in recent years has also been the hardest hit
2 min
Australia’s pandemic-induced love affair with regional real estate has well and truly cooled, data from CoreLogic reveals.
Head of research at CoreLogic, Eliza Owen, said rate increases and softer markets had impacted the country’s most popular regional areas, with the Richmond-Tweed area in far north NSW the worst affected.
“It is unsurprising the Richmond-Tweed region recorded the strongest decline in house values and a sharp increase in other important metrics,” Ms Owen said. “This was the region where values skyrocketed, with houses increasing more than 50 percent during COVID, taking the median house value to more than $1.1 million.
“Since then much has changed with borders reopening, outbound travel returning, workers returning to the office not to mention the overlay of nine rate rises. It’s been a swift and significant shift.”
The Regional Market Update, which reports on house values in Australia’s 25 largest non-capital city regions, showed house market values in the area fell -18.6 percent over the 12 months to January, with houses sitting on the market for 71 days. Vendor discounting in Richmond-Tweed was also the highest of the regions at -8.3 percent. However, it is worth noting that house values in the region are still 23.7 percent above their pre COVID levels.
The Richmond-Tweed was also the worst performer for unit values, with lowest yearly growth down -10.0 percent and vendor discounts at -5.6 percent for the three months to January.
The Richmond-Tweed area was among four regions in Australia to record more than a 30 percent fall in sales with over the 12 months to November. The others were the Southern Highlands and Shoalhaven, NSW (-35.9 percent), Mid North Coast, NSW (-30.7 percent) and Latrobe-Gippsland, Vic (-30.3%).
The news was better for that other popular COVID destination, Queensland, particularly in the far north where unit growth continued to be strong. Cairns recorded the highest yearly growth at 17.3 percent while Mackay-Isaac-Whitsunday units had the shortest days on market, 32 days over the three months to January. The next fastest selling location for units was the historic Victorian centre of Ballarat, with 35 days on market.
In the WA town of Bunbury, houses took just 24 days to sell, the fastest regional results in the country, followed by Toowoomba on 28 days.
While some regional areas had experienced significant falls, Ms Owen said regional market performance overall continued to be more resilient than capital city dwelling markets.
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The megamansion was built for Tony Pritzker, heir to the Hyatt Hotel fortune and brother of Illinois Gov. JB Pritzker.
The megamansion was built for Tony Pritzker, heir to the Hyatt Hotel fortune and brother of Illinois Gov. JB Pritzker.
2 minOne of the priciest homes for sale in the Los Angeles area just got $40 million knocked off its listing price.
The Beverly Hills megamansion is now listed for $135 million, the highest asking price on the open market in Los Angeles County.
One other property , in Bel-Air, is also asking $135 million after a similar-sized price cut last month.
“It’s time (for the sellers) to move to the next chapter…They’re ready to pass the torch,” said Kurt Rappaport of Westside Estate Agency, who shares the listing with his colleague Stephen Shapiro.
The home was built for Tony Pritzker—heir to the Hyatt Hotel fortune and brother of Illinois Gov. JB Pritzker—and Jeanne Pritzker, who listed the home for sale in October 2024 for $195 million after settling their divorce, The Wall Street Journal reported at the time. That price was lowered to $175 million in April.
The estate is made up of multiple parcels, and, under an LLC, they bought at least some underlying property in 2005 for about $14.7 million, according to records accessed via PropertyShark.
The Pritzkers hired architect Ed Tuttle to design their contemporary mansion, made of steel, glass and limestone and completed in 2011. At 50,000 square feet, it’s one of the largest homes in the U.S., and nearly as big as the White House.
It stands on a 6-acre promontory—an unusually large lot size for Beverly Hills—allowing for an unobstructed view that stretches across Los Angeles all the way to the ocean.
“It’s one of the best and largest view promontories in Los Angeles,” Rappaport said. “The architecture design and scale of the property are irreplaceable.”
The 16-bedroom, 27-bathroom home is filled with all the expected high-end amenities, including a theater, a game room, a bowling alley, a wellness centre, a gym and a wine cellar, according to the listing.
There’s also a security room, 18 fireplaces, solar panels, and a heating and cooling system powered by geothermal technology.
On the grounds, there’s a two-story, two-bedroom guest house; parking for up to 100 cars; a green marble infinity pool and hot tub; an outdoor kitchen; and a lighted tennis court with a pavilion, according to the listing.
The Pritzkers couldn’t be reached for comment.
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