Darling Point Apartment Sets Suburb Record
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Darling Point Apartment Sets Suburb Record

Inside this record breaking $25 million-plus sale.

By Kanebridge News
Wed, Oct 20, 2021 12:05pmGrey Clock < 1 min

The sale of an apartment for over $25 million in Sydney’s blue-ribbon enclave of Darling Point has set a new suburb record.

Not only is it the highest sale for the Sydney suburb for more than 18 months, but also steams past the previous $16.8 million record for an apartment set in June by the off-the-plan sale of a development on Yarranabbe Road.

The exact price paid for the home remains undisclosed by 1st City Double Bay’s Julian Hasemer. The property was listed less than two weeks ago with a $25 million guide and has sold well before the November 4 deadline.

According to posts by the agency’s social media accounts, the result came in at more than $25 million.

The apartment in question is a two-storey spread that has formal and informal living areas and uninterrupted harbour views to the city skyline, five bedrooms an internal lift and a swimming pool.

The apartment sold was one of two in the block built by yachtie Hugo van Kretschmar and his wife Karen after they bought the site in 2004 for $7 million and acquired the talents of Allen Jack+Cottier Architects to have them designed.

The couple kept one apartment – prior to its recent sale, with the lower-level apartment sold six months before completion to Thelma Levin wife of Park Lane Fashions boss Mervyn Levin.

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House values continued to fall last month, but the pace of decline has slowed, CoreLogic reports.

In signs that the RBA’s aggressive approach to monetary policy is making an impact, CoreLogic’s Home Value Index reveals national dwelling values fell -1.0 percent in November, marking the smallest monthly decline since June.

The drop represents a -7.0 percent decline – or about $53,400 –  since the peak value recorded in April 2022. Research director at CoreLogic, Tim Lawless, said the Sydney and Melbourne markets are leading the way, with the capital cities experiencing the most significant falls. But it’s not all bad news for homeowners.

“Three months ago, Sydney housing values were falling at the monthly rate of -2.3 percent,” he said. “That has now reduced by a full percentage point to a decline of -1.3 percent in November.  In July, Melbourne home values were down -1.5 percent over the month, with the monthly decline almost halving last month to -0.8%.”

The rate of decline has also slowed in the smaller capitals, he said.  

“Potentially we are seeing the initial uncertainty around buying in a higher interest rate environment wearing off, while persistently low advertised stock levels have likely contributed to this trend towards smaller value falls,” Mr Lawless said. “However, it’s fair to say housing risk remains skewed to the downside while interest rates are still rising and household balance sheets become more thinly stretched.” 

The RBA has raised the cash rate from 0.10 in April  to 2.85 in November. The board is due to meet again next week, with most experts still predicting a further increase in the cash rate of 25 basis points despite the fall in house values.

Mr Lawless said if interest rates continue to increase, there is potential for declines to ‘reaccelerate’.

“Next year will be a particular test of serviceability and housing market stability, as the record-low fixed rate terms secured in 2021 start to expire,” Mr Lawless said.

Statistics released by the Australian Bureau of Statistics this week also reveal a slowdown in the rate of inflation last month, as higher mortgage repayments and cost of living pressures bite into household budgets.

However, ABS data reveals ongoing labour shortages and high levels of construction continues to fuel higher prices for new housing, although the rate of price growth eased in September and October. 

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