Home price falls of 2022 ‘now fully reversed’
More stock coming to market has done little to dampen strong outcomes for vendors
2 min
The Australian property market has recovered all of its 2022 losses, with national home values reaching a new record high in the first month of the busy spring season. New PropTrak data reveals national home values rose by 0.35 percent last month to a median of $754,000.
National prices are up 3.75 percent over the past 12 months, with the combined capital cities recording a stronger rate of growth at 4.76 percent while the combined regions clocked up price gains of 1.28%. PropTrak senior economist Eleanor Creagh said the seasonal increase in the number of homes for sale this spring has done nothing to curtail price growth.
“Despite the uplift in the number of properties coming to market, national home prices have moved higher again, regaining 2022’s rapid price falls in entirety to reach a record high in September,” said Ms Creagh.
“While a sharp increase in the number of properties hitting the market in Sydney and Melbourne has been improving choice for buyers, strong demand has seen prices continue to lift.
“Choice for buyers remains limited in Brisbane, Adelaide and Perth, heightening competition and seeing prices hit fresh peaks in each of these markets in September.”
Strong buyer competition is keeping auction clearance rates high this Spring. CoreLogic data shows 2,436 capital city homes were taken to auction last weekend, with a preliminary clearance rate of 71 percent recorded. This time last year, the clearance rate was 60.6 percent.
The PropTrak report shows that among the capital city markets, price growth over the past 12 months has been strongest in Perth. Home values have risen 9.24 percent to a record median of $597,000. Adelaide prices are up 8.31 percent to a record median of $689,000, and Sydney prices are up 6.86 percent to a median of $1.057 million.
In the regions, annual growth has been strongest in regional South Australia, where the median price has risen 9.86% to a new peak median of $399,000. Regional Queensland prices are up 4.89 percent to a record $614,000, while regional Western Australia prices have risen 3.29 percent to $460,000. Ms Creagh said prices will continue rising, with the key drivers being record levels of net overseas migration, tight rental markets and an undersupply of housing.
“Looking ahead, interest rates have likely peaked and population growth is rebounding strongly,” she said. “Together with a shortage of new home builds, prices are expected to rise.”
The Federal Government is projecting a net increase of 715,000 migrants over the next two years at a time when Australia already has a housing deficit. The National Housing Finance and Investment Corporation estimates a shortfall of 106,300 homes over the next five years.
In the rental market, Domain chief of research and economics, Dr Nicola Powell said Australia needs 40,000 to 70,000 extra rentals to meet current demand and balance the market.
“That is like adding all of the dwellings in the LGA of Newcastle into the market,” she said.
Domain’s latest Rent Report reveals a record-breaking 10 consecutive quarters of growth in weekly house rents and nine consecutive quarters of growth in weekly apartment rents. CoreLogic data shows the pace of rental price growth is slowing in 2023 but it is still very difficult for tenants to find a rental, with the national vacancy rate now sitting at a record low of 1.1 percent.
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
A Sydney site with a questionable past is reborn as a luxe residential environment ideal for indulging in dining out
2 min
Long-term Sydney residents always had handful of not-so-glamourous nicknames for the building on the corner of Cleveland and Baptist Streets straddling Redfern and Surry Hills, but after a modern rebirth that’s all changed.
Once known as “Murder Mall” or “Methadone Mall”, the 1960s-built Surry Hills Shopping Centre was a magnet for colourful characters and questionable behaviour. Today, however, a $500 million facelift of the site — alongside a slow and steady gentrification of the two neighbouring suburbs — the prime corner property has been transformed into a luxury apartment complex Surry Hills Village by developer Toga Group.
The crowning feature of the 122-apartment project is the three-bedroom penthouse, fully completed and just released to market with a $7.5 million price guide.
Measuring 211sqm of internal space, with a 136sqm terrace complete with landscaping, the penthouse is the brand new brainchild of Surry Hills local Adam Haddow, director of architecture at award-winning firm SJB.
Victoria Judge, senior associate and co-interior design lead at SJB says Surry Hills Village sets a new residential benchmark for the southern end of Surry Hills.
“The residential offering is well-appointed, confident, luxe and bohemian. Smart enough to know what makes good living, and cool enough to hold its own amongst design-centric Surry Hills.”
Allan Vidor, managing director of Toga Group, adds that the penthouse is the quintessential jewel in the crown of Surry Hills Village.
“Bringing together a distinct design that draws on the beauty and vibrancy of Sydney; grand spaces and the finest finishes across a significant footprint, located only a stone’s throw away from the exciting cultural hub of Crown St and Surry Hills.”
Created to maximise views of the city skyline and parkland, the top floor apartment has a practical layout including a wide private lobby leading to the main living room, a sleek kitchen featuring Pietra Verde marble and a concealed butler’s pantry Sub-Zero Wolf appliances, full-height Aspen elm joinery panels hiding storage throughout, flamed Saville stone flooring, a powder room, and two car spaces with a personal EV.
All three bedrooms have large wardrobes and ensuites with bathrooms fittings such as freestanding baths, artisan penny tiles, emerald marble surfaces and brushed-nickel accents.
Additional features of the entertainer’s home include leather-bound joinery doors opening to a full wet bar with Sub-Zero wine fridge and Sub-Zero Wolf barbecue.
The Surry Hills Village precinct will open in stages until autumn next year and once complete, Wunderlich Lane will be home to a collection of 25 restaurants and bars plus wellness and boutique retail. The EVE Hotel Sydney will open later in 2024, offering guests an immersive experience in the precinct’s art, culture, and culinary offerings.
The Surry Hills Village penthouse on Baptist is now finished and ready to move into with marketing through Toga Group and inquiries to 1800 554 556.
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
