House And Unit Value Disparity At All Time High
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House And Unit Value Disparity At All Time High

Unit values have continued to underperform.

By Terry Christodoulou
Mon, Feb 21, 2022 10:49amGrey Clock 2 min

Market desire for space has seen the price gap between houses and units accelerate to a new record high.

According to CoreLogic’s new monthly Unit Market Update, the disparity between Australia’s house and unit values has reached 28.3% in January the highest ever level.

House prices across the country have seen the highest growth rates since 1989 — up 24.8%  —however units have increased only 14.3% in the 12 months to January.

Report author and CoreLogic research Analyst Kaytlin Ezzy said houses do typically outpace units, albeit not at the market current place.  

“The annual performance gap between houses began to narrow in the final three months of last year — in part due to the lifting of lockdowns and border restrictions, as well as increasing affordability constraints diverting demand towards the medium to high-density sector,” Ms Ezzy explained.

“However, in January we saw that annual performance gap start to widen again, which could, in part, be explained by the disparity between advertised house and unit supply.”

Unit values have continued to underperform, however, there are shifting tides in some capital cities. Canberra (5.6%), Darwin (2.6%), regional Victoria (5.7%), and regional Tasmania (9.2%) all recorded stronger unit growth over the last quarter compared to houses.

Hobart’s unit market has in the past 12 months been the nation’s strongest performer with median prices up 32.8% over the year compared to 26.3% capital gain for houses.

Sydney’s unit values have also sharply ascended 15.4% with the median price to $837,640 which is the highest in Australia.

 Over the same period, capital city house listings were down 12.5% compared to this time last year and 32.7% below the five-year average.

Yet, despite the threat of interest rates rising, Ms Ezzy said unit markets could see increased demand this year.

“It is likely affordability constraints will gradually pull some demand away from houses towards more affordable units and with international borders opening this month, Australia may gradually see a return to pre-COVID levels of migration.”



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An architectural jewel of Victoria’s Goulburn Valley, the Noorilim Estate stands as one of Australia’s most extraordinary Italianate mansions.

By Kirsten Craze
Fri, Dec 6, 2024 2 min

Legend has it that opera icon Dame Nellie Melba performed in the minstrels’ gallery and current-day hitmaker Tones and I filmed a music video at Noorilim estate. The high profile property has even been the breeding ground for multiple Melbourne Cup winners including 1910 champion, Comedy King, who was laid to rest within the grounds.

In 1998, prominent art dealer and entrepreneur behind Menzies International, the late Rod Menzies and his wife Carolyn, bought Noorilim for $3.325 million and set about restoring the Italianate mansion to its former glory.

Today, the 65ha property in the heart of the Goulburn Valley is on the market for only the third time in the past 50 years via Sean Cussell of Christie’s International Real Estate with a price guide of $15m.

During the Menzies’ ownership, the glamorous country estate was a venue for weddings, concerts, and private events, welcoming a long list of international guests. Chart-topping artist Tones and I filmed the video for her song Bad Child at the estate, and the period property has played its part in numerous films and television series. Singer and actor Ted Hamilton, known for roles in Division 4, Homicide, The Love Boat, M*A*S*H and Hawaii Five-O, was also a regular performer at the address.

Given its stately grandeur, Noorilim was even a successful auction centre for fine art with works by Brett Whiteley, Sidney Nolan and Jeffrey Smart sold under the hammer at the property.

Built in 1879 by celebrated architect James Gall for parliamentarian William Winter-Irving, Noorilim is a prime example of post-Gold Rush prosperity in Victoria. At the time of its construction in the mid to late-1800s, Australia had been labelled one of the richest nations on earth and Melbourne’s monied elite were spilling out of the city looking to build country estates to rival those in Great Britain. The nouveau riche began commissioning lavish ornamental houses shadowing the Gothic, Italianate and Queen Anne designs of Europe.

Noorilim’s facade is a striking example of this “boom style” architecture featuring an asymmetrical tower, ornate balustrades and grand arched loggias that frame sweeping views of the estate’s manicured grounds.

Inside, the vast 1022sq m residence has 5m ceilings and lavish period features, including 15 fireplaces, seven staircases, and intricate Corinthian columns.

At the heart of the mansion its grand hall has Minton tiles imported from England and laid by Italian artisans who were shipped out specifically for the job. There is a turret lookout, a billiard room, 10 bedrooms, four bathrooms, an office and grand formal rooms such as a lounge, library and dining room all with expansive windows showcasing views of the gardens and vineyard.

Noorilim’s name is derived from the Indigenous Yorta Yorta language and means “place of many reeds” reflecting the estate’s connection to its natural surroundings. Complementing Gall’s vision, renowned landscape designer William Guilfoyle — who worked on Melbourne’s Royal Botanic Gardens — crafted Noorilim’s standout gardens.

The grounds are home to echidnas, kangaroos and koalas, more than 300 mature trees including ancient Moreton Bay figs, a rose garden with a central fountain, an ornamental lake, a boathouse, and even a private beach on the banks of Goulburn River. There is also an extensive wine cellar, numerous outbuildings and barns, as well as a heritage-listed water tower. The working vineyard produces Chardonnay, Shiraz, Cabernet, and Merlot grape varieties.

 

 

Noorilim, near Nagambie, is 150kms north east of Melbourne at 205 Wahring Murchison East Rd, Wahring. The property is listed with Sean Cussell from Christie’s International Real

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11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

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