House Prices Fall Across 40% Of Sydney
The market is feeling the effect of a slowdown.
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The first three months of the year has seen dwelling values drop in nearly two of five Sydney suburbs, while almost half of all Melbourne suburbs analysed posted value declines according to data from CoreLogic.
The market downturn appears to be gathering pace with 917 Sydney suburbs analysed and 354 recording a fall in median dwelling values. House prices in 189 Sydney suburbs slumped while 165 unit markets weakened during the same period.
Melbourne saw dwelling values across 303 suburbs drop during the same 3-month period — 154 house and 149 unit markets positing price falls.
According to Eliza Own, CoreLogic’s head of research, the largest price decrases were found in some of the most affluent parts of Sydney and Melbourne.
Areas such as Beaconsfield, Newtown and Camperdown notched up some of the sharpest house price falls, 7.2%, 5.8% and 5.7% respectively.
In Melbourne, Cremorne posted the largest house price decline of 6.4%, followed by South Yarra (-4.8%) and Toorak (-4.4%).
“High-end and inner-city areas are emerging as the first suburbs to experience this shift in market conditions,” Ms Owen said.
“It is likely that slightly tighter lending conditions and higher average fixed rates are hitting the very top of housing markets first.
Interestingly, this trend isn’t Australia wide with Brisbane posting a rise in median values across all 337 house markets analysed while only one out of the 171 unit markets posting a decline.
So too in Adelaide, where all 314 house markets in the analysis saw price increases and only two from the 105 unit markets saw a drop in values.
Elsewhere, Canberra saw dwelling values in seven out of 134 house and unit markets analysed record price decline while six from 55 house and unit markets In Hobart posted a drop.
Perth saw 13.4% of all suburbs analysed record a decline while 18% of the market logged value declines in Darwin.
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.
The four-bedroom home “blends historic architecture, soaring open-plan living spaces and every possible contemporary comfort”
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A unique home on the outskirts of London within a former chapel that had a starring role in the hit TV series “Call the Midwife” is on the rental market for £39,000 (US$48,568) per month.
The four-bedroom home was carved out of St Joseph’s Missionary College, which, founded in 1871, trained young Catholic priests to work as missionaries abroad, according to listing agency Dexters.
Before its conversion to a lavish private residence, the college’s chapel had a starring role as nursing convent Nonnatus House in the first two seasons of the feel-good BBC show, which focuses on a church-funded midwifery in the 1950s and 1960s, based on the bestselling memoirs of Jennifer Worth, a former London nurse.
When the historic college was sold for redevelopment in 2013, and production of “Call The Midwife” transferred to a studio set, the chapel—along with the rest of the building—was born again.
Dexters
Still going by the apt moniker of the Chapel, the home is the centrepiece of the site, which is now a gated development known as St Joseph’s Gate, said Dexters, which brought the home to the market in late February.
The home spans almost 10,000 square feet and “blends historic architecture, soaring open plan living spaces and every possible contemporary comfort,” said Andy Christophi, director of Dexters Finchley.
The chapel’s nave is now the dramatic heart of the home, complete with a 45-foot high vaulted timber ceiling.
The vast open-plan area—which also has columns and gothic-style arches—has a handcrafted kitchen, temperature-controlled wine storage, a curved living area with Victorian windows and enough space to easily host 30 at a dinner table, the listing said.
Above, a mezzanine bedroom has been constructed to appear as though floating above the main living area below.
The home also has a gym, a spa area with a sauna and steam room, and a media room.
“Perfect for a family that loves to entertain, its use as a filming location…makes it particularly iconic, and means you’ll never run out of dinner party conversation,” Christophi said.
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
This stylish family home combines a classic palette and finishes with a flexible floorplan
