Prestige house values fall in regional centres
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Prestige house values fall in regional centres

Byron Bay property data signals a decline in values for regional prestige markets

Wed, May 17, 2023 9:08amGrey Clock 2 min

Properties on the NSW far north coast have lost almost half the value they gained during the pandemic, CoreLogic results show.

The property data provider’s Regional Market Update has revealed a fall of -24.2 percent in the Richmond-Tweed region, which takes in regional prestige markets including Byron Bay, Bangalow and Brunswick Heads, over the year to April. During COVID, prices in the region rose by 51 percent. The Richmond-Tweed also saw the greatest rates of vendor discounting at -7.9 percent and the biggest fall in annual sales activity at -39.9 percent.

CoreLogic noted that following the surge in values during the pandemic, where working remotely became normalised and buyers sought refuge in regional areas, the area had experienced severe flooding, as well as the impacts of rising costs of living.

Southern regions of NSW also took a hit, with house values falling in the Southern Highlands by -16 percent and the Illawarra by -13.7 percent. The Southern Highlands also recorded the longest time to sell on the market at a median of 79 days.

CoreLogic Australia economist Kaytlin Ezzy said the results were not surprising.

 “Over the past year, premium lifestyle markets have been hardest hit by softer market conditions and rate increases,” she said. 

“These markets were among the largest beneficiaries of regional migration through the COVID-induced upswing and, as a result, became significantly more sensitive to the rising cost of debt and the normalisation in regional migration trends.” 

However, not all regional prestige markets experienced the same downturn in values. The south east region in South Australia, including Kangaroo Island, the Fleurieu Peninsula and the Limestone Coast saw values increase by 10.8 percent over the year to April.

There was less volatility recorded in more affordable regional areas, with mild declines recorded.

“Despite two interest rate rises over the first few months of the year, these markets offer relative affordability, have low listing levels, increased regional migration inflows and strong economic activity off the back of mining, agriculture and tourism. This has all helped support mild value growth,” Ms Ezzy said. 

“Values are influenced by more than just interest rates, such as stock levels, migration, local economic factors and an improvement in consumer sentiment, which are helping to stabilise values across some regional markets.” 



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This all-in-one Hunter Valley property has it all – including an arena

This business and luxury home in one is the ultimate treechange option

Fri, Dec 9, 2022 < 1 min

After the past few years, it’s tempting to pack everything up and get away from it all. But if you’re dreaming of leaving city living behind, there’s the question of creating income.

For cashed up, business savvy buyers, this property could be just the ticket – especially if they like horses.

Argentille at 283 Wilderness Road, Lovedale has been operating as a successful luxury holiday and wellness destination with accommodation for up to 20 people.

Set over 46 acres, it offers first class equine facilities, as well as a spacious gym and wellness centre with pilates and yoga rooms, massage spaces and infrared saunas.

The equine facilities include a 2000sqm indoor arena with grandstand seating as well as a well-appointed outdoor arena.

In terms of accommodation, there’s a two-bedroom loft apartment and two separate stable rooms in addition to the four-bedroom main residence overlooking the pool, manicured gardens and farm beyond.

While the property feels like it is a million miles from care, it’s set within the desirable wine-growing region of the NSW Hunter Valley with easy access to a wide selection of restaurants, cafes and golf courses. It also has 4G coverage, and is a short drive from nearby primary and high schools.

Argentille would suit a variety of uses as a ready-to-go business with excellent ratings or a luxury estate for the right buyer looking to develop it further. 


‘Argentille’ 283 Wilderness Road, Lovedale

Price guide: $11.75m to $12.75m

Open for inspection: By appointment

For sale by expressions of interest

Agent: McGrath Upper Hunter – Michael Burke, 0429 692 454



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