Prestige house values fall in regional centres
Byron Bay property data signals a decline in values for regional prestige markets
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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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A landmark Watsons Bay residence formerly owned by businessman Mark Bouris has returned to the market, bringing one of the harbourside village’s most distinctive homes back into play.
The five-bedroom property at 23 Robertson Place occupies 654 square metres opposite Robertson Park, within footsteps of Watsons Bay Beach, the ferry wharf and the celebrated restaurants lining the foreshore.
Its position places the home at the centre of one of Sydney’s most recognisable harbour villages, yet its substantial proportions, private outdoor areas and garaging give it a degree of separation rarely found so close to the waterfront.
The residence was previously owned by Bouris, the founder of Wizard Home Loans and chairman of Yellow Brick Road. Property records show it last changed hands in November 2013 for $7 million, having sold for $890,000 in 1995.
That 2013 transaction was handled by prestige agent Bill Malouf through Highland Double Bay. Bouris was the vendor when the home last sold.
Architect Malcolm Sholl designed the contemporary residence around a fluid connection between its interiors and outdoor entertaining areas. Extensive glazing draws natural light into the principal rooms, while district views take in the Sydney Harbour Bridge.
Travertine flooring extends through the principal living areas and out towards the terraces, reinforcing the relationship between the home and its coastal setting.
At the centre of the residence is a marble kitchen equipped with Gaggenau gas appliances and an integrated Miele coffee machine. It connects to expansive open-plan living and dining areas designed for both family life and large-scale entertaining.
Five double bedrooms are accompanied by three bathrooms and a guest powder room. Informal living spaces include a home cinema.
Outside, there’s a 23-metre lap pool and an alfresco entertainer’s terrace. Internal access from the garage and accommodation for four cars are especially valuable in the tightly held village location.
The address also carries an unusual fragment of local architectural history. Woollahra planning material identifies portions of an early Victorian cottage dating from about 1839 within the contemporary three-storey residence, placing the property within the wider Watsons Bay heritage conservation area.
The home made headlines for another reason in January 2025, when a Ferrari left the road and struck the property. Two occupants of the vehicle were taken to hospital following the incident.
The Agency’s Ben Collier has a $20 million guide.
Watsons Bay remains one of Sydney’s smallest and most tightly held prestige markets. There have only been two house sales in the suburb so far in 2026. The suburb record was set late last year when yachtie Linda Goddard paid $35.5 million for a Pacific Street waterfront.
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