Property of the Week: 55A Justin Street, Lilyfield

Whether you’re in the market for a home or an investment, a flexible, adaptable floorplan is key. Throw in an excellent location with easy access to public transport, parklands and cafe culture, and you’re set.

This property at 55A Justin Street, Lilyfield in Sydney’s inner west, is a newly finished torrens title terrace, offering 350sqm of living space across three levels, as well as a basement garage with lift providing access to all levels. Entry is available via the street or rear garage, which features space for up to three cars, as well as multiple storage areas ideal for bike storage, a laundry and powder room. The garage is also EV ready, while Lilyfield light rail and bus stops are a few hundred metres away.

There are three bedrooms across the light and bright floorplan, with two bedrooms on the top floor and a third bedroom or living room on the middle floor, with its own spacious terrace overlooking the backyard.

Two well-appointed kitchens with integrated appliances and spacious island benches are located on separate floors, allowing for delineation between work and home, or even to function as separate residences.

Interiors are deliberately neutral, with herringbone pattern timber floors and warm white and timber joinery, ready for new owners to put their stamp on this thoughtfully designed property. With the exception of the basement, each floor has its own balcony or terrace, with two on the main living level.

Ideal for a multitude of uses, from home business/commercial set-up to intergenerational living, the property also has disabled access to the hi speed commercial lift, as well as wheelchair friendly, seamless transitions from indoor to outdoor spaces and hobless frameless showers in the bathrooms.

Ducted reverse cycle aircon, underfloor heating, solar panels and video intercom security ensure this property is futureproofed, offering an exceptionally high quality of living on a surprisingly small footprint.

Auction on site: 3.30pm Saturday, August 31, 2024

Inspections: Wednesday, 28 August 12:15pm – 12:45pm; Saturday, 31 August 1:00pm – 1:30pm

Agent: Pilcher RE Simon Pilcher 0425 216 043 Chris Parsons 0405 540 584

SYDNEY—Australian house prices recorded their first monthly decline in almost two years in December, but relief for the market appears close amid growing speculation that the Reserve Bank of Australia will start cutting interest rates from February.

House prices rose 4.9% in 2024, but December registered a 0.1% drop, the first since January 2023, according to property research group, CoreLogic.

The month saw deepening price falls in Melbourne and Sydney, the country’s two biggest property markets, while other state capitals also showed signs of weakening.

A national housing shortage and falling unemployment are lending some support to house prices, but elevated interest rates, poor affordability levels and low confidence are now taking a toll on the market.

“The decline in values is no surprise,” said CoreLogic’s research director, Tim Lawless. “This result represents the housing market catching up with the reality of market dynamics.”

“Growth in housing values has been consistently weakening through the second half of the year, as affordability constraints weighed on buyer demand and advertised supply levels trended higher,” he added.

There is widening evidence of weakness in the property market, with auction activity cooling from their highs, particularly in Sydney where successful sales at auctions have fallen to just above 50% of properties listed.

Still, the tide could turn again for house prices, after the RBA indicated in December it is growing more confident that inflation will soon return to target, paving the way for the start of interest rate cuts.

Economists are forecasting another year of modest gains for house prices, with the pace of increase largely dictated by the timing and extent of RBA rate cuts.

The RBA kept the official cash rate steady at 4.35% through 2024, putting it at odds with many of the world’s major central banks that have cut aggressively.

A shortfall in housing supply is also expected to remain significant for a long while yet, with the accumulated shortfall now estimated at around 200,000 homes, said Shane Oliver , chief economist at AMP.

Property of the Week: 55A Justin Street, Lilyfield

A brand new terrace a heartbeat from the inner city offers accessibility and flexibility on a tidy, beautiful site

House prices rose 4.9% in 2024, but December registered a 0.1% drop