Slight Fall For Sydney House Prices

Slight falls of over 0.2% over the past four months, undoing a small gain recorded in January amid a surge in listings and weakening demand from buyers according to CoreLogic data.

The 28-day rolling tally in the CoreLogic daily index shows Sydney prices slipped into negative territory on February 19 for the first time since October 2020.

With the month almost at an end, the NSW capital is on track to post its first monthly drop in prices since the market bottomed out in September 2020.

“It’s likely we will be reporting the first month-on-month decline in Sydney’s home value index since September 2020,” according to Tim Lawless, CoreLogic’s research director.

“It’s certainly not showing evidence that the market is crashing, it’s probably best described as a levelling out in price, similar to what we’re seeing in Melbourne.”

According to Mr Lawless, the weakening trend in prices is likely to continue as stock is pushed onto the market through to Easter.

“One of the best leading indicators – the comparative market analysis generated by real estate agents on CoreLogic’s RP Data portal when they prepare properties for sale – had risen by 23 per cent over the year and 45 per cent higher than 2020,” he said.

Melbourne too is showing signs of softening with CoreLogic’s daily index reading indicating no change over the past four weeks following a 0.2% price gain in January.

Perth is only recording 0.2% growth over the rolling four-week measures, while housing values continue to record higher gains in Brisbane and Adelaide — up 2.1% and 1.6% respectively over the 28 days ending February 22.

Prince Albert House is a stately Federation manor showcasing just how Mosman’s grand architectural past can be expertly coupled with a contemporary renovation.

Surrounded by some of Mosman’s greatest estates, the regal residence once known as Candida underwent a rebranding and a significant renovation several years ago before it last changed hands in 2016 for $10 million.

Today’s vendors, publican Matthew Fallon and his partner Tamara Martin, have engaged Michael Coombs and Tia Naris of Atlas Lower North Shore to market the property with the auction guide sitting at $15.75 million.

Only the fourth owner in the property’s 117-year history, Fallon is one of three brothers behind The Buena in Mosman. Matthew, Luke, and Tim Fallon bought the Middle Head Rd watering hole Buena Vista Hotel in 2015 for more than $13m before renaming it.

Sitting on 1254sq m of estate-like grounds on Prince Albert St, one of Mosman’s most sought-after streets, this stately house is a blend of old-world charm meets modern luxury, coupled with enviable views of the iconic Harbour Bridge and water.

The period property’s transformation was initiated by the previous owner, recruitment boss Jeromine Alpe, who enlisted Giles Tribe Architects for the bulk of the renovations. Fallon and Martin added their own personal touches later on.

“This is a really beautiful house with lots of space. So many Federation homes have pokey rooms and a difficult layout but this one has been really opened up to be a historic home with a very modern floor plan,” said Coombs.

Inside, Prince Albert House has a host of charming historic detail paying homage to its Federation roots including high ornate ceilings, intricate leadlight windows, and grand marble fireplaces. The 21st Century additions like the Calacatta marble kitchen with custom butler’s pantry and seamless connections to the great outdoors are also perfectly suited to today’s must-have Sydney lifestyle.

The large layout features formal living and dining rooms with bay windows, casual family zones and big bedrooms with built-ins. In the primary bedroom suite, separated from the rest of the house on the first floor, there is a walk-through wardrobe to a deluxe bath ensuite as well as two balconies, a sitting area and an adjoining home office. Two more bedrooms also feature ensuites.

Resort style amenities of the Mosman property include a swimming pool surrounded by manicured gardens, sandstone feature walls, a gym with a sauna and ensuite, plus a large wine cellar.

Close to a long list of lifestyle locations, the house is near family-friendly harbour beaches, Taronga Zoo, Mosman’s shopping precinct, coveted schools and city ferries.

Prince Albert House at 13 Prince Albert St, Mosman is currently listed with Michael Coombs of Atlas and is scheduled to go to auction on November 2.

Slight Fall For Sydney House Prices

NSW capital on track to record first dip since September 2020.