Some Sydney Suburbs Have Dropped 10%
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Some Sydney Suburbs Have Dropped 10%

While some Melbourne suburbs also faced steep declines

By Terry Christodoulou
Wed, Jun 1, 2022Grey Clock < 1 min

With house prices across the country recording the first drop since September 2020, some Sydney suburbs have been affected more than others.

House prices in some northern beaches and inner west suburbs have nose-dived by as much as 10% in the past three months.

Narrabeen on the northern beaches has suffered the biggest drop of 10.1% or $321,542, Collaroy lost 8.3% or $272,750, and Collaroy Plateau dropped 7.7%, $208,576, according to data from CoreLogic.

 In the inner west, suburbs such as Birchgrove have seen prices drop 9.4% or $298, 633, Strathfield South fell by 8.6% or 170,423 and Lilyfield lost 7.2% or $174,993.

Melbourne — which also suffered a property value decline of 0.8% in the three months to May — saw the biggest quarterly decline in Balaclava, Middle Park and St Kilda respectively where values fell by 7.4%, 6.5% and 6.2% respectively.

Elsewhere, capital cities of Brisbane rose by 4.6 per cent, Adelaide by 5.7 per cent and Perth by 2.7 per cent.

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By Kanebridge News
Thu, Aug 11, 2022 < 1 min

New research from Knight Frank’s International Waterfront Index shows waterfront properties are costing more than double their inland counterparts in Sydney while in Melbourne waterside properties attract a 40% premium.

Australia’s coastline attracts some of the highest waterfront premiums in the world with Sydney topping the index — an average premium of 121% — compared to an equivalent home set away from the water.

Auckland ranked second on the list of 17 international locations — a premium of 76%. The list saw Gold Coast (71%), Perth (69%) and the Cap d’Antibes (59%) on the French Riviera round out the top 5.

Australia continued to feature prominently in the research with Brisbane’s waterfront premium coming in at 55%, with Melbourne also in the top 10 at 39%.

According to Knight Frank Australia’s head of residential research, Michelle Ciesielski, there has always been strong appetite for Sydney’s waterfront homes.

Australia’s luxury residential market has advanced, it lacks the depth of prestige markets in more established global cities said Cieselski.

“As a result, our Australian cities can achieve a significantly higher premium on the waterfront compared to a similar property inland without access to, or a view of, water,” she said.

“Also, Australia is known for its balmy outdoor lifestyle, so many buyers in this super-prime space are willing to pay a premium to secure the ideal position along the waterfront.”

The data also suggests that beachfront homes were most desirable, commanding a premium of 63% compared to harbour locations fetching 62% premium and coastal homes with a 40% premium.