Sydney house prices are down, but not out, new data reveals
Australia’s most expensive city feels the impact of successive rate rises, but it’s not alone as prices trend downwards around the capitals
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Sydney house prices have fallen more than 10 percent since February this year, CoreLogic reports.
The property data service revealed that Sydney home values are down -10.1 percent, or $116,500. Research director for CoreLogic, Tim Lawless said as Australia’s most expensive capital city, it was ‘unsurprising’ that Sydney had experienced the greatest decline following six consecutive rate rises and record low affordability this year.
“Although Sydney’s housing values were already in decline when the rate hiking cycle began, the pace of decline accelerated sharply following the first interest rate increase in May,” he said.
“Sydney values are now down –9.5 percent since 3 May, and -10.1 percent since peaking on 13 February this year.”
Melbourne property prices have also fallen this year at -6.4 percent since January. The results were similar in Brisbane, which has experienced a -6.1 percent decline. In Hobart and Canberra, the monthly Home Value Index revealed falls of -4.7 percent and -4.4 percent respectively.
Results were steadier in Adelaide and Perth, where prices have fallen less than -1 percent since peaking in August. Darwin is the only capital where prices have not declined.
Despite the bleak results in Sydney, Mr Lawless said there’s no need for concern just yet.
“Despite the -10.1 percent decline so far, Sydney home values still have a way to go before wiping out the capital gains accrued over the recent growth cycle. Home values would need to fall a further -11.4 percent to get back to the levels seen at the onset of COVID,” Mr Lawless said.
Early indications from several big regional real-estate boards suggest March was overall another down month.
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A heritage-listed Federation estate with tennis court, pool and studio, Marika offers timeless elegance and modern family living in the heart of Hunters Hill.
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A grand old dame who has stood the test of time, Marika is a slice of Hunters Hill heritage transformed for modern-day living.
Meticulously renovated between 1981 and 1983, with several updates since, Marika made it onto the heritage register in 1999 just in time to signal a new millennium. Today, the modernised mansion is on the market with an auction price guide of $7.5 million, marketed through BresicWhitney’s Nicholas McEvoy.
“The home is a fantastic opportunity for a discerning buyer to get a grand family estate-style property, with a pool, tennis court and grounds, for a price that’s much more affordable than expected,” McEvoy says.
Sitting pretty on the corner of Augustine St and Ryde Rd, the stately Federation residence occupies a sprawling 2472sq m block, which was once part of a 30-acre land grant handed to Frederick Augustus Hayne in 1835. In 1902, he sold it to Dr Leopold Augustus Carter, a local dentist. Two years later, Marika, then known as “Ryde”, appeared in the famed Sands Directory – the social media of its era – a symbol of its architectural significance.
Surrounded by manicured gardens with sculpted hedges, a pool and full tennis court, Marika is a prime example of Federation style with contemporary elements.
Inside, the single-level five-bedroom home showcases intricate craftsmanship, from its decorative gables, period archways and bay windows to the coloured glass panels on multiple doors and windows. Elegant formal rooms have high ornate ceilings that are a preserved nod to Marika’s past, while the more modern spaces are relaxed family-friendly zones.
Thanks to a pavilion-style addition, the L-shaped layout measures 450sq m internally and wraps around a central courtyard that plays host to the alfresco dining terrace and pool, while a wide veranda frames the original front rooms of the house.
Primary living spaces, including the dining area with integrated bar, open to the great outdoors via stacker doors and the 21st century kitchen has a large island bench and a butler’s pantry with hidden access to the triple lock up garage. There is also a dedicated media room, a library or home office, plus a separate family room with a beautiful bay window.
All bedrooms feature built-ins while the main retreat, and a second bedroom, have shower ensuites. The shared bathroom houses convenient twin vanities and a freestanding bathtub.
Beyond the interiors, Marika delivers resort amenities with a full-sized, floodlit tennis court, the pool, barbecue terrace and a self-contained studio apartment with the added bonus of Harbour Bridge glimpses.
Added extras include a converted loft storage space, a large laundry with side yard access, ducted air conditioning, multiple fireplaces, solar panels with a battery backup and modern insulation.
Accessed via Augustine St, Marika is close to St Joseph’s College, Boronia Park shops, local ovals and city transport.
Marika at 59 Augustine St, Hunters Hill is set to go under the hammer on April 26, on site at 9am with a price guide of $7.5 million. The listing is with Nicholas McEvoy and Narelle Scott of BresicWhitney Hunters Hill.
The Mayfair home, listed for £8.25 million, once belonged to the Earls of Lindsay.
The 25-room mansion was built for an heiress and later belonged to a socialite and architect on the Empire State Building.
