Sydney House Prices Drop Nearly 2% In 4 Weeks
Property prices are dropping at the fastest rate in more than 40 years.
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The effects of the interest rate hikes are being acutely felt in Sydney, with the median house price slumping 1.9% in the past four weeks according to data from CoreLogic. The decline represents the fastest dip in more than 40 years.
Sydney is not alone, with Melbourne prices also falling sharply, down 1.2%, while Brisbane dropped by 0.6%. Across the country, prices have dropped by 1.2% during the same period.
Since prices in Sydney peaked in mid-February, the housing market has fallen by 4.8%. Melbourne’s prices peaked in March and have seen a 3% drop since then.
Both cities are now recording a faster decline than the price drop of 2017 according to Tim Lawless, CoreLogic’s research director.
“Six months ago I would have been surprised at the pace of decline that we are seeing now, but considering the worsening outlook for interest rates, plummeting consumer sentiment and the impact of such high inflation on household balance sheets, the more rapid than expected rate of decline isn’t all that surprising,” Mr Lawless said.
During the 2017 to 2019 property market downturn, Sydney’s housing values were down by 2.6% over the same number of days since peaking and Melbourne was just 0.8% lower than its peak comparatively.
“The reality is housing price declines are gathering momentum, and it’s likely the decline phase will worsen before it gets better,” said Mr Lawless.
“As more cities and regions start to record falling housing values, this will feed into larger reductions in the national, combined capitals and combined regionals index.”
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
A Sydney site with a questionable past is reborn as a luxe residential environment ideal for indulging in dining out
2 min
Long-term Sydney residents always had handful of not-so-glamourous nicknames for the building on the corner of Cleveland and Baptist Streets straddling Redfern and Surry Hills, but after a modern rebirth that’s all changed.
Once known as “Murder Mall” or “Methadone Mall”, the 1960s-built Surry Hills Shopping Centre was a magnet for colourful characters and questionable behaviour. Today, however, a $500 million facelift of the site — alongside a slow and steady gentrification of the two neighbouring suburbs — the prime corner property has been transformed into a luxury apartment complex Surry Hills Village by developer Toga Group.
The crowning feature of the 122-apartment project is the three-bedroom penthouse, fully completed and just released to market with a $7.5 million price guide.
Measuring 211sqm of internal space, with a 136sqm terrace complete with landscaping, the penthouse is the brand new brainchild of Surry Hills local Adam Haddow, director of architecture at award-winning firm SJB.
Victoria Judge, senior associate and co-interior design lead at SJB says Surry Hills Village sets a new residential benchmark for the southern end of Surry Hills.
“The residential offering is well-appointed, confident, luxe and bohemian. Smart enough to know what makes good living, and cool enough to hold its own amongst design-centric Surry Hills.”
Allan Vidor, managing director of Toga Group, adds that the penthouse is the quintessential jewel in the crown of Surry Hills Village.
“Bringing together a distinct design that draws on the beauty and vibrancy of Sydney; grand spaces and the finest finishes across a significant footprint, located only a stone’s throw away from the exciting cultural hub of Crown St and Surry Hills.”
Created to maximise views of the city skyline and parkland, the top floor apartment has a practical layout including a wide private lobby leading to the main living room, a sleek kitchen featuring Pietra Verde marble and a concealed butler’s pantry Sub-Zero Wolf appliances, full-height Aspen elm joinery panels hiding storage throughout, flamed Saville stone flooring, a powder room, and two car spaces with a personal EV.
All three bedrooms have large wardrobes and ensuites with bathrooms fittings such as freestanding baths, artisan penny tiles, emerald marble surfaces and brushed-nickel accents.
Additional features of the entertainer’s home include leather-bound joinery doors opening to a full wet bar with Sub-Zero wine fridge and Sub-Zero Wolf barbecue.
The Surry Hills Village precinct will open in stages until autumn next year and once complete, Wunderlich Lane will be home to a collection of 25 restaurants and bars plus wellness and boutique retail. The EVE Hotel Sydney will open later in 2024, offering guests an immersive experience in the precinct’s art, culture, and culinary offerings.
The Surry Hills Village penthouse on Baptist is now finished and ready to move into with marketing through Toga Group and inquiries to 1800 554 556.
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
