Sydney Housing Boom May Be Over
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Sydney Housing Boom May Be Over

Sydney house values fell in February for the first time since October 2020.

By Terry Christodoulou
Wed, Mar 2, 2022Grey Clock < 1 min

Sydney house values fell 0.1% in February, marking the first monthly decline since September 2020 according to the latest data from CoreLogic.

Melbourne’s values also stagnated over the month following on from similarly dour results in December and January with mortgage rate hikes, rising listings and poor affordability takings its toll on the market.

According to Time Lawless, CoreLogic’s director of research, the February home value index showed capital city and broad regions recorded a slowing trend in price growth.

“Sydney’s price drop is a pretty stark reminder that the boom in Sydney is over, and potentially we are looking at a marketplace now that is levelling out, potentially even moving into its downward phase earlier than what we expected,” he said.

“This could be the start of price falls,” Mr Lawless added.

Across the nation, housing values rose by 0.6% — the lowest monthly growth rate since October 2020 and is down from 1.1% in January and a cyclical peak of 2.8% in March 2021.

While smaller capitals continued to power ahead with Brisbane and Adelaide marking 1.8% growth and 1.5% respectively their growth rates have also been tempered.

In February, Brisbane recorded a 2.3% lift while Adelaide added 2.2%. Elsewhere, Canberra slowed to 0.45 and Hobart by 1.2%, Perth by 0.3% and Darwin by 0.4%.

According to Mr Lawless, the smaller markets have been resilient to the slowing conditions but now we’re seeing it affect the market.

“I’m quite certain that Brisbane and Adelaide will continue to be the standout performers across the capitals, but they’re not immune to a slowdown on the back of higher mortgage rates and worsening sentiment.”

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By Robyn Willis
Fri, Aug 5, 2022 2 min

When people talk about making a seachange, chances are this is the kind of property on the NSW South Coast that they have in mind.

Open for inspection for the first time this Saturday, 24 Point Street Bulli offers rare absolute beachfront, with never-to-be-built-out north facing views of the ocean. Located on the tip of Sandon Point, this two-storey property is a surfer’s dream with one of Australia’s most iconic surf breaks just beyond the back wall.

On the lower floor at street level, there are three bedrooms and two bathrooms, including a family bathroom and an ensuite in the master suite. A fourth bedroom is on the upper floor, along with the main living area, and is serviced by its own bathroom. 

While this would make a spectacular holiday home, it is well equipped for day-to-day living, with a spacious gourmet kitchen and butler’s pantry set into the articulated open plan living area on the first floor. A separate media room to the street side of the property on this level provides additional living space. 

Every aspect of this property has been considered to take in the light and views, with high ceilings internally and spacious, north facing decks on both levels to take in views of rolling waves. If the pull of the ocean is irresistible, it’s just a 100m walk to feel the sand between your toes.

The house is complemented by a Mediterranean, coastal-style garden, while the garage has room for a workshop and two car spaces.

An easy walk to Bulli village, the property is a 20 minute drive from the major hub of Wollongong and just over an hour to Sydney.

 

Open: Saturday August 6 2pm-3pm Auction: Saturday September 3 Price guide: N/A but expected to exceed $5.3m paid in March for 1 Alroy Street 

Contact: McGrath Thirroul – Vanessa Denison-Pender, 0488 443 174