Sydney Inner Suburbs Endure Sharp House Price Drops
The prime part of the market appears most affected.
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House prices in some of Sydney’s inner suburbs have lost, in some cases, more than $190,000 in the past three months to February as the market slowdown steepens with poor affordability, tighter lending and higher fixed interest rates according to the latest CoreLogic data.
The Sydney suburb of Beaconsfield, nearby the city’s airport, posted a 9.2% drop in median house values to $1.77 million, the largest percentage decline recorded in any house market in the country. Prices in Beaconsfield are now $162,662 lower than three months ago.
Elsewhere, Newtown saw values fall by 6.6% or $120,207 down to $1.821 million, Surry Hills is down 6.1% to $134,054 to $2.197 and Birchgrove lost 6% or $190,581 to 3.176 million.
According to CoreLogic’s head of research, Eliza Owen, the premium end was more volatile compared to the lower end.
“I think affordability constraints, tighter lending conditions and higher fixed rates have likely been enough to cool premium markets, and the sharpness of the fall relates to the volatility in the high end of the market, and the extremely strong run up in price growth,” she said.
Away from Sydney’s market, Melbourne has seen its own market cooling with house prices in Prahran, Cremorne, South Yarra and Windsor tumbling by more than 5% while Toorak dipped 4.7% during the same period.
According to Ms Owen, the affordable end of the market would continue to outperform the upper end as the broader market begins to slow.
“Based on historical performance of property values, I think the next 12 months should see more steady performance in affordable segments of Sydney and Melbourne,” she said.
“More affordable segments tend to have less volatility in growth rates – the highs are not as high, but the lows are not as low,” she said.
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.
His stallion once won the Melbourne Cup, now this late legendary horse owner’s thoroughbred harbourside home is on the market.
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A perfectly-positioned harbourside residence, formerly the home of a late Melbourne Cup-winning horse owner, has come to market with $14 million price expectations for its February 22 auction.
Sitting in one of Sydney’s most coveted enclaves on Waiwera St in Lavender Bay, the duplex with never-to-be-built-out gunbarrell views of both the Sydney Harbour Bridge and Opera House was home to championship thoroughbred owner Michael Fergus Doyle. The Irish-born entrepreneur was part owner of Protectionist, the 2014 Melbourne Cup winner.
Bought by Doyle in April 2020, in an off-market deal totalling $11 million according to CoreLogic data, the two-storey Lavender Bay property is being sold by the racing legend’s family through Atlas Sydney & East Coast. Doyle, a prominent character in Sydney’s Irish community for more than 50 years after arriving down under in the 1960s with a 10 pound boat ticket, sadly passed away in November 2023 at the age of 77.
Doyle built his fortune by building a construction company from the ground up that eventually employed more than 300 people and had a contract with Sydney Water worth A$100 million a year. By 2009, Doyle sold the business to a company owned by the Singapore Government and breeding horses through Doyles Breeding & Racing became his next passion.
The contemporary four-bedroom three-bathroom property features 304sq m of internal living space with additional outdoor entertaining areas on both levels.
Beyond the impressive grand entrance foyer with a personalised floor medallion, the layout opens up to reveal a large everyday living level with a formal lounge room and casual sitting space featuring walls of windows to frame the Harbour City’s top icons. Thanks to a central skylight tower, this main living zone is also flooded with natural light.
A spacious chef-grade kitchen anchored by a long island bench is equipped with Gaggenau appliances, gas burners, dual ovens, and a grill plate. The adjoining dining area spills out onto a terrace with an integrated bar table plus a Luna Park and bridge backdrop. The entry level also houses a home office or guest bedroom with a Juliette balcony and integrated desks opposite a full bathroom.
In the main bedroom suite upstairs there is a deep full-width balcony with more landmark views, a vast walk-in wardrobe, plus a spa ensuite complete with twin vanities, heated floors and warming towel racks. Two more bedrooms on the upper level each have access via French doors to a shared street-facing terrace and built-ins with a common family-friendly bathroom.
Added extras include automatic awnings and privacy screens to the outdoor areas, marble floor tiles, and a double lock up garage with storage.
The designer duplex is located close to harbourside dining venues, foreshore parks such as Bob Gordon Reserve and Wendy Whiteley’s Secret Gardens, Kirribilli Markets and North Sydney’s bustling CBD.
Property 2 at 9-11 Waiwera St is on the market with Adrian Bridges and Daniel Chester of Atlas Sydney & East Coast with a price guide of $14 million. It is set to go under the hammer on February 22.
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.
