Sydney Inner Suburbs Endure Sharp House Price Drops
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Sydney Inner Suburbs Endure Sharp House Price Drops

The prime part of the market appears most affected.

By Terry Christodoulou
Mon, Mar 7, 2022 2:03pmGrey Clock < 1 min

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.



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11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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It’s a slam dunk as a covetable $2m KDR site complete with basketball court hits the market in the Hills District

The ball is in the buyer’s court with this knockdown/rebuild opportunity

By KANEBRIDGE NEWS
Tue, Apr 18, 2023 2 min

Glenhaven in Sydney’s Hills District is one of those areas that locals tend to keep to themselves. Leafy with large blocks on offer, the suburb takes its name from its valley location, with the northern end originally known as the Glen and the southern end called the Haven. 

En route from Parramatta to the Hunter, Glenhaven has become an ideal place for growing families in search of a little more space, or even room to house several generations under one roof.

The challenge is finding properties that tick all the right boxes.

As demand for trades and supply chain issues continue to ease, now could be the right time for a knockdown/rebuild project for would-be buyers looking to create their dream home.

Fairmont Homes specialises in knockdown/rebuild projects in Sydney. General manager at Fairmont Homes, Daniel Logue, said there are key features to look for when choosing a knockdown/rebuild site.

“The key items we look for are the site falling to the street, not to the rear, to help with stormwater drainage as well as access to the site,” he said. “Neighbouring property front setbacks are also important. In some older areas, the older houses are set closer to the street, meaning your new home will have to be set to suit.

“Value for money and the return on the end sale price of the home is another issue.”

If possible, he said designing a home that meets the criteria of the Complying Development legislation will speed up approvals considerably.

While suitable knockdown/rebuild sites can be hard to find in Glenhaven, there are still hidden opportunities if you know where to look.

One block at 158 Gilbert Road, Glenhaven is ideally suited for rejuvenation. With almost 850sqm to play with, it slopes down to the street and sits between neighbouring properties that have already been stylishly updated.

 

 

An existing basketball court at the rear could provide the perfect teen backdrop to a family home, or it could make way for a larger house with landscaped gardens and pool. Alternatively, it could be the perfect position for a cabana or granny flat to serve as in-law accommodation or a source of secondary income.

With recent sales of completed homes in nearby streets reaching well above $5 million, it’s a great opportunity to make a slam dunk of a buy into one of Sydney’s best kept secrets.

Address: 158 Gilbert Road, Glenhaven
Price guide: $1.8 million
Inspection: By appointment only
Contact: William Brush, LJ Hooker Dural 9651 1566 

 

MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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