Sydney Leads Prime Housing Price Growth Forecast
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Sydney Leads Prime Housing Price Growth Forecast

The city is expected to see prices rise 10% this year, according to Knight Frank research.

By V.L Hendrickson
Wed, Jul 21, 2021Grey Clock 2 min

The average price of a luxury property in Sydney, Australia, is set to rise 10% this year, the biggest jump of any city included in Knight Frank’s prime residential price forecast, released Wednesday in the U.K.

Next year, Sydney is on track to share the top spot with London. Average prices in both cities are expected to jump 7% in 2022, according to Knight Frank. Although that’s a dip for Sydney prices, it marks a 5% increase for London, where 2021 prices are set to rise just 2%—the smallest uptick on the index.

Across the 11 cities considered, average prime prices are set to jump 4% in 2021, according to Knight Frank. That’s up from a 1% increase predicted by Knight Frank early in the Covid-19 pandemic in May 2020, and a 3% rise in December 2020.

Government measures have helped protect economies, and cities are now on the rebound, according to Kate Everett-Allen, head of international residential research at Knight Frank.

“Government fiscal stimulus measures have been revised upward, protecting jobs and incomes via furlough schemes, meaning there have been few forced property sales,” she said in the report. “Banks in key developed markets offered mortgage holidays to customers reducing repossessions and foreclosures.”

In addition, the pandemic has inspired many buyers to relocate or expand their holdings.

“Households accrued a total of over US$5 trillion globally in savings during lockdown, enabling some homeowners to undertake home improvements,” Ms. Everett-Allen continued. “Others have opted to relocate, upsize, downsize or buy a second home/investment property.”

This year, Miami is predicted to have the second-highest growth in average prices, 6%, with a 4% bump in 2022, the data showed. Los Angeles and Hong Kong followed, both with 5% increases predicted for 2021 and 2022.

New York should see prices rise by 4% this year, which would be the first positive price growth since 2018 and its strongest performance since 2015, according to Knight Frank. In 2022, they are set to rise 3%.

And although average prices in Madrid are predicted to tick up 3% in 2021, they could rise 6% in 2022, the brokerage forecasted.

Potential headwinds that could stymie the market include slow vaccine rollouts and the unknown path of the Delta variant of the Covid-19 virus, rising interest rates and government cooling measures, according to the report.

Reprinted by permission of Mansion Global. Copyright 2021 Dow Jones & Company. Inc. All Rights Reserved Worldwide. Original date of publication: July 20, 2021.

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In the coastal township of Salamander Bay — nearby to Port Stephens — comes a unique home crafted to take full advantage of unbroken ocean vistas across three levels.

With one-of-a-kind flair, the stunning 5-bedroom, 3-bathroom, 3-car garage home of 52 Randall Drive Salamander Bay is nestled on a private 577sqm plot, optimised through intelligent design to take advantage of the Port Stephens landscape and lifestyle.

Within the home sees the typically coastal textures of natural oak floor and timber feature walls take hold while stone and tiled adornments add layers of luxury.

The open plan living, kitchen and dining areas incorporate a fireplace and near floor-to-ceiling glass that opens to create a seamless indoor-to-outdoor dining and entertaining space on the home’s top floor.

The heart of this area is the kitchen, centred around a marble-topped island, state-of-the-art European appliances and an attached bar area, with built-in refrigeration, accompanied by a butler’s pantry.

Also here comes a grand outdoor spa, central to the balcony, while another outdoor entertaining area with a pizza oven is found on the middle floor.

Downstairs once again comes a second living space replete with the perfect wine cellar — cooled by the natural rock foundation of the home — offering an array of entertaining options

Of the home’s accommodation comes a private and luxurious master retreat with expansive ocean views, a walk-in wardrobe and an ensuite, here, speckled with grey terrazzo tiling and timber joinery vanities.  A further four bedrooms are found throughout the home along with two family bathrooms rounding out the offering.

Less than a five-minute walk from nearby amenities of shops, restaurants, cafes and beaches the home offers the best of the Port Stephens area.

The listing is with PRD Port Stephens’ Dane Queenan (+61 412 351 819) and Erin Sharp (+61 499 912 311) and is heading to auction; prd.com.au