THE AFFORDABLE AUSTRALIAN REGIONS BUCKING THE PRICE FALL TREND
More than ever, it pays to tread carefully when choosing an investment property in an uneven market
2 min
It’s easy to think that Australian house prices are on a downward spiral, as interest rates edge closer to the 4 percent mark.
And while the nation’s most expensive cities of Sydney, Melbourne and Canberra have experienced drops in values – Sydney is down 10.8 percent since February 2022 – it’s not the same story across the country, said Ray White chief economist Nerida Conisbee.
“Some markets are less sensitive to interest rates. Sydney, Melbourne and Canberra are our most expensive cities and as a result are far more sensitive to the cost of debt,” she said. “Sydney house prices have now fallen by 10.8 per cent from their peak in February 2022. Compare that with Adelaide where the median is half that of Sydney – prices are down only 1.8 percent from the peak.”
It’s a similar result in the resource capitals of Perth and Darwin.
Research by Ray White reveals that some city and regional areas are continuing to increase in value, although it’s very much on a case-by-case basis. Potential regional property investors would do well to tread carefully before purchase.
Parts of Adelaide such as Playford, the Adelaide Hills and Salisbury have seen steady increases in house values over the past year, while in Brisbane, more affordable suburbs such as the Ipswich Hinterland, Beaudesert, Beenleigh and the Caboolture Hinterland have performed well.
The Queensland regional centre of Bundaberg experienced the highest regional growth in house values during the 12 months to January 2023, with median values up from $394,436 to $422,559, or $28,123. Other parts of Queensland, including Cairns north, the Whitsundays and Maryborough also saw values go up.
Some regions of South Australia proved more resilient as well, with house values increasing on the Limestone Coast, in the Murray and Mallee and Kangaroo Island. The Upper Hunter saw the strongest growth in NSW regional house prices, up from $414,034 to $437,108.
“At a small area level, the difference between what’s happening is even more stark,” Ms Conisbee said. “The capital city areas still recording year-on-year increases are all relatively affordable suburbs in Brisbane and Adelaide. Both of these cities recorded net interstate migration during the pandemic. Most people that moved during this time initially rented and a shift from renter to buyer is likely to be in part driving price growth.
“At a regional level, the areas seeing growth tend to be more affordable holiday destinations, as well as towns that are benefiting from strong agricultural and mining conditions.”
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Mirvac’s 45-level Trielle has topped out at Yarra’s Edge, pairing riverfront apartments with wellness facilities, private dining and resident services.
3 min
Mirvac has topped out Trielle at Melbourne’s Yarra’s Edge, with more than 70 per cent of the riverfront development sold and approximately 80 per cent of purchasers intending to make their apartment a home.
The figures, released on September 22, point to an owner-occupier audience for one of the precinct’s final residential towers. Mirvac began developing Yarra’s Edge in 2003, and its latest addition occupies one of the remaining absolute riverfront sites.
Mirvac CEO of Development Stuart Penklis said existing residents were among those moving up within the neighbourhood.
“Many purchasers already have a connection to Yarra’s Edge,” Mr Penklis said, describing buyers whose changing needs were encouraging an upgrade within the precinct.
“As one of the final residential towers within Yarra’s Edge, Trielle represents the culmination of more than two decades of creating one of Melbourne’s most established and sought-after waterfront communities,” Penklis said.
“Positioned on the Collins Street axis with absolute river frontage, Trielle offers residents a rare opportunity to enjoy sweeping views across the Yarra River, Melbourne skyline and Port Phillip Bay, while remaining seamlessly connected to the CBD. With Trielle now more than 70 per cent sold, we’re continuing to see strong demand from buyers seeking quality homes in established locations.”
The developer also flagged a penthouse and sub-penthouse collection with larger layouts, premium finishes and broad outlooks. The planned wellness centrepiece, The Oasis, encompasses a 900-square-metre elevated urban rainforest.
Mirvac General Manager Residential Development Victoria Elysa Anderson said Trielle had resonated strongly with buyers seeking a rare lifestyle offering in Melbourne.
“Opportunities to secure a new luxury residence on a riverfront site of this calibre are incredibly rare, particularly within a community like Yarra’s Edge,” Anderson said.
“What makes Trielle unique is the combination of exceptional views, world-class residential facilities and the lifestyle that already exists around it. Residents are buying into a mature waterfront community with parks, promenades, dining, wellness and strong community connections already in place.”
The 45-level tower brings a substantial new presence to that waterfront. Its residential offering spans one-, two-, three- and four-bedroom apartments, with Signature, Prestige and Sub-Penthouse collections accommodating different household sizes. The north-facing position connects the apartments visually to the river and city beyond.
Seven storeys above the promenade, the planned Oasis combines planting and a running stream with a Scandinavian-inspired wellness club developed with spa specialist Naomi Gregory. Facilities include a 25-metre lap pool, hot magnesium pool, sauna, hydrotherapy, a gym, yoga and Pilates room, and treatment spaces.
The amenity extends beyond exercise. Residents will have access to The Biblioteca library and workspaces, ground-floor work pods, and The Salone piano lounge. A private Chef’s Table dining room offers a setting for larger gatherings, while a cinema, games room and sports lounge broaden the entertaining options. Concierge services and a dog-wash area support everyday routines.
Trielle comprises a collection of one, two, three and four-bedroom residences. Reflecting strong demand from owner occupiers, approximately 80 per cent of purchasers to date intend to live in their homes, highlighting the project’s appeal to those seeking a long-term waterfront lifestyle.
Mirvac has recently delivered The Albertine, a premium apartment development on the edge of Melbourne’s CBD, and is nearing completion of Prince & Parade in Brunswick, further strengthening its portfolio of thoughtfully designed apartment communities in some of Melbourne’s most sought-after urban locations.
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