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
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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.”
BNW Developments has established a Sydney presence, joining Arada and Sobha Realty among the growing number of UAE developers pursuing Australian buyers and development opportunities.
Australian shares fell on Thursday as Wall Street weakness, rising oil and persistent rate concerns weighed on most of the market. The S&P/ASX 200 declined 0.72 per cent to 8,702. The All Ordinaries lost 0.66 per cent to finish at 8,897. Mining stocks were hit particularly hard, while real estate also dragged on the index. …
Continue reading “ASX falls 0.7 per cent as miners and property stocks retreat”
A vibrant 1954 Palm Springs home featuring eight colorful murals by late artist Shawn Savage is on the market for $2.295 million. The 2,237-square-foot property features bold hot-pink doors, three bedrooms, a pool, mountain views and playful interiors blending modern glamour with classic Palm Springs style.
3 min
A bold 1950s home in Palm Springs, California, adorned with eight colorful murals by the late artist Shawn Savage, is coming to market ahead of the city’s annual Modernism Week.
The white stucco home on El Camino Way, built in 1954 and recently renovated, has an asking price of $2.295 million. Its staggered facade features three playfully abstract murals on either side of double-height hot pink doors.
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The sellers are Los Angeles-based partners John Freeman and Mathieu Faure, who knew it was “the one” when they saw it after several months of searching in the winter of 2023. “It’s a happy house,” Freeman said. “We really liked the feel of the house: the uniqueness, the openness, the brightness—and the art.”
Located in the Mesa neighborhood of Palm Springs, which backs up to the San Jacinto Mountains, the 2,237-square-foot house features three bedrooms, an angled bonus room and a yard with a pool, desert mountain views and another colorful mural running alongside the pool.
“I never thought in my life I would have a house with pink doors,” said Faure, a producer at Apple TV who is originally from Paris. “It’s so colorful, it’s so different. And so Palm Springs.”
The layout of the home creates a smooth flow from the front doors through the open-plan common area—a foyer, bar, and living and dining room—into the kitchen around a fireplace wall and out to the yard. A corridor leads to a private bedroom wing, where the primary suite has floor-to-ceiling windows and the primary bath is only a tad smaller than the bedroom.
Faure has filled the home with Jonathan Adler furniture, rugs and accessories, riffing on the energetic California vibes of the house to create an aesthetic of “modern American glamour,” he said.
“It was enjoyable for me to play with different types of furniture and make this house ‘happy chic,’ as I describe it,” he said.
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“He did a fantastic job,” said Freeman, who is an attorney and consultant. “It does kind of bring a smile to my face whenever I walk into the house.”
Since the furniture and decor were chosen for the particularities of the space, the couple is open to selling them with the home. Their West Hollywood house is already furnished; the collection doesn’t match the vibes of a Houston loft they bought near family; and Faure can’t imagine these pieces in New York—where he’s lived in the past—he said.
The duo bought the Palm Springs house for $1.925 million in 2024, according to property records, and will list the home Monday. They are represented by Stewart Smith, Patrick Jordan and Kevin Stanley of Bennion Deville Homes/Luxury Portfolio International.
The previous owners had purchased the home in 2021 for $975,000 and then spent more than two years and $700,000 on the renovation, according to Realtor.com. They commissioned Savage, a local Palm Springs artist and painter known for his joyful abstract work, to decorate the home.
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Savage, who died in 2024, lived in the Coachella Valley from 2003, and his work can be found in various local institutions and is on exhibit at the Illumine Gallery in Palm Springs. “Some artists pass through a place. Shawn Savage became a part of it,” the gallery’s description states.
Unsurprisingly, the murals invite lots of friendly conversations, as well as guided tours and interested lookers, but never to a degree that it disturbed the peacefulness of their home or the neighborhood, the sellers said. “It felt like living in an art gallery, and you have the exterior that you would share with the world,” Faure explained.
The neighborhood also played a role in their decision to buy, because of its access to the hiking trails of the San Jacinto Mountains, the lack of through-roads and the neighborly environment.
“It’s a very friendly place,” Faure said.
Three completed developments bring a quieter, more thoughtful style of luxury living to Mosman, Neutral Bay and Crows Nest.
A cluster of century-old warehouses beneath the Harbour Bridge has been transformed into a modern workplace hub, now home to more than 100 businesses.
