The Sydney Neighbourhoods At The Forefront Of The Property Downturn
As interest rates rise some areas are feeling the pinch more than others.
As interest rates rise some areas are feeling the pinch more than others.
The upper end of Sydney’s property market is leading the downturn in home values according to the latest figures from CoreLogic.
Parts of the NSW capital’s inner west, Northern Beaches, eastern suburbs and inner-city recorded the largest decline in values over the past three months, as rising rates put downward pressure on pricing and reduce buyer borrowing power.
The rising cash rate has accelerated value falls in Sydney according to CoreLogic research director Tim Lawless. This was most acutely felt in the top end of the market, with the upper quartile down 4.3% while values for the bottom quartile fell only 0.5%.
Sydney property values were down by 2.8% across the board in the quarter and aer expected to fall further. The NAB downgraded its forecast last week, expecting prices to decline 8.8% this year and 13.4% in 2023. The Commonwealth Bank has forecast a decline of 18% by the end of 2023.
According to the latest CoreLogic figures, the Leichhardt SA3 region (covering suburbs such as Rozelle, Balmain and Birchgrove too), recorded the largest decline in house values, down 7.3% in three months.
Leichhardt’s area was followed by the Pittwater (-7.2%) and Warringah (-6.5%) regions, while the inner city and Strathfield, Ashfield, and Burwood regions also had values drop by more than 6%.
For units, it was slightly different where the largest falls were in the North Sydney and Mosman region — down 5.8%. The Manly and eastern suburbs regions — including the likes of Vaucluse, Bellevue Hill and Bondi — all recorded drops of more than 5%.
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.
Spring Hill Enviro-Cottage is the ultimate fairytale of old meets new, an architectural marriage of two distinctly different eras that seamlessly come together in 21st-century Brisbane.
The Isaac Street home is one of Spring Hill’s original workers’ cottages that in 2010 was expertly transformed into a uniquely sustainable home with all the modern-day must-haves and plenty of boxes ticked on the wish list too.
While preserving the classic Queenslander, the 286sqm property has been reimagined to deliver an innovative and eco-friendly address.
Kitchen joinery has been crafted from reclaimed timber, there is environmentally friendly paint, a suite of energy efficient appliances, solar power, underground water storage, and an Eco Plunge Pool.
Although the charming period facade remains, the rear of the house has an ultra contemporary backdrop of patterned Corten steel privacy screens that minimise heat and create dappled light across the interior spaces. At night, the unique partition’s geometric laser-cut design provides a star-like feature in the main bedroom suite.
The considered passive design principles extend to the strategically located louvres, doors and windows that draw in cooling breezes, while a vast skylight over the dining area and kitchen allows for plenty of natural light in winter. Burnished concrete floors keep the ground cool and grand walls of glass peel back to reveal a seamless flow to the outdoors with a grassed and landscaped private courtyard.
Although the ground floor has been designed for everyday living and entertaining, the multi-purpose front room with ensuite is an ideal guest retreat or even a perfect ‘work from home’ space complete with a separate entry via the front patio.
Upstairs, a mezzanine lounge provides another breakout area for families, and the two first floor bedrooms open out to the traditional full-width balcony overlooking the street. These bedrooms have built-in wardrobes and desks with a shared family-friendly bathroom.
At the rear of the footprint, a freestanding two-storey pavilion features yet another living space next to the pool with an integrated bar. Above the space the top floor main bedroom has an ensuite and walk-through wardrobe.
A long list of bonus features include ceiling fans in all bedrooms and living areas, a thermostat-controlled whirlybird to extract excess heat, a 5kW solar system with a SMA Sunny Boy inverter, a 20,000L rainwater tank, a filtering and UV disinfection system and a solar hot water system with 450L storage tank.
Although there is a lock up garage, this city-fringe home is within walking distance of Roma Street Parkland, Roma Street Station and Victoria Park. Brisbane Central State School is also only two streets away.
In keeping with Queensland consumer law, properties going under the hammer cannot carry advertised price guides.
This Brisbane home at 32 Isaac St, Spring Hill is on the market with Ray White New Farm with an auction date set for November 30. For details contact agent Samuel Angus on 0411 044 949.
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.