The Sydney Neighbourhoods At The Forefront Of The Property Downturn
As interest rates rise some areas are feeling the pinch more than others.
< 1 min
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.
A Sydney site with a questionable past is reborn as a luxe residential environment ideal for indulging in dining out
2 min
Long-term Sydney residents always had handful of not-so-glamourous nicknames for the building on the corner of Cleveland and Baptist Streets straddling Redfern and Surry Hills, but after a modern rebirth that’s all changed.
Once known as “Murder Mall” or “Methadone Mall”, the 1960s-built Surry Hills Shopping Centre was a magnet for colourful characters and questionable behaviour. Today, however, a $500 million facelift of the site — alongside a slow and steady gentrification of the two neighbouring suburbs — the prime corner property has been transformed into a luxury apartment complex Surry Hills Village by developer Toga Group.
The crowning feature of the 122-apartment project is the three-bedroom penthouse, fully completed and just released to market with a $7.5 million price guide.
Measuring 211sqm of internal space, with a 136sqm terrace complete with landscaping, the penthouse is the brand new brainchild of Surry Hills local Adam Haddow, director of architecture at award-winning firm SJB.
Victoria Judge, senior associate and co-interior design lead at SJB says Surry Hills Village sets a new residential benchmark for the southern end of Surry Hills.
“The residential offering is well-appointed, confident, luxe and bohemian. Smart enough to know what makes good living, and cool enough to hold its own amongst design-centric Surry Hills.”
Allan Vidor, managing director of Toga Group, adds that the penthouse is the quintessential jewel in the crown of Surry Hills Village.
“Bringing together a distinct design that draws on the beauty and vibrancy of Sydney; grand spaces and the finest finishes across a significant footprint, located only a stone’s throw away from the exciting cultural hub of Crown St and Surry Hills.”
Created to maximise views of the city skyline and parkland, the top floor apartment has a practical layout including a wide private lobby leading to the main living room, a sleek kitchen featuring Pietra Verde marble and a concealed butler’s pantry Sub-Zero Wolf appliances, full-height Aspen elm joinery panels hiding storage throughout, flamed Saville stone flooring, a powder room, and two car spaces with a personal EV.
All three bedrooms have large wardrobes and ensuites with bathrooms fittings such as freestanding baths, artisan penny tiles, emerald marble surfaces and brushed-nickel accents.
Additional features of the entertainer’s home include leather-bound joinery doors opening to a full wet bar with Sub-Zero wine fridge and Sub-Zero Wolf barbecue.
The Surry Hills Village precinct will open in stages until autumn next year and once complete, Wunderlich Lane will be home to a collection of 25 restaurants and bars plus wellness and boutique retail. The EVE Hotel Sydney will open later in 2024, offering guests an immersive experience in the precinct’s art, culture, and culinary offerings.
The Surry Hills Village penthouse on Baptist is now finished and ready to move into with marketing through Toga Group and inquiries to 1800 554 556.
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.
