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%.
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The enduring appeal of marble has gone into overdrive as designers explore the beauty of coloured stone to create truly inviting and indulgent interiors.
Like all design movements, the return of marble to interiors started quietly enough with the rise of ‘greige’ as the dominant colour palette. A warm version of grey, for a while there, you could barely step into a well-considered residential space without being confronted with the ubiquitous neutral tone.
However, to be successful, this look depended on texture, layering and patterning to provide truly heartfelt spaces with genuine depth. And so Calacatta and Carrara marble entered the room, literally making itself at home in kitchens, bathrooms, and living room hearths, as well as in a myriad of accessories and furniture from small bowls and coasters to coffee and dining tables.
As greige made way for a return to colour in interiors, in recent years designers have turned their attention to bolder choices, moving on from the classic tones of Calacatta, Carrara, and Pietra marbles to Verde Indio, Spanish Gold, and Calacatta Viola.
Not that there is anything new about marble. First documented for use in construction in 3rd century Greece BCE, with evidence it was also used in ancient Turkey and Rome, it was originally chosen for its strength and beauty, as well as its accessibility, extracted from quarries using hammers and wedges and removed using pulleys, levers, and winches rather than the more difficult process of mining. While extraction methods have improved, especially in recent years, the nature of this popular stone is unchanged.
A metamorphic rock composed mostly of calcite, it is formed when limestone is subjected to heat and pressure. When the calcite in the limestone recrystallises, it forms a rock that is a mass of interlocking crystals, creating what we know as marble.
While many countries, including Australia, have marble deposits, about half the world’s supply is sourced from just four countries—Spain, Italy, India, and China. Strong enough to endure extended use, it is also soft enough to be relatively easy to carve while its natural beauty allows it to be polished and honed, giving it a glow that adds depth—and a sense of luxury—to any space it inhabits.
Australian designers have been quick to embrace the use of marble, offering, as it does, the opportunity to create truly unique interiors. Creative director of Mim Design, Emma Mahlook, says while budget is always a consideration, a greater variety of marble has become easier to source in recent years.
“Coloured stones provide an opportunity to create distinctive and striking spaces,” she says. “As such, we are finding that there is a slight shift to bolder and braver choices of coloured stone than the traditional whites and greys.”
For homeowners interested in creating distinctive, outstanding spaces, it is hard to beat, with each piece different from the other.
“No batch of stone is ever the same, which makes it so unique and such an interesting and visually appealing product with colours, textures, and patterns that are sometimes as complex as intricate works of art,” says Mahlook.
She cites a recent commercial project her studio realised for Enoteca Boccaccio, an exclusive Italian restaurant in the heart of the Melbourne suburb of Balwyn, where she specified a selection of coloured marbles to create an intimate and luxurious dining experience that looks to the past, as well as the future.
“The choices of natural stone in Enoteca Boccaccio, which featured marbles Rosso Levanto and Carrara as well as a granite called Domino, were selected to reflect Italy’s streets and embody genuine durability and commitment to the art of preservation,” says Mahlook. “Rosso Levanto and Carrara are archaic marbles with such strong significance connecting to Italy’s rich heritage.”
Colour and Communications Manager at Dulux, Andrea Lucena-Orr, says the interest in coloured marble in Australian design has its origins in more transient hospitality spaces like bars and restaurants, where design is traditionally riskier.
“Typically, it starts in hospitality and commercial environments,” she says. “You tend to get it in high-end homes because it is expensive, but it’s beautiful.”
“That whole natural palette is a huge phenomenon—people are celebrating those imperfections in patterns and shapes now.”
Because no two slabs are the same, Mahlook says there’s the ability to create truly distinctive, personal spaces for clients seeking genuinely idiosyncratic interiors.
“The movement towards coloured natural stones reflects a broader cultural shift towards individuality, sustainability, and innovation in design and architecture,” she says.
For those falling under its spell, Director of Studio Tate, Alex Hopkins, says marble pairs well with other materials such as timber and looks beautiful indoors, particularly in kitchens and bathrooms. However, she cautions there are some things to consider before specifying it at home.
“To ensure marble remains a timeless choice rather than a fleeting trend, we recommend using it selectively and pairing it with contrasting materials,” she says. “It’s crucial to understand its maintenance demands and consider the overall budget, including installation and upkeep costs.”
While it is susceptible to staining because of its porosity, Hopkins says using marble sparingly, for example, in a powder room vanity, can minimise maintenance.
“Different finishes, like honed surfaces, can also help reduce the appearance of wear,” she says. “Working with experienced designers or specialists ensures the marble chosen fits both the aesthetic and functional needs of your space.”
Professionally applied sealants can also make staining less likely.
For those bold enough to take the plunge, Hopkins says the rewards are great.
“Its diverse colour palette and natural veining offer a unique aesthetic that other materials can’t match,” she says.
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.