The Sydney Neighbourhoods At The Forefront Of The Property Downturn
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The Sydney Neighbourhoods At The Forefront Of The Property Downturn

As interest rates rise some areas are feeling the pinch more than others.

By Kanebridge News
Thu, Jul 7, 2022Grey Clock < 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%.

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By Robyn Willis
Fri, Aug 5, 2022 2 min

When people talk about making a seachange, chances are this is the kind of property on the NSW South Coast that they have in mind.

Open for inspection for the first time this Saturday, 24 Point Street Bulli offers rare absolute beachfront, with never-to-be-built-out north facing views of the ocean. Located on the tip of Sandon Point, this two-storey property is a surfer’s dream with one of Australia’s most iconic surf breaks just beyond the back wall.

On the lower floor at street level, there are three bedrooms and two bathrooms, including a family bathroom and an ensuite in the master suite. A fourth bedroom is on the upper floor, along with the main living area, and is serviced by its own bathroom. 

While this would make a spectacular holiday home, it is well equipped for day-to-day living, with a spacious gourmet kitchen and butler’s pantry set into the articulated open plan living area on the first floor. A separate media room to the street side of the property on this level provides additional living space. 

Every aspect of this property has been considered to take in the light and views, with high ceilings internally and spacious, north facing decks on both levels to take in views of rolling waves. If the pull of the ocean is irresistible, it’s just a 100m walk to feel the sand between your toes.

The house is complemented by a Mediterranean, coastal-style garden, while the garage has room for a workshop and two car spaces.

An easy walk to Bulli village, the property is a 20 minute drive from the major hub of Wollongong and just over an hour to Sydney.

 

Open: Saturday August 6 2pm-3pm Auction: Saturday September 3 Price guide: N/A but expected to exceed $5.3m paid in March for 1 Alroy Street 

Contact: McGrath Thirroul – Vanessa Denison-Pender, 0488 443 174