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, 2022 4:27pmGrey 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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Jennifer Lopez and Ben Affleck have officially put their massive Los Angeles mansion on the market for $68 million.

The lavish Beverly Hills property hit listing sites on Thursday, months after rumours began that the couple, who are reportedly estranged , were shopping the home around only a year after buying it for nearly $61 million.

The roughly 5-acre property—which is in a gated community and spans a massive 38,000 square feet—includes an indoor sports court with an adjacent gym and games room, according to the listing with Santiago Arana of the Agency. The firm declined to comment.

Lopez and Affleck paid $60.8 million for the compound in 2023.
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Built in 2000, the house has 12 bedrooms and a whopping 24 bathrooms. The resort-sized property has the amenities to match, including a V-shaped pool with views over the surrounding hills, a detached two-bedroom guardhouse and a 5,000-square-foot guest penthouse, according to the listing.

Listing images of the house show that Lopez and Affleck have spent the past year warming up what were fairly white-washed interiors when they purchased the home. There’s now a rich, green-painted dining room, hardwood floors and carpeted over cold, polished-stone flooring.

The couple, who got married in 2022 after reuniting some 20 years after they called off their engagement in the early 2000s, purchased the megamansion following a house hunt that went on for several months, The Wall Street Journal reported at the time.

Representatives for Lopez, 54, and Affleck, 51, did not immediately respond to requests for comment.

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This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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