Unit prices prove resilient in a post COVID property market
It’s easy to think that it’s all doom and gloom for Australian property values, but for long term owners and investors, there’s still reasons to be cheerful
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There were so many aspects about COVID 19 that were unprecedented, from the changes to daily working life to the impacts on mental health of extended periods of lockdown.
In the property world, it was also an untested period, with some sectors of the market predicting prices would fall. What happened instead was an escalation in prices from March 2020 onwards as the notion of home as sanctuary accelerated interest in property in urban and regional areas.
As governments around Australia moved away from zero COVID targets and life began to look a little more normal, property values appeared to dramatically fall in 2022. However, for those in the property market for the long haul, the news is positive.
Latest research from property data provider, CoreLogic reveals that while national unit values fell -6.1 percent in the past nine months, they are still 7.3 percent higher than those recorded in March 2020. National house values are 17.3 percent higher than they were prior to the pandemic.
Results are mixed across the capitals, however. While most markets continue to record values between 10 percent and 50 percent above pre- covid levels, CoreLogic reports that units in Sydney and Melbourne are almost back to their pre pandemic values.
Outside the major capitals, regional growth for units remained positive, however, consecutive interest rate rises are expected to take a toll.
“Following a temporary reprieve in interest rate rises in January, the RBA’s 25 basis point increase announced in February was accompanied by a marked change in tone,” the report said. “Previously optimistic, the Board reiterated its commitment to fighting inflation, noting that further rate hikes would be needed to get inflation under control.
With many economists now expecting the cash rate to settle closer to 4 percent than 3 percent, the outlook for unit values, and the broader property market, remains skewed to the negative.”
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A former Paul Bangay estate in the Macedon Ranges blends heritage charm, sculpted gardens and pavilion living across 108 hectares.
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Seemingly borrowed from a scene in Bridgerton, or plucked from the pages of a Brontë novel, St Ambrose in the picturesque Macedon Ranges of Victoria is a masterclass in English-inspired charm.
It’s no surprise, then, that the expansive 108ha estate, whose grounds are known as The Enchanted Garden, is the former home of celebrated landscaper Paul Bangay.
St Ambrose is a property with a genuine narrative. The story begins in the 1880s, when the original bones of the modernised homestead were just a humble schoolhouse.
Just over a century later, Bangay bought the country compound and spent a decade transforming it into a magical escape showcased in his iconic book, The Enchanted Garden.
Arranged as a sequence of “rooms”, the grounds are connected by sculptured hedges and framed planting that has been handpicked to connect with the surrounding Macedon landscape.
Now the estate is back on the market via an expressions-of-interest campaign with Campbell Kilsby and Tony Ryan of Kay & Burton Bayside, who are seeking offers between $8 million and $8.8 million. According to title records, it last traded in 2023 for $8 million.
A line of perfectly placed pencil pines frames a structured forecourt, anchored by a central, calming water feature.
Beyond the landmark gardens, the residence has also been revived, crafted into a series of connected pavilions balancing old and new. The former schoolhouse is still part of the story, now integrated into the main living zones.
Inside, the house features epic proportions with high ceilings, big fireplaces, spacious rooms, and expansive glazing that captures the romance of the outdoors from every angle.
The central country kitchen has stone surfaces, an island bench, shaker cabinetry, and French doors to the patio.
There are four bedrooms, including a main suite with a quiet garden outlook, while additional bedrooms are positioned for privacy. At the far end of the vast floor plan, there is also a fully self-contained one-bedroom guest residence for extended family or visitors.
Two separate garages have raked western red cedar ceilings, polished concrete floors, and custom timber doors that open the space up for entertaining in the stately setting. Ordinarily, the garage can accommodate more than five vehicles.
In addition to the heritage-style gardens, the grounds feature a newly rebuilt 20m wet-edge pool with an integrated spa, as well as an upgraded reflection pond complete with new filtration and lighting.
Other recent behind-the-scenes renovations include hydronic heating, air conditioning, irrigation, and water storage.
St Ambrose is close to Woodend Station and is approximately 70kms from Melbourne’s CBD.
St Ambrose at 7 Wood St, Woodend, Victoria, is listed through an expressions-of-interest campaign with Kay & Burton Bayside. Offers close on May 27 at 5 pm, and the price guide is $8 million to $8.8 million.
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