Where property prices are rebounding around the country
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Where property prices are rebounding around the country

Interest rate rises and cost of living pressures resulted in mixed results on home values around Australia

By KANEBRIDGE NEWS
Tue, Jan 2, 2024 11:10amGrey Clock 3 min

Australian home prices rebounded strongly in 2023, new figures released today have shown.

The Home Value Index from property data provider CoreLogic revealed prices surged by 8.1 percent last year after falling -4.9 percent in 2022. However, recorded growth is nothing like the rises in 2021, which saw home prices swell by 24.5 percent.

CoreLogic research director Tim Lawless said while the greatest increases were seen at the start of 2023, consistent interest rate rises announced by the RBA put a dampener on growth as the year progressed, with just a 0.4 percent increase in December.

“This was the smallest gain in our national monthly HVI since values started rising in February,” Mr Lawless said. “After monthly growth in home values peaked in May at 1.3 percent, a rate hike in June and another in November, along with persistent cost of living pressures, worsening affordability challenges, rising advertised stock levels and low consumer sentiment, have progressively taken some heat out of the market through the second half of the year.”

While regional areas saw record price rises during COVID, it is now the Australian capitals leading increases in home values, Mr Lawless said.

“Stronger conditions across capital city markets is a reversal of the early COVID trend which saw regional markets experience higher demand amid strong internal migration,” he said.  “Regional migration trends have mostly normalised through 2023, and the significant capital gains recorded through 2020 to 2022 has meant many regional markets have become less affordable.”

However, growth across capital cities is uneven, with Perth recording the highest annual increases at 15.2 percent, followed by Brisbane on 13.1 percent and Sydney on 11.1 percent. The results were followed by Adelaide (8.8 percent), Melbourne (3.5 percent) and Canberra (0.5 percent). Darwin and Hobart values declined over the past 12 months, down -0.1 percent and -0.8 percent respectively.

In Perth, the top performing suburb was Armadale, up 25.2 percent, followed by Gosnells, 22.6 percent.

In Brisbane, home values in the suburb of Nathan are up 22 percent on last year, followed by Mt Gravatt, up 21.1 percent.

For the Sydney market, Blacktown lead the way, with a 15.8 percent increase in home values, followed by the inner west suburbs  of Marrickville – Sydenham – Petersham, which increased by 15.3 percent.

Rank

SA3 Name 

SA4 Name 

Median Value

Annual change 

Greater Sydney

1

Blacktown

Sydney -Blacktown

$969,287

15.8%

2

Marrickville -Sydenham -Petersham

Sydney -City and Inner South

$1,741,931

15.3%

3

Hornsby

Sydney -North Sydney and Hornsby

$1,485,422

15.3%

4

Strathfield -Burwood -Ashfield

Sydney -Inner West

$917,641

14.9%

5

Eastern Suburbs -North

Sydney -Eastern Suburbs

$1,988,175

14.6%

6

Warringah

Sydney -Northern Beaches

$2,068,585

14.5%

7

Canterbury

Sydney -Inner South West

$1,085,111

14.3%

8

Mount Druitt

Sydney -Blacktown

$812,868

14.1%

9

Merrylands -Guildford

Sydney -Parramatta

$1,060,399

14.1%

10

Leichhardt

Sydney -Inner West

$2,007,850

14.0%

Greater Melbourne

1

Darebin -North

Melbourne -North East

$762,619

7.9%

2

Banyule

Melbourne -North East

$935,214

7.7%

3

Monash

Melbourne -South East

$1,223,086

7.6%

4

Knox

Melbourne -Outer East

$910,533

7.5%

5

Manningham -West

Melbourne -Inner East

$1,388,013

7.1%

6

Manningham -East

Melbourne -Outer East

$1,539,018

6.9%

7

Whitehorse -West

Melbourne -Inner East

$1,213,085

6.7%

8

Whitehorse -East

Melbourne -Outer East

$1,185,513

6.1%

9

Casey -North

Melbourne -South East

$808,703

5.3%

10

Casey -South

Melbourne -South East

$758,745

5.1%

Greater Brisbane

1

Nathan

Brisbane -South

$1,079,497

22.0%

2

Mt Gravatt

Brisbane -South

$1,117,075

21.2%

3

Sunnybank

Brisbane -South

$1,026,758

19.4%

4

Carindale

Brisbane -South

$1,212,544

19.1%

5

Holland Park -Yeronga

Brisbane -South

$756,166

18.8%

6

Springwood -Kingston

Logan -Beaudesert

$638,552

17.1%

7

Chermside

Brisbane -North

$945,095

16.7%

8

Rocklea -Acacia Ridge

Brisbane -South

$935,200

16.2%

9

Nundah

Brisbane -North

$794,173

15.7%

10

Forest Lake -Oxley

Ipswich

$665,472

15.4%

Greater Adelaide 

1

Playford

Adelaide -North

$474,782

14.3%

2

Gawler -Two Wells

Adelaide -North

$590,250

13.7%

3

Salisbury

Adelaide -North

$582,159

13.2%

4

Tea Tree Gully

Adelaide -North

$700,396

11.5%

5

Port Adelaide -West

Adelaide -West

$691,116

11.0%

6

Onkaparinga

Adelaide -South

$663,042

9.9%

7

Port Adelaide -East

Adelaide -North

$737,926

8.5%

8

Marion

Adelaide -South

$797,606

8.3%

9

Campbelltown

Adelaide -Central and Hills

$859,213

8.2%

10

Burnside

Adelaide -Central and Hills

$1,416,110

8.2%

Top 10 capital cities SA3s with the highest 12-month value growth – Dwellings. Source: CoreLogic



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Treasury Wine Fails to Find Buyers for Its Budget Brands

The company is best known for its prestigious Penfolds brand

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Thu, Feb 13, 2025 2 min

Australia’s Treasury Wine Estates admitted defeat in its effort to divest brands including Wolf Blass and Blossom Hill, moderating its annual earnings guidance amid weaker sales of its cheaper products.

Last year, Treasury outlined plans to offload its so-called commercial portfolio in a pivot toward costlier, higher-margin brands. As part of the move, it bought California’s Frank Family Vineyards in 2021 and Daou Vineyards in 2023 in deals worth US$1.31 billion combined.

On Thursday, Treasury told investors that it had failed to find a buyer for its budget brands.

“TWE has concluded that the offers received for these brands did not represent compelling value and therefore their retention is the best course of action,” Treasury said.

The company, which is best known for its prestigious Penfolds brand, said that demand for brands typically retailing for less than US$19 a bottle had fallen by 4.9% in the December-half. That includes the commercial portfolio, which comprises the company’s cheapest offerings.

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Even so, Treasury on Thursday reported a A$220.9 million net profit for its fiscal first half, up 33% on year as the company continued to re-establish its Penfolds brand in China following that country’s removal of tariffs on Australian wine.

Revenue rose by 20% to A$1.57 billion, while profit increased 33% to A$239.6 million once material items and currency moves were stripped out.

The average analyst forecast had been for a net profit of A$242.1 million from revenue of A$1.57 billion, according to data compiled by Visible Alpha. Treasury reported first-half Ebits of A$391.4 million.

The board declared a dividend of 20 Australian cents a share, up from 17 cents a year earlier.

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

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