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By Sue Williams
October 31, 2023
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Australia's property market almost fully recovered
Despite high interest rates, inflation and the cost of living crisis, new data
suggests the housing market has almost fully recovered.
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1.
WHY PRICES HAVE FALLEN IN SOME OF AUSTRALIA'S MOST EXPENSIVE SUBURBS
By Sue Williams
October 31, 2023
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Median prices in some of Australia’s ritziest neighbourhoods have dropped over
the past year, but that is still unlikely to translate into an opportunity to
buy into those markets for a bargain-basement outlay.
While prices have plummeted by as much as 16.7 per cent in blue-chip Killara on
Sydney’s upper north shore – one of 20 out of the 30 most expensive suburbs in
the country where values have dropped over the past 12 months, according to
Domain Group research – it could be a reflection of how few high-end homes are
making it to market.
“The data is certainly showing that prices have fallen in Killara,” said Ray
White upper north shore agent Lisa Davies, where the median price has fallen to
$3.5 million. “But the lack of prestige stock coming onto the market is
affecting the median sales price.
“I think the prestige market there is still as strong as ever. We recently broke
the Killara sales record with the sale of 31 Springdale Road at $19 million, and
the property had sold 18 months before for $16.3 million.
“It’s just that the owners of high-end homes can’t find anything they want to
move into, so they’re not selling.”
31 Springdale Road, Killara, set a new suburb record when it sold recently for
$19 million. Photo: Ray White Upper North Shore
It’s a similar issue in Melbourne’s Canterbury, which has seen its median price
ease by 6.9 per cent to $3,068,500. To observers, it doesn’t feel as though the
market is softening, but the figures tell a different tale.
“I suppose there is a different mix of properties coming on to the market at the
moment, which may have affected the median price,” said David Banks of Jellis
Craig Canterbury.
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“But, really, the market does feel very resilient and prices for individual
properties are stronger than they were a year ago.
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cent
“There now seems to be a lot more confidence in the market, with interest rates
having increased and now generally on hold, and a lot of people at our opens,
keen to buy. But stock levels are down.”
Domain’s latest report shows that the majority of Australia’s fanciest suburbs
are facing median price slides and, with most of the highest-priced suburbs
located in Sydney, that city is feeling much of the brunt of the drops.
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31 Delany Close, Canterbury VIC 3126
2 Beds1 Bath1 Parking
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There, Killara experienced the biggest fall, with Rose Bay in second place, down
14.7 per cent to $5,010,000. Nearby Vaucluse, the nation’s second most expensive
suburb with a median price of $8.1 million, after Bellevue Hill’s $8.6 million,
had a hit of 11 per cent. Woollahra had a 10.4 per cent fall to $4.3 million.
It’s a surprise when most commentators believe the prestige market has proved
the most resilient, and has been kicking prices up in the middle and lower
reaches of the market.
Alex Lyons of Raine & Horne Double Bay/Bondi Beach, who sells in Rose Bay and
across the eastern suburbs, says he’s convinced the falls in median price aren’t
anything to do with values falling generally.
“The reason the medians have come down in these areas is that there aren’t as
many big homes being sold,” he said.
“The turnover in the volume of houses has halved since last year, which has
driven the medians down. People don’t want to sell their house because they
can’t find anything to move into, which is causing a bit of a stalemate in the
market.
38-40 Wallaroy Road, Woollahra NSW 2025
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“We are getting some new house-sized units in Spencer Street in Rose Bay but
some house owners aren’t ready yet to move into apartments.”
In Victoria, there are only two other blue-chip suburbs that have seen price
falls: Toorak which is down 5.3 per cent to a new median of $4.925 million, and
Brighton, down 3.4 per cent to $3,073,500.
“In Brighton and the Bayside, it’s definitely a lack of stock that’s the
reason,” said agent Gary Yue of Buxton Real Estate – Brighton. “Whenever
something happens, economy-wise, people in Bayside in general sit on their hands
and do nothing.
“They don’t want to sell without finding something even better to live in, and
they can afford to wait. Unfortunately for others, there are no fire sales
happening!”
1 Alton Avenue, Brighton VIC 3186
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In Perth, the well-heeled suburb of Dalkeith has also seen prices fall 9 per
cent to a new median of $3.05 million. In that area, there are different
pressures at work, however, says Mack Hall of Mack Hall Real Estate.
“In Dalkeith, a lot of the houses that were constructed in the 1980s are coming
of age and need to be rebuilt,” he said.
“But that’s a very time-consuming and expensive proposition and is not that
attractive to many people. The delivery time for a reasonable kind of house,
with planning and architects and the build, could be around four years.
“As a result, they’re losing a little value , even though it is a phenomenal
suburb, only five to 10 minutes from the city and with the river on three sides
and great schools.
“But it’s going a little bit out of fashion, and in other suburbs you can get
good views. And the top end of property in Perth is definitely affected by the
stock market … If that’s only dribbling along, that affects things.”
DataHouse Prices
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