Latest news with #DomainHousePriceReport
The Age
03-05-2025
- Business
- The Age
The Mornington Peninsula hotspot where house prices slumped 23 per cent
Buyers priced out of the Mornington Peninsula market during the COVID-era boom may find the door is ajar, after price falls in desirable areas. Upmarket Sorrento recorded the steepest annual drop of 23.9 per cent, to a median house price of $1.75 million, the latest Domain House Price Report shows. Sorrento is not alone in its more subdued conditions. The heat in the market has been flushed out of Blairgowrie (down 15.7 per cent, to a median of $1.34 million), Rye (a 10.8 per cent reduction, with a median of $990,000), Mornington (down 7 per cent, hitting a $1.07 million median), Mount Martha (a 5.2 per cent drop, to $1,375,000) and Dromana (down 3.8 per cent, to $976,000). Slender declines were recorded in Capel Sound (1.5 per cent down, to $720,000) and Rosebud (1.4 per cent weaker, at $754,278). Houses in Mount Eliza ($1,635,000), Tootgarook ($900,000) and Hastings ($670,000) registered less than 1 per cent annual growth. Somerville and McCrae rose 6.5 per cent and 7.8 per cent, to medians of $820,000 and $1.25 million respectively. However, the dwindling prices follow substantial five-year growth, and most owners are still ahead on capital gains. There were not enough reported sales in Portsea to record a median. Steve Granger, director of McCrae-based agency Granger, says proximity to the freeway appeals to retirement-aged buyers who divide their time between Melbourne and the beach.
Sydney Morning Herald
03-05-2025
- Business
- Sydney Morning Herald
The Mornington Peninsula hotspot where house prices slumped 23 per cent
Buyers priced out of the Mornington Peninsula market during the COVID-era boom may find the door is ajar, after price falls in desirable areas. Upmarket Sorrento recorded the steepest annual drop of 23.9 per cent, to a median house price of $1.75 million, the latest Domain House Price Report shows. Sorrento is not alone in its more subdued conditions. The heat in the market has been flushed out of Blairgowrie (down 15.7 per cent, to a median of $1.34 million), Rye (a 10.8 per cent reduction, with a median of $990,000), Mornington (down 7 per cent, hitting a $1.07 million median), Mount Martha (a 5.2 per cent drop, to $1,375,000) and Dromana (down 3.8 per cent, to $976,000). Slender declines were recorded in Capel Sound (1.5 per cent down, to $720,000) and Rosebud (1.4 per cent weaker, at $754,278). Houses in Mount Eliza ($1,635,000), Tootgarook ($900,000) and Hastings ($670,000) registered less than 1 per cent annual growth. Somerville and McCrae rose 6.5 per cent and 7.8 per cent, to medians of $820,000 and $1.25 million respectively. However, the dwindling prices follow substantial five-year growth, and most owners are still ahead on capital gains. There were not enough reported sales in Portsea to record a median. Steve Granger, director of McCrae-based agency Granger, says proximity to the freeway appeals to retirement-aged buyers who divide their time between Melbourne and the beach.
The Age
26-04-2025
- Business
- The Age
Sydney suburbs where houses cost $2 million-plus and are getting cheaper
Some of Sydney's ritziest suburbs have been hit by falls in house prices over the past year, affected by the triple whammy of NSW government rezoning, continued high interest rates and uncertainty in the global economy. Among the most affected has been exclusive Vaucluse in the eastern suburbs, where the median price slumped by 17.2 per cent in the year to March 2025 to settle at $7,322,500, according to the latest Domain House Price Report. Among suburbs with a $2 million-plus median house price, several recorded double-digit price falls. In Glebe in the inner west, house prices have dropped by 14.7 per cent to $2.38 million and Haberfield by 13.1 per cent to $2.7 million. On the northern beaches, Fairlight's median dropped 12 per cent to $3,125,000. 'I think a lot of people thought the government rezonings would never really happen, but they're now a reality,' said Alex Lyons of Raine & Horne Double Bay, who sells regularly in Vaucluse. 'Rose Bay is one of the nominated centres and it's going to change a lot, which obviously puts pressure on residents in Vaucluse too,' he said. 'They know that all the new development is going to mean more traffic and some of the new property could be more attractive than the older-style homes in Vaucluse that might need renovation at a time people are nervous about building costs. Then the uncertainty in the global economy is making people anxious about buying too.' The new zoning policy encourages the development of medium-density housing in nominated town centre and train station neighbourhoods, allowing terraces, townhouses and apartment buildings between two and six storeys.
Sydney Morning Herald
26-04-2025
- Business
- Sydney Morning Herald
Sydney suburbs where houses cost $2 million-plus and are getting cheaper
Some of Sydney's ritziest suburbs have been hit by falls in house prices over the past year, affected by the triple whammy of NSW government rezoning, continued high interest rates and uncertainty in the global economy. Among the most affected has been exclusive Vaucluse in the eastern suburbs, where the median price slumped by 17.2 per cent in the year to March 2025 to settle at $7,322,500, according to the latest Domain House Price Report. Among suburbs with a $2 million-plus median house price, several recorded double-digit price falls. In Glebe in the inner west, house prices have dropped by 14.7 per cent to $2.38 million and Haberfield by 13.1 per cent to $2.7 million. On the northern beaches, Fairlight's median dropped 12 per cent to $3,125,000. 'I think a lot of people thought the government rezonings would never really happen, but they're now a reality,' said Alex Lyons of Raine & Horne Double Bay, who sells regularly in Vaucluse. 'Rose Bay is one of the nominated centres and it's going to change a lot, which obviously puts pressure on residents in Vaucluse too,' he said. 'They know that all the new development is going to mean more traffic and some of the new property could be more attractive than the older-style homes in Vaucluse that might need renovation at a time people are nervous about building costs. Then the uncertainty in the global economy is making people anxious about buying too.' The new zoning policy encourages the development of medium-density housing in nominated town centre and train station neighbourhoods, allowing terraces, townhouses and apartment buildings between two and six storeys.
