The ritzy suburbs in one Aussie city where house prices are plummeting

Property prices in some of Sydney 's most glamorous suburbs have taken a tumble despite Australia's otherwise soaring real estate market.
The city's eastern suburbs of Vaucluse, Waverley, Woolloomooloo and Darlinghurst have seen median price falls of up to $750,000.
Affluent northern beaches suburbs Manly and Fairlight have also seen big decreases in property prices over the past year.
Despite falling interest rates leading to an increase in real estate value across the rest of the market, Sydney's most glitzy neighbourhoods have seen prices plummet.
Buyers have instead been turning to more affordable areas as cost-of-living pressures continue to affect Aussies, according to PropTrack data reported by realestate.com.
The reduction in demand in these usually sought after neighbourhoods has put pressure on sellers in these affluent areas while buyers have been given more power to negotiate.
Over the past year, prices in the areas listed, found in the eastern suburbs and northern beaches, fell by an average of more than 14 per cent.
Manly property prices were an average of around $750,000 lower this year compared to 2024 while in neighbouring Fairlight, the difference was around $600,000.
North shore areas including Cammeray, Cremorne, Gordon, Kirribilli, Neutral Bay and Lindfield have also seen huge falls between 10 and 14 per cent.
Southern suburbs Blakehurst, Woolooware and Kingsgrove have seen significant falls in house prices as well as Glebe and Strathfield South, in the inner west.
REA Group economist Eleanor Creagh said uncertainty about the global economy played a huge role in the falling property prices in affluent areas.
'Buyers in some premium markets may have been more cautious,' she said.
'These buyers are typically less sensitive to mortgage rates and more responsive to broader macro-economic factors.
'With recent uncertainty around the economic outlook and volatility in equity markets, some high-end buyers may be exercising caution (and) delaying upgrade decisions.'
Ms Creagh noted that this was in contrast to a rise in Aussies looking to buy houses in areas in the cheaper end of the market.
The Reserve Bank's rate cutes in February and May have resulted in the borrowing capacity for prospective buyers increasing.
This increase has helped to fuel a rise in property prices in some areas, Ms Creagh said.
Although weakness in the market late last year just before the rate cuts needs to be taken into account when looking at the annual price figures.
Auctioneer Damien Cooley, director of Cooley, one of Sydney's biggest auction houses, said house buyers were not interested in properties with drawbacks unless they were being offered at significantly reduced prices.
Homes that are considered 'A-grade', and provide a buyer with everything they are looking for, are still selling well.
But, 'C-grade' and 'D-grade' homes that require substantial improvements were struggling, Mr Cooley said.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

BBC News

an hour ago

• BBC News

Jersey estate agents invited to join industry association

Jersey estate agents are being asked to join an industry association to help protect islanders in the property Jersey Estate Agents' Association said it wanted all estate agents in the island to said every member was required to belong the Property Ombudsman Scheme, which allows complaints about an estate agent's service to be escalated if they are not satisfied with the handling of an John Quemard said: "Buying a property is one of the biggest investments a person is likely to make and we want the people of Jersey to be protected and reassured." Mr Quemard helped to introduce the Property Ombudsman Scheme into the Channel Islands more than a decade said the association, which was established 60 years ago, would be writing to all non-members in the coming weeks encouraging them to sign up.

The Guardian

an hour ago

• The Guardian

‘Legacy-making' Sydney metro stations take out top prize in NSW Architecture awards

Sydney's recently opened network of city metro stations have taken out one of the top prizes at the Australian Institute of Architects' 2025 NSW Architecture awards, announced on Friday night. Dozens of Australian architecture firms, engineering companies, landscape designers and public art experts shared in the 2025 NSW architecture medallion for their work on the Central, Barangaroo, Gadigal, Victoria Cross, Martin Place, Waterloo, Sydenham and Crows Nest stations in what the judges hailed as a 'legacy-making' and 'city-shaping' cross-sector collaboration. 'The project is transformative, not just in transport terms but in how it redefines civic experience in Sydney,' the judges' citation said. 'This is infrastructure that supports not just movement, but social and cultural connection as a catalyst for future development and change. It demonstrates the far-reaching impact architects can have on shaping public life and delivering tangible benefit to society and the environment.' More than 130 NSW projects were shortlisted for the awards, with the first building constructed for the new city of Bradfield and the surrounding area of Aerotropolis – the site of Sydney's future second international airport – collecting the Premier's prize. Hassell's First Building – the first stage of an advanced manufacturing readiness facility – is a prefabricated timber pavilion that can be disassembled, expanded or relocated for future use. 'A new city requires a big dream … it's incredibly exciting to see that dream taking shape here in Bradfield,' the premier, Chris Minns, said of the Hassell design. 'The way this building plays with natural light, the way it sits at home in the landscape, it's incredible attention to detail, it's craftsmanship – not to mention the innovation and progress that will happen here. In short, it's a beautiful place.' GroupGSA's restoration of a collection of early 20th-century industrial buildings in Rosebery won the Lord Mayor's prize – restricted to projects within the City of Sydney – for the project's imaginative commitment to heritage, sustainability and urban vitality. The brick factories and industrial sheds, constructed between 1921 and 1940, and the neighbouring textile mills have been unified into a single precinct, connected by a central pedestrian spine that knits tenant spaces, showrooms and retail outlets together and presents a freshly energised street front for passersby. 'This is not capital-A architecture,' the judges said. '[It is] the result of extraordinarily skilful handling – in patching, opening up and scrapping back found fabric – creating an interesting, cohesive experience for workers, visitors and the neighbourhood.' 'Like a trifle made to a cook's whim' was how judges described BVN's Yarrila Place, in Coffs Harbour, which won the Sulman medal for public architecture. The new civic and cultural space in the north coast town emerges from the ground with a solid brick base before giving way to deep green ceramic panes, curved and glazed like leaves of the enormous fig tree the building is anchored to. 'BVN have taken all the ingredients of a civic hub – library, gallery, museum, makerspace, civic offices and chambers, and more – and layered them with deliberate unpredictability,' the judges said. 'Proportions, adjacencies and stackings defy conventions.' Heritage work was acknowledged with Design 5's massive remodelling of the White Bay power station, which collected the Greenway award for heritage, while the conservation award was won by Tonkin Zulaikha Greer and Purcell Architecture for its research-led, methodical and careful approach to restoring Australia's oldest building in continuous use, the NSW Parliament House in Sydney. The Colorbond award for steel architecture went to a residential house in Leura. Marra+Yeh Architects' Eco-House, set in a rare hanging swamp, was praised for its holistic and deeply thoughtful approach to sustainable architecture. The house's roof design deflects prevailing winds and captures water for reuse in bushfire defence and irrigation, while its interior configuration is season adaptable, ensuring comfort and minimal energy use year round. BVN collected another award in the residential category for its transformation of a typical suburban block of land in Byron Bay into a dwelling christened the Lighthouse, which seamlessly blends interior with exterior with an open, central garden forming both the entry and heart of the home. Also in the residential category, Casey Brown Architecture was recognised for its major interior remodelling of Babylon, architect Edwin Kingsberry's eccentric 1950s residence perched on the ridge dividing Pittwater and Avalon. Its new interior was 'full of contradictions – ramshackle and refined, rich and restrained,' judges said. The final result was a highly original interior that was 'unexpected, joyful, and completely unique'. Among the dozens of other winners, of particular note were AJC Architects' win in the Enduring Architecture category for its Moore Park Gardens residential project in Sydney and Tzannes' 39 Martin Place, which won the Sir Arthur G Stephenson award for commercial architecture. Wardle's handsome industrial park of the future design, Bourke & Bowden, situated in the inner-city Sydney suburb of Alexandria, was also recognised in the commercial category. The Australian Institute of Architects' NSW president, Elizabeth Carpenter, said in a statement the 2025 winners highlighted a profession that was 'not only responding to urgent challenges, but leading with integrity, innovation and care'. 'The awarded projects are powerful reminders that architecture is both an art and a responsibility – one that connects communities, strengthens cultural understanding, and shapes more sustainable and inclusive futures,' she said.

Finextra

2 hours ago

• Finextra

NAB charged $751,000 in penalties for breaching consumer data protection rules

National Australia Bank (NAB) has paid A$751,000 in penalties after being issued four infringement notices from the Australian Competition and Consumer Commission (ACCC) for not complying with the Consumer Data Right (CDR) Rules. 0 This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. NAB was accused of not disclosing, or accurately disclosing, credit limit data in response to four separate requests from different CDR providers. In order for consumers to remain protected, CDR requires financial institutions to ensure consumer data is accurate, complete, and up-to-date, and to be transparent in how they manage consumer information. By not providing accurate information on credit card limits, NAB impacted the services that fintechs provided to consumers using CDR data. ACCC deputy chair Catriona Lowe commented: 'Poor data quality prevents consumers from experiencing the full benefits of the CDR. When banks or energy retailers don't provide accurate data, consumers can't take advantage of CDR products and services to compare products, find better deals, manage their finances or make informed decisions about product switching,' The penalties from NAB are the highest paid for allegedly infringements for contraventions of CDR rules so far. The bank fully cooperated the ACCC's investigation.