‘Close to water': Sydney's prestige suburb outperforming the rest

Five of Sydney's priciest suburbs, all known for their proximity to water – whether that be direct waterfront or with expansive water views – have performed best for price growth over the past five years.
Among Sydney suburbs with a median house price of $4 million or more, Bellevue Hill recorded the highest median house price growth over the five years to end of March, climbing 71.1 per cent to $9,625,000, on Domain data.
Bellevue Hill was followed by Northbridge, with a median house price of $5,160,000 and growth of 68.1 per cent. The remaining top five spots were taken by Mosman, which rose 63.9 per cent to $5,373,500; South Coogee, up 62.1 per cent at $4,400,000; and nearby Coogee, up 60.8 per cent over five years to $4,325,000.
Rounding out the top 10 were North Bondi (up 46.2 per cent), Woollahra (up 44 per cent), Hunters Hill (up 40.8 per cent), Vaucluse (up 39.9 per cent) and Manly (up 37.6 per cent).
Ray White Group chief economist Nerida Conisbee said interest rates being 'so low' during COVID was a reason for luxury property to perform well over the five years.
'We tend to think of super wealthy people not using borrowing to buy homes, but a lot of them would have because when you can borrow at an extremely low-interest rate, it makes sense to borrow money and then invest your cash,' she said.
'So, not all of those areas are on the beach, obviously, but a lot of them are quite close to water. So that was also a significant trend; that when people were locked down, they did want to be in places that were walkable, close to water, in a really pleasant environment.'
High interest rates had led to a softening of the luxury property market, Conisbee said.

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The Advertiser

7 hours ago

• The Advertiser

Future focus as inflation blare dims but change needed

The man who writes the cheques for Australia's largest state budget can finally focus on the future. Inflation was "blaring" in NSW Treasurer Daniel Mookhey's ears when he was compiling his first two budgets after Labor returned to government in 2023 for the first time in 12 years. "But the challenge in front of the state and the nation is making sure that we are growing our economy fast enough to support a rise in living standards," he tells AAP as he prepares to hand down his third. Mr Mookhey says Tuesday's state budget is about the future of the state's essential services and economic growth. "There's a lot of opportunity and a lot of ambition in NSW and the changes we're making are designed to hold on to what we love ... but also ensure that our kids and our grandkids have the same level of opportunity that we had," he says. While receding inflation and distance from the COVID-19 pandemic's associated spending have allowed the treasurer to cast an eye to the future, issues from the past remain. Framed in Mr Mookhey's parliament office is a newspaper headline relating to the underpayments scandal in the state's workers' compensation scheme he played a role in exposing in opposition. The page is yellowing with age as Mr Mookhey pushes to reform a scheme he is now in charge of, and which he argues is becoming unsustainable due to the rising cost and prevalence of psychological injuries. "It's been a hard case to argue," he says. "This system is failing everybody. It's a system that is fundamentally broken." Changes are simmering on the back burner after a parliamentary inquiry prevented action before the budget. Mr Mookhey hopes reform can create a "prevention culture" that limits psychological injuries from occurring. Outside of the workplace, he has promised some reassurance to people dealing with mental health issues and their loved ones. "They will see more investment in mental health resources in our health system and they will see more investment when it comes to our social interventions," he says. However, public psychiatrists at the pointy end of mental health crises should not expect the budget to deliver a pay rise at the level they have been calling for amid resignations in protest and arbitration in the state's Industrial Relations Commission. The federal distribution of GST to the states also continues to frustrate Mr Mookhey after dashing his hopes of a surplus in 2024. NSW now receives its lowest share of GST since it was introduced - about 85 cents for every dollar raised. "What frustrates me is not so much that we support the other states, it's just the missed opportunities," he says. The distribution needs to change but the tax's bigger proportional hit on the spending power of lower-income Australians means Mr Mookhey does not support raising the rate. "We can do better," he says. "What we need to focus on is just making sure the system is simple, the distribution is fair, the distribution is predictable, but also the distribution is understandable." Another federal issue with implications for state budgets is the rise of the black market for illicit tobacco fuelled by rising excise on dinky-di durries. The market shift is robbing the Commonwealth of expected revenue and creating criminal complications for states. It has already led to increased funding for enforcement within the health budget, but Premier Chris Minns indicated earlier in June a decision would have to be made about the resources devoted to combating illicit tobacco sales. While smoke clouds what the budget might do to address the issue, Mr Mookhey notes it is a source of public anxiety. "It's right and fair that we respond to community concerns about it ... we're going to have to work through what is the right solution." The tax issues are part of what economic researchers at the e61 Institute call a "vertical fiscal imbalance" that characterises the nation. "The states carry many of the spending responsibilities but lack equivalent revenue-raising capacity," chief executive Michael Brennan says, warning state finances are drifting onto an unsustainable path. But NSW will at least bank a cash surplus in Tuesday's budget for the first time since 2021. "Which means we're no longer borrowing money to pay our day-to-day bills as a government," Mr Mookhey says. "That gives us a platform for further progress." Australian Public Policy Institute chief executive Libby Hackett expects the budget will be a step forward, building on previous years. "This will be a structural reform budget: supporting better service delivery, infrastructure alignment and long-term productivity, even in a tight fiscal environment," Professor Hackett tells AAP. "Moreover, this budget presents a real opportunity to advance whole-of-government objectives in cross-cutting areas." Opposition Leader Mark Speakman sees it differently, warning the state is heading for "yet another low-vision, low-value, low-energy budget". "We have had not one visionary pre-budget announcement." The man who writes the cheques for Australia's largest state budget can finally focus on the future. Inflation was "blaring" in NSW Treasurer Daniel Mookhey's ears when he was compiling his first two budgets after Labor returned to government in 2023 for the first time in 12 years. "But the challenge in front of the state and the nation is making sure that we are growing our economy fast enough to support a rise in living standards," he tells AAP as he prepares to hand down his third. Mr Mookhey says Tuesday's state budget is about the future of the state's essential services and economic growth. "There's a lot of opportunity and a lot of ambition in NSW and the changes we're making are designed to hold on to what we love ... but also ensure that our kids and our grandkids have the same level of opportunity that we had," he says. While receding inflation and distance from the COVID-19 pandemic's associated spending have allowed the treasurer to cast an eye to the future, issues from the past remain. Framed in Mr Mookhey's parliament office is a newspaper headline relating to the underpayments scandal in the state's workers' compensation scheme he played a role in exposing in opposition. The page is yellowing with age as Mr Mookhey pushes to reform a scheme he is now in charge of, and which he argues is becoming unsustainable due to the rising cost and prevalence of psychological injuries. "It's been a hard case to argue," he says. "This system is failing everybody. It's a system that is fundamentally broken." Changes are simmering on the back burner after a parliamentary inquiry prevented action before the budget. Mr Mookhey hopes reform can create a "prevention culture" that limits psychological injuries from occurring. Outside of the workplace, he has promised some reassurance to people dealing with mental health issues and their loved ones. "They will see more investment in mental health resources in our health system and they will see more investment when it comes to our social interventions," he says. However, public psychiatrists at the pointy end of mental health crises should not expect the budget to deliver a pay rise at the level they have been calling for amid resignations in protest and arbitration in the state's Industrial Relations Commission. The federal distribution of GST to the states also continues to frustrate Mr Mookhey after dashing his hopes of a surplus in 2024. NSW now receives its lowest share of GST since it was introduced - about 85 cents for every dollar raised. "What frustrates me is not so much that we support the other states, it's just the missed opportunities," he says. The distribution needs to change but the tax's bigger proportional hit on the spending power of lower-income Australians means Mr Mookhey does not support raising the rate. "We can do better," he says. "What we need to focus on is just making sure the system is simple, the distribution is fair, the distribution is predictable, but also the distribution is understandable." Another federal issue with implications for state budgets is the rise of the black market for illicit tobacco fuelled by rising excise on dinky-di durries. The market shift is robbing the Commonwealth of expected revenue and creating criminal complications for states. It has already led to increased funding for enforcement within the health budget, but Premier Chris Minns indicated earlier in June a decision would have to be made about the resources devoted to combating illicit tobacco sales. While smoke clouds what the budget might do to address the issue, Mr Mookhey notes it is a source of public anxiety. "It's right and fair that we respond to community concerns about it ... we're going to have to work through what is the right solution." The tax issues are part of what economic researchers at the e61 Institute call a "vertical fiscal imbalance" that characterises the nation. "The states carry many of the spending responsibilities but lack equivalent revenue-raising capacity," chief executive Michael Brennan says, warning state finances are drifting onto an unsustainable path. But NSW will at least bank a cash surplus in Tuesday's budget for the first time since 2021. "Which means we're no longer borrowing money to pay our day-to-day bills as a government," Mr Mookhey says. "That gives us a platform for further progress." Australian Public Policy Institute chief executive Libby Hackett expects the budget will be a step forward, building on previous years. "This will be a structural reform budget: supporting better service delivery, infrastructure alignment and long-term productivity, even in a tight fiscal environment," Professor Hackett tells AAP. "Moreover, this budget presents a real opportunity to advance whole-of-government objectives in cross-cutting areas." Opposition Leader Mark Speakman sees it differently, warning the state is heading for "yet another low-vision, low-value, low-energy budget". "We have had not one visionary pre-budget announcement." The man who writes the cheques for Australia's largest state budget can finally focus on the future. Inflation was "blaring" in NSW Treasurer Daniel Mookhey's ears when he was compiling his first two budgets after Labor returned to government in 2023 for the first time in 12 years. "But the challenge in front of the state and the nation is making sure that we are growing our economy fast enough to support a rise in living standards," he tells AAP as he prepares to hand down his third. Mr Mookhey says Tuesday's state budget is about the future of the state's essential services and economic growth. "There's a lot of opportunity and a lot of ambition in NSW and the changes we're making are designed to hold on to what we love ... but also ensure that our kids and our grandkids have the same level of opportunity that we had," he says. While receding inflation and distance from the COVID-19 pandemic's associated spending have allowed the treasurer to cast an eye to the future, issues from the past remain. Framed in Mr Mookhey's parliament office is a newspaper headline relating to the underpayments scandal in the state's workers' compensation scheme he played a role in exposing in opposition. The page is yellowing with age as Mr Mookhey pushes to reform a scheme he is now in charge of, and which he argues is becoming unsustainable due to the rising cost and prevalence of psychological injuries. "It's been a hard case to argue," he says. "This system is failing everybody. It's a system that is fundamentally broken." Changes are simmering on the back burner after a parliamentary inquiry prevented action before the budget. Mr Mookhey hopes reform can create a "prevention culture" that limits psychological injuries from occurring. Outside of the workplace, he has promised some reassurance to people dealing with mental health issues and their loved ones. "They will see more investment in mental health resources in our health system and they will see more investment when it comes to our social interventions," he says. However, public psychiatrists at the pointy end of mental health crises should not expect the budget to deliver a pay rise at the level they have been calling for amid resignations in protest and arbitration in the state's Industrial Relations Commission. The federal distribution of GST to the states also continues to frustrate Mr Mookhey after dashing his hopes of a surplus in 2024. NSW now receives its lowest share of GST since it was introduced - about 85 cents for every dollar raised. "What frustrates me is not so much that we support the other states, it's just the missed opportunities," he says. The distribution needs to change but the tax's bigger proportional hit on the spending power of lower-income Australians means Mr Mookhey does not support raising the rate. "We can do better," he says. "What we need to focus on is just making sure the system is simple, the distribution is fair, the distribution is predictable, but also the distribution is understandable." Another federal issue with implications for state budgets is the rise of the black market for illicit tobacco fuelled by rising excise on dinky-di durries. The market shift is robbing the Commonwealth of expected revenue and creating criminal complications for states. It has already led to increased funding for enforcement within the health budget, but Premier Chris Minns indicated earlier in June a decision would have to be made about the resources devoted to combating illicit tobacco sales. While smoke clouds what the budget might do to address the issue, Mr Mookhey notes it is a source of public anxiety. "It's right and fair that we respond to community concerns about it ... we're going to have to work through what is the right solution." The tax issues are part of what economic researchers at the e61 Institute call a "vertical fiscal imbalance" that characterises the nation. "The states carry many of the spending responsibilities but lack equivalent revenue-raising capacity," chief executive Michael Brennan says, warning state finances are drifting onto an unsustainable path. But NSW will at least bank a cash surplus in Tuesday's budget for the first time since 2021. "Which means we're no longer borrowing money to pay our day-to-day bills as a government," Mr Mookhey says. "That gives us a platform for further progress." Australian Public Policy Institute chief executive Libby Hackett expects the budget will be a step forward, building on previous years. "This will be a structural reform budget: supporting better service delivery, infrastructure alignment and long-term productivity, even in a tight fiscal environment," Professor Hackett tells AAP. "Moreover, this budget presents a real opportunity to advance whole-of-government objectives in cross-cutting areas." Opposition Leader Mark Speakman sees it differently, warning the state is heading for "yet another low-vision, low-value, low-energy budget". "We have had not one visionary pre-budget announcement." The man who writes the cheques for Australia's largest state budget can finally focus on the future. Inflation was "blaring" in NSW Treasurer Daniel Mookhey's ears when he was compiling his first two budgets after Labor returned to government in 2023 for the first time in 12 years. "But the challenge in front of the state and the nation is making sure that we are growing our economy fast enough to support a rise in living standards," he tells AAP as he prepares to hand down his third. Mr Mookhey says Tuesday's state budget is about the future of the state's essential services and economic growth. "There's a lot of opportunity and a lot of ambition in NSW and the changes we're making are designed to hold on to what we love ... but also ensure that our kids and our grandkids have the same level of opportunity that we had," he says. While receding inflation and distance from the COVID-19 pandemic's associated spending have allowed the treasurer to cast an eye to the future, issues from the past remain. Framed in Mr Mookhey's parliament office is a newspaper headline relating to the underpayments scandal in the state's workers' compensation scheme he played a role in exposing in opposition. The page is yellowing with age as Mr Mookhey pushes to reform a scheme he is now in charge of, and which he argues is becoming unsustainable due to the rising cost and prevalence of psychological injuries. "It's been a hard case to argue," he says. "This system is failing everybody. It's a system that is fundamentally broken." Changes are simmering on the back burner after a parliamentary inquiry prevented action before the budget. Mr Mookhey hopes reform can create a "prevention culture" that limits psychological injuries from occurring. Outside of the workplace, he has promised some reassurance to people dealing with mental health issues and their loved ones. "They will see more investment in mental health resources in our health system and they will see more investment when it comes to our social interventions," he says. However, public psychiatrists at the pointy end of mental health crises should not expect the budget to deliver a pay rise at the level they have been calling for amid resignations in protest and arbitration in the state's Industrial Relations Commission. The federal distribution of GST to the states also continues to frustrate Mr Mookhey after dashing his hopes of a surplus in 2024. NSW now receives its lowest share of GST since it was introduced - about 85 cents for every dollar raised. "What frustrates me is not so much that we support the other states, it's just the missed opportunities," he says. The distribution needs to change but the tax's bigger proportional hit on the spending power of lower-income Australians means Mr Mookhey does not support raising the rate. "We can do better," he says. "What we need to focus on is just making sure the system is simple, the distribution is fair, the distribution is predictable, but also the distribution is understandable." Another federal issue with implications for state budgets is the rise of the black market for illicit tobacco fuelled by rising excise on dinky-di durries. The market shift is robbing the Commonwealth of expected revenue and creating criminal complications for states. It has already led to increased funding for enforcement within the health budget, but Premier Chris Minns indicated earlier in June a decision would have to be made about the resources devoted to combating illicit tobacco sales. While smoke clouds what the budget might do to address the issue, Mr Mookhey notes it is a source of public anxiety. "It's right and fair that we respond to community concerns about it ... we're going to have to work through what is the right solution." The tax issues are part of what economic researchers at the e61 Institute call a "vertical fiscal imbalance" that characterises the nation. "The states carry many of the spending responsibilities but lack equivalent revenue-raising capacity," chief executive Michael Brennan says, warning state finances are drifting onto an unsustainable path. But NSW will at least bank a cash surplus in Tuesday's budget for the first time since 2021. "Which means we're no longer borrowing money to pay our day-to-day bills as a government," Mr Mookhey says. "That gives us a platform for further progress." Australian Public Policy Institute chief executive Libby Hackett expects the budget will be a step forward, building on previous years. "This will be a structural reform budget: supporting better service delivery, infrastructure alignment and long-term productivity, even in a tight fiscal environment," Professor Hackett tells AAP. "Moreover, this budget presents a real opportunity to advance whole-of-government objectives in cross-cutting areas." Opposition Leader Mark Speakman sees it differently, warning the state is heading for "yet another low-vision, low-value, low-energy budget". "We have had not one visionary pre-budget announcement."

Perth Now

12 hours ago

• Perth Now

Future focus as inflation blare dims but change needed

The man who writes the cheques for Australia's largest state budget can finally focus on the future. Inflation was "blaring" in NSW Treasurer Daniel Mookhey's ears when he was compiling his first two budgets after Labor returned to government in 2023 for the first time in 12 years. "But the challenge in front of the state and the nation is making sure that we are growing our economy fast enough to support a rise in living standards," he tells AAP as he prepares to hand down his third. Mr Mookhey says Tuesday's state budget is about the future of the state's essential services and economic growth. "There's a lot of opportunity and a lot of ambition in NSW and the changes we're making are designed to hold on to what we love ... but also ensure that our kids and our grandkids have the same level of opportunity that we had," he says. While receding inflation and distance from the COVID-19 pandemic's associated spending have allowed the treasurer to cast an eye to the future, issues from the past remain. Framed in Mr Mookhey's parliament office is a newspaper headline relating to the underpayments scandal in the state's workers' compensation scheme he played a role in exposing in opposition. The page is yellowing with age as Mr Mookhey pushes to reform a scheme he is now in charge of, and which he argues is becoming unsustainable due to the rising cost and prevalence of psychological injuries. "It's been a hard case to argue," he says. "This system is failing everybody. It's a system that is fundamentally broken." Changes are simmering on the back burner after a parliamentary inquiry prevented action before the budget. Mr Mookhey hopes reform can create a "prevention culture" that limits psychological injuries from occurring. Outside of the workplace, he has promised some reassurance to people dealing with mental health issues and their loved ones. "They will see more investment in mental health resources in our health system and they will see more investment when it comes to our social interventions," he says. However, public psychiatrists at the pointy end of mental health crises should not expect the budget to deliver a pay rise at the level they have been calling for amid resignations in protest and arbitration in the state's Industrial Relations Commission. The federal distribution of GST to the states also continues to frustrate Mr Mookhey after dashing his hopes of a surplus in 2024. NSW now receives its lowest share of GST since it was introduced - about 85 cents for every dollar raised. "What frustrates me is not so much that we support the other states, it's just the missed opportunities," he says. The distribution needs to change but the tax's bigger proportional hit on the spending power of lower-income Australians means Mr Mookhey does not support raising the rate. "We can do better," he says. "What we need to focus on is just making sure the system is simple, the distribution is fair, the distribution is predictable, but also the distribution is understandable." Another federal issue with implications for state budgets is the rise of the black market for illicit tobacco fuelled by rising excise on dinky-di durries. The market shift is robbing the Commonwealth of expected revenue and creating criminal complications for states. It has already led to increased funding for enforcement within the health budget, but Premier Chris Minns indicated earlier in June a decision would have to be made about the resources devoted to combating illicit tobacco sales. While smoke clouds what the budget might do to address the issue, Mr Mookhey notes it is a source of public anxiety. "It's right and fair that we respond to community concerns about it ... we're going to have to work through what is the right solution." The tax issues are part of what economic researchers at the e61 Institute call a "vertical fiscal imbalance" that characterises the nation. "The states carry many of the spending responsibilities but lack equivalent revenue-raising capacity," chief executive Michael Brennan says, warning state finances are drifting onto an unsustainable path. But NSW will at least bank a cash surplus in Tuesday's budget for the first time since 2021. "Which means we're no longer borrowing money to pay our day-to-day bills as a government," Mr Mookhey says. "That gives us a platform for further progress." Australian Public Policy Institute chief executive Libby Hackett expects the budget will be a step forward, building on previous years. "This will be a structural reform budget: supporting better service delivery, infrastructure alignment and long-term productivity, even in a tight fiscal environment," Professor Hackett tells AAP. "Moreover, this budget presents a real opportunity to advance whole-of-government objectives in cross-cutting areas." Opposition Leader Mark Speakman sees it differently, warning the state is heading for "yet another low-vision, low-value, low-energy budget". "We have had not one visionary pre-budget announcement."

Sky News AU

13 hours ago

• Sky News AU

Ray White data reveals affordable housing for first home buyers

The dream of living in a blue-chip suburb is still in reach for younger Australians if they're willing to trade in a house for a unit, fresh data from real estate titan Ray White has revealed. While house prices remain at astronomical levels across much of the country's prime real estate, the gap in price between houses and units is wide enough in a host of up-market suburbs to make unit living affordable for first-home buyers. In Melbourne's iconic Hawthorn South, characterised by its vast patchwork of cafes, restaurants, heritage-listed buildings and elegant park spaces, median house prices are at $2.48m, but units are priced at $560,368, a massive $1.92m difference in cost. In Sydney's Homebush, which sits adjacent to the iconic Sydney Markets and Bicentennial Park, houses are priced at $2.24m, while units are priced at $677,393, for a $1.56m gap. Brisbane's riverside Hamilton, adorned with swanky Queenslanders and opulent modernist structures, houses go for $2.26m while units are listed at $717,358. Ray White chief economist Nerida Conisbee told NewsWire apartments offered Australians in their 20s and 30s a chance to live in suburbs with 'better amenity' as houses move beyond reach. 'To get an apartment, you might be closer to good retail precincts, better public transport, closer to your work,' she said. 'Also potentially to family and friends. I think this is one of the challenges a lot of younger people have. 'They may have grown up in an area but when they are looking to buy now, it's really expensive, but in some areas, there are definitely apartments available at a much more affordable price.' Ms Conisbee added solving Australia's affordability crisis would entail a greater shift to apartment living, even as builders continue to pump out four-bedroom homes that exceed the size of many emerging families. 'Australia is very unusual globally in that we have incredibly low densities,' she said. 'If you have a look at every other major city and even much smaller cities, they do have very high levels of high densities. 'We can't provide affordable housing in areas that have incredible amenity if we stick to the big homes in the future.' Every major city shows savings of at least $500,000 with an apartment buy over a house. In Adelaide's Walkerville, a tree-lined inner-north suburb, houses sit at $1.6m, while units are going for $604,328, a saving of nearly a million dollars. In Perth's beachside Mosman Park, houses are priced at $2.51m, while units are priced at $551,561, a near $2m difference. In Darwin's Larrakeyah, houses are $1.45m while units are $440,907. In Canberra's Reid, houses are $2.19m, while units are $617,050. Queensland's glittery Gold Coast, however, shows a smaller gap between house and unit prices compared to other major cities. In Southport, houses are $1.05m, while units are $637,051, for a $410,669 gap. Regional cities in popular coastal locations also present substantial gaps between house and unit prices. In the Sunshine Coast's Buderim suburb, which borders the Maroochydore and Mooloolaba beaches north of Brisbane, houses are priced at $1.3m, while units are going for $732,921. In Port Douglas, a Coral Sea town in Queensland's far north that faces out to the Great Barrier Reef, houses are listed at $1.71m, while units are $490,372.