$108k drop: Where home values declined across Australia

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Nearly 200 Aussie suburbs recorded a drop in home values over the past three months, including two where home values plunged by over $100,000.

The latest PropTrack June Quarterly Home Values Index shows that 192 of Australia’s 3762 house suburbs dropped in value, while 168 of the nation’s 1888 unit markets also declined.

Units in Lalor Park in the Sydney-Blacktown region was the worst performing market in the last quarter, declining by 17 per cent in the three months to June, or $104,066.

The median unit price there is now $514,808.

It was followed by Fairfield East (Sydney-Parramatta), where unit values plunged 9 per cent to $596,272 and Lisarow on the NSW central Coast, where unit values fell 8 per cent.

Rounding out the top 10 worst performing units markets were Pelican Waters (Qld), Melrose Park (SA), Broadwater (WA), Wyoming (NSW), Huntingdale (Vic), Tregear (NSW) and Ocean Grove (Vic).

Each suburb recorded declines of 5 per cent to 6 per cent in the past three months.

2/249 The Horsley Drive, Fairfield East, recently sold for $368,000

Over the year, the worst performing market was Banksmeadow in NSW, where unit values plunged by 28 per cent.

Lalor Park came in second, followed by Terrigal (NSW), Claremont (WA), Cottesloe (WA), Fairfield East (NSW), Telopea (NSW) South Granville (NSW), Yennora (NSW), Jordan Springs (NSW), Crace (ACT) Jindabyne (NSW) Red Hill (ACT) Huntingdale (Vic) and Rippinlea (Vic).

Those suburbs recorded annual falls north of 10 per cent.

A one bedder in Crace recently sold for $395,000

But while NSW dominated the top worst performing suburbs for units over the quarter, other suburbs made up for the losses elsewhere.

Units in Ashcroft, Wahroonga, Belrose, Cartwright and Sadlier all jumped by 10 per cent or more in just three months, as affordable pockets under Sydney’s lofty median price of $1.182m captured buyers.

REA Group Senior Economist Anne Flaherty said the double digit increases were an “enormous” jump for such a short period of time.

“That is absolutely out of the ordinary,” she said. “Particularly we are seeing that those suburbs that are relatively more affordable are attracting a high level of competition.

“The reality is because the median price of a home in greater Sydney is so high, for a lot of people that are looking for a middle ring suburban Sydney home, it’s just not even a possibility.”

Realestate.com.au economist Anne Flaherty

Meanwhile, the worst performing house market was Point Lookout in Queensland, where home values fell 6 per cent, or $108,173, to $1,768,325.

14 Yarrong Road, Point Lookout, sold for $1.7m

It was followed by Quindalup (WA) and Lorne (Vic) where house values declined by 5 per cent.

That represents a drop in values of $93,124 and $97,061 respectively.

Seven suburbs recorded a decline of 4 per cent – Hyde Park (SA), Jamberoo (NSW), Apollo Bay (Vic), Berrimah (NT), Nar Nar Goon North (Vic), Byron Bay (NSW) and Cardigan (Vic).

But over the year, the biggest drop in house values was recorded in Nar Nar Goon North (Vic), Blairgowrie (Vic), Jilliby (NSW) and Rye (Victoria).

House values in those suburbs declined by 10 per cent, the data shows.

Aerial view of Cape Byron at Byron Bay, a popular spot for celebrities – istock

They were followed by celeb haven Byron Bay in NSW and Bangholme in Victoria, where values fell by 9 per cent in the 12 months to June.

Falls of 8 per cent were recorded in Lorne (Vic) and Shoalhaven Heads (NSW).

Eleven suburbs recorded annual declines of 7 per cent including seven in Victoria (Venus Bay, Sorrento, Fingal, Tootgarook, Ballarat Central, Soldies Hill, Lake Wendouree and Eden Park).

Also making that list were Suffolk Park (NSW), Margate (Tas) and Craiglie (Qld).

On the flip side, Australia is now home to 1418 house suburbs with a median value over $1 million.

That means that 107 Aussie suburbs have joined the $1 million-plus club in the past three months alone.

Top of the list is Bellevue Hill in Sydney, where the median house price is now $9,844,492, followed by Vaucluse with $8,983,846.

With a median house price of $4,500,128, Toorak in Victoria’s most expensive suburb, while Cotteslow is Western Australia’s richest suburb with a median house value of $3,442,198.

12 St Georges Road, Toorak, recently sold but the sales price has yet to be disclosed

Queensland’s most expensive suburb is Chandler ($3,149,155) and St Peters in Adelaide is South Australia’s richest suburb with a median house value of $2,226,612.

90 Warriewood Street, Chandler, sold for $4.401m in April

Brisbane median home price recently surpassed the $1 million mark for the first time, finishing the month of June at $1.015 million – an increase of $74,800.

It is now Australia’s second most expensive capital city after Sydney.

Ms Flaherty said that it was inevitable that more Queensland suburbs would enter the $1 million-plus club.

There are currently 54 Queensland suburbs with median house values north of $950,000.

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TOP 10 WORST PERFORMING SUBURBS (June Qtr) – UNITS

(Suburb, Median Value Now, % Decline)

Lalor Park NSW $514,808 -17%

Fairfield East NSW $596,272 -9%

Lisarow NSW $687,646 -8%

Pelican Waters QLD $754,912 -6%

Melrose Park SA $619,621 -6%

Broadwater WA $468,229 -6%