$108k drop: Where home values declined across Australia
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.
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.
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.'
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.
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.
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.
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.
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.
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%
Wyoming NSW $577,845 -6%
Huntingdale VIC $649,274 -5%
Tregear NSW $536,014 -5%
Ocean Grove VIC $743,563 -5%
***
TOP 10 WORST PERFORMING SUBURBS (June Qtr) - HOUSES
(Suburb, Median Value Now, % Decline)
Point Lookout QLD $1,768,325 -6%
Quindalup WA $1,633,997 -5%
Lorne VIC $1,793,274 -5%
Hyde Park SA $2,049,592 -4%
Jamberoo NSW $1,429,284 -4%
Apollo Bay VIC $913,941 -4%
Berrimah NT $556,619 -4%
Nar Nar Goon North VIC $781,667 -4%
Byron Bay NSW $1,737,446 -4%
Cardigan VIC $827,810 -4%
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News.com.au
an hour ago
- News.com.au
‘People are worried': AI boss reveals what is really going to happen to everyone's jobs
Aussie couple Samuel and Hannah Priestley's AI business is on track to make seven figures but they both swear it isn't coming at the cost of anyone's jobs. The couple felt compelled to make the assurance as there's been growing concern about how the introduction of AI (artificial intelligence) will impact people's jobs in Australia. Analysis from Australian policy organisation the Social Policy Group (SPG) found if Australia maintains its current pace of AI adoption, one third of the workforce could experience a period of unemployment by 2030. Mr Priestley said when he tells people at parties he runs an AI business, the most common response is concern that jobs will be lost in the technology revolution, but he swears that isn't the case at all. 'It isn't about cutting jobs it is about making businesses sustainable,' he told Has AI changed your job? Share your story: Mr Priestley is used to being ahead of the curve. The 34-year-old started with a background in engineering and was working as a firefighter when he pivoted and opened an events business, where people can hire shirtless firefighters as entertainment. He says he has always had a knack for identifying gaps in the market, and his AI business, Click Road, was born out of his experience adapting AI into his own business. He doesn't think Aussies should feel too threatened by AI because the tools that are available should help people do their jobs better, not make them unnecessary. Mr Priestley said in his events business he uses AI to streamline his work, and the tool helps prevents him from having to send the same email '20 times a day'. He uses the technology to answer simple inquiries and provide customers with answers and quotes immediately. 'Our business was on a bigger scale than some of our competitors, and some had eight (admin staff), whereas we had like two,' he said. 'On the outside, people are like 'whoa that could have been six people's jobs', but no one has the money to spend on these kinds of services, and wages are going up.' He said the introduction of that technology hasn't led to any job cuts because he wasn't prepared to hire anyone to do such basic work in the first place. 'The thing with me is that I didn't have money to pay staff to do that so stuff. So I was just doing that as an owner-operator, and it was just me doing an extra four hours of work a day,' he said. Mr Priestley said once he saw how much AI helped his own business, he realised other small and medium-sized businesses could benefit from consulting services to learn how to use AI and overcome their fears around the technology. Now he consults with small businesses and helps them bring in basic automated processes for things like tracking parcels and answering general inquiries. 'It isn't about taking jobs. The businesses we work with can't afford six staff, they're not employing staff anyway,' he argued. 'It is more the workload is too big and people are doing massive days.' Mr Priestley said he understands 'people are worried' about threats to their jobs, but that isn't what he sees developments in AI leading to. 'We've worked with hundreds of businesses now. It is just about making people's lives easier and more manageable,' he said. Giving an example of how he would work with a building company, Mr Priestley said he might collaborate with them to develop an automatic reply system for general inquiries, so the company could focus on building houses rather than replying to emails. The AI expert said he doesn't come into businesses and help them 'sack everyone' but the tools he adds to the workplace help people become more productive. 'People are just heaps more productive now. You're not going to lose your job if you're more productive,' he said. Mr Priestley said the demand for his AI business has already outpaced his events space because, at the end of the day, paying for shirtless firefighters isn't an essential. 'We've just hit the sweet spot,' he said. 'What we sort of found is everyone's heard of AI and there's no business that can't benefit from it. Events are fun, but it is discretionary spending.'
ABC News
an hour ago
- ABC News
PM to cover trade, investment in meeting with China's President
Prime Minister Anthony Albanese is sitting down with China's President Xi Jinping today for the most important meeting of his six-day trip to China. While the Government is selling it as a trade and investment tour, there are also prickly issues to deal with - from human rights, to the controversial lease of Darwin Port.
News.com.au
an hour ago
- News.com.au
Polestar exec calls for change to ute tax
The boss of one of Australia's greenest car companies has called for an end to tax breaks for utes that have become the nation's best-selling cars. Scott Maynard, managing director of Polestar in Australia, says lucrative tax concessions for high-riding utes have gone too far, resulting in taxpayers subsidising cars that are harmful to the environment. Large four-wheel-drive utes can be exempt from luxury car tax and fringe benefits tax that apply to other vehicles. Maynard says the fringe benefits tax concession 'continues to disproportionately serve the sale of dual cab utes and not what I would consider to be a far more progressive style of transportation, which is electric vehicles'. 'Consider that three of the top five selling cars in Australia for the entire first half [of the year] were dual cab utes and their variants,' he said. 'We've now got more than one and a half times the dual cab ute to tradie ratio, which doesn't make sense. 'If you consider some of the positioning of some of those particular vehicles, which are clearly no longer tools of trade, I don't think it's a difficult jump to make to put that on the fact that they've enjoyed tax let off since 2000. 'Wouldn't it great to see benefits like that afforded to vehicles that are now cheaper to own um easier to live with and better for the environment?' Rod Campbell, research director at The Australia Institute, made headlines in 2024 when pointing out the 'considerable costs on society' of subsidising large utes such as the RAM 1500 and Ford F-150. The Australian public is subsidising big, dumb utes by hundreds of millions of dollars each year,' he said. 'These vehicles are damaging roads, reducing safety and increasing emissions, yet they are given a massive tax break. 'Removing the luxury car tax exemption will not affect most ute drivers, particularly tradies. 'Instead it targets those buying large luxury vehicles, worth sometimes hundreds of thousands of dollars, for personal use. 'Economics 101 says that governments should tax things they want less of, and subsidise things they want more of, and it is stunning that the Australian Government seems to want more big, dumb utes.' Maynard's views differ from peers at the top of the car industry. Polestar has effectively split from the Federal Chamber of Automotive Industries, a collective that lobbies on behalf of member companies such as Toyota, Ford and Mitsubishi – brands that rely heavily on the sales of utes such as the HiLux, Ranger and Triton. But Polestar doesn't have a ute. It doesn't have any cars that require petrol or diesel fuel – every Polestar sold in Australia is a pure electric vehicle. Maynard said the brand's all-in stance on electric vehicles 'does open a window for us' as rival brands water down their commitment to EVs. The brand has recorded an uptick in interest from customers who were considering plug-in electric vehicles before a tax break expired on April 1, pushing them toward EVs. 'Anecdotally, I feel like I'm talking to more and more customers that say now that's done,' he said. 'At a function last night, I spoke to three people at a table that said, 'you know, we were squaring up for a PHEV [but] we will probably just go full electric now'. 'And I know that there was a lot of people that were trying to get their PHEV deals secured before that FBT incentive [expired].'
