Herbal and earthy flavors dance across this delicate, airy crisp. It has suited me very well.īut the dreaded date of birth has come into play, and I can no longer handle a house on my own."ĭid she ever expect to fetch such a price? "And it's been a wonderful because of its location and neighbourhood. "I've lived in this house for 45 years and it is a big wrench leaving it behind," she said. The 85-year-old has decided to sell up and enjoy a quieter life in regional New South Wales. "I really thought I was going to faint, but fortunately I did have my medicine … my bubbles," joked Ms Walker, referring to her celebratory glass of sparkling wine. The owner, Rosemary Walker, was thrilled - she bought it for $35,600 in1978. Just before sunset in the nation's biggest property market, would-be buyers gathered.Īfter a slow start, a two-bedroom home in Sydney's inner-eastern suburbs went under the hammer for almost $2.5 million. Rosemary Walker says she "never in a million years" expected to sell her two-bedroom home in inner-city Sydney for almost $2.5 million. Highs and lows as property market heats up More broadly, capital city values remain well below their recent peaks, with Perth the only city where dwelling values have returned to record highs. "Buyers targeting the premium sector of the market are still buying at well below peak prices," Mr Lawless said.ĭespite the rebound, prices in Sydney's upper quartile remain nearly 12 per cent below their January 2022 peak - or more than $200,000 lower. Values in the upper quartile have increased 5.6 per cent in the past three months, compared to 2.6 per cent across the more affordable segments of the market. In Sydney, CoreLogic data shows it's the most expensive houses, in the top quarter of the market, seeing the fastest recovery. "However, the continued tightness in the labour market, stronger housing demand and the limited supply environment are likely to support an ongoing recovery." Premium housing leading the rebound "Although they are at or close to peak levels, interest rates may still rise further and the economy is also expected to slow - these factors may weigh on home prices in the months ahead, " Ms Creagh noted. "The rise in prices seen so far this year gathered pace in May, broadening and accelerating across markets."Īccording to the PropTrack report, auction activity has improved and clearance rates remain "firm". "The decision by the Reserve Bank to lift the cash rate in May has not deterred the current home price rebound," report author Eleanor Creagh wrote. PropTrack's monthly house price index rose 0.3 per cent in May, leaving house prices more than 1 per cent higher in the past three months - the fastest quarterly price growth since the March quarter 2022. Data from the PropTrack monitoring service, owned by REA Group, similarly showed a strengthening recovery.
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