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Colonial Darling Point was a far cry from the hustle and bustle of nearby Sydney town.

But right from the start, the suburb attracted some of the colony’s wealthiest and most influential people.

The early days

Although Europeans had been in Australia since the 1780s, they left Darling Point untouched for some time. The land – traditionally belonging to the Cadigal people – was steep and heavily wooded, and, coupled with its unstable shore, access was difficult. Construction of a new road in 1831 changed that, and the land was reserved for sale via public auction.

Initially named “Mrs Darling’s Point” (after Eliza Darling, wife of the NSW governor Ralph Darling), the area attracted much interest. The first allotments were sold to Elizabeth Pike, a hotel keeper, James Chisholm, a soldier and wine merchant, and businessmen Joseph Wyatt, Thomas Smith, James Holt, Thomas Barker and William MacDonald. The Colonial Astronomer James Dunlop was granted an allotment in 1835 on condition that he build a dwelling valued at £1500 on the land.

The land was a bargain at £10 an acre. The suburb’s appeal was obvious even in those days, with one letter-writer to The Australian calling it “the most beautiful and picturesque place on the margin of Port Jackson” and adding that the price “certainly ought not to have been less than £500 per acre”.

At the time, indigenous people still lived in the area, with a description of a corroboree included in a letter to The Sydney Monitor in 1837. The traditional owners called the area Yaranabe after a local leader.

Darling Point’s early residents

Colonial Darling Point attracted some of Sydney’s wealthiest citizens. The suburb was exclusive from the start, and it was believed that “Darlingpointians” had their own customs and manners. The homes they built were much envied in the colony, and a few still exist today.

Of those who bought the first allotments, Thomas Smith was the only one to build a home at Darling Point. His house, Glenrock, was built in 1836 after he’d already realised the value of Darling Point’s land and sold off some of his original holdings. While Glenrock still stands today as part of Ascham School, it’s a slightly newer version, with the original demolished and rebuilt in the 1870s by its later owner, parliamentarian John Marks.

Meanwhile, merchant and local government councillor Thomas Woolley built his home, Percyville, in 1841. When just three years later, the house was sold to Thomas Sutcliffe Mort, it formed the foundations of the much grander Greenoaks, now known as Bishopscourt, after being bought by the Anglican Church in 1910.

But the earliest Darling Point home you can still see – and visit – is Lindesay. This elegant Georgian home was built in 1834 by Colonial Treasurer Campbell Drummond Riddell and today hosts weddings and community functions.

What did colonial Darling Point look like?

The census states there were 709 people living at Darling Point by 1891. Contrast this with the 2021 census, where almost 4000 residents were recorded, and you get a sense that the area must have appeared sparse in comparison.

In colonial times there were fewer people still, and paintings give us a glimpse into what the new suburb might have looked like. One early work by Robert Russell shows a few modest buildings, washing hung out to dry, and three figures crouched on a basic dirt road. The watercolour, dated to 1835 and titled “Sketch at Mrs Darling’s Point”, possibly depicts either local indigenous people or some of the labourers who built the fledgling suburb’s new roads.

Another painting from 1846 shows Glenrock on an elevated ridge surrounded by bushland. Other early paintings depict Carthona (built-in 1841 by Sir Thomas Mitchell, Surveyor-General) and Lindesay, similarly surrounded by trees. While some of the colony’s grandest homes were being built here, it was clearly still dominated by the natural landscape.

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Photo credit: Wkimedia

While 2022 has been a forgettable year for the Sydney property market, it’s been a different story in Darling Point.

There’s no doubt that the property news headlines have been gloomy. With the RBA announcing seven straight interest rate rises, buyers across the city became more circumspect and prices fell -10.2% between their January peak and 30 October.

The Darling Point apartment market, however, has been more resilient. While prices are slightly down since peaking in July, the median value remains 14.3% higher than 12 months ago, according to realestate.com.au data.

Meanwhile, Domain reveals that the median value of a two-bedroom apartment in Darling Point rose 20% over 2022 to $2.1 million. The median value of a one-bedroom apartment rose by 39.6%, taking it to $1.34 million. The median value of a three-bedroom apartment fell – 8.2% (after growing 70.4% in 2021).

All properties have seen a significant lift in values since the start of the pandemic, and buyers remain well ahead, regardless of any recent declines, as the table below shows.

Prestige property sales stay strong

We’re finding that there is still incredible demand in the prestige market and that it is here at the top end that sales have been least affected by the broader slowdown. As a result, we saw several building records, street records and even suburb records set over 2022.

The main reason for this is that the market downturn is being driven by a decline in lending. ABS data shows that the number of new loans fell -18.5% in the year to September 2022, including -8.2% in September alone.

This lack of borrowing doesn’t impact the prestige market as much as the first-home buyer and entry-level property market. The general rule tends to be that the more expensive a property is, the less likely a buyer will rely on finance to purchase it.

In the prestige market, it isn’t usually interest rates that have the main impact on demand. This market segment tends to be more affected by factors such as the general health of the economy and share market, the amount of M&A activity happening, and even the value of the Australian Dollar. With the Dollar weaker than it has been, we saw increased activity from ex-pat buyers over 2022 in the prestige market. Many of these were Australians who live in cities such as New York, Singapore, Hong Kong or London and who want a base back home.

Downsizers remain a force

Downsizers were also out in big numbers over 2022 – and for good reason. More and more people see the value of trading in the family home in the suburbs for the convenience of an apartment, often relatively early in their lives – sometimes even while the kids are in the later years of high school. So, not only has this market segment changed, we’re drawing on a much bigger pool of buyers than we were even 10 years ago. There’s even a new term for some of these buyers: “active resizers”.

On top of this, we also see more Sydney-siders wanting to remain in apartments throughout their lives. As their children grow, they tend to upsize the size of their home rather than move to a house further from the city.

All of these buyers tend to demand more space and often look only for three- or four-bedroom properties. There are simply far too few quality apartments in Sydney to satisfy their demand.

What to expect in 2023

Given its status as one of Sydney’s blue-chip markets, Darling Point has proven incredibly resilient over 2022, despite wider slowdowns. We expect that it will continue to outperform the market in 2023.

At the top of the market, demand remains relatively strong, and supply is low. Elsewhere, we expect greater activity levels once interest rates stabilise and confidence returns. We also anticipate that investors, who have been notably absent from the market over the past couple of years, will begin to return, stimulating the entry level market of one and two bedroom apartments.

After all, in the rental market, vacancy rates are dropping – the Sydney-wide is now just 1.3% – and rents are rising. As a result, SQM Data shows the median yield for apartments in postcode 2027 is now a healthy 5.6%.

We think conditions are set for a good 2023, although we don’t expect the market to heat up to the point where we see prices across the board run away in the same way they did in 2021.

Want more?

If you’d like to know more about the Darling Point property market, or if you need help buying or selling a home, get in touch.

Sydney’s property market has been experiencing challenging times this year.

The city’s median value has fallen -9.0% since its January 2022 peak, according to CoreLogic. But, here in Darling Point, property prices remain relatively strong. Realestate.com.au data shows our suburb’s median apartment value is still 31.1% higher than 12 months ago – making ours one of Sydney’s best-performing areas.

We explore what’s happening in the market and explore Darling Point property values have held up well, despite a broader downturn.

A snapshot of the Darling Point property market

Domain provides the following snapshot of where the Darling Point apartment market currently stands, based on the past 12 months of sales. Unfortunately, there isn’t enough data on house sales to draw any conclusions.

For me, one thing that stands out is that our local auction clearance rates are well above that of Sydney more broadly. For the week of 1 October, the Sydney-wide auction clearance rate was 56%, while Darling Point is tracking a minimum of 10% higher.

One reason for this, as the table also shows, is the low amount of stock on the market.

This lack of stock has been a defining feature of our local property market over the past few years. In fact, there are consistently half as many listings now compared with a decade ago.

Given that the laws of supply and demand set property prices, this short supply has helped keep prices high in our area even as demand across the property market has slowed.

How much have Darling Point property prices grown since the pandemic?

Domain also gives us data on the growth rates for different property types over the past few years. This presents us with some interesting insights into the local market.

* Two-year growth not three.

As this shows, the value of local one-bedroom and two-bedroom apartments has continued to grow this year. However, the value of three-bedroom apartments has fallen slightly.

On the other hand, three-bedroom apartments also experienced the largest gains in 2021. Three-bedroom apartments are particularly popular with downsizers, who form one of the most important buyer segments in our local market. And over the past couple of years, this buyer group has helped push values to record highs.

The relative success of one- and two bedroom apartments over 2022 could also be because we’re starting to see both investors and first-home buyers return to the market. Both buyer segments tend to be more active in this part of the market and ABS data shows that new loans to first-home buyers actually increased in August.

Is this a good time to buy and sell property in Darling Point?

It pays to remember that buyers are also usually sellers, and vice-versa. When you sell your home, you generally have to also buy somewhere to move into. That means selling in a runaway market isn’t necessarily the best thing as a buyer – rising prices when you buy can negate many of the gains you make when you sell.

Both Domain and realestate.com.au’s data show that this could be a great time to buy and sell property in Darling Point. We’re not seeing the same heat in the market that we saw early this year and last year – which means that, as a buyer, you’ll have more time to choose the perfect next home. At the same time, we’re not seeing the big price falls that some parts of Sydney have experienced. Values are relatively stable, and a lack of stock means vendors will usually sell, so long as they’re patient (average days on market for units has lengthened to range from 58 according to realestateinvestar.com.au to 70 days according to realestate.com.au) and have reasonable price expectations.

For these reasons, it’s in a market such as this one, where there is a reasonable balance between buyer and seller, that it often makes sense to make a move.

Want more?

If you’d like to know more about the Darling Point property market, or if you need help buying or selling a home, get in touch.

Darling Point is renowned for its harbour and city views, but the suburb’s gardens and streetscapes are equally beguiling.

We take a walk through some of Darling Point’s private gardens and tree-lined public spaces.

Lindesay

The gardens surrounding heritage-listed property Lindesay have been admired by generations of visitors.

The house itself, completed in 1836, was the first home built in the area after Darling Point was subdivided. Today, the Lindesay gardens play host to weddings and other special occasions throughout the year. The parterre garden, manicured lawns and sandstone courtyard feature in many a couple’s wedding album, with uninterrupted harbour views forming a stunning backdrop.

So beloved are the gardens by locals, that a team of neighbourhood volunteers meets once a week to tend to them.

Swifts

Another classic and iconic Darling Point mansion is Swifts, dating from 1883, with its imposing gates and fig trees. The gardens surrounding the stone house are a vital part of its heritage. Beyond representing landscape and design trends from the late nineteenth and early twentieth century, they show the relationship between the house and garden defined by its landmark sweeping driveway, giving the estate unique historical significance. Both the house and gardens together are considered an “item of environmental heritage”.

President Towers

Noted as Sydney’s first circular residential building, the very modern President Towers is also renowned for its award-winning gardens.

The grounds, which surround the tower and its pool area, boast a vegetable garden, a Japanese-inspired garden and nine discrete areas for residents to enjoy. The gardens are the work of landscape designer Ian McHugh, and won the Best Garden and Best Tree categories in the Woollahra Garden Awards in 2013.

Glenhurst Gardens

The 1960s ushered in an era of change for Darling Point, with many of the suburb’s grand old mansions demolished to make way for apartment blocks. While some still remain, like Babworth House or The Annery, in other cases the historic homes may be gone, but remnants of their gardens remain, along with original garden walls, fences and gate posts. Hopewood Gardens, formerly Hopewood House, is one example.

Another of these is Glenhurst Gardens, which became known as the “singing apartment block” during Sydney’s covid lockdowns. The block is situated on the land where Glenhurst, a Victorian Italianate mansion, once stood. After Glenhurst was demolished, its gardens were incorporated into the landscaping for the new apartment block.

McKell Park

McKell Park was opened in 1985, but some of its trees date from a much earlier time. Before the park was built, a large mansion, Canonbury, stood on this prime waterfront block. When the land was redeveloped, planners ensured they incorporated some of the already-existing trees into the landscape design. Take a look around the park and you’ll see Kentia and Bangalow Palms, some up to 12 metres high, which were part of the original Canonbury gardens.

Taking it to the streets

Beyond the garden gate, trees play a significant part in the street appeal of Darling Point – so much so that Woollahra Council has a Register of Significant Trees, which features a number of Darling Point trees.

As you head down Bennett Avenue towards Thornton Street you’ll see a row of palms ending with a pine. At 30 metres tall, the pine – a Cook Pine – is over 110 years old and believed to have been part of the early ornamental planting at Callooa (formerly Brougham Lodge). The palms are Canary Island Date Palms and are more than 80 years old.

On Loftus Road, near the corner of New Beach Road, two towering American Cotton Palms have stood sentinel for over 110 years, possibly planted as part of an original estate prior to subdivision.

Yarranabbe Park is also home to many significant trees. Prominent along many Darling Point streets, the Hill’s Weeping Figs that line New Beach Road are very familiar to locals. While they are listed by the council as Trees of Significance, this row of trees has caused friction over the years, with locals concerned about the trees obstructing their views.

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Photo credit: Wikipedia

Initial data about Darling Point from the latest government 2021 Census – has just been released.

If you’ve ever wondered who your neighbours are, how they live and what they earn or spend on their mortgage, this is the place to find out.

The data reveals some interesting facts about our local area, including that the average age of Darling Point residents has risen. Meanwhile, the number of properties has decreased slightly, and incomes, mortgage repayments and rents have all gone up. So, interestingly, has the average number of kids per family!

We take a look behind the 2021 data to see how we compare to the state and national averages. We also look at what’s changed locally since the data from the 2011 and 2016 Censuses was released.

A focus on Darling Point

I’ve been selling real estate in Darling Point for many years now. While a lot of things have changed over that time, the Census shows that several constants remain – helping make sure this is an area that’s always in demand from both buyers and renters.

On 10 August 2021, or Census night, there were a total of 3,977 of us living in Darling Point, with a fair number more women than men (54.5% women vs 45.5% men).

Most of us (59.5%) were born in Australia, and 0.3% of our population has Indigenous heritage. Those born elsewhere come from countries as diverse as England (6.1%), South Africa (3.3%), New Zealand (3.1%), China (1.7%) and the USA (1.6%).

There were 1,046 families with an average of 1.6 children each. However, couple families without children (59.9%) far outnumber couple families with children (27.3%) or single-parent families with children (12%). Overall, there’s an average of 1.9 people and 1.3 cars per household.

If we were to create a profile of an ‘average’ Darling Point inhabitant, it would be a 49-year-old married woman who was born in Australia and lives in an apartment with 2.5 bedrooms.

How does Darling Point’s population compare to NSW and Australia?

• We’re a lot older than the average. With an average age of 49, we’re around a decade older than the NSW (39 years) and Australian (38 years) averages.
• 16.6% of people in Darling Point speak a language other than English at home. This is half the NSW state average, but for those who do speak another language at home, it’s likely to be Mandarin, Italian, Cantonese, French or German.
• We are fortunate to earn high incomes. Our median household income is $3,219 per week, and our median weekly personal, family and household incomes are around twice the state and national averages.
• We give back through volunteering. Unsurprisingly, we outpace the state (13%) and national (14.1%) averages for unpaid volunteering with 19.1% of people volunteering through an organisation or group.

What does the Census reveal about Darling Point property?

• Our homes are most likely to be apartments. Only 6.5% of properties in Darling Point are free-standing houses (nationally, it’s 72.3%). Even fewer are townhouses, terraces or attached dwellings (just 5.9%). A whopping 87.1% of dwellings are flats or apartments – this compares to a state average of 21.7% and a national average of 14.2%.
• We have a high proportion of unoccupied dwellings. 21.4% of dwellings in Darling Point were unoccupied at the time of the Census, which is twice the state or national average.
• Our properties are smaller than the Aussie average. Properties in our area tend to be smaller, with an average of 2.5 bedrooms per dwelling, compared with 3.1 bedrooms nationally.
• We’re more likely to own our property outright. In Darling Point, 42.9% of properties are owned outright, which is well above the state (31.5%) and national (31%) averages. 18.4% of people currently own their property with a mortgage, which is lower than the state and national figures.
• Around a third of all dwellings are rented. 34.9% of all dwellings are rented, which is slightly above the state average of 32.6% as well as the national average of 30.6%.

What has changed since the Census in 2011 or 2016?

There are some interesting trends worth noting in the data.

• Our population is fairly static. In 2011, our population was 3,919. By 2016, our population was 4,190, and in 2021 it was 3,977. So while it grew a little, then dipped a little, it’s been pretty constant over the past decade.
• The number of homes has been trending down. Ten years ago there were 2,573 dwellings, and five years ago, there were 2,527 dwellings. By 2021, the number of dwellings had decreased incrementally again to 2,454. So, while other parts of Sydney grapple with overdevelopment, we actually could be losing homes.
• The average age is gradually increasing. It went from 47 in 2011 to 48 in 2016. In 2021, it was 49 years old.
• But there are more children per family. Despite this, the average number of kids per family rose fractionally from 1.5 in 2011 and 2016, to 1.6 in 2021.

And the five-year data reveals other changes that impact the property market too:

• Our already above-average weekly incomes have increased. Household incomes in our area have risen from $2,966 per week to $3,219 per week.
• Weekly rents have increased a little. The average rent has increased from $787 per week in 2016 to $825 per week in 2021.
• Median mortgage repayments have gone up a lot. In 2016, the median monthly mortgage repayments in Darling Point was $3,000. Five years later – and despite falling interest rates – it had risen to $3,900. That’s an increase of 30%.

Further data from the 2021 Census will be released in October.

Want more?

If you’d like to know more about our local property market in Darling Point, or if you need help buying or selling a home, get in touch.