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HOBART rents are falling the fastest of any capital city in the country, according to a new report.

The ANZ-CoreLogic Housing Affordability report focusing on the rental market shows Hobart joined Sydney and Melbourne in having suburbs with the largest value declines.

Among the top 21 suburbs across the capital cities for rental declines, 11 were in Sydney, five were in Melbourne, and five were suburbs of Hobart.

Rent values across Hobart had the steepest rate of decline of the capital markets from March to June, falling 2.3 per cent over the period.

The biggest decline was in Battery Point, where rents fell 5.6 per cent, followed by South Hobart and Lenah Valley, both 4.8 per cent.

Rents fell 4.7 per cent in North Hobart, New Town, Hobart and Sandy Bay, 4 per cent in West Hobart, 2.6 per cent in Kingston and 2 per cent in Bellerive.

A mortgage is cheaper than renting in many greater Hobart regions

The report said of the decline for Hobart, where rental markets have been the most unaffordable of the capital cities since December 2018, the compounding effects of COVID-19 could be “a great relief for tenants”.

However, the report said there would be “opportunities” for investors in markets including Hobart “where Airbnb stock may be reverted back to the short-term rental market”.

The report said the pandemic and its associated economic shock would have long-lasting effects on housing affordability.

Battery Point and Sandy Bay were two of the Hobart suburbs with significant falls in rents form March to June.

However in her introduction to the report, CoreLogic head of research Eliza Owen said the pandemic alone was not enough to have a long-term effect on housing affordability in Hobart.

”For relatively unaffordable markets like Hobart, broad-based affordability measures should be considered for longer term improvements in affordability, rather than relying a global pandemic to reduce demand,” the report said.

Hobart continued to have by far the highest proportion of income required to service rent, at 34 per cent.

In contrast, Tasmania’s housing sales market is travelling steadily, with only a small drop in houses sold and an increase in values during May.

According to the Real Estate Institute of Tasmania, Hobart house sales jumped by 20.8 per cent in the month from April to May as shutdown restrictions eased. Launceston experienced a more modest 5.6 per cent increase in sales, while a 17.2 per cent fall was recorded in the North-West.

blair.richards@news.com.au

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Hot auction – 26 Awatea Rd, St Ives Chase.

Who says you can’t swim at home every day of the year, no matter what the weather?

Certainly not the former owners of 26 Awatea Rd, St Ives Chase, who saw fit to install an indoor heated swimming pool.

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Set on a level 921sqm block, the single-level home has been fully renovated to provide

flexible open plan living spaces with four bedrooms and three bathrooms, two of them ensuites.

Katheryn Purdy, of Di Jones North Shore – Wahroonga, said one of the major drawcards of the home was its location within the catchment of the St Ives North Primary School.

“This is a highly sought after school so it’s not surprising that we are seeing a lot of family interest in the property,” she said.

Easy living inside …

And out.

One of the four bedrooms.

She said the current owners originally bought the property to knock it down and start again with a new home, but then decided on a full renovation.

The result is an impressive list of features, including a renovated kitchen with butler’s pantry,

separate rumpus room, formal dining room which could also be used as a home office, additional media room or study, brand new, six-zoned reverse cycle airconditioning, outdoor kitchen with fridge, double carport and workshop storage room.

Street appeal.

Formal living.

Formal dining.

The indoor pool is fully enclosed and gas heated, making it even easier to keep the pool temperature comfortable in the winter months.

The home is within walking distance of corner shops and a new day care centre, and is close to Warrimoo Oval and tennis courts and a bushwalking track at the end of Warrimoo Avenue.

“It’s a very light house and this was one of the reasons the owners opted for a major renovation instead of a rebuild,” Ms Purdy said. “They liked the light.”

The property is due to go to auction on July 25 at noon. It is open for inspection on Wednesday from 1-1.30pm, and Saturday, prior to the auction, from 11.30am-noon.

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Big result – 3/85 Raglan St, Mosman.

Taking a punt and moving a planned auction forward by a week has paid off for the owners of a five-bedroom Mosman home – to the tune of $4,550,000.

Agents Stefon Bertram, and David Smeallie, of Belle Property Mosman, had been expecting three bidders to throw their hats in the ring for 3/85 Raglan St, a substantial home in a rare gated estate in the heard of Mosman.

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The 785sqm Torrens title property was on the market for just over two weeks and attracted more than 2300 page views on its realestate.com.au listing.

The home is located within the luxury gated estate ‘Raglan’, and has been designed for low-maintenance living.

Set on approx. 961 sqm of level land and enjoying a private setting this single level home provides ideal, flexible open plan family living.

There are five homes within the estate, and these share the road and a tennis court.

Street appeal – 3/85 Raglan St, Mosman.

The main living space.

The freestanding, full-brick house at No. 3 is located back from the road, has a northeast to rear aspect and is close to the bus stop, Queenwood, Mosman Prep, the ferry and village shops and cafes. It also has its own private pool.

Mr Bertram said the main interest had come from downsizers, upsizers and executive couples.

He said the interest had been so strong that they had decided to bring the auction forward a week.

He was expecting three bidders to line up when the property went under the hammer, but he ended up with five, and all were in the race to win the property.

Formal dining.

The kitchen.

More than 50 people attended the auction, with plenty of hands on deck to ensure property social distancing rules were followed.

“There was a lot of depth to the auction and everyone took part – there was some strong bidding,” Mr Bertram said.

In the end it was a family with older children whose bid of $4,550,000 brought the hammer down. The sale price smashed the price guide of $4.1 million.

Leafy outlook.

More living space.

Mr Bertram said the lack of stock on the open market and pent-up buyer demand was keeping prices strong.

“There’s a lot of properties available off-market, and while there is a space for off-market sales, it’s not going to suit all properties,” he said.

“You need to have a deadline and you need to promote properties so buyers can know they are out there.”

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Half Melbourne’s apartment residents are tenants. Picture: David Caird

Victorian homebuyers are yet to fully embrace apartment living, suggests research showing just a quarter of the state’s apartment residents own their homes.

The apartment sector remains an investor-dominated market, with tenants making up 50 per cent of the property type’s occupants, according to a new University of New South Wales report.

In comparison, 14 per cent owned their home with a mortgage and 11 per cent owned outright.

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A further 14 per cent of Victoria’s apartments were classified as “unoccupied” at the time of the latest census.

Associate Professor at UNSW City Futures Research Centre, Hazel Easthope, said this included both empty properties and non-permanent residences like holiday homes and short-stay accommodation rentals.

“(The apartment market) really is an investor market. New buildings in particular see a higher proportion of investor owners,” A/Prof Easthope said.

“In order to build an apartment complex, developers need to get finance from a bank. In order to get finance, unless they have a lot of money already, they need to make off-the-plan sales, which are more typically made to investors.”

But the report, commissioned by the Strata Community Association, draws on the latest census data to also reveal 8 per cent of Victoria’s population reside in apartments, equating to more about 471,000 people.

Less than half the state’s apartment residents (42 per cent) were born in Australia, with China (8 per cent) and India (6 per cent) the next most prominent nationalities.

And only half spoke English at home, followed by 9 per cent Mandarin and 2 per cent Cantonese.

A/Prof Easthope said this reflected the fact new migrants typically sought affordable rental homes that were accessible to employment and amenities, which often meant apartments.

Natasha Nagel at the Hawthorn unit she owns. Census data shows 57 per cent of Melbourne’s apartment residents are aged 20-39. Picture: Tony Gough

Meanwhile, 57 per cent of Victoria’s apartment residents were aged 20-39, with the other age groups taking splits of 18 per cent for 40-59, 13 per cent for 60-plus, and 12 per cent for sub-20.

“Lone-person” households dominated apartment living at 39 per cent, followed by couples with no children (23 per cent), group households (11 per cent), couples with children (9 per cent) and single parents (5 per cent).

The proportion of Victorians living in units with children (14 per cent) was much lower than in New South Wales (24 per cent).

But the report also reveals Victoria has adopted strata complexes — buildings divided into “lots” that are typically apartments, villa units or townhouses — more than any other state.

Victoria’s 115,968 complexes account for a third of the national total, contain 907,135 lots, and have an insured value of more than $343b.

A/Prof Easthope said Victoria was home to “a large number of two-unit strata complexes”, such as semi-attached townhouses, that were typically more appealing to owner-occupier buyers.

The explosion of strata complexes since their introduction 60 years ago reflected the demand for new housing driven by population growth, and government policies promoting “building up, rather than out within existing urban areas”, she said.

Strata Community Association Australasia chief executive Alisha Fisher said it also reflected people placing “increased value on access to their places of work, shopping and entertainment precincts, and recreational amenities”.

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samantha.landy@news.com.au

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Imagine coming home to this big beauty every day. The facade at 118-120 Prospect Rd, Newtown.

OH, what a prospect. Yep, just like the street name, 118-120 Prospect Road presents a remarkable opportunity.

Those looking for the ultimate city property will be overwhelmed by the sprawling sense of space and privacy at this coveted address.

This magnificent Newtown house, with price hopes of around $3m, has a long list of luxuries — chief among them is the rare 1276sq m land parcel that easily accommodates the large five- bedroom house and neighbouring tennis court.

Dust off those racquets and start limbering up.

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“The block offers two separate land titles with rear north-facing aspects,” said Wilsons, Geelong agent James Wilson.

“This marquee property is a great example of the appeal that quality Newtown homes continue to have.”

Mr Wilson said the vendors, who are moving on after 20 years holding the keys, had thoroughly enjoyed all the benefits of the 3220 postcode.

“The current owners built the property, raised their family, and have loved living there,” he said.

It’s no wonder with some of Geelong’s most prestigious schools and the delightful shopping strips of Pakington St and Stinton Ave all within walking distance.

But let’s get back to the incredible home.

It’s a picture of perfection – the house and the extensive gardens have been meticulously styled and maintained over the years.

The vendors have taken a modern approach to timeless style with a crisp, white colour palette and timber flooring.

Inside is bright, breezy and calm with carefully curated living spaces.

The bedrooms are all spacious.

Thoughtful design means there’s a mix of formal and informal living spaces (with so much space inside and out you’ll hardly see the kids).

An impressive entry reveals the true scale of the gorgeous home, with high ceilings and generously proportioned living spaces on show from the front door.

Here, parents have their own retreat, with a walk-in wardrobe and ensuite, set just off the entry.

Upstairs is all about the kids, with three bedrooms, each with a built-in wardrobe and desk, along with a spacious main bathroom and retreat space.

A fifth bedroom, set downstairs, would be perfect for guests, or could be set up as a home office (and it offers easy access to the kitchen – perfect for sneaky snacks).

Speaking of food, the striking kitchen has stainless steel appliances, a walk-in pantry, island bench and loads of storage, and links to the large yard and paved entertainment area.

The large open-plan kitchen, lounge and meals area is set close to the outside spaces.

Outside is a like a world of its own, with a well-lit Modgrass tennis court where you can stage your own Australian Open or shoot some basketball hoops, then cool off in the gas heated pool and spa.

Active families will love what’s on offer at this premium Newtown address.

Serve those aces, shoot those hoops, rest those muscles or watch that movie.

The nearby courtyard is a joyful space and perfect for a sunset (or Sunday) sip.

A separate double garage offers handy rear access and a games room (we told you, you’d hardly see the kids).

The post Premium Newtown property serves up luxury family living and privacy on a grand scale appeared first on realestate.com.au.

a ‘floating mansion’ has been dubbed the modern day Noah’s ark. Picture: Mansion Global

A so-called “floating mansion,” – a blend between a yacht and a modern mega-home that is currently moored in Miami is for sale for AU$7.9 million (US$5.5 million).

The 23m-long yacht can cruise in the ocean or be elevated out of the water by its retractable legs, according to Howard Chase, whose brokerage firm listed the property last week.

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The solar-powered houseboat is self-sustaining. Picture: Mansion Global

The houseboat offers over 400sq m of indoor and outdoor space. Picture: Mansion Global

“It’s like a two-storey house that you can take anywhere,” Mr. Chase said.

“It’s completely solar powered and equipped with a rainwater-collecting-and-purifying system, so you can live totally off-grid.”

Named The Arkup, after the Biblical story of Noah’s ark, the houseboat offers 405sq m of indoor and outdoor space, with four bedrooms and four-and-a-half bathrooms, according to Mansion Global.

It’s currently docked at Vice City Marina. Picture: Mansion Global

One of the bedrooms. Picture: Mansion Global

The kitchen opens on to the deck. Picture: Mansion Global

It has been touted as the first liveable luxury sustainable yacht, which is independent of electricity and water.

The home’s roof has 119 solar panels, and underneath it has hydrologic technology which allows the home to be lifted out an extra 5.5m, which the inventors say can help stable the vessel in case of a hurricane.

“Another cool aspect is that it has an elevator for a tender or a jet ski,” Mr. Chase said, which makes it convenient to go in and out of water.

There is room to entertain 50+ people on the deck. Picture: Mansion Global

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The Arkup was built in 2019 by Nicolas Derouin and Arnaud Luguet, two Miami-based French engineers who have a passion for the ocean and renewable energy.

Derouin and Luguet, who currently own the Arkup, were not immediately available for comment.

Its’ presently in Miami. Picture: Mansion Global

The yacht is currently docked at Vice City Marina, steps away from Miami’s high-end restaurants and other amenities, Mr. Chase said.

It has not been confirmed if the home could be transported overseas at this stage.

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The James Well property at 13-15 Grahn Road is the ultimate beach house. Pic: realestate.com.au

It’s the type of coastal home passionate boaties and beach lovers will fall head over heels for.

From a boat shed and purpose-built fish cleaning area to an outdoor kitchen and mini golf course, the James Well property a short walk from the beach will make escaping to the coast all the more tempting.

Owner Lindsay Jones designed the two-storey house at 13-15 Grahn Road, which he has lived in since 2011.

He lives on the top floor and rents the ground level out for short-term accommodation, but has decided to sell the property to move interstate.

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Bright blue kitchen makes one home stand out

A swivel TV on the ground floor means you’ll never miss a second of your favourite show, even while you’re outside. Pic: realestate.com.au

The top level is also modern with splashed of bright colour. Pic: realestate.com.au

Check out that view. Pic: realestate.com.au

“It’s art deco downstairs and it’s very modern upstairs,” he said.

“It’s got my heart and soul built into it.”

The top level has three bedrooms and an open kitchen and living area that flows through glass sliding doors onto a balcony, while the ground floor has two bedrooms and an open kitchen and living area.

To make the most of the home’s enviable location, Mr Jones added a boat shed and purpose-built fish cleaning shed, which is right next to the alfresco area with outdoor kitchen to make cooking the catch of the day easy.

The four-hole putting course was a personal touch.

Practice your putting skills any time you like. Pic: realestate.com.au

There is plenty of space to clean and prepare your catch of the day before cooking it up. Pic: realestate.com.au

The entertainment area offers plenty of space for large groups. Pic: realestate.com.au

“I love my golf, I’ve even met Tiger Woods,” Mr Jones said.

“I like (practising) chipping and putting.”

A lift servicing the home’s two levels, an outdoor shower to avoid traipsing sand through the house and enviable views are among its other standout features.

“You can see the Adelaide Hills from the balcony and on really special days, you can see the closest point of Kangaroo Island as well,” Mr Jones said.

The best part of the deal – everything inside the house will be included in its sale.

“The house comes with everything, and a tinnie,” Mr Jones said.

Selling agent Scott Bockmann, of Ray White York Peninsula, said it was already attracting attention shortly after hitting the market.

It is listed with a $595,000 price tag.

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Milly Waldren has been saving more due to the lockdowns. Picture: Adam Yip

First homebuyers are reporting the lockdown has been good for something as reduced social outings mean they’re saving a deposit much faster.

With heavy restrictions still in place for many activities, young Aussies reported instead of spending money on smashed avo breakfasts, travel and going out, they were saving it.

Younger Aussies also revealed their determination to get a foot on the property ladder was growing as their bank accounts swelled.

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Two-thirds of Aussies aged under 30 polled in a recent Westpac survey claimed they’ve become more serious about buying a home since the COVID-19 crisis started.

Another Finder.com survey showed close to half of Gen Z respondents were in a better financial position compared to before the coronavirus pandemic started.

Only about a quarter of Gen X respondents felt the same way.

Aussies of all ages were pumping an average of about $100 more into savings each month than they were at the start of the year but Finder noted that average was dragged down by rising job losses.

The group estimated the savings of Australians who were still working and earning an income may be increasing at a much higher rate than the polling indicated.

Westpac head of savings Kathryn Carpenter said younger Aussies were getting a particularly big savings boost because restrictions were making a dramatic lifestyle change.

“The fact many young Australians are still able to grow their savings demonstrates small changes can have a big impact,” she said.

With fewer people going out, younger Aussies are saving more. Picture: Damian Shaw

“With limitations around travel and experiences that are usually popular with this generation, like attending concerts or festivals, it’s encouraging to see that many have seized this as an opportunity to double down on their home ownership goals.”

Record low interest rates on mortgage products and government initiatives such as the $25,000 HomeBuilder grant for purchasers of new properties were further encouraging younger buyers, Ms Carpenter said.

“Spending more time at home has certainly made us realise the importance of loving where you live,” she said.

Rose Bay resident Milly Waldren, 26, said her savings habits changed drastically after the coronavirus pandemic hit.

“You can’t go out any more and I haven’t lost my job so I have been saving a lot more,” she said, adding she capitalised by opening a high-interest account with a 3 per cent interest rate. The rate was introduced for those between 18 and 29 in July.

Ms Waldren said she wanted to buy a unit in the eastern suburbs.

Ms Waldren added she was getting closer to her goal of one day buying an eastern suburbs apartment.

“My social calendar has completely changed, it’s become a point of reflection,” she said.

“I’m trying to use this as an opportunity and I think property is still a wise investment because if you don’t pay a mortgage you still have to pay rent.”

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6 Thule Court, Brighton was designed by influential architect Joseph Reed.

A Brighton house designed by “one of the most important architects in the history of Melbourne” is offering a rare buying opportunity.

The 1887-built Victorian at 6 Thule Court was drawn up by Joseph Reed, who the Victorian Heritage Register describes as “a major figure during one of Melbourne’s most vigorous periods of growth: the 1870s and 1880s”.

Reed arrived in Melbourne from England in 1853, founded his architecture firm, and won a competition the following year to design the Public Library, now known as the State Library of Victoria.

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The house features exquisite formal rooms.

The grand reception hall.

His other notable creations included the Melbourne Town Hall, the Trades Hall, Rippon Lea Estate and the UNESCO World Heritage-listed Royal Exhibition Building.

“His was the first major private architectural practice in Melbourne, and its successors have continued to contribute to Melbourne’s architectural richness ever since,” the VHR said.

Kay & Burton Bayside director Alex Schiavo said Reed’s firm still existed, as Bates Smart, and one of its partners inspected the Thule Court house after it hit the market with a $5.3-$5.8m price guide.

“They were absolutely enamoured by it,” he said.

The reception hall flows into the formal dining and sitting rooms.

The house has four bedrooms.

The couple who had owned it about 13 years had the same reaction when they first spied the residence, which Reed designed Thule for shipping merchant Thomas Telford.

Mr Schiavo said the husband surprised his wife, a lover of heritage homes, on her birthday by announcing he’d bought the home.

“She fell in love with the principal period rooms in particular,” the agent said, referring to the grand formal sitting, dining and reception rooms.

“She wasn’t expecting it.”

The residence retains exquisite period details, including open fireplaces, high ceilings, leadlight windows, and cedar wood finishes.

An open-plan living, dining and kitchen space was added to the house by previous owners.

The north-facing space looks out to the gardens.

Previous owners added a north-facing, open-plan living, dining and kitchen area, with the 1054sq m landholding providing plenty of room.

Four bedrooms, including a main with an ensuite and walk-in wardrobe, complete the floorplan while the grounds feature a pool and low-maintenance gardens.

Mr Schiavo said the property’s expressions of interest campaign, which closes July 30, had attracted significant interest from Australian expats based in Hong Kong, the US and the UK.

Local buyers and those from interstate, Sydney in particular, were also in the mix.

The 1054sq m Brighton block features a pool.

Another house with an esteemed designer behind it — Anatol Kagan’s 4 Theodore Court, Toorak — is also on the market.

A mid-century Toorak house designed by another architectural heavyweight, Anatol Kagan, is also for sale.

The 1956-built, three-bedroom house at 4 Theodore Court has returned to the market via Abercromby’s Real Estate, with a $3.7-$4.07m price guide, after a stint for sale with another agency from late 2018 into 2019 failed to net a sale.

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4 Theodore Court has a $3.7-$4.07m price guide.

samantha.landy@news.com.au

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