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Many high-rise towers in the CBD house apartments.

Chinese buyers deserting the Victorian property sector could seriously damage the CBD market — but an influx of Hong Kong nationals is expected to soften the blow.

Experts say strained China-Australia relations could lead to a dramatic drop-off in foreign investment, leaving apartments in Melbourne’s high-rise buildings sitting empty.

The Chinese Government’s call for students to avoid Australia was “a risk” to established and upcoming developments, realestate.com.au executive manager of economic research Cameron Kusher said.

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High-rise buildings have gone up at a rapid pace in the CBD. Picture: William West / AFP

He noted foreigners commonly bought apartments in the high-rise complexes, as they were restricted by the Foreign Investment Review Board to buying new dwellings, with Melbourne’s education facilities a major lure for Asian buyers.

“Chinese people do listen to what their government says quite a bit, and that is definitely going to be a challenge for that market,” he said.

“It might lead some Chinese students to go and study elsewhere.

“But (Melbourne) isn’t going to be the only (city) that suffers the effects. A lot of the Chinese developers (in Australia) are probably using Chinese Government money to build these as well.”

Melbourne universities should “diversify away from Chinese students” as tensions between the two countries grew, he said.

The view of the city lights from the tallest building in Melbourne, Australia 108. Picture: David Caird

Department of Education, Skills and Employment data reveals 55,133 Chinese students were enrolled in Victorian education at the start of the year — more than any other foreign nation.

Castran Gilbert director Michael Lang tipped a “significant value drop” for the CBD’s high-density towers to follow a Chinese desertion, noting apartments in smaller blocks of 20-40 would be more sheltered from falls given their greater appeal to local buyers.

But Property Mavens director Miriam Sandkuhler said an extension to five-year graduate and skilled worker visas for Hong Kong nationals would help to fill the Chinese void.

“Inherently, many (Hong Kong residents) are used to living in high rises, so there might be the ability for a lot of them to uptake those vacant apartments,” Ms Sandkuhler said.

Samuel Property director Illan Samuel flagged pre-existing issues in the CBD market, with increased taxes on foreign buyers starting to put off internationals in 2017.

Melbourne’s CBD has had far lower foot-traffic during the pandemic. Picture: Ian Currie

“It was basically a big sign saying, ‘we don’t want you, we’re going to make it hard for you’,” the developer said.

Chinese investment in Australian real estate has fallen more than 50 per cent year-on-year to hit its lowest level since FY2012-13, according to FIRB’s latest annual report.

The Chinese were approved to spend $6.07b in 2018-19, putting them behind purchasers from the US ($19.56b), Canada ($13.3b), Singapore ($9.8b) and Hong Kong ($9.33 billion). This figure was down from a record $31.9b in FY2015-16.

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The post Melbourne CBD high rises: International tensions a problem appeared first on realestate.com.au.

Holly Docherty and Angie Lonergan are best friends who nurse and nanny by day, but spend their free time flipping homes. Photographer: Liam Kidston.

THEY describe themselves as two gals from the Brisbane ‘burbs flipping one shack at a time with a pink hammer in hand.

When they are not working full-time as a nanny and a nurse, best friends Holly Docherty and Angie Lonergan are immersing themselves in renovation chaos.

BEFORE: The kitchen in the house at 10 Orben St, Wavell Heights, before the renovation.

AFTER: The kitchen after the renovation.

AFTER: The kitchen at 10 Orben St, Wavell Heights. Photographer: Liam Kidston.

Their latest project is a post-war house at 10 Orben St, Wavell Heights, to which they have

added a fourth bedroom, a second bathroom, second living area and a double garage.

They gutted the original bathroom and installed a new one, opened up the enclosed back deck and did the landscaping themselves — even the turf!

“It was a nightmare, but we got there with a little help from family and friends,” Miss Lonergan said.

“It’s just heavy and dirty.”

It’s the third time they’ve done a renovation — having flipped two other properties in the same suburb.

BEFORE: The back of the house at 10 Orben St, Wavell Heights, before the renovation.

AFTER: The back of the house after the renovation, with an extension.

The girls do most of the work themselves while living onsite, having learned how to use a drop saw and a drill watching YouTube.

“We get professionals in to do the cabinet making, tiling, electical and plumbing,” Miss Docherty said.

“We do the nitty gritty stuff — we have a fair few tools believe it or not!” Miss Lonergan said.

“We do all the painting — exterior and interior.”

BEFORE: The front of the house at 10 Orben St, Wavell Heights, before the renovation.

AFTER: The front of the house after the renovation.

AFTER: The front of the house after the renovation.

AFTER: The front of the house at Wavell Heights after the renovation. Photographer: Liam Kidston.

Their first two property sales netted them more than $200,000 in profit.

“We’ve spent a lot of it on holidays!” Miss Docherty said.

Not bad for two girls who didn’t even consider property flipping until they were both rejected for a home loan.

They decided to combine their deposits and incomes and found themselves getting approval to buy their first property together in 2015.

BEFORE: The main bathroom in the house at 10 Orben St, Wavell Heights, before the renovation.

AFTER: Details of the shower after the renovation.

AFTER: The ensuite in the main bedroom after the renovation.

AFTER: The main bathroom after the renovation. Photographer: Liam Kidston.

A friend recommended they look at buying in Wavell Heights and they haven’t looked back since.

“The more we looked into it, the more we realised that even though the suburb doesn’t have its own train line, there’s Sunshine, Virginia, Northgate and Geebung, all really close,” Miss Lonergan said.

“Also, Chermside is only a few minutes away, as well as Nundah Village. And it’s smack bang in-between Sandgate Road and Gympie Road.”

BEFORE: One of the bedrooms in the house at 10 Orben St, Wavell Heights, before the renovation.

AFTER: One of the bedrooms at 10 Orben St, Wavell Heights after the renovation. Photographer: Liam Kidston.

AFTER: One of the bedrooms after the renovation.

Now three renovations down, the pair say they are still learning as they go along.

Their biggest advice?

“You’ve got to shop around with tradies,” Miss Docherty said. “Don’t be afraid to keep asking for quotes.

“You can do more than you realise with the right tools and knowledge.

“And, you’re always learning. You never know it all with renovating.”

BEFORE: The living room in the house at 10 Orben St, Wavell Heights, before the renovation.

AFTER: The living room after the renovation. Photographer: Liam Kidston.

The girls are hoping to put the house on the market by the end of the month, and are already hunting for their next project in Wavell Heights.

Follow their renovation journey, as well as all their tips and tricks, on Instagram via the account @renogals.

RENO FACT CHECK

Time taken: 12 months

Total spend: $175,000

The post The nanny and nurse reno team flipping homes for fun appeared first on realestate.com.au.

6A Spence Street, Burleigh Heads goes to auction on August 2.

Tightly held is an accurate way to describe real estate in the peaceful pocket bordering Burleigh Heads National Park.

There are only 72 houses in the enclave east of the Gold Coast Highway, which offers walking access to Tallebudgera Creek, Burleigh Heads beach and James St.

The contemporary design offers two levels of luxury living.

In fact, it’s been 14 years since any property on sought-after Spence St has been put to market.

“For a new build to be offered to market in this beachside pocket is extremely rare,” said agent Will West.

“Properties in this area get passed through generations before they are sold.”

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The outdoor area will be a winner come summer.

The contemporary designer residence has been built over two levels – the ground floor defined by open plan living while the upper level is devoted to rest and relaxation.

A void in the entry and high ceilings enhance the sense of space which carries through to the bedrooms and storage.

“While the house is visually appealing, it’s also designed to be very practical,” Mr West said. “It flows really nicely inside and out, with a beautiful outlook back towards Burleigh Hill.”

The wine fridge and bar area a luxury feature off the kitchen.

The alfresco area is party-ready with a built-in barbecue and dining area overlooking the pool and national park.

The house is open for inspection on Saturday, 11am-11.30am and Thursday, 5pm-5.30pm.

Will West of Lacey West – Burleigh Heads is leading the campaign to auction on August 2.

Welcome to 6A Spence Street, Burleigh Heads.

The post New build a rare find in popular Burleigh pocket appeared first on realestate.com.au.

28 Seaview Ave, Middleton. Supplied

Looking to get a slice of the coastal lifestyle? This Middleton home offers that and more just a short walk from the tourist town’s famed beach. Vendor Bronwyn’s parents bought the original property in 1975, leaving it to her and her siblings who, in 2011, built the beach house that stands proudly on the site today.

28 Seaview Ave, Middleton. Supplied

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“The view from our block is just magnificent – whales to one side, surfers to the other and endless water in front of you – it’s gorgeous,” Bronwyn says. “There are three of us that share ownership of it and we used it as a beach house. Between us, our children and now our grandchildren, it got used quite a bit.”

28 Seaview Ave, Middleton. Supplied

The home offers some 304sqm of living and entertainment space over two levels. Four bedrooms are set on the upper floor, while a family space on the lower level could be used as a fifth bedroom or guest suite if desired.

28 Seaview Ave, Middleton. Supplied

A large open-plan kitchen, dining and living area sits at the front of the top level, opening to a spacious balcony offering stunning views of the sea.

“Aside from making sure it was as environmentally friendly as possible, we put an enormous balcony out the front to capture those amazing views and also so you can get loads of people out there,” Bronwyn says.

28 Seaview Ave, Middleton. Supplied

“I would think it would be bought by a family, because it’s big. Or it could make a great investment because rents are high down there and with those views, I suspect it would be very popular.”

28 Seaview Ave, Middleton. Supplied

28 Seaview Rd, Middleton

$875,000 to $895,000

Agent: Harcourts South Coast, Kathleen Fry

0417 286 657.

Land size: 1037sqm.

The post Coastal comfort with a view of your favourite things appeared first on realestate.com.au.

31a Liverpool Crescent, West Hobart. Picture: SUPPLIED

THE chance to secure a “just built” new home in West Hobart is rare.

But that is exactly what is on offer here in leafy Liverpool Crescent.

Harcourts Hobart property representative Ian Strutton said this bespoke family home had been built by Inside Out Construction.

“This new home in the Knocklofty neighbourhood was built to a very high standard,” he said.

“As its position is in a bushfire zone, the home needed to be engineered and crafted to the stringent standards required to be bushfire ‘proof’.

“The location presented challenges but this award-winning boutique local construction company rose to the challenge and created a fantastic home.

“It sits among the trees and offers an inner-city lifestyle while feeling like you’re living on kunanyi/Mount Wellington.”

Sleek interiors.

Comfortable and inviting.

The three-bedroom home’s floorplan is split across two levels, with the master set on the top floor. It is well equipped with an ensuite and built-in wardrobes.

The chic ensuite has floor-to-ceiling tiles and a walk-in shower.

Most of the upper level is dedicated to the living zone.

Through the entry and down a hall the home opens to an airy dining room, the kitchen and then the deck.

Top-of-the-line European appliances and a breakfast bench are highlights in the kitchen.

Take the stairs downward to discover another living space, the family bathroom, and the second and third bedrooms.

This level also has a deck facing out to the lovely green views that this city-fringe suburb is renowned for.

Take a nap.

Bold lines.

Ian said the home had been built with the utmost care and using “superior” construction, materials, fixtures and fittings.

“It has double-glazed windows and high-quality thermal insulation,” he said.

The property has a discreet European laundry, multiple off-street carparks and a 704 sqm block.

Its neutral colour palette blends with the locale and will make it a breeze for the owner to put their own personalised stamp on the property.

In such a central location — only minutes from the city centre or Hobart’s waterfront precinct — the property could have appeal as a short stay accommodation venture, STCA.

Light and bright.

Life among the trees.

From its peaceful location, the home is set close to shops, schools, parks and walking tracks.

For those that enjoy a stroll, it would take about 15 minute to walk into the city.

Take the pretty Rivulet Track, head past a cafe or two, hit the shops and then make your way home.

No.31a Liverpool Crescent, West Hobart is listed with Harcourts Hobart and priced at “Offers over &75,000 considered”.

The post Sleek and stylish sophisticated living appeared first on realestate.com.au.

22 Wignall Street, North Hobart. Picture: SUPPLIED

LOOKING for a charming terrace home that offers the convenience and lifestyle of city living?

Look no further than No.22 Wignall Street.

This surprisingly spacious triple bedroom home was built in 1920. More recently it has undergone a thorough makeover that has updated it for modern living.

The combination of its beautiful street appeal outdoors and the clean white walls and high ceilings indoors gives the home an incredible feeling of space, light and luxury.

Beyond the stunning facade, the home celebrates its original features. The timber staircase, polished timber floorboards and ornate fireplaces each hint at the home’s era.

Blast from the past.

Light n’ bright living.

The layout offer three full-sized bedrooms, two on the first floor and another downstairs.

The top floor bedrooms have wardrobes and fireplaces, one also has access to a 5.5m balcony.

Downstairs, the bedroom is set alongside the entry hall and the home’s front veranda. It has double wardrobes.

Next stop is the sitting room, a character-filled space with heaps of room for family or guests.

The modern and well appointed kitchen makes a statement in contemporary style and elegance.

Here, lighter floorboards blend with a ton of white cabinets, full length splashbacks, the matt black tapwear and the chic downlights found in the upper cabinets.

There is enough room for a four-seat dining table.

Chic kitchen style.

Enough space to eat-in.

The kitchen opens via french doors to a large deck area and a private backyard, with carefully planted birch trees and pittosporums providing the perfect balance of light and privacy.

Completing the floorplan, the home also has a modern bathroom that incorporates a laundry neatly placed behind custom joinery.

Temperature in the home can be controlled via a reverse cycle system, wood fire or wall mounted panel heaters ensuring year-round comfort.

This solid brick terrace has been thoughtfully renovated to the highest standards and is bound to appeal to those hunting for a home with a dash of history and with the hard renovation work already done and dusted.

No expense spared.

Indoor-outdoor flow.

Wignall Street is one of North Hobart’s most in demand streets. Tree-lined and benefiting from an abundance of natural light due to its generous width, this neighbourhood is found nearby the noted culinary strip and the CBD is only minutes walk from this first-class home.

No.22 Wignall Street, North Hobart is listed with Devine Property in the Mid $800,000s.

New realestate.com.au data shows 31 house sales in North Hobart in the past 12 months.

Prices have grown dramatically in the past five years with the median price shooting up by 53 per cent.

In the past year, North Hobart houses have sold, on average, after 41 days on the market.

The post A fabulous funky inner-city pad with historic and modern flare appeared first on realestate.com.au.