Blog

Warehouse living at 3/6 Westfield Street, Northcote.

An expat couple secured a Northcote warehouse conversion in an off-market sale while still living in the US.

The pair picked up 3/6 Westfield St for $1.11m in a sale style that has flourished during the coronavirus lockdown.

“They bought their home from the comfort of their lounge room in America,” Industry Insider director Andrew Date said.

RELATED: Local buyers to be winners as COVID-19 cuts international market

Biggest drop in Melbourne rental prices on record: ABS

Elsternwick house sale price gains $300k in one year

The Northcote warehouse sold for $1.11m in the off-market deal.

Mr Date added the buyers, who have a son and plan to have another child, would rent the Northcote property out until they moved back to Melbourne in a few years’ time.

It’s part of a trend that first emerged during the initial lockdown period and continued amid the second wave.

“There are record levels of off-market sales,” Mr Date said.

The buyer’s advocate said 60 per cent of his transactions have been off market, well above his pre-COVID-19 average of 20 per cent.

“One of the main reasons right now (that) stock levels are so low is because people are fearful of having strangers through their home,” Mr Date said.

The buyers might have been in LA, but that didn’t stop Industry Insiders director Andrew Date from celebrating. Pic: Supplied.

He said sight-unseen sales would likely become more common due to low mobility and heightened vendor fears.

Barry Plant Glenroy agent Roy Khoder said there was starting to be “a lot of those sales happening”.

Mr Khoder sold 128 Evell St, Glenroy for $1.33m without conducting any inspections of the property.

No. 128 Evell Street, Glenroy sold without a single inspection.

The three-bedroom house, which sold for the first time in 45 years, is expected to be leased out before being developed.

“Buyers will always take a drive past but don’t require an inspection — it’s become very common that we sell properties that way.”

READ MORE: Footscray cottage blends industrial style with Victorian charm

Cambridge Street, Armadale: Heritage house up for grabs

West Footscray: Labradoodle dog stars in selling campaign

jack.boronovskis@news.com.au

@jackboronovskis

The post Sight-unseen sales a COVID-19 trend, LA buyers deal in Northcote appeared first on realestate.com.au.

Property analysts and developers are calling for greater stamp duty concessions for new builds across Australia in a desperate bid to entice investors back into the nation’s on-edge real estate market. 

The call comes as the New South Wales government on Monday announced greater stamp duty exemptions for first-home buyers purchasing newly-built over the next 12 months as part of its COVID-19 Recovery Plan.

There are growing calls for governments to widen stamp duty concessions to entice investors and boost construction. Picture: Getty.

From 1 August, first-home buyers purchasing newly-built homes of up to $800,000 will be exempt from paying stamp duty. Discounted stamp duty is available on new properties up to $1 million.

In addition, the stamp duty exemption threshold on vacant land will rise from $350,000 to $400,000 and will phase out at $500,000.

The new thresholds will apply to contracts executed between August 1, 2020, and July 31, 2021.

The stamp duty changes come in addition to the existing $10,000 first homeowners grant in NSW and the federal government’s recently announced $25,000 HomeBuilder grant for eligible owner-occupiers who build or substantially renovate their homes.

Housing Industry Association NSW executive director, David Bare, said the stamp duty changes in NSW would have a positive impact on the state’s residential construction sector as well as the greater economy.

“The government is forecasting that this change will assist more than 6000 first-home buyers, which have traditionally been under-represented in the NSW market, particularly in Sydney,” Mr Bare said.

“More importantly, this 12-month package will provide a much-needed boost to an industry for which hundreds of thousands of people in NSW rely on for employment.”

Plenty of incentive for first-home buyers but what about investors?

Nerida Conisbee, chief economist at realestate.com.au, said while government incentives across Australia had encouraged the first-home buyer market to help drive the economic recovery, consideration still needed to be given to incentives for investors.

“The construction sector has already had a massive boost [with first-home buyer incentives],” Ms Conisbee said. “We can see with first-home buyer enquiries that the statistics are well up on last year.

“What these stamp duty changes in NSW are doing is helping out with Sydney. Sydney is a very expensive city and trying to get a stamp duty exemption at that price point prior to this announcement was pretty difficult. So basically, this adjusts the market to really help people buy a new home in a very expensive city.

Nerida Conisbee says new temporary stamp duty thresholds in NSW will make expensive Sydney property more accessible. Picture: Getty.

“The big issue at the moment is that although there are lots and lots of [incentives] available to first-home buyers, where we really have the problem is that investors have backed out of the market.

“That’s problematic in that investors primarily are the major purchasers of off-the-plan developments and that area is not getting much of a boost from all of the government spending that’s been taking place.”

She said Western Australia had experienced a massive explosion in first-home owner enquiries, particularly with land sales.

“In WA, first-home buyer activity has almost quadrupled from last year. We can see that they are benefiting from government spending. We know that house and land developers, for example, are doing very well off the back of this and that will be the case in Sydney again. These new stamp duty incentives will really benefit house and land developers.”

“There’s never been a better time to look at incentivising new builds”

Danny Andrews, director of Gold Coast-based apartment developer, Andrews Projects, said greater stamp duty exemptions were needed to stimulate new builds and off-the-plan developments.

“If governments want to stimulate the economy, they need to look at stamp duty on new builds,” Mr Andrews said.

“It’s about incentivising to stimulate the economy and giving a holiday on stamp duty for new builds. Construction contributes so much to the Australian economy.

Developers say incentivising new builds would have a huge roll on effect for construction jobs and the economy. Picture: Getty.

“If they want to create jobs, they need to incentivise new builds… stamp duty shouldn’t be the same for new builds versus existing homes because there’s no stimulus when someone buys an existing home.”

Damien Ross, national sales manager for Queensland land developer, QM Properties, said business had hit a record high in June after the federal government’s HomeBuilder grant was announced.

“Queensland seems to be travelling quite well compared to other states, we seem to be a little bit more insulated. We had a slump in April and May was quite a good month, but June just went crazy – literally,” Mr Ross said.

“We had our biggest month in 27 years in June.

“The $25,000 [HomeBuilder] grant is right in our sweet spot. We deal a lot with first-home buyers and owner-occupiers, but not so much in investment channels.

“Most of the packages we sell are around $400,000 to $450,000, so $25,000 for a first-home buyer buying a $400,000 package is a pretty good carrot.”

A state-by-state guide to stamp duty costs:

Want to know what you’re up for when it comes to land transfer taxes and duties? Read on.

Australian Capital Territory

Under new provisions, first-home buyers pay no transfer duty. All types of property, up to any price, are eligible. However, there are some income thresholds for applicants.

New South Wales

Under this week’s announcement, first-home buyers are exempt from stamp duty for properties up to $800,000. Concessions apply to homes for up to $1 million.

Northern Territory

In the NT, you may also be able to apply for a BuildBonus Grant, potentially worth $20,000, or a Territory home owner discount, worth up to $18,601 off stamp duty.

Queensland

You can also apply for a first home concession on transfer duty for a home valued up to $500,000 up to $15,925. A home concession may still apply on properties above this price.

South Australia

First-home builders who are still constructing on June 30 (the date state land tax is calculated) can apply for an exemption if they intend to move into the property as their primary place of residence before June 30 of the following year.

Tasmania

A 50% transfer duty concession is available to first home buyers on established properties valued at or below $400,000.

Victoria

A stamp duty exemption is available on first homes valued below $600,000. Concessions are available for properties priced between $600,000 and $750,000.

Western Australia

First home buyers may be eligible for a concessional rate of transfer duty concessions, potentially including established stock.

The post Calls for wider stamp duty concessions to boost Australia’s construction sector appeared first on realestate.com.au.

Big Bucks – 16 Iluka Rd, Mosman NSW REAL ESTATE

Lower north shore real estate agents are preparing for a prestige property bonanza this spring.

And buyers with deep pockets are already circling on an impressive collection of properties that have been quietly listed ahead of a September launch.

MORE: Roosters star JWH lists renovated nest

Property market recovering faster than expected

Among them is 16 Iluka Rd, Mosman, which has a $35 million guide. The five-bedroom, six-bathroom mansion was built a few years ago, and is set in an exclusive Clifton Gardens cul-de-sac with a private beach, the waterfront reserve trophy home was designed by architect Shaun Lockyer, with interiors by Justine Hugh-Jones.

The 1720sqm property overlooks Taylors Bay and Sydney Harbour.

16 Iluka Rd, Mosman, has a guide of $35 million.

Michael Coombs, of LJ Hooker Avnu, has the listing, along with a treasure trove of other trophy homes he has been shopping around on the quiet, ahead of a spring launch. He said there were a number of buyers around looking for high-end properties, particularly on the lower north shore, and they were cashed up and ready to buy.

“I’m getting a lot stronger interest than I was this time last year,” he said.

8 Burran Ave, Mosman, has a guide of $24 million.

Mr Coombs said there were more ex-pats and Chinese buyers in the market, and prepared to buy sight unseen due to COVID-19 travel restrictions, and more families looking to upsize.

“Everyone is a little bit more focused on themselves and their families and loved ones and that includes where they live,” he said.

1 Pretoria Ave, Mosman, has a guide of $11.5 million to $12.5 million.

Among Mr Coombs swag of other trophy homes are 8 Burran Ave, which has a guide of $24 million, 13A Elfrida St, which has a guide of $18 million, and 1 Pretoria Ave, which has a guide of $11.5 million to $12.5 million.

13A Elfrida St, Mosman, has a guide of $18 million.

Nerida Conisbee, REA Group’s chief economist said there was no shortage of demand for Sydney properties at higher price points.

Stock continues to be a problem across the board, however, and this is helping maintain strong prices.

“COVID-19 doesn’t appear to be denting our obsession with property,” Ms Conisbee said.

SIGN UP HERE FOR THE NSW REAL ESTATE NEWSLETTER

The post $35m Mosman mega-mansion among new offerings coming in spring appeared first on realestate.com.au.

Surrounded by forest inside and out, this modernist mid-century glass home has privacy, a connection to nature, wooden ceilings and the perfect porch. 

You might think this Illinois home formed of glass would have issues with privacy, but the tinted effect means visitors can see out but not in. On the market now for $US850,000 ($AUD1.2m) it could be the perfect place to escape the world amid the coronavirus pandemic. 

A fabulous little forest hideaway. Picture: Realtor/Mark Gutierrez

Set across 187sqm, the home celebrates nature with white oak floors matched with wooden ceilings. Skylights and floor-to-ceiling glass walls allow light to flood the home to create a sparkling effect.

Typical of the modernist style, the home is open plan and lets the outside in.

The calming and considered space has many spots throughout that are perfect for entertaining or simply enjoying the views from each room.

Modernist glass house

The enclosed porch offers the perfect spot to connect with nature no matter what the weather. Picture: Realtor/Mark Gutierrez

The use of materials further connects this home with the surrounding forest to create a beautiful effect. Picture: Realtor/Mark Gutierrez

The galley kitchen leads out onto the porch and is also nearby the dining area for the ideal entertaining set up. Picture: Realtor/Mark Gutierrez

It’s like waking up in a snow globe in this bedroom. Picture: Realtor/Mark Gutierrez

A cosy nook to steal a quiet moment. Picture: Realtor/Mark Gutierrez

Because who doesn’t want a view from the shower. Picture: Realtor/Mark Gutierrez

The simple colour palette of this home really lets the decor and outdoors do the talking. Picture: Realtor/Mark Gutierrez

This cinema room will surely encourage a Netflix binge or two. Picture: Realtor/Mark Gutierrez

The wood-panelled ceilings create warmth in the modern home. Picture: Realtor/Mark Gutierrez

Nature living at its very best. Picture: Realtor/Mark Gutierrez

The galley-style kitchen with a breakfast bar leads to the dining area and, perhaps the best spot to eat, is the porch, which can be enjoyed year-round thanks to the glass walls and ceiling.

The house has four bedrooms and three bathrooms, the main bathroom has glass walls so you can enjoy the views.

A metal spiral staircase leads to a basement level complete with a storage area, a bar and a cinema room perfect for a good Netflix binge session.

The post Magical modernist glass house surrounded by nature appeared first on realestate.com.au.

The David Jones site at 299 Bourke Street, Melbourne has sold.

A property development and investment company co-run by a Hawthorn premiership player has been revealed as the buyer of David Jones’ Bourke Street Mall menswear store.

Chris Langford’s Newmark Capital splashed $121m to secure the 299 Bourke St building, which had belonged to the troubled department store retailer for 33 years.

The buyer plans to refurbish the heritage seven-storey property when David Jones vacates at the end of its lease, creating a “mixed-use landmark asset”.

It has been reported Newmark will look to convert the building into offices while securing a retailer for the ground floor.

RELATED: David Jones sells menswear store as banks offer a leg-up to retailers

David Jones lists flagship Bourke St Mall menswear store

Newmark Capital unveils $450m redevelopment of Chapel St’s Jam Factory

Chris Langford shares a moment with his son Will Langford, himself a premiership player, after the 2014 Hawthorn premiership. Picture: Wayne Ludbey

The Herald Sun reported in May that David Jones had struck a deal to sell its menswear store and expected the deal to be wrapped up within months.

“The sale price achieved is in line with expectations and final settlement is anticipated before the end of July,” the retailer’s parent company, Woolworths Holdings, said in a statement.

David Jones has now confirmed it has exchanged unconditional contracts with Newmark for the property, which was built as Coles’ flagship store between 1929 and 1938.

CBRE’s Pacific head of retail capital markets Simon Rooney negotiated the deal alongside former CBRE director Mark Wizel and JACX Property.

Mr Rooney said the property attracted “significant levels” of international and domestic interest, resulting in more than 140 inquiries and 15 bids to reflect “one of the most competitive retail campaigns for an asset of this size and nature”.

He said Newmark had been attracted to the building’s landmark status, prime 2247sq m site in the tightly held Bourke Street Mall, and the fact it would become vacant following a short leaseback to David Jones.

When the property hit the market in November with price expectations in excess of $150m, then-CBRE director Mr Wizel said it would be offloaded with a short-term lease that would see it continue to be occupied by David Jones for at least 18 months, and as long as three years, after settlement.

Night shoppers outside David Jones. Picture: Mark Stewart

Dermott Brereton and Chris Langford celebrate their win with the premiership cup after the 1988 AFL Grand Final.

David Jones chief executive Ian Moir said the sale would allow the retailer to focus on creating and “optimising” a single flagship store out of its 310 Bourke Street building — currently its flagship womenswear site — while “simultaneously paying down debt”.

“The redeveloped 310 Bourke Street will be specially curated for our Melbourne customers with an emphasis on premium luxury and lifestyle brands,” he said.

Newmark Capital Simon Morries — who co-founded the property fund manager with Langford — said the purchase highlighted its “focus on building an unparalleled portfolio of assets”.

Gary Ablett and Chris Langford in the iconic 1989 Grand Final.

It also owns South Yarra’s Jam Factory complex, for which it announced a $450m redevelopment in 2017, and paid $135m for Wheelers Hill’s Brandon Park Shopping Centre in 2018.

Langford won four VFL/AFL premierships with the Hawks in the ‘80s and ‘90s and his son, Will, played in the club’s 2014 flag.

MORE: Footscray cottage blends industrial style with Victorian charm

Biggest drop in Melbourne rental prices on record: ABS

Elsternwick house sale price gains $300k in one year

samantha.landy@news.com.au

The post David Jones Bourke Street Mall site bought by Newmark Capital appeared first on realestate.com.au.

Melbourne’s suburban answer to an iconic ancient Incan site has passed in after failing to generate a live bid during its online auction.

Dubbed the owners’ own “Machu Picchu”, the award-winning home at 8 Olivette Avenue, Upper Ferntree Gully, generated four vendor bids, passing in at $2.25m.

The property remains on the market with an asking price of $2.3-$2.5m.

RELATED: Melbourne Machu Picchu house: Upper Ferntree Gully pad iconic

Templestowe tempter a private resort among the gum trees

Biggest drop in Melbourne rental prices on record: ABS

The Upper Ferntree Gully home was designed with sustainability in mind.

The property has an asking price of $2.3-$2.5m.

The mostly native rooftop garden provides natural insulation and glorious views.

Best practice in sustainability is evident throughout the home, which won the most sustainable house gong at the 2013 Master Builder’s Excellence in Housing Awards.

A rooftop garden of indigenous plants and grasses provides thermal insulation.

The property passed in on a vendor bid.

A vertical garden inside the home.

Space for 1000 wine bottles.

The house also features passive-solar-design best practices, including an internal thermal mass wall that regulates temperature.

Vendor Anton Englemeyer said the rock work on display in the home was upcycled from ground works carried out on the site by the previous owner.

Not a bad spot for a morning coffee, or a New Year’s celebration.

The house won a sustainability gong in 2013.

The open-plan kitchen, living and dining space, alongside the granite thermal mass wall.

Also going under the hammer on Thursday night was 29 McClelland Drive, Mill Park.

The updated three-bedroom house sold for $710,000, stretching $45,000 past the reserve price.

Philip Webb chief executive Anthony Webb said the home was in the “sweet spot” of appealing to first-home buyers, downsizers and people upsizing from apartment living.

No. 29 McClelland Drive, Mill Park sold for $710,000.

“It’s those sorts of properties that seem to be at a really strong point in the market,” Mr Webb said.

His agency also sold 1/3 McGhee Avenue, Mitcham under the hammer for $685,500.

A $12 bidding increment helped get the ball rolling again after the property almost sold for $683,888 at the lengthy auction, eventually netting a $55,500 premium for the vendors.

The auction of 1/3 McGhee Avenue, Mitcham featured a $12 bidding increment.

Mr Webb said his agency was happy to hold weeknight auctions in “a little bit of clear air”.

“It’s great for our vendors because we have our auctions in isolation,” he said.

“Most people are working from home at the moment, they can really get it set up.”

A marathon auction at 21 Canara St, Doncaster East had 51 bids placed before the property ultimately sold for $1.125m.

The three-bedroom house had a quoted asking price of $1-$1.1m.

Ray White Victoria chief auctioneer Matt Condon said the result came down to $100 increments at the end of the auction.

READ MORE: Brunswick Victorian house becomes modern masterpiece

Footscray cottage blends industrial style with Victorian charm

Cambridge Street, Armadale: Heritage house up for grabs

jack.boronovskis@news.com.au

@jackboronovskis

The post Melbourne’s ‘Machu Picchu’ yet to sell as other reserves smashed appeared first on realestate.com.au.

Mega view – G02/10 Cliff St, Milsons Point.

Make no mistake – you will need a very healthy bank balance to buy this luxury harbourside apartment.

But set foot inside G02/10 Cliff St, Milsons Point and take a look at the stunning vista that extends from the Harbour Bridge and city skyline to Barangaroo and the boat-studded Lavender Bay, and there is just one word that springs to mind.

Priceless.

MORE: Roosters star JWH lists renovated nest

Property market recovering faster than expected

Opportunities to buy into this boutique building of just 11 apartment are rare.

In fact this is the first apartment to come to market since the development was completed, according to CoreLogic data. Nigel Mukhi, of Di Jones Neutral Bay, said the apartment was bought off-the-plan in 2015.

“In my opinion, this is the best of the best – it’s one of the top five best apartments in the suburb,” he said.

Breathtaking.

Cook up a storm.

Views from every angle.

The apartment’s layout spans 385sqm and includes casing grand living and dining spaces perfect for entertaining. It also comes with a home office/studio, which has its own kitchen, bathroom and separate access.

Mr Mukhi said this feature was making it popular with a whole range of buyers, from young families looking for a luxury home with accommodation for a nanny or au pair, and downsizers looking for a long-term home which had potential accommodation for a live-in carers as they age and when and if they required it.

“It’s perfect for those who want to come out of a big home but don’t want to compromise on space or live in a high density apartment complex,” he said.

“There are only two apartments on this floor.”

There are multiple living spaces.

Sweet dreams.

The view by day.

The ground-floor apartment has a house-like floorplan and a lavish terrace that makes the most of the sweeping views and fresh breezes. Even the self-contained apartment has access to a terrace.

Other features include a stone kitchen with butlers’ pantry, lift access to three basement car spaces plus additional large storage area

The apartment is within walking distance of Milsons Point Station, village cafes and the ferry wharf.

The property goes to private auction on August 6, with a price guide of $10,000,000 to $11,000,000. Inspection is by appointment only.

SIGN UP HERE FOR THE NSW REAL ESTATE NEWSLETTER

The post Milsons Point apartment has multimillion-dollar view and price to match appeared first on realestate.com.au.

Property sales have increased across South Australia over the past month.

South Australia’s property market is starting to “spring back to life”, as demand for limited stock and improved confidence causes sales to surge.

Latest Land Services SA figures show there were 2201 residential market sales recorded in June compared to 1779 in May – an increase of 23.7 per cent.

It comes after sales dropped 22 per cent from April to May.

Land Services SA chief executive Brenton Pike said while the June sales were down on the 2722 recorded at the same time last year, he believed the market was headed in the right direction post-COVID-19 lockdown.

MORE NEWS

Chance to restore a piece of history to its former glory

Where you can buy a house for $80,000

Historic church’s impressive transformation

“After a rare period of volatility, it’s heartening to see South Australia’s property market beginning to spring back to life,” he said.

“Of course while the news seems to be positive … we’ll need to keep crossing our fingers that the coronavirus situation doesn’t worsen – both here and across the rest of Australia – so that our economy continues to improve.

“We will also need to keep our eye on the government’s stimulus packages, which are holding up much of Australia’s economy but may soon come to a close.”

Mr Pike said strong demand for property was driving the sales surge and holding prices up.

“While some cities, such as Melbourne, Perth and Sydney, saw property values drop during June, South Australia remained fairly steady, experiencing only a slight dip,” he said.

“There has been strong interest from buyers, who are choosing from a limited number of properties, meaning values are still largely holding firm for now.”

Demand is driving the sales surge, according to property experts.

Real Estate Institute of South Australia president Brett Roenfeldt said many agents were encouraging their sellers to list their properties sooner rather than later while demand was strong.

“What’s happening is that some vendors are seeing the competition that’s on the market at the moment,” he said.

“They understand that because of that shortage of stock, there is very strong demand for properties that are on the market.”

While Mr Roenfeldt said it was impossible to determine the state of the market months down the track, he said it looked like it would continue to improve.

“I think you’re going to find that this activity is going to increase,” he said.

“It’s a very, very positive climate out there.”

The post South Australian property sales increase following eased COVID-19 restrictions appeared first on realestate.com.au.