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An old doorway can be seen in the exposed brick wall.

A slick transformation of an old Victorian cottage has created an industrial-infused brick beauty blending old and new in Footscray.

Interior designer Cara Gabriel and her builder husband Joel Swain embarked on their first personal project with their first home at 104 Victoria Street, incorporating original tessellated tiles about 100 years old and a sealed up old doorway into their cool contemporary design.

The two-bedroom pad with a slick new look has just hit the market for $780,000-$840,000, having been snapped up in original condition from the government for $602,000 in 2016.

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Textural plywood finishes in the cool kitchen.

Bit of a change.

Three properties near the train line were sold off by the government in 2016.

“We really wanted to create a house that took this old 1880s house, brought it into the modern day and made it something that could then live on for the next 100 years,” Ms Gabriel said.

The creative pair removed a non-structural wall to open up the main kitchen, living and dining space, where a brick wall exposed after plaster was removed is a design focal point.

It includes a bricked-up old doorway that adds plenty of character and a sense of history to the design.

Original tessellated tiles remain on the floor in the bathroom and in the laundry, with similarly decorated floor tiles chosen for the modern kitchen to connect both eras.

A white paint job was the main move at the front of the house.

How the bedroom looked previously.

The other bedroom is similar in style and space.

An on-trend plywood kitchen was customised with a grey tint that lets the grain show through.

“It’s the most solid kitchen you will ever come across — it’s so sturdy, ” Ms Gabriel said.
“Joel built it. The textural look is offset with a really simple benchtop and splashback.”

Village Seddon agent Joseph Luppino said the style of the “quite high end” space was a drawcard for buyers, who also appreciated the clever use of limited space.

“They’ve used the whole floor to ceiling for things like cabinetry,” he said.

Ms Gabriel said the vision for the front of the house was to keep as many of the features as possible, which were enhanced by changing a pink, green and beige paint job to white.

Pastel pink in the bathroom.

Original tiles remain on the floor.

The neat rear courtyard.

“There are original ceiling rosettes and a decorative vent covered in little birds, and when it’s all white you can see all those beautiful little details,” Ms Gabriel, of Pilot Studio, said.

“We didn’t do that much visually to the front of the house. We really wanted to respect the age and original details as much as possible at the front and then have that transition.

“It could be a warehouse apartment in Collingwood at the back, but the house is really rooted in that original Victorian history, which was really important to us to keep as much as possible … we love this house passionately and wanted to carry it on for the next buyers.”

A study nook is a smart use of space.

A cosy bar and charming arches.

The couple are now on the hunt for a mid-century home in Melbourne’s northern suburbs for their next project.

Mr Luppino said buyer interest had been strong in the Footscray pad, with a “healthy number” of private inspections.

The property was one of three adjacent to Middle Footscray station sold off by the Department of Transport in 2016.

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The post Footscray cottage blends industrial style with Victorian charm appeared first on realestate.com.au.

Sydney’s Point Piper and Melbourne’s Toorak may be some of Australia’s most desirable postcodes, but in terms of the nation’s most sought-after streets, buyers are after specific qualities. 

When it comes down to the most in-demand streets in Australia’s capital cities, the trifecta of luxury properties, spectacular views and nearby amenities has proven a winner with buyers, new data from realestate.com.au shows.

“Luxury homes are always going to attract eyeballs but when it comes to sealing the deal on a new home, buyers are looking for more than just premium, inner-city property,” said realestate.com.au chief economist, Nerida Conisbee.

The most in-demand streets were ranked by the number of views per listing within a suburb over the past three years. Streets with less than fives homes for sale over that period were excluded from the analysis, meaning some of Australia’s most tightly-held enclaves don’t feature.

•  Use the interactive below to find out the 10 most in-demand streets in your suburb

While we tend to think of the “best” streets as being in the most expensive suburbs, this isn’t always the case.

“All suburbs have nice streets, but often the most highly sought-after streets have something special about them,” Ms Conisbee said.

“The houses may be particularly nice, or it may be that the views are amazing; it could be located close to a beach or a great retail precinct; the blocks may be particularly large or it may be a very friendly neighbourhood. There are a lot of factors that define a great street.

“Major arterials in some suburbs will often see lower demand than other areas that are quieter. Ultimately, it depends on where you are and what buyers are looking for in that suburb,” she said.

City home hunters dreaming about luxury, views and amenities

Ms Conisbee said it’s not surprising that when you look at the most in-demand streets in each capital city, the data skewed towards luxury housing in premium suburbs.

“The fact that we see so many views for homes on these streets is probably due to people dreaming about their ideal home, not just to rent or buy a home,” she explained.

• Scroll through to discover the most in demand street in each Australian capital city

The search data highlights that many people aspire to live in premium suburbs and like to see how the other half lives, added realestate.com.au director of economic research, Cameron Kusher.

He said that while the majority of the most-viewed streets in capital cities were more expensive, their geographic locations were quite varied, suggesting home buyers are craving more than just a top location on the city’s doorstep. 

“In Sydney, the most in-demand street is in Rose Bay, which is a harbourside suburb. In Melbourne, it’s in Wheelers Hill, which is further out [from the city]. Brisbane’s most sought-after street is in Clear Mountain, a palatial spot with large lots further away from the city centre, similar to Aldgate for Adelaide’s most in-demand street,” Mr Kusher said. 

The data also revealed a sweet spot with the combination of nice views and reasonable proximity to amenities proving a winner.

The home at 1 Fairview Avenue is on a large block and has views of the Mount Dandenong Ranges. Picture: realestate.com.au/buy

Fairview Avenue, an exclusive enclave in Wheelers Hill, in Melbourne’s south-east – which some people refer to as the Toorak of the east – was revealed as the most sought-after street within 30 kilometres of Melbourne CBD with an average of 7,102 views per listing over the past three years.

The median house price in Wheelers Hill last year was $1,106,500. 

Joan Eu, sales associate at Harcourts – Judd White, is currently marketing the home at 1 Fairview Avenue and said she’s not surprised the street ranked as one of the most popular in the country.

“If you take a drive down [Fairview Avenue] you will see the reason why, because all the houses are on bigger blocks, about half an acre, and [there are] beautiful gated properties, long driveways… there aren’t many places like that,” Ms Eu said.

“When you think of the value, where would you get half an acre in Toorak for the same kind of money?”

Ms Eu said the coveted street was close to one of the highest points in Melbourne so the homes had views while also being close to schools and lifestyle amenities.

“Wheelers Hill is lovely and hilly and it’s got fantastic mountain views if you get the right location, like Fairview Avenue, most of the properties would have views of the [Mount Dandenong Ranges],” she said.

“It is also near Jells Park, the golf course, and you’re not far from the local shops including The Glen Shopping Centre, which is only a 10-minute drive. You’ve got Caulfield Grammar and Wesley College in terms of private schools in the same postcode.”

In Sydney Tivoli Avenue in Rose Bay was the most in-demand street within 30 kilometres of CBD with an average of 4,812 views per listing over the past three years.

The Spanish Mission-style home at 6 Tivoli Avenue attracted interest from abroad with its harbour views. Picture: realestate.com.au/sold

Jamie Upton, global real estate advisor at Sydney’s Sotheby’s International Realty – Double Bay, said Tivoli Avenue is “the Wolseley Road of Rose Bay”.

“What Wolseley Road is to Point Piper, Tivoli Avenue is to Rose Bay, for the views and the grand homes,” she said.

“They’ve got the best houses along there… it’s not uncommon for the trophy homes on that street to sell for between $10 million and $45 million.

Interestingly, Wolseley Road – Australia’s most expensive street – was pipped at the post by Point Piper’s Wyuna Road, where listings on average had more views in recent years.

In terms of Tivoli Avenue, Ms Upton said “it’s the views and the fact that a lot of properties are waterfront or have gun-barrel bridge and harbour views. It’s the aspect.”

The median property price in Rose Bay over the past 12 months is $3.2 million for houses to $1.3 million for units.

Ms Upton sold a Spanish Mission-style home at 6 Tivoli Avenue in February this year and said the interest was so “far-reaching” that she even had a couple fly from New York to inspect the home.

Luxury lifestyle is streets ahead for regional home buyers

When it comes to what buyers want outside of the big cities, it’s no surprise to see some of Australia’s most well-known lifestyle spots pop up on the list.

The data had Beachfront Mirage Drive in Port Douglas as one of the most in-demand, non-city streets in the country, with an average of 6,032 views per listing.

The architect-designed home at 28 Beachfront Mirage Drive offers a tropical haven for those escaping Melbourne and Sydney winters. Picture: realestate.com.au/buy

The median house price in Port Douglas is sitting at $636,000, while units are typically half that price at $295,000.

Callum Jones, licensee at Real Estate Port Douglas, who is currently marketing the home at 28 Beachfront Mirage Drive said the exclusivity of the street was a big drawcard.

“It’s within the [Sheraton] Mirage grounds, you’ve got 47 lots, it’s a gated estate and they’re all very large homes,” Mr Jones said.

“They’re mostly family retreats and holiday homes, people escaping the Melbourne and Sydney winters. People come up here and have a large home that they use two to three months a year.”

It seems home hunters on the opposite side of the country also have a taste for opulent living.

St Alouarn Place in Western Australia’s Margaret River also ranked as one of the most in-demand non-city streets in Australia with an average of 4,966 views per listing.

This home at 38 St Alouarn Place is situated on one of Australia’s most popular streets. Picture: realestate.com.au/buy

The median sale price in Margaret River is $455,000 for houses and $309,500 for units.

Mitch Thawson of Mack Hall Real Estate is currently selling the home at 38 St Alouarn Place, which he described as “one of the best properties in the south-west”. He said the street is not long, but it winds down to a cul-de-sac with stunning views along the way.

“You can see really long stretches of the Margaret River itself and then you can also see out to the ocean… the views across the other side of the river look straight across to national park, basically. It’s pretty awesome.”

Mr Thawson said it’s “a pretty expensive neck of the woods”, which attracts a mix of buyers. He referred to one of the homes in St Alouarn Place as “Models Inc.” because the couple who live there are both former models.

“Then there’s a guy [who lives a few doors down] who is one of the world’s best professional surfers,” he added.

Celebrity factor appears to be a common theme across the most in-demand, non-city streets, with Marine Parade in the celebrity enclave of Byron Bay also ranking high with an average of 4,844 views per listing.

Perhaps living nearby to Chris Hemsworth or bumping into Zac Efron on his morning coffee run is part of the appeal.

The celebrity enclave of Byron Bay is home to one of the most sought after streets in regional Australia. Picture: Getty.

Byron Bay’s median property price over the past year is $1,404,000 for houses and $732,500 for units.

Which streets will be popular post-COVID-19?

Ms Conisbee said home buyers are likely to be more focused on where they live after spending more time at home during coronavirus lockdowns.

“In choosing a street, it is likely that more of us will be looking for space and amenity. These have always been the things that people tend to focus on, however, it is likely it will become an even greater focus,” she said.

In terms of spending big on luxury properties, Mr Kusher said he doesn’t expect this will slow post-COVID-19.

Home buyers will likely be looking for more space after COVID-19, after being cooped up during lockdowns. Picture: Getty

“We are still seeing transactions occurring for premium property,” Mr Kusher said.

“Although we are in a recession, it is overwhelmingly younger people that are being impacted, to be sure. Some owners of premium property are being impacted but there is little evidence at this stage to suggest significant price falls across premium property [post-COVID-19].” 

He added that having more space and land in the aftermath of COVID-19 will likely become more important for home buyers, which could lead to people looking at properties in streets further from the city centre in already popular regional areas. 

The post Australia’s most in-demand streets for buyers revealed appeared first on realestate.com.au.

Renters are typically drawn to trendy inner-city suburbs, but when it comes to the most in-demand capital city streets there are a few surprises, new data from realestate.com.au shows.

It’s no secret when deciding where to live tenants prefer some streets over others. However, this preference doesn’t just come down to what style of coffee the local cafe serves or how close the street is to Bondi Beach, according to chief economist at realestate.com.au, Nerida Conisbee.

“A good street is often about the types of housing, aspect, nice trees, access to parks and schools or a great retail precinct,” Ms Conisbee said.

“Major arterials in some suburbs will often see lower demand than other areas that are quieter. Ultimately, it depends on where you are and what tenants are looking for in that suburb.”

• Use the interactive below to discover the most popular streets in your suburb for renters.

The realestate.com.au analysis looked at average views per rental listing over the past three years to surface the most in demand streets for tenants. If a street didn’t have five rental listings during that period it was excluded, meaning some of Australia’s most tightly-held streets and streets that are heavily owner occupier may not appear.

• Scroll through to discover the most sought after street for renters in your capital city:

The data shows that most Australian tenants, unlike home buyers, aren’t looking at homes in luxury, inner-city streets. Instead, the bulk of tenants are prioritising convenience factors in their rental search, according to Ms Conisbee.

“The streets that renters look at do tend to be more attractive to young people and are frequently quite close to universities and tertiary education,” she said.

North-facing streets with a pleasant view are typically more popular. Picture: realestate.com.au

In Brisbane, the most sought after street for renters was Warren Street in Spring Hill with an average of 7,748 views per listing over the past three years. While Warren Street is close to many of the city’s most popular amenities – the CBD shopping precinct, the Brisbane River, the popular bars and restaurants of Fortitude Valley – the street’s biggest drawcard is its proximity to major university and tertiary education providers in the area.

Local property manager Josie Petrack said there is a lot of rooming accommodation on Warren Street so each property tends to house separate rooms for rent.

“[These rentals] are very popular amongst students in the area, and the strong supply of newer-style apartments at cost-effective prices in Warren Street makes it a popular choice, particularly for young people and students,” Ms Petrack said.

Spring Hill’s median rent is $475 per week for a two-bedroom home, making it a “cost-effective” and convenient option for students, she added.  

Warren Street in Brisbane’s Spring Hill was the most in demand street for tenants in that city due to its proximity to university providers. Picture: Getty

Looking at the other capital cities it’s clear price and proximity to universities are major drawcards.

South Dowling Street in Waterloo was the most sought after street by renters in Sydney with an average 4,106 views per listing. Close to Moore Park, the inner-ring street includes multiple short-to-medium-term apartment options and is within reasonable proximity to transport and tertiary providers such as the University of New South Wales and University of Technology Sydney. The median rent in Waterloo sits at $670 per week for a two-bedroom home.

Meanwhile, the most in demand street in Adelaide was Rundle Mall in the city with 3,256 average views per listing over the past three years. The street is close to nightlife, cafes, restaurant,  Adelaide’s iconic Central Market and is 10-minutes by foot to the University of Adelaide. Tenants can expect to pay about $420 per week for a two-bedroom home in this neck of the woods.

Melbourne’s most in-demand street for renters, Federal Street in Footscray, had an average 2,954 views per listing in and is a stone’s throw from Victoria University. Stocked with period homes from Edwardian to Art Deco, as well as newer-style apartments, a two-bedroom rental goes for about $480 per week.

Darwin’s Dripstone Road in Casuarina, which had an average of 2,541 views per listing, is less than a two-minute drive to Charles Darwin University. Similarly, Davey Street in Hobart, which had 2,374 average views per listing, is a short drive from the University of Tasmania. Median rents in Hobart are about $520 per week for a two-bedroom house. 

Just a 15-minute drive from the University of Western Australia, James Road in Perth’s waterfront suburb of Swanbourne was the most in-demand street for renters in that city with each listing attracting an average 2,306 views. Median rents in Swanbourne are about $650 per week for a two-bedroom pad.

For the ACT, Canberra Avenue in the suburb of Symonston, near Fyshwick, was the most in demand street with 2,250 average views per listing over the past three years. Canberra Avenue happens to be on the same street as the Canberra Institute of Technology.

Will these streets be as popular among tenants post-COVID-19?

The absence of international students during the health crisis, which has caused city rental vacancy rates to soar, and the closure of some university campuses, could lead to a drop in demand for rental properties in the most in-demand streets for tenants in coming months.

Students will also likely be spending more time out of the classroom in the foreseeable future meaning they will less likely need to live close to campus. Meanwhile, some tenants are taking advantage of low interest rates to buy their first home and others are leaving the city for the outer suburbs.

Sam Nokes, head of department – property manager at Jellis Craig in Melbourne, added that COVID-19 has brought on challenges for landlords that could swallow up many rental properties in sought after streets. 

“The inner-city rental market is really difficult at the moment,” Mr Nokes said. “[An oversupply of vacant rentals has meant] some landlords are having to offer much lower rents just to get a tenant in, which will cause longterm issues because that rent won’t just be for the next three months, it’s for a lot longer than that.

“Some [landlords] have a minimum they’re able to charge before the property is unviable and we’re seeing some having to sell, but it’s not in particularly large numbers [at this stage].”

Rental demand in streets near universities could drop off because of international border closures but will make a comeback post-COVID-19. Picture: Getty.

However, director of economic research at realestate.com.au, Cameron Kusher, said there were other factors aside from universities that drew tenants to inner-city streets, and these will remain after the health crisis. 

“Many [renters] will still want to live close to the city for work and socialising, so the overall long-term impact of the global pandemic on Australia’s rental market is still uncertain,” Mr Kusher said. 

He added that while demand for certain streets may drop off amid the health crisis, they will make a comeback as the nation recovers.

“While rental demand may take a hit due to international border closures and university closures, properties in streets close to universities will see their popularity return as things return to normal.”

The post New data reveals Australia’s most popular streets for renters appeared first on realestate.com.au.

A pretty row of homogenous heritage homes.

Sitting pretty on one of Melbourne’s most revered streets, 5 Cambridge Street, Armadale offers more than just a picture-perfect facade.

But its famed homogenous heritage streetscape sure is a selling point for the Victorian— and one that will make coming home a visually appealing occurrence.

The street is made up of 32 almost identically decorated timber cottages, which were built in late 1800s, according to Heritage Victoria documents.

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Cambridge Street, Armadale features 32 cottages with almost identical designs.

“The cottages were all designed with low-pitched gable roofs having a strongly expressed gable end, circular louvred vents and uniform detailing,” the database reads.

“Today, the street is significant for the repetition of such details.”

While many of the facades have been updated over the years, the transformations must be in-line with heritage guidelines to maintain uniformity.

5 Cambridge Street, Armadale is up for sale.

It has a $1.55-$1.7m price guide.

There’s plenty of period highlights inside.

No. 5 is one of two properties on the street for sale and is listed with a $1.55-$1.7m price guide.

“Cambridge Street is one of the most unique and impressive streets in all of Melbourne,” said Jellis Craig partner Carla Fetter, who is marketing the two-bedroom home.

“Every house is a block-fronted Victorian built in 1892, creating street appeal like no other.”

Inside, elegant and stylish rooms are flooded with natural light.

They also showcase glorious period features, including ornate archways, high ceilings and open fireplaces.

No. 31 is also on the market.

At the other end of street, No. 31 is on the market with a $1.41-$1.55m price tag and is marketed as a “brilliant opportunity to purchase a very attractive two-bedroom Victorian house that would benefit from an upgrade”.

Two other Victorian cottages have sold on Cambridge Street in the past 12 months, according to realestate.com.au.

No. 3 fetched $1.66m in February and a three-bedroom pad at No. 4 sold for $1.875m in 2019.

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The post Cambridge Street, Armadale: Heritage house up for grabs appeared first on realestate.com.au.

Increased housing supply in areas like Parramatta is giving buyers more options. Picture: AAP

Record low interest rates and falling property prices have created a “once in a generation” situation where it is cheaper to own property than to rent it.

New research revealed paying off a mortgage on units in some Sydney pockets has become up to $400 per month cheaper than the typical rent – despite rents also falling in recent months.

Homeowners got some of the biggest savings in areas with a high concentration of new housing, especially high-rise apartments, the analysis of mortgage and property sales data revealed.

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The areas included a cluster of suburbs sandwiched between Sydney Olympic Park and Parramatta such as Granville, Merrylands, Homebush and Guildford.

Paying a mortgage on a median priced unit in these areas was about $100-$430 cheaper per month than renting.

Apartment owners also got considerable savings further west in Penrith and Liverpool.

In Sydney south, monthly mortgage costs for units were more than $100 cheaper than rent in Eastgardens, Mascot and Wolli Creek.

Mortgagees got similar savings in Lakemba, Wiley Park, Punchbowl, Bankstown, Arncliffe and Rockdale.

This was assuming the mortgagee had a 3.5 per cent interest rate – marginally higher than the lowest mortgage rate currently on offer from lenders.

Additional costs of home ownership such as strata fees, which vary considerably by building, were not factored in and it was assumed the mortgage holders used a 20 per cent deposit for their purchase.

Freedom Property Investors founder Scott Kuru said the higher entry costs of homeownership were part of the reason it was cheaper to pay down a mortgage than rent in some areas.

Paying a mortgage was cheaper than renting in many of the areas with a high concentration of high-rise apartments.

“Some people can get trapped in the rent cycle,” he said, adding that there were fewer households with the savings needed to purchase property at the moment but the same families still had to pay rent.

Coupled with the increased supply of housing in the areas, this meant there was less competition for properties up for sale compared to the level of demand for rentals, Mr Kuru said.

Buyer’s agency DDP Property’s CEO Zaki Ameer said there was “a once in a generation opportunity for renters to move into home ownership”.

Mr Ameer estimated monthly mortgage repayments were up to 55 per cent cheaper than rents on same value properties in many instances in Sydney.

The cheaper mortgage costs in many of Sydney’s emerging unit hubs have come despite heavy reductions in rents since the COVID-19 pandemic started.

Rents have been falling in recent months.

CoreLogic’s quarterly rental review report released earlier this week revealed Sydney rents dropped by an average of 1.3 per cent over the three months to June.

But the drops in average rent were largely driven by changes within inner Sydney areas where tenants were mostly overseas students, hospitality workers and travellers in short-term rentals.

“Closed international boarders created a significant shock to rental demand,” CoreLogic head of research Eliza Owen said.

Mr Kuru said the fact that it was cheaper to pay off property in so many areas suggested that the state government should put more focus on lowering the entry costs of home ownership.

“Most households can afford to pay off (a home loan) but saving the $100,000 or more you’d need for a deposit is too hard,” he said.

“Billions of dollars are being thrown around at the moment but more should be done to help families get a home.”

Mr Kuru said the state government’s announcement this week of an extension of stamp duty exemptions for buyers of new properties priced under $800,000 needed to go further.

“All it’s going to do is help the people who were already ready to buy something, the people who can already afford a deposit. It does nothing for the people who can’t get there.”

AVERAGE MONTHLY SAVING OWNING VS RENTING (units)

Granville $430

Homebush $306

Eastgardens $265

Lakemba $261

Liverpool $257

Penrith $241

Sydney Olympic Park $234

Mascot $233

Merrylands $231

Punchbowl $222

Wolli Creek $215

The post Owning units up to $400 a month cheaper than renting in parts of Sydney appeared first on realestate.com.au.

Inner city suburbs have seen an explosion of new rental listings.

Some tenants could benefit after Melbourne recorded its biggest quarterly drop in rent prices on record.

But there’s little silver lining for renters working in coronavirus impacted industries, advocates say.

Rent across the city slumped 1.1 per cent in the June-ending quarter, the Australian Bureau of Statistics found.

It marked the biggest decline since ABS started recording the metric in 1972.

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Another research firm, CoreLogic, reported a 0.6 per cent fall in Melbourne’s median rent for the month of June.

The city’s average rent was $453 across all dwellings, according to CoreLogic data.

But despite these figures appearing to signal improved affordability for renters, Victoria’s peak tenant advocacy body warned they formed part of a “more complex picture”.

“Renters in the private rental market are over-represented in vulnerable industries, such as hospitality and retail,” Tenants Victoria chief executive Jennifer Beveridge said.

“Renters tell us they have lost their jobs or have fewer hours due to the impact of coronavirus. They tell us they struggle to meet rent payments.

“Some have moved in with family and friends, but we know not everyone has that fallback option.”

CoreLogic head of research Eliza Owen said job losses in hospitality, tourism and the arts had contributed to rental price drops, by reducing demand for properties.

Madeline Byrne rents with Vinny an Italian Greyhound in her household. Picture: Sarah Matray

Signage for a rental in Carlton North. Picture: AAP Image/James Ross

“Households in these sectors are more likely to rent than in other industries,” Ms Owen said.

Realestate.com.au director of economic research Cameron Kusher said the price fall was a “clear indicator” of the profound impact the pandemic was having on the property market.

“We have virtually no migration, there is new stimulus encouraging purchasing from first-home buyers who otherwise may have been renters, and then there’s the fact unemployment is rising and younger people are most affected,” Mr Kusher said.

He added the moratorium on rental evictions, in place until September, meant it was unlikely the next quarter’s results would see another sharp drop.

But after that, it was “likely rental rates will fall further”.

“It will take quite some time to recover to previous highs,” he said.

Philip Webb chief executive Anthony Webb said a number of tenants had vacated properties to take advantage of record-low interest rates and stimulus packages to purchase a home.

He added landlords had been forced to make concessions to keep their properties tenanted.

“There’s been a fear for landlords that if they don’t adjust their rents or accept applicants that come through, (their property) might sit vacant for a while,” he said.

A Victoria St, Melbourne apartment recently had its rent slashed from $430 to $325.

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jack.boronovskis@news.com.au

@jackboronovskis

The post Biggest drop in Melbourne rental prices on record: ABS appeared first on realestate.com.au.

The Maylands property at 104 Phillis Street has served as a home and corner shop over the years. Pic: realestate.com.au

A historic Maylands property that once served as a popular corner shop is being offered to househunters for the first time in more than 60 years.

The combined shopfront and two-bedroom house at 104 Phillis Street is on the market with a $730,000 to $760,000 price guide.

While it has seen better days, the local heritage listed property promises character charm and a rich history.

Selling agent Judy Morris, of Klemich Real Estate, said the 1905-built property used to be the go-to place for locals wanting to pick up a few groceries and send letters.

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It was popular among local residents back in the day. Pic: realestate.com.au

Many locals hope it will be restored to its former glory one day. Pic: realestate.com.au

“The owners took it over as a shop in 1954 and it was the post office, the bank, the land titles office, they did births and deaths, and haberdashery and drapery,” she said.

“When the Coles shopping centre opened on the corner of Payneham Road and (Nelson Street) it closed down.

“The locals are very keen to see it returned to some sort of shop.”

Ms Morris said it was attracting a lot of interest from prospective buyers, most of which were keen to use the property as a combined residence and commercial space.

From a home office to a cafe, she said the former shopfront offered plenty of potential.

The property is also a two-bedroom residence. Pic: realestate.com.au

It needs a little TLC though. Pic: realestate.com.au

It has old school character charm. Pic: realestate.com.au

“Some people are looking at it maybe being an art gallery too,” Mr Morris said.

“All those things are subject to council approval though.

“Quite a lot of young people are really quite passionate about it and wanting to restore it.”

The building is on a 754sqm block and has two separate entries.

It includes the shopfront with wine cellar, two bedrooms with fireplaces, a dining room, kitchen, sunroom, bathroom and laundry.

Outside there is a rainwater tank, separate toilet and shed.

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The Gold Coast is officially the luxury real estate capital of Australia, according to new figures ranking premium property growth in cities around the world.

The Gold Coast has also bucked the trend worldwide by recording positive growth over the COVID-19 pandemic period.

The $25 million sale of 2 Heron Ave, Mermaid Beach set a new Queensland record.

Knight Frank’s Prime Global Cities Index Q2 2020 tracks movement in prime residential prices in local currency across 45 cities worldwide.

Prime property is defined as the most desirable and expensive property in a given location, generally including the top 5 per cent of each market by value.

A resort-style mansion at 1-3 La Scala court, Isle of Capri fetched $11.75 million in May.

Five Australian cities – the Gold Coast, Sydney, Perth, Brisbane and Melbourne – were ranked in the top 24, with the Gold Coast coming in at number 10.

The Gold Coast was the strongest performing city in Australia, recording annual price growth of 3.4 per cent followed by Sydney and Perth (3.0 per cent), Brisbane (2.5 per cent) and Melbourne (1.2 per cent).

Over the past quarter, the Gold Coast’s luxury property market recorded positive growth of 1.2 per cent, tracking ahead of Brisbane and Sydney with 0.3 per cent.

The sale of 15 Southern Cross Dr, Cronin Island for $12.45m was the second-highest on the Gold Coast this year.

Knight Frank National Head of Residential Shayne Harris said demand for luxury property was likely to continue, with cashed-up individuals wanting more spacious homes.

“During the pandemic we’ve seen the ultra-wealthy make their next residential property purchase decisions based on liveability, so places like southeast Queensland will become more attractive in a post-COVID world,” he said.

“It is unlikely we will see significant volumes of distressed prime sales as we saw in 2008, during the global financial crisis.”

The red roofed house at 10 Goodwin Tce, Burleigh Heads sold for $7 million.

Manila was the world’s top performing city, with annual luxury residential price growth of 14.4 per cent, followed by Tokyo (8.6 per cent) and Stockholm (4.4 per cent).

“Manila, Tokyo and Seoul are Asia’s top performers year-on-year, with Stockholm, Geneva and Paris leading Europe’s rankings,” said Knight Frank’s Head of Residential Research Australia Michelle Ciesielski.

“However, five of these six cities registered flat or falling prime prices in the three months to June.

“We expect the index to display muted growth in the second half of 2020 before recovering in 2021.”

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