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Day: <span>August 8, 2020</span>
Melbourne endured its first Saturday since stage four restrictions began, with a ban on in-person inspections affecting the city’s number of auctions – but strong sales arose from those that went ahead.
While in Sydney, a multi-generational family battled several other parties to secure their neighbour’s waterside home.
Latest realestate.com.au auction data shows New South Wales has a clearance rate of 71% for the week to date, while Victoria’s preliminary clearance rate currently stands at 81%.
Here’s what happened in the auction capitals today.
12 Glenmore Crescent, Black Rock was one of Saturday’s most expensive sales in Melbourne.
Melbourne
Auctions across metropolitan Melbourne have been operating online since the second lockdown began on 8 July, but the inability to inspect properties forced most of its 350 scheduled Saturday auctions to be sold early or withdrawn.
However, many agents conducted auctions from their living rooms today, yielding strong results for the vendors who pushed through.
One of the most expensive sales was a five-bedroom property in Black Rock. The home 12 Glenmore Crescent, sold by Ray White Carnegie, for $2.76 million – more than $300,000 above the top end of the price guide.
A Bundoora house at 50 Flannery Avenue, which had been held by one family since 1985, sold for $680,000 – well above the $600,000 reserve.
50 Flannery Ave, Bundoora sold at auction online today.
Five bidders, mostly first-home buyers, battled it out to secure the three-bedroom house.
In the city’s east, 2/1 Cornish Road in Burwood East sold for $957,000 under the hammer with 16 registered bidders.
Ray White Victoria chief executive Stephen Dullens said plenty of buyer demand had spurred on strong results since the latest lockdown announcement.
“We ended up calling about 50 auctions since Wednesday night and transacted quite a large number,” Mr Dullens said.
“A lot of buyers are still out there looking despite supply reducing.”
Read on for more of Melbourne’s Saturday auction coverage.
Sydney
Two generations of one family joined forces to secure their neighbour’s house at auction today in Sydney’s south.
The family paid $1,897,000 for the house on Cumbee Lane in Carinbah South, which has stunning views of Port Hacking.
A family bought this Carinbah South home at auction today. Picture: realestate.com.au
They beat “spirited” bidding from three of the six registered groups, driving the price $47,000 over the $1.85 million reserve.
Bought as a multi-generational home, the parents will live on the top level and their daughter and her fiance will occupy the bottom level.
In Darlinghurst, a beautifully presented two-bedroom apartment sold under the hammer for $1.93 million onsite with one bidder.
This home in Darlinghurst sold under the hammer for $1.93m today. Picture: realestate.com.au
Fraser Turvey, from The Agency, said the market is “certainly not business as usual” but there is still plenty of demand from buyers.
“There’s many reasons why people are looking for new homes, whether upsizing, downsizing or relocating,” he said.
“[The COVID-19 climate] is not stopping people – numbers have been pretty high and results have still been strong.”
On the Northern Beaches, a four-bedroom Cromer home sold under the hammer for $1.8m with two bidders.
The modern family home at 43 Howse Crescent has panoramic views and ocean glimpses.
For more Sydney auction coverage, read here.
The post Saturday auctions: Buyers circle for reduced supply amid stage four restrictions appeared first on realestate.com.au.
Alex and Catarina Kouz, with daughter Lara and fiance Angelo, bought a Caringbah house. Picture: David Swift
Two generations of a Caringbah South family joined forces to beat stiff competition at auction for their neighbour’s house with water views.
The family paid $1.897m for the Cumbee Lane house with views of the Port Hacking waterway and Royal National Park, beating “spirited” bidding from three of the six registered parties.
The price was $47,000 over the $1.85m reserve and well above the $1.59m-$1.75m guide the property was listed at in a previous sales campaign last year.
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It was the first time the property changed hands in almost 40 years but buyer Alex Kouz said his family had eyed the home for some time and even made an offer on it a few years ago. “We were hoping to get the property for $1.75m and were prepared to go a bit higher at the auction but we got emotional … we just love the view,” Mr Kouz said.
Auctioneer Andrew Cooley received an opening bid of $1.6m. Picture: David Swift
The family plan to build the home up a level to capitalise on the views and make it dual occupancy, he added.
The idea is for Mr Kouz and wife Catarina to live on the top level and daughter Lara and fiance Angelo to occupy the bottom.
“Multi-generational living is becoming a reality in Sydney,” Mr Kouz said. “We’re becoming a bit like Italy, where multiple generations of family are under one roof. How else do you do it these days?”
The Kouz family celebrate after winning the auction.
Mr Kouz lives in a nearby home with a similar view and will be selling the property to downsize into the “parent’s retreat” they will build at the Cumbee Lane property.
The auction made him confident about selling his existing home. “Seeing how many people were prepared to spend at this auction was encouraging,” he said. “The market certainly hasn’t gone cold.”
Selling agent Reno Santaguida of Cronulla Real Estate said the property was on a tightly held street and attracted a lot of buyer interest in the lead up to the auction.
The exterior of the house was relatively unchanged from the 1960s.
The Cumbee Lane property had prized Port Hacking views.
“It was a great result,” he said. “In areas like this, where you’re by the water, we’re seeing some families spending a bit more.
“They won’t be able to go on holidays for a few years so they will spend extra on real estate … with this property, with that position over the water, you don’t need to travel.”
Co-agent Peter Leckie of Abode Property said the bidding was “spirited” considering the exterior of the property had remained relatively unchanged since the 1960s.
Auctioneer Andrew Cooley received an opening bid of $1.6m immediately after starting proceedings and the offers went up in $50,000 increments for most of the auction.
There was strong bidding across much of Sydney’s south over the weekend – a five-bedroom house on Peninsular Rd in Grays Point sold under the hammer for $1.868m. All four of the registered bidders submitted offers.
In Engadine, a three-bedroom house on Baringa Rd sold for $990,000, $40,000 over reserve.
Auctioneer Andrew Cooley said the buyer pool was a mix of first homebuyers and young families upsizing. “(It’s) extremely rare homes on this street come on the market.”
The prospect of multi-generational living was also what drove buyers to a large Strathfield house.
14 Meredith St, Strathfield sold for $3.3m.
The seven-bedroom house spread across three levels sold under the hammer for an unexpected $3.3m.
Selling agent Greg Emerton of Devine Real Estate said the property on Meredith St was expected to sell for closer to the $3m mark but attracted strong bidding on the day.
“It’s very large and good for a multi-generational family,” Mr Emerton said. “It requires a bit of work but it is an excellent build.”
On the north shore, an upsizing family splashed out the highest price for an established house in Ryde recorded so far this year, paying just under $3m.
Five bidders registered for the Kuppa Rd house in Ryde.
The five-bedroom house on Kuppa Rd attracted five registered bidders and the $2.987m price was $87,000 over the $2.9m reserve.
Selling agent Michael Dowling of McGrath-Ryde said the owner had an original reserve of $2.8m but bumped it higher on account of the strong buyer interest.
“The vendor would have accepted around $2.8m or slightly above so this was a pretty amazing result,” Mr Dowling said. CoreLogic sales records showed the property last sold in 2006 for $671,000 but the original home was knocked down and replaced with a larger, modern house.
The post Sydney auctions: demand for multi-generational living pushes up prices for prized homes appeared first on realestate.com.au.
Melbourne vendors who pushed on with Saturday sales via online auction were rewarded with big results.
The vast majority of the city’s 350 auctions scheduled for Saturday were sold early or withdrawn from the market after a ban on private inspections amid stage four coronavirus restrictions.
But agents who streamed online auctions from their living room still successfully sold a number of homes to desperate buyers.
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50 Flannery Ave, Bundoora went to auction on Saturday.
It sold from the agent’s living room.
A Bundoora house at 50 Flannery Avenue, which had been held by one family since 1985, sold for $680,000.
It was a result well above the $600,000 reserve – vastly different to it’s previous sale price of $76,000, CoreLogic shows.
Barry Plant North Eastern Group agent Jay Moxon said five bidders, who were mostly first-home buyers, joined in the action.
“It was mostly people looking to move in and do some renovations to the place,” Mr Moxon said.
“The vendors were rapt, especially because another larger house on the street sold for $670,000 just a couple of weeks ago.”
Mr Moxon said the property had a full-length sales campaign and it was always due to go under the hammer this weekend, which helped attract eight registered bidders to the auction.
Another Barry Plant sale at 1 Valda Street in Watsonia attracted five determined bidders, who pushed the price to $773,000.
1 Valda Street, Watsonia sold for $773,000
Barry Plant North Eastern group auctioneer David Moxon selling the property.
A retro fit-out inside the home.
The brick home had been listed with a $680,000-$730,000 price guide.
Ray White Victoria chief executive Stephen Dullens said plenty of buyer demand had spurred on strong results since the latest lockdown announcement.
“We ended up calling about 50 auctions since Wednesday night and transacted quite a large number,” Mr Dullens said.
“A lot of buyers are still out there looking despite supply reducing.”
Ray White auctioneer Andrew Davies selling from his living room
12 Glenmore Crescent, Black Rock was one of Saturday’s most expensive sales.
The traditional home sold for $2.76m.
One of the most expensive sales across Melbourne was also collected by a Black Rock beauty at 12 Glenmore Crescent, sold by Ray White Carnegie. The traditional five-bedroom home sold for a whopping $2.76m, more than $300,000 above the top end of the price guide.
A Burwood East unit at 2/1 Cornish Road also sold for $957,000 under the hammer after 16 bidders registered to compete.
2/1 Cornish Road, Burwood East sold for $957,000.
Inside the light and bright home.
The final price smashed through the reserve of $880,000, Ray White Glen Waverley Darryl Wickham said.
Glen Waverley buyers Yuna and Eric, who did not provide a surname, watched a few online auctions during the week to get familiar with the format before their own event.
“We are comfortable with the process but it is our first time we have ever bid and bought at auction,” Yuna said.
They added that August 8, an auspicious date in the Chinese calendar, was an especially “good day to buy”.
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The post Melbourne auctions: big results from living room sales during stage four lockdown appeared first on realestate.com.au.
Advocates for Australians experiencing homelessness are using National Homelessness Week (3-8 August) to push for greater investment in social housing, saying it has taken coronavirus lockdowns to prove that the social issue is “solvable”.
As Melbourne endures stage 4 restrictions, agencies who work with some of the country’s most vulnerable individuals have used this week as a springboard to lobby for more affordable housing options.
A safe home is more important than ever during COVID-19 lockdowns. Picture: Getty.
St Vincent de Paul Society National Council chief executive officer, Toby oConnor, has called on the Federal Government to establish a social housing fund of $10 billion to address the chronic shortage of safe, affordable housing in Australia, saying a National Housing Strategy was desperately needed to meet the national shortfall of more than 400,000 dwellings.
“Such a strategy will bring consistency, commitment and accountability to tackling housing stress and homelessness in Australia,” Mr oConnor said.
“In the face of unprecedented projected unemployment, all governments must work to urgently address chronic housing shortage, rental stress and homelessness which have been on the rise for the last two decades but will escalate as the impact of COVID-19 deepens.
“Such a move will stimulate the economy and provide homes for thousands of people, many of whom have lost or will lose their livelihood overnight.”
People need a home to stop the spread of COVID-19
Council to Homeless Persons chief executive officer, Jenny Smith, urged the community to take action and write to Federal Treasurer Josh Frydenberg for more social housing funding in the October Budget.
“In order to stay home and reduce the risk of community transmission [of COVID-19], you need to have a home in which to stay,” Ms Smith said.
“The significant increase in homelessness stemming from the pandemic has been in groups unable to access support, students and those with expiring work visas unable to return home.”
Ms Smith praised the Victorian Government’s announcement to extend temporary hotel accommodation for those without a home until April next year, as Melbourne goes into stage 4 lockdown.
The Victorian Government has pledged $150m to help protect the state’s most vulnerable people during the pandemic. Picture: Getty
In late July, the Victorian Government pledged $150 million to extend emergency hotel accommodation, allowing 2000 people sleeping rough to continue to be supported.
The government also committed to leasing more than 1,000 properties from the private rental market to provide housing for vulnerable people once they leave emergency accommodation.
But Ms Smith warned that homeless support was likely to spike with the winding back of welfare payments.
“The immediate priority is to make sure that no-one in temporary accommodation exits back into homelessness,” she said.
“The doubling of JobSeeker and introduction of JobKeeper have been vital in protecting many from homelessness to date,” she said. “With the reduction in those benefits in September, combined with the end of the moratorium on evictions, we will likely see a dramatic increase in demand for homelessness support.
“Now, more than ever, it’s crucial that people are supported to stay in their existing homes and those without a home are given the appropriate support to get into stable accommodation.
“Victoria currently has the lowest proportion of social housing out of all the states and territories. Generations of underinvestment in building new social housing means we have around 80,000 people languishing on waiting lists, sometimes for years.”
“We can end homelessness, but not without more homes”
Bevan Warner, chief executive officer of REA Group (publisher of realestate.com.au) charity partner, Launch Housing Australia, welcomed the additional funding from the Victorian Government saying it demonstrated that homelessness was “solvable”.
Mr Warner wants governments to use the crisis as an opportunity to end homelessness. Picture: Supplied / Launch Housing
“This will be a life-saving measure because it means the 2000 people who were sleeping rough and are now in hotels and motels will have somewhere to ride out the pandemic at least until April, to try and stay safe,” Mr Warner said.
“They won’t have to wonder every day about what is going to happen to them, a state of anxiety which has created a ‘perfect storm’ of uncertainty and fear among this vulnerable group.
“We can end homelessness, but not without more homes and more support. This announcement provides both.
“We now need to persuade the Federal Government to take the expert economic advice and turbocharge the recovery with more social housing, so the homes get built to avoid future instances of homelessness.”
JobKeeper and JobSeeker cuts will be detrimental
Recent modelling by national think tank, the Australia Institute, found that cutting the JobSeeker supplement by $150 a week could plunge 370,000 more Australians into poverty.
The study shows Victoria would be the hardest hit with an additional 123,000 people in poverty as the state continues to fight the second wave of COVID-19 infections.
“With the ongoing uncertainty surrounding the spread of COVID-19, particularly in Victoria, cutting the JobSeeker supplement will only serve to push vulnerable Australians into further desperate situations,” said Matt Grudnoff, Australia Institute senior economist.
“This JobSeeker cut will mean hundreds of thousands of Australians will find themselves struggling to pay the rent or service their mortgages for the first time.
“This will impact homelessness, put pressure on the banking system and have a knock-on effect to property investors.”
Fears for vulnerable women during Melbourne lockdown
This week, Launch Housing Australia released statistics about its Rapid Rehousing program, revealing that it had helped 4,311 people across Melbourne, including 2,436 children, to establish safe, secure housing, free of violence since it started in 2015.
Last financial year, 686 households were helped, including 431 children.
The not-for-profit, national program that Launch Housing runs in Melbourne is operated by other charity partners in other states and territories. The program covers the cost of rental bonds, rent in advance and moving or storage costs for those who desperately need a safe place to live.
“The reality of COVID is there’s an increased demand on our services, but also we know in the family balance space that when there were talks of lockdown there was a real increase in enquiries with women concerned about their circumstances, but as soon as the hard restrictions have come in that’s gone really quiet and that’s a huge concern to us, said Launch Housing Australia partnership manager, Jeanelle Mariani.
“If there’s no school run, if they’re not leaving the house, there’s no opportunity to make those phone calls or seek support. There is an increased demand regardless, but we’re noticing a shift in enquiries now.
“There’s a huge need in the sector now, but we’re responding.”
The post Push for greater investment in social housing as stage 4 lockdown hits Melbourne appeared first on realestate.com.au.
Panthers assistant coach Trent Barrett, soon to be Bulldogs head coach, is selling his family home in Freshwater.
Newly minted Canterbury Bulldogs coach Trent Barrett has listed his northern beaches property for sale with a $3.2 million price guide, after he and wife Kylie moved their family back to the south coast.
Matt Brady and Ryan Spence, of Belle Property Seaforth, have set an auction date of August 29 for the luxury five-bedroom beach house at 45 Robert St, Freshwater.
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The notoriously private Barrett made a quiet bid to sell the property in 2018 but opted to rent it out instead, he told the Manly Daily.
He said wife Kylie and their four children, aged 16, 15, 12 and 10 had relocated back to the Shellharbour seaside suburb of Barrack Point, and they had decided to sell their northern beaches home.
The Barrett’s home at 45 Robert St, Freshwater.
Three levels of luxury and a glass-edge pool.
The private rear yard faces north.
The family came from Shellharbour to Freshwater in 2015, just before Barrett took up the coaching role at Manly Sea Eagles in 2016.
He resigned from the job in 2018, and most recently has been assistant coach at the Penrith Panthers. He will see out the 2020 season with the club, before joining the Canterbury Bulldogs as head coach next year on a three-year contract.
Open plan living.
The covered deck leads to the pool.
All-seasons outdoor living.
Barrett said his family had loved living in Freshwater, especially its village-like feel and access to the beach.
“It had that community feel we were used to,” he said.
The children attended school locally and they had been able to live their lives out of the spotlight.
“We are very private and the house was great for that. The design is very private and doesn’t look over any neighbours, it’s like you’re in the middle of nowhere” he said.
“It was just an easy house to live in.”
Formal dining.
The stunning kitchen.
There are multiple living spaces.
Barrett said his wife, who worked with local interior design and property styling company The Styling Project while they lived at Freshwater, had helped style the property for the sale.
Barrett said his favourite room in the house was the large lounge room that opened up to a covered deck overlooking the pool.
The three-level contemporary beach house has a Hamptons-style inside and is designed to make the most of the northerly aspect and views that reach the ocean.
Bi-fold doors bring the outdoors into the multiple living spaces, making it an easy summer house. In winter, a sandstone gas fireplace keeps the house just as comfortable.
The home has five bedrooms.
The main bedroom.
There are three bathrooms.
Other features include high ceilings, a versatile lower level office which could also be used for a teen retreat or home gym, and a double garage with internal access.
The resort-style, glass-edge pool is set above the deep, north-facing yard with level lawns framed by established gardens that maximise privacy.
Meanwhile, the family are renting in Barrack Point, but will still be regular visitors to the friends they have made on the northern beaches. Their location also suits Barrett’s new job, he said.
“It’s only a one-hour drive to Belmore,” he said.
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The post New Bulldogs coach Trent Barrett lists luxury Freshwater beach house for sale with $3.2m guide appeared first on realestate.com.au.
12 Hammerdale Ave, St Kilda East will cost you more than a comparable home in the once higher priced St Kilda next door.
Melbourne homebuyers are saving six and seven-figure sums buying in wannabe suburbs next door to some of the city’s most sought-after patches.
And experts have revealed that the “smart strategy” not only puts you a short trip to everything you loved about a pricier postcode, but it can also make you more money in the long run.
Advantage Property Consulting director Frank Valentic said five years ago St Kilda East was the poor cousin to St Kilda.
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Today the one-time wannabe’s typical house is worth $1,527,750, while the once pricier neighbour has a $1.464m median price.
“It can be a really smart strategy as you get much better bang for your buck,” Mr Valentic said.
Though there are some very in demand homes in St Kilda, like 107 Fitzroy Street.
His research indicates premium suburb prices move at different speeds to their more affordable neighbours and while in the past decade a generally rising market had favoured the dream postcodes, their neighbours could soon be gaining value faster as affordability becomes a greater concern due to COVID-19.
Further benefits of the wannabe suburbs often included less traffic and better off-street parking, particularly for inner Melbourne.
New figures from realestate.com.au reveal the biggest gaps in the market, including a $4,357,500 median house price in Toorak that dwarfs the typical $1.285 million paid for a house in Richmond just across the Yarra River.
10 Erin Street, Richmond has a lower price tag than you’d pay for a typical home in Toorak.
224 Kooyong Road, Toorak shows the kind of lavish residence you’d expect in Melbourne’s highest priced suburb.
The biggest gap between two neighbouring suburbs by percentage was between Tootgarook’s $600,000 median house price and the $2.3m paid for an average home in Portsea. Richmond and Toorak were next, followed by Heidelberg West’s $637,500 median home price and Eaglemont’s $1.68m figure.
Burwood is 122 per cent cheaper than Canterbury at $1.255m, and Abbotsford is less than half the price of $2,342,500 of Hawthorn across the Yarra River.
Units are just as likely to see heavy discounts a single suburb away. Carlton heads the list at $312,000, which is well below Fitzroy’s $770,000 median, while a $400,000 typical offering in Notting Hill is less than half the $940,000 you pay in Mount Waverley.
You’re also hundreds of thousands of dollars better off buying a unit in Doncaster than Balwyn North, Albion than Braybrook and Box Hill instead of Balwyn.
Realestate.com.au chief economist Nerida Conisbee said most of the larger gaps were linked to beach access, block sizes and physical geography such as hills offering views.
However, some of the suburbs might soon challenge a pricier neighbour.
“Abbotsford potentially might push closer (to Hawthorn), it’s very popular with young people,” Ms Conisbee said.
“(And) sometimes suburbs can seem vastly different but because preferences change they become far more desirable.”
Local school zones have played a role in the prices paid for homes like 5 Wanbrow Avenue in Balwyn North.
However, Doncaster properties like 5 Eden Court can also stand apart from the local market.
However, Barry Plant chief executive Mike McCarthy warned families needed to study school zones before choosing a cheaper address.
The Balwyn High School zone is a key reason prices are higher in Balwyn North than in Doncaster across the Eastern Freeway, which is excluded from the popular school’s catchment.
Mr McCarthy added that selling in a highly sought suburb was often more expensive, as you had to spend more on marketing.
“You will spend more in absolute dollar terms to sell,” Mr McCarthy said.
Bank of Melbourne head of retail Alasdair Eaton said homebuyers were increasingly choosing regional cities over Melbourne, a trend accelerated by COVID-19.
However, the bank has begun offering first-home buyers with a 15 per cent or higher deposit lenders mortgage insurance for $1, and seen some young buyers use the thousands of dollars saved for a chance to buy in a wannabe suburb near their dream address instead of being forced to the city’s fringe after nine years saving a deposit.
Lauren Tump and James Webb are hunting for their first home near their dream suburb of Malvern.
Lauren Tump and her partner James Webb are looking to buy in a more affordable option than their dream postcode, Malvern, where they currently rent. They are considering houses and townhouses in Murrumbeena, Carnegie and Oakleigh – with the hope they could outpace price growth in Malvern allowing them to move back.
“We’d love to buy in Malvern, but it’s just unrealistic in terms of the cost,” Ms Tump said.
“And we want something with a little bit of a backyard so we can get a dog as soon as we get the home.”
MELBOURNE’S TOP WANNABE ‘BURBS
MEDIAN PRICES – HOUSES
Tootgarook, $600,000, 283% cheaper than Portsea, $2.3m
Richmond, $1.285m, 253% cheaper than Toorak, $4,537,500
Heidelberg West, $673,750, 149% cheaper than Eaglemont, $1.68m
Burwood, $1.255m, 122% cheaper than Canterbury, $2,78m
Abbotsford, $1,082,500, 116% cheaper than Hawthorn, $2,342,500
Hampton East, $1.28m, 113% cheaper than Brighton, $2.72m
Ringwood East, $829,000, 112% cheaper than Park Orchards, $1,757,100
Rye, $700,000, 104% cheaper than Sorrento, $1.43m
Maidstone, $740,000, 102% cheaper than Aberfeldie, $1,497,500
Hallam, $580,000, 102% cheaper than Narre Warren North, $1,169,250
MEDIAN PRICES – UNITS
Carlton, $312,000, 147% cheaper than Fitzroy, $770,000
Notting Hill, $400,000, 135% cheaper than Mt Waverley, $940,000
Doncaster, $555,000, 107% cheaper than Balwyn North, $1.147m
Albion, $318,000, 80% cheaper than Braybrook, $572,500
Box Hill, $541,500, 73% cheaper than Balwyn, $935,000
Travancore, $345,500, 70% cheaper than West Melbourne, $587,500
Dandenong, $366,000, 69% cheaper than Rowville, $620,000
Prahran, $545,000, 69% cheaper than Toorak, $920,000
Ormond, $558,000, 64% cheaper than Brighton East, $915,000
Bundoora, $430,000, 61% cheaper than Rosanna, $694,000
Source: realestate.com.au
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A stage four COVID-19 restriction that has banned househunters from physically inspecting Melbourne properties has made the lockdown period a difficult time for buying.
But there’s still plenty those looking for a new home can do to prepare for the market’s expected revival in spring.
Real Estate Buyers Agents Association president Cate Bakos warned buyers to tread carefully when navigating a market in which auctions and home inspections could only be carried out online.
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Residential property auctions and inspections can only be conducted online under the stage four restrictions. Picture: Andrew Henshaw
Ms Bakos gave the green light for those who had physically inspected properties prior to lockdown to proceed with purchases, noting they may even “get a good deal” given vendors would likely be motivated to sell.
But she said “for everyone else, now is not the time to start trying to buy sight-unseen”.
“(A home) might look good in the video and photographs, but properties can feel very different in the flesh,” Ms Bakos said.
“All things going well, it’s six weeks (in lockdown). This is traditionally one of the quietest months of the year anyway.
“Buyers need to keep that in perspective and use this time wisely to be purchase ready.”
She advised budding buyers to use lockdown to obtain pre-approval for a loan so they were ready to go when the market resumed.
They should also study sales of comparable properties in their target suburbs to familiarise themselves with average prices, and form relationships with real estate agents who would “have a lot of spare time right now”.
“Investors can also start chatting to property managers in the area they’re circling to get information about what local tenants want from a home,” she said.
Buyer’s advocate Cate Bakos has warned against purchasing properties sight-unseen.
Would-be buyers should also note the Victorian Government has confirmed services relating to property settlements and moving are permitted under the stage four restrictions — but only for those who have already arranged to do so during lockdown, which is due to end September 13.
The Herald Sun is still seeking clarity over whether this applies to people who haven’t already made commitments.
Buxton Mentone director Matthew Cox said he rarely sold homes to buyers who hadn’t physically inspected them.
But he expected “a lot of traffic online over the six weeks, from people with little else to do but look at property”.
“In this way, we are hoping to build a bank of buyers up so we have a market there when we come back,” he said.
Wakelin Property Advisory director Jarrod McCabe said the 2020 spring selling season could be the most consistent in years, with usual interruptions like the AFL Grand Final and Spring Racing Carnival less likely to impact weekly auction volumes.
“Hopefully supply (of homes on the market) will pick up once we can conduct public auctions again,” he said.
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224 Kooyong Road, Toorak is for sale.
One of Toorak’s finest mansions is up for sale by JB Hi-Fi boss Richard Murray and his partner Julie Blackwell.
Glyn, at 224 Kooyong Road, has been put on the market by the home electronics chief executive with a massive $14-$15.4m price guide.
Public records show the elaborate mansion is owned by the rich lister, who has been CEO of the major Australian chain since 2003.
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JB H-iFI CEO Richard Murray is selling the mansion. Picture: Aaron Francis
You can see why it has a $14-$15.4m price guide.
Marshall White Stonnington director Marcus Chiminello declined to comment on the vendors’ identity, but said the property “formed part of the tapestry of Toorak’s history and was one of the suburb’s most significant mansions”.
He said the owners had modernised certain sections of the 1908 home, originally built for politician and BHP founding shareholder Sir Edward Miller.
“They’ve made some really nice cosmetic enhancements to the house that allowed for modern living as well as keeping the history,” he said.
“They really brought a soul to the home, rather than being the rambling house it originally was.”
Traditional features still remain across living rooms in the home.
A grand old entrance foyer.
The Arts and Crafts mansion was built in 1908.
CoreLogic shows the couple bought the seven-bedroom Arts and Crafts mansion for $11m in 2016. Title records show lawyer Andrew Fairley was the previous owner of the property.
The sprawling 2420sq m block boasts a championship-sized tennis court and heated pool among established gardens.
Inside, a contemporary kitchen that includes a butler’s pantry is part of the modern living area.
Parts of the house are incredibly contemporary.
A huge kitchen with built-in dining area.
On the first floor, all the home’s bedrooms and their ensuites have also been updated. Extra luxe features include multiple studies, a gym, triple garage and modern security system.
Traditional details such as wood panelling and ceiling beams, chandeliers, fireplaces and leadlight windows still feature in the entrance foyer, formal living room, dining room and a billiards room.
There are multiple dining rooms.
Step back in time and play billiards.
Mr Chiminello said the vendors had a passion for “identifying great properties and further enhancing them”. This was one of their many projects in the past 20 years, and the couple were moving on to another opportunity, he said.
An expressions of interest campaign is set to close on September 7.
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Jarrard and Ruth Scott are selling their unit in Brookvale, a cheaper alternative to nearby suburbs. Picture: Tim Hunter
Sydney buyers priced out of their dream suburbs can save hundreds of thousands of dollars — even millions — by purchasing just one postcode over.
“Bridesmaid” suburbs emerged in recent years due to uneven growth in the housing market, with average prices in some suburbs up to $1.5m lower than in ”bride” suburbs, research shows.
Other areas have simply flown under the radar of buyers and tenants for an extended time and the lower demand has kept prices and rents well below those in more trendy locations nearby.
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Apartment hunters who have their sights set on Concord can save more than $561,000 by looking one suburb over to Homebush West.
And buyers looking to set up home in Cronulla could purchase a house in nearby Caringbah for up to $935,000 less.
Realestate.com.au data showed some of the biggest price discrepancies were on the northern beaches in suburbs Manly Vale, Dee Why and Brookvale.
Properties in Miranda, Lalor Park, Asquith, Tempe and North Ryde also offered better value than comparable houses in neighbouring suburbs.
“The factors that lead to the (price) gaps are things like beach access, housing is tight, block sizes and physical geography,” Realestate.com.au chief economist Nerida Conisbee said.
Apartment prices and rents also tended to be cheaper in areas where there was more housing developments, she said.
“In some of these locations I would say they’re worth saving the money … you can enjoy some of the amenities that the blue-chip suburbs have,” Ms Conisbee said.
The data, which compares the median house prices of adjacent postcodes, shows homebuyers can snare a home in the semi-industrial suburb of Brookvale for about $1.32m, $424,000 cheaper than in neighbouring Dee Why and nearly half the median price in nearby Balgowlah Heights.
Local residents Jarrard Scott, 32, and wife Ruth, 29, said most people did not even know there were houses in Brookvale.
“Most people have no idea what it’s like once you get off the main road,” Mr Scott said.
“Many of the old warehouses and factories are being turned into restaurants and cafes and there are a lot of distilleries. It’s changing pretty fast.”
The couple are selling their unit in a building at 517 Pittwater Rd through McGrath-Manly’s Tim Cullen after buying a house in the suburb and said most other buyers competing against them were families wanting houses with yards.
MANLY SALE: this two-bedroom unit on Tower St is listed for $875,000.
MANLY VALE SALE: This two-bedroom unit on Lovett St in Manly Vale is $675,000.
“You’re still only five minutes’ from the beach and you’re near the biggest shopping mall (on the Northern Beaches), so it’s appealing,” Ms Scott said.
Further south, unit prices in Manly Vale had a median of $790,000 which was about $635,000 cheaper than in next door Manly, largely because of the further distance from the beach.
Ms Conisbee said some buyers would find the longer walk to the water from Manly Vale worth the significant price saving.
On the upper north shore, Asquith was considerably more affordable than surrounding suburbs, including Warrawee, where house prices were an average of $1.27m more expensive.
With a median house price of $1.02m, Asquith was also about $170,000 cheaper than in nearby Hornsby.
BELLA VISTA: this four-bedroom house on 33 Francesco Crescent is $1.6m-$1.65m.
LALOR PARK this four-bedder on Vardys Rd is selling for $770,000-$805,000.
North Ryde was an average of about $1.36m cheaper than neighbouring north shore suburb Lindfield, which tends to have older, larger homes.
Select Property’s Jeremy Sheppard, the developer of a price predictor system known as Location Score, said neighbour price gaps were often temporary.
“Buyers will move to the cheaper areas once it gets too expensive in one location. It’s a ripple effect,” Mr Sheppard said, adding the savings often made it worth losing a feature such as beach proximity.
“No single location can keep going up in price. Buyers eventually get priced out and they consider the cheaper alternatives.”
Jarrard and Ruth Scott said most people didn’t even realise their were houses in their suburb.
The most extreme savings were in suburbs near Sydney’s premium eastern suburbs.
Houses in Bondi Junction, for example, were an average of about $3m cheaper than in the more exclusive Bellevue Hill, where the average price was $5.6m.
Bondi houses were about $2.37m cheaper than Vaucluse houses. T
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