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Castle Hill homes aren’t as expensive as city houses.

It may not come as a surprise that you need deep pockets to call Castle Hill home.

But just how much do you need to earn to live in Townsville’s top prestige suburb? New data from Finder shows you need to bank at least $93,573 a year to live comfortably in the hilltop ’hood.

M Property Townsville agent Tracey Stack said Castle Hill attracted the top end of town, but was also popular with families looking for elevation, breezes, views and proximity to good schools.

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“Many of them stay long-term and can transition through every stage of life there without outgrowing the home,” she said.

“A lot of the houses on Castle Hill are also considered entry level prices in some of the capital cities.” The median house price on Castle Hill is currently $885,000, similar to prices achieved in some of Brisbane’s outer-inner and middle ring suburbs.

Townsville’s top big earner suburbs include North Ward ($82,896), Alligator Creek ($65,972), Alice River ($60,100) and Rangewood ($58,511).

For many city dwellers, the required annual salary for those suburbs would be considered easy pickings.

Castle Hill property.

But there is some good news for employees banking middle-of-the-range salaries.

Finder.com.au insights manager Graham Cooke said many suburbs once out of reach for lower-income and middle-income homebuyers had become affordable again.

“The door is open for lower- and middle-income buyers. With lower rates and cheaper prices, now is the time to be looking,” Mr Cooke said.

Lenders were offering rates that would have been unthinkable only a few years ago, Mr Cooke added.

“We are seeing the first sub-2 per cent rates appear in the market, with one 1.95 per cent product available nationally, and many others in the same ballpark,” he said.

“The average variable rate across the big four banks is around 4 per cent, which shows how much value there is in the market.”

Home seekers — particularly first homebuyers — would have plenty of time to capitalise on the low rates, and government support such as stamp duty incentives was sweetening the deal, he said.

33 Balmoral Drive, Castle Hill

“With the cash rate at an all-time low and not likely to budge in the foreseeable future, there has never been a better time for borrowers to ­reduce their repayments or for first-time buyers to get on the housing ladder,” he said.

“While the big banks can offer discounts to high-value customers and charge a hefty package fee, many small lenders offer low rates with no hidden extras.”

Realestate.com.au chief economist Nerida Conisbee said buyer inquiry levels suggested more home seekers regarded it as a good time to be purchasing property.

Inquiry levels were up about 70 per cent nationally since March, she said.

“First homebuyers have been particularly active. If you have a job and are confident in your employment, now is a good time to be buying because rates are incredibly low and there is little chance they will be rising for years.”

The post Prestige suburbs within reach of Townsville residents appeared first on realestate.com.au.

AN ALMOST $10 million project located three doors down from the site of a recently rejected redevelopment proposal would provide a mix of residential apartments and student accommodation in inner Hobart.

A development application has been submitted to the Hobart City Council for demolition of the existing building at 63 Davey St and construction of a new building which would house 21 student apartments plus a further 30 residential apartments with 42 carparking spaces.

Navy Club Davey Street development. Designs: JAWS Architects

Designed by local firm JAWS Architecture, Ireneinc Planning and Urban Design submitted the planning report on behalf of developers Tellyros Klonis Unit Trust.

The $9.8 million proposal is for the site of the former Hobart Navy Club, which is currently used as furniture storage, and next door to the St Helens Private Hospital.

It is also three doors down from the Welcome Stranger Hotel, which was the subject site of a proposed $30m redevelopment last year which was refused by council on heritage grounds, a decision which was also backed by the state’s planning tribunal.

The planning report for the Tellyros Klonis Unit Trust’s development said the original proposal had been through a number of design iterations that had been discussed with the council’s planning and heritage officers and its Urban Design Advisory Panel.

Navy Club Davey Street development. Designs: JAWS Architects

“As a result of these discussions and the recent Tribunal ruling in regard to the proposal at 58

Harrington Street[Welcome Stranger], the proposal has been revised,” the report said.

The lower podium of the building would be three storeys, with the rear part of the building rising to 35 metres at its highest point set back off the street.

“The setback of the larger form from the street provides a substantial distinction from the

streetscape, reducing the overall prominence of the building when experienced from street level, where the primary facade becomes the defining image of the development,” the planning report said.

“The proposed building does not unreasonably dominate the heritage precinct as the larger form is respectfully setback from the streetscape, allowing the dominant 2-3 storey heritage facades to remain as the defining feature of the precinct.

Navy Club Davey Street development. Designs: JAWS Architects

“The relationship the building has to the street frontage has been given a considerable degree of attention to ensure that urban design cues are taken from the historic values of the neighbouring buildings.

“The facade will fill the existing void within the streetscape with high quality finishes and

contemporary design that integrates with the existing form of the street.”

The application said the development would contribute to the vibrancy of the city “by providing for 24 hour presence” and “bring substantial social and economic benefits to the CBD by providing much needed residential apartments and studio/serviced apartments.”

Public comment on the application closes on September 4.

jessica.howard@news.com.au

The post Residential and student apartments proposed for Davey St site in Hobart by Tellyros Klonis Unit Trust appeared first on realestate.com.au.

The crippling second wave of COVID-19 has left Melbourne facing a 15 per cent fall in home prices by next year, according to a major bank.

This was the largest peak-to-trough decline ANZ predicted for an Australian capital, ahead of Sydney (-13 per cent), Darwin (-9 per cent), Hobart (-8 per cent) and Brisbane (-6 per cent).

The big bank found Melbourne house and unit prices had already shed 2.2 per cent between March and July — even before tough stage four restrictions all but shut down the property market.

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COVID-19 hasn’t been kind to the Melbourne property market. Picture: NCA NewsWire / Andrew Henshaw

But it labelled this decrease “slightly more modest than we expected”, with government support payments like JobKeeper, superannuation withdrawals and deferred mortgage repayments helping keep the market afloat for now.

Melbourne’s inner-ring rental market had been hit hardest by the pandemic, with asking rents plunging 22.2 per cent in the CBD and 12.7 per cent in Southbank as new listings simultaneously soared 111 per cent and 130.6 per cent respectively.

ANZ expects Melbourne dwelling prices to fall 15 per cent by next year. Picture: Jeremy Piper

ANZ senior economist Cherelle Murphy said a dramatic decline in demand for housing had hurt both the sales and rental sectors.

“You’re going to have a greater unemployment problem in Melbourne simply because of the lockdown, (so) demand is going to be diminished,” she said.

Border closures stemming the flow of migrants and international students was also reducing demand for homes in Melbourne which, along with Sydney, was “a gateway to Australia”, Ms Murphy said.

Stage four restrictions had held back available housing supply too, scaling down the construction sector and making it difficult to list properties by banning real estate agents, photographers, stylists and buyers from attending homes.

Ms Murphy said among the doom and gloom was a silver lining for tenants who had remained financially untouched by COVID-19: “opportunities for cheaper rent”.

“If you’re a renter, the ball’s in your court. We have seen some substantial falls in rent in some very desirable areas,” she said.

In addition to Southbank and the CBD, these included Abbotsford, where rental listings had skyrocketed 104.2 per cent and asking rents plunged 17.6 per cent, Docklands, 101 per cent and 1.8 per cent, and Albert Park, 88.9 per cent and 11.5 per cent.

Realestate.com.au chief economist Nerida Conisbee said the inner-Melbourne apartment sector was leading the city’s downturn, while premium suburbs seemed to be “holding up” better due to the fact “we’re not seeing as much job loss in white-collar professions”.

Despite this, dwelling prices were “fundamentally being held up by the fact banks have been supporting their customers”.

“A lot of it is hinging on, will banks support people through this and how much job loss will we see?” Ms Conisbee said.

“If we do start to see (mortgage defaults), that would lead to quite a significant decline.”

-with Jack Boronovskis

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samantha.landy@news.com.au

The post Melbourne home values to be worst hit by COVID: ANZ appeared first on realestate.com.au.

This Drysdale house with panoramic rural and bay views has found a buyer.

The middle of a coronavirus pandemic proved the perfect time to land a buyer for a semirural Bellarine Peninsula property that’s been for sale on and off again for several years.

A sold sticker has finally gone up at 1-19 Becks Road, Drysdale more than three years after it was first listed.

Multiple agents and campaigns later, Geelong buyers have bought the four-bedroom house on 3 hectares overlooking Queenscliff and Port Phillip Bay for an undisclosed price.

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The view towards the Mornington Peninsula.

It was most recently listed with selling agent Stan Lawrence for $1.6m.

The architect-designed house with a solar heated swimming pool and tennis court offers plenty of lockdown entertainment.

It was built close to 30 years ago.

The living areas have a great outdoor connection.

Entertain by the pool.

Mr Lawrence said COV-19 had triggered strong demand from Melbourne buyers who were zeroing in on the Bellarine Peninsula as a lifestyle choice.

He said he had sold two acreage properties in the area in the past month, including one off-market sale.

He said while that 32ha property sold to country buyers downsizing from the Western District, he predicted a resurgence in Melbourne interest once stage 4 restrictions were lifted.

The property is just minutes from Drysdale’s town centre.

“Melbourne people are desperate to get out,” Mr Lawrence said.

“They understand that they can work from home and be on a few acres for the kids to run around and ride a horse so lockdown isn’t like being in an apartment.

“It’s a reflection on our lifestyle.”

The Becks Road house was designed to with floor-to-ceiling windows to frame rural and water views from every room.

There’s more rural views from the kitchen.

Two separate living zones link to multiple outdoor entertainment areas, while upstairs the main bedroom with a corner spa bath has vistas across the bay to the Mornington Peninsula.

The result comes hot on the heels of a $2.2m sale of another Drysdale lifestyle property at 235 Whitcombes Road.

The renovated four-bedroom house is in a commanding hilltop position with expansive views, stables and shedding.

The post Buyer emerges for Drysdale property first listed in 2017 appeared first on realestate.com.au.