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A local family beat multiple buyers to secure this East Geelong property, once home to a former Geelong mayor.

An East Geelong heritage home that counts a city powerbroker among its former residents has changed hands for the just the third time in 120 years.

Multiple offers flooded in for the Federation-era weatherboard on a 1166sq m corner block at 24 Meakin Street.

Hayeswinckle, Highton agent Rachel Taylor said the four-bedroom house sold for an undisclosed price above the $1.2m-$1.3m asking range after a sale by fixed date campaign.

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Ms Taylor said a family with four young girls living in the area seized their chance to upgrade to the spacious character home, which was offered for the first time in 44 years.

The property was home to former Geelong mayor Bervin Purnell during his time in office from 1949-1952 and the prominent businessman used his cabinet-making skills to design built-in furniture that remains at the house today.

The house is full of character features like this open fireplace.

The formal loungeroom.

“They were local buyers and they had actually been admiring that property for quite some time, they walked past it quite a bit,” Ms Taylor said.

“They loved the garden and also the location.

“They loved the character of the home. They are going to get an original looking property and just do some cosmetic updates.”

The kitchen has been updated.

The big garden was a huge attraction for the buyers.

She said it was a case of history repeating as the new owners — like the vendors — were keen gardeners and their children were around the same age as their predecessor’s were when they moved in.

“They actually met the family on Sunday and the vendors are thrilled a young family is going to be living there,” Ms Taylor said.

The house has formal lounge and dining rooms, an updated kitchen/meals areas that opens onto a deck, a study, large sunroom and two bathrooms, plus an enclosed veranda where the original owner’s children used to sleep.

The post Family beats competition for East Geelong home with links to civic past appeared first on realestate.com.au.

No. 53 Erina Valley Road at Erina has an incredible pool.

An architectural Central Coast oasis built nine years ago with a spectacular infinity pool is on the market for the first time ever.

The breathtaking home at Erina is decked out with luxury touches at every twist and turn including a self filling water feature, poolside bar and an outdoor bath tub.

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It is also the perfect post-coronavirus home with it featuring a detached home office and guest accommodation at the rear.

The current owners have lived here since 2011.

Sitting on 9076sqm at 53 Erina Valley Road, the five-bedroom residence is on the market with a $3.5m guide through McGrath — Terrigal’s Mat Steinwede and Jordan Bulmer.

It has been owned by award-winning ceramist Clodagh Blackburn and her miner husband, Jamie, who purchased the property in 2010 for $2.525m, according to CoreLogic.

The house was designed and constructed by a local builder who was the previous owner of 53 Erina Valley Rd.

There are plenty of outdoor entertaining areas by the pool.

Imagine waking up in this bedroom by the pool.

The design was inspired by American architect Frank Lloyd Wright’s work and includes signature curved walls, water features and intricate stonework. One of striking features used extensively throughout the property is a unique white sandstone sourced from Calga on the Central Coast.

Centred around a resort-style swimming pool with an automated pool chemical dosing system, is several outdoor entertaining spaces, a sunken poolside bar and a fire pit.

On 9076sqm, the estate is only an hour from Sydney.

At the rear is a four-bedroom guest accommodation and home office.

Accessed by a lengthy circular driveway, the home is made up of several wings with most rooms offering poolside views.

All bedrooms have access to private balconies, while the main bedroom is more of a private retreat with an external bath tub and bi-fold doors that flow out to a grassed area by the pool.

There is also an artist studio where Ms Blackburn creates her porcelain works, while other highlights include a gas fireplace, airconditioning and automated lighting.

Poolside bar.

Hidden from surrounding houses.

Ms Blackburn said it is a great lifestyle property in one of the best spots on the Central Coast.

“We are surrounded by nature; bellbirds, whipbirds, catbirds, bandicoots, cockatoos, kookaburras and wallabies and more,” she said.

“It’s so tranquil yet only a short distance from the beaches, schools and shopping centres.”

The detached home office and guest accommodation has an open plan kitchen and living area, four bedrooms, a bathroom, laundry and a covered parking space.

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The post Spectacular Erina home for sale has incredible infinity pool and striking design appeared first on realestate.com.au.

Hobart home buyers are as keen as ever to get into the market. Picture: SUPPLIED

PROPERTY listings have been low in Hobart for many years, and particularly so amid COVID-19, but a new report has offered a ray of stock level sunlight.

In Herron Todd White’s Month in Review report for September 2020, residential valuations manager Mark Davies said there may be an increase in homeowners heading to market.

“Conversations with local selling agents have indicated levels of inquiry from prospective sellers is on the increase with multiple buyers chomping at the bit trying to get into the investment market, primarily due to the low interest rate environment,” he said.

“In recent months due to COVID, listings have generally been thin on the ground, maintaining property values due to the lack of stock available for sale.

“There was some hesitation from sellers in the early days of COVID due to economic uncertainty.”

While springtime has traditionally been a busy season in the property market, Real Estate Institute of Tasmania president Mandy Welling said there was “nothing traditional” about spring 2020.

She said there was still a decent level of uncertainty in the marketplace.

“Our prediction would be an active spring but with the ever-familiar ring of “short supply”,” Mandy said.

“Interstate inquiry is still healthy and we have noticed an increase in that over the previous month, specifically from investors.

“I would like to think the decrease in interstate investors would have helped local buyers but the shortage of stock is still seeing considerable pressures in these situations.

“Properties under $500,000 are experiencing a huge amount of interest and units are becoming very popular in the north of the state.

“A lack of land and affordability are driving this market space.”

A short supply of housing is an all too familiar phrase in Hobart, says REIT president Mandy Welling.

While impressed with the local market’s resilience, Mandy said there were some areas of concern, specifically:

The possibility of another extension to the emergency period for residential tenancies after December 1;

Unemployment levels increasing and property owners needing to sell;

Further increases in prices due to the high level of demand and relatively low supply.

Mandy said the latest changes to the moratorium incorporating landlords was a welcome addition but for those experiencing considerable losses already with the prospect of another 60 days “doesn’t instil a lot of confidence”.

“The last thing the Tasmanian real estate market needs is a large volume of rental properties retreating from the market,” she said.

In its report, HTW noted dwellings in the sub-$600,000 price bracket that are within 15km of the CBD were attracting high levels of interest.

Mark said with returns still in excess of 5 per cent, these properties make “a good investment decision in anyone’s eyes”.

“The market over $1.5 million remains relatively quiet; there are still prospective purchasers at this price point but they are savvy with their offers and expectations,” he said.

“Border restrictions are allowing locals some long awaited breathing space when making offers on properties.

“Multiple offers on well-priced properties are still being experienced.

“All in all, the Hobart market remains stable with no real evidence of the market falling below pre COVID-19 times.”

The post Report reveals home sale listing optimism appeared first on realestate.com.au.

Construction in Parramatta, one of the suburbs with the biggest unit supply. Picture: John Fotiadis

Parramatta, Mascot and Rouse Hill in the northwest have topped a list of Sydney suburbs “oversupplied” with apartments.

These suburbs each have more than 1500 units in the pipeline over the next two years, which will increase the current supply of apartments by 13 per cent or more.

A similar situation was unfolding in Gosford on the Central Coast, where close to 1900 units were set to be built, which would increase unit supply by 73 per cent.

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The oversupply in these areas has raised the risk of dangerous price reductions for buyers of units sold off the plan, according to RiskWise research.

RiskWise chief executive Doron Peleg said there was already a high degree of risk associated with off the plan units but they have been exacerbated during the COVID-19 pandemic.

One of the biggest risks is that the glut of new apartment projects in some areas will be coinciding with reduced buyer demand – particularly from investors, he said.

Investor activity was already low before the pandemic because of tighter lending restrictions but falling rents and rising vacancies have created a further disincentive for new investors to purchase units.

Unit rents dropped by about 2 per cent in Sydney and Melbourne over the past three months, CoreLogic data showed.

High-profile reports of cladding issues and defects also damaged the reputation of the off the plan sector, encouraging more investors to seek out house-and-land packages instead, Mr Peleg added.

Investors who were still buying rental apartments unsuitable for families were taking an enormous gamble, with both equity and cash flow risk expected to materially increase, he said.

Buyer advocacy group Buyers Buyers’ co-founder Pete Wargent said buying into oversupplied areas amid international border closures would compound these risks.

Mascot Towers in Mascot, where cracks were discovered in the building last year.

He explained this was because international students and tourists formed a large proportion of the traditional tenant base in many of these locations.

Buyers were better off considering more supply-constrained markets where properties offered “scarcity value”, Mr Wargent said.

“Over the medium to longer term, it’s the land value component of the asset that does the heavy lifting for you and, therefore, buyers should look for a high land-to-asset ratio,” he said.

“The unit oversupply issue has been with us for some years now and outperformance has mainly been in family appropriate dwelling types in markets where demand is consistent and new supply has been restricted.”

Buyer’s agent and CEO of propertybuyer.com.au Rich Harvey said buying new apartments in outer suburban areas like Rouse Hill made no sense.

A one-bedroom unit in this building on Clarence St in Sydney was recently listed for $960,000 after first going to market at $1.05m.

“While it may be nice to have a shiny new kitchen and bathroom, there is a significant downside price risk as the supply of land for further development is plentiful,” Mr Harvey said.

“In a market where prices are declining, there is a settlement risk for the buyer if they discover that the value paid for the unit has declined significantly.”

As an example, Mr Harvey said someone who bought a unit for $650,000 but discovered it was only worth $585,000 when it came time to settle the property would have to stump up the difference – in this instance: $65,000.

“This could be a serious problem for some cash-strapped buyers,” he said.

The post Sydney suburbs where apartment oversupply is becoming a major issue for buyers appeared first on realestate.com.au.

Kerryn Phelps and wife Jackie Stricker-Phelps have relisted in Potts Point. (AAP IMAGE / MONIQUE HARMER)

Former independent member for Wentworth, Dr Kerryn Phelps and wife Jackie Stricker-Phelps, are again seeking buyers for their Potts Point ­investment apartment.

They initially put the two bedroom apartment in The Rex building up for sale last year, but it was pulled from its December auction when they were seeking $1.68 million.

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Phelps put the unit up for sale last year but it was pulled from its December auction. Hollie Adams/The Australian

Leafy views.

This time round Phillips Pantzer Donnelley agent Debbie Donnelley has a $1.45 million to $1.55 million price guide for its October 8 auction. The apartment has two levels with 127sqm space with views across Fitzroy Gardens and a car space. The couple paid $715,000 in 2008 which was less than its $780,000 off the plan price in the block ­designed by Burley Katon Halliday in 2004.

There was a $1.4 million two bedroom sale last month which was first sold at $750,000 in the Denis O’Neil-developed complex.

A look inside the unit.

The couple will be hoping to ride the wave of price growth that has seen Dame Nellie Melba’s former nearby old-style Macleay St apartment under offer for a rumoured $6.625 million.

The apartment last sold for $4 million in 2016, but there had since been an ­extensive Xavier Hinde renovation, which included the purchase and utilisation of roof space, by the Burrell family from Adelaide.

Melba’s residency was in the early 1930s.

The post Former Wentworth member Dr Kerryn Phelps relists Potts Point unit appeared first on realestate.com.au.