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No. 42 Drumalbyn Road, Bellevue Hill sold for close to its $6.5m price guide just hours before Tuesday night’s scheduled auction.

Fund manager Tom Sendro’s luxury Bellevue Hill home was the scene of raunchy parties and an Airbnb row two years ago.

But he’s now sold it, just hours before it was scheduled to go to auction for close to its $6.5m price guide, via Matthew Ettia of Biller Property and principal Paul Biller.

Back in 2018, Sendro’s neighbours had complained to police and council after a corporate group in town for a tattoo expoo had rented 42 Drumalbyn Road.

Sendro had told A Current Affair: “A party developed in the swimming pool. Rumours were that it was a bit of a ruckus party, quite out of my control.”

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Bellevue Hill resident and Airbnb host Tom Sendro at the time of the council stoush in 2018. Picture: John Appleyard

Woollahra Council threatened him with a $5m fine. In the years since the five-bedroom, five-bathroom home with harbour and district views has been a long-term rental, earning $4000 a week.

It hit the market earlier in the year with other agents. It’s believed the highest offer had been in the high $5m range.

The house has glorious harbour views.

It was a different story on Tuesday night. “We had multiple interested parties,” Biller said.

“The ultimate buyer did not want to attend an auction so we closed the deal a couple of hours prior to the auction.

“The market’s hot — everything is selling.”

Sendro had made a couple of minor cosmetic improvements to the house since its campaign earlier in the year.

It has stylish living areas inside and out.

“We restyled it and rephotographed it and that made it look a lot better,” Biller said.

The buyers were an eastern suburbs family.

Sendro has owned the home with double garage on a 520sqm block since 1988 when it cost $1,667,500.

CUTTING EDGE DESIGN

The kitchen at 95 Moncur Street, Woollahra, looks out over a reflection pond.

The backyard.

Here’s a rare opportunity: Architect John Grove’s cutting-edge home has hit the market with a $6.2m price guide via The Agency’s Ben Collier.

The four-bedroom, two-bathroom home with double garage at 95 Moncur Street has been widely applauded, winning the Woollahra Conservation Award in 2008 and the Australian Timber Design Award in 2009.

It also received a Residential Architecture Commendation in 2011.

Grove had purchased the 247sqm site for $2.32m in 2005. It’s in the heart of the Woollahra and Paddington Heritage Conservation, but the existing house was deemed of little heritage value so he was able to build “Woollahra House 11” in its place.

The home features a well-appointed kitchen that looks out over a reflecting pond and garden.

The dining room opens to a large entertainer’s timber deck surrounded by greenery.

The bedrooms and study on the upper level – clad in timber and louvres — resemble a treehouse.

A yoga studio surrounded by a bamboo garden is on the lower level. It can be accessed separately via a parkside lane.

The property goes to auction on September 26.

A SUMMER OASIS

Moving the kitchen was the key to transforming 4 Fraser Street, Randwick. .

The property has a $4m price guide ahead of an October 10 auction.

The Randwick north home of builder Chris Griffin and his schoolteacher wife Sam has been reconfigured in the past five years to create a tropical paradise.

But with their three children grown up, the couple are now escaping the rat race to move to the Southern Highlands so the stunning home at 4 Fraser Street has hit the market with Clay Brodie of Ray White Woollahra.

The director of Burmah Constructions has completely transformed the 1920s home by moving the kitchen to the rear and adding bi-fold doors to the new pool.

Changes to the upstairs area, which houses two bedrooms, the main bathroom and a second living area, was also integral. Only the best finishes have been used.

All up there are five bedrooms and three bathrooms.

The master suite, which has a large walk-in-wardrobe and ensuite, second bedroom and fifth bedroom or study, are downstairs.

Other highlights are the 3.3m high ceilings and the new double garage accessed via the rear lane.

Brodie has a $4m price guide ahead of an October 10 auction. Thanks to Griffin’s hard work, the home is now quite different from the one purchased for $1.11m in 2002.

The post Tom Sendro’s Bellevue Hill home at centre of Airbnb council stoush sells for close to $6.5m guide appeared first on realestate.com.au.

Home with history – 31 Cremorne Rd, Cremorne Point.

A rare waterfront reserve home on Cremorne Point has come to market for the first time in 113 years.

Woodbury, as it is known, is believed to be one of the longest-held family homes on the lower north shore.

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It is also one of the last remaining unrenovated Torrens title properties on the prized waterfront reserve stretch of Cremorne Rd.

No. 31 was bought by Henry and Mary Glyde in 1907 and has passed from generation to generation ever since.

The original certificate of title.

The view from the front veranda in 1909.

Woodbury – 31 Cremorne Rd, Cremorne Point, in 1911.

The late owner, Kathlyn Ironside, married her husband Bruce Ironside, who lived at No. 28 Cremorne Rd, in May, 1951.

The couple lived at his home until moving back to her family home in 1952.

They raised five children at Woodbury, renovating it over the years to suit their growing family.

Mary Glyde pictured in here fernery at 31 Cremorne Rd, in 1911.

Cremorne Wharf in 1911.

The tram line at Cremorne Point in 1958, just before it was removed.

They lived at the home for the rest of their lives. Mrs Ironside passed away this year, and her family has decided the time has come to pass the property on.

Chris Lapham, of Ray White Lower North Shore, said the response from buyers had been phenomenal, with 160 groups through in the first week.

The home has it is today.

The rear of the home.

The home is on a prime waterfront reserve and has uninterrupted harbour views.

Three inspections a week have been scheduled to allow for the large number of buyers wanting to get a look at the home, which has spectacular views over Mosman Bay, and extending out across the harbour to the eastern suburbs.

The 446sqm landholding has direct access to the foreshore walk leading to Cremorne Point Wharf and Old Cremorne Wharf. Maccallum Pool is also within walking distance.

The home still has plenty of charm.

The location.

The kitchen.

Mr Lapham said it was a rare opportunity.

“There’s not really many that have been held for more than a century,” he said.

“It would have to be one of Cremorne Point’s longest-held properties, maybe even the lower north shore’s.”

The home is scheduled to go to auction on September 17, at 5pm, with a price guide of $3.8 million.

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Albury real estate is set to get a boost from Sydneysiders.

COVID-19 has accelerated a trend of Sydneysiders moving to regional NSW and the exodus from the big smoke is expected to drive up property values in key towns once the pandemic blows over.

The areas set for the biggest jump in prices included the Hunter Region, Albury, Mudgee, Orange and Goulburn, according to a study of population trends, real estate sales and infrastructure spending.

The Hotspotting.com.au research showed prices in these areas had been growing rapidly before NSW went into lockdown in March and many of the conditions that fuelled that growth still remained in place.

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This included a diversified and growing economy, improving amenities, lifestyle attractions and a lower cost of living relative to average wages.

These factors were attracting a steady flow of people from Sydney and other capitals and demand for housing was rising.

Hotspotting director Terry Ryder said the cheaper lifestyle, combined with good job opportunities, has been a particularly important factor in the current environment.

“There has been an exodus to affordable lifestyle locations but this was going on before the pandemic,” Mr Ryder said. “The difference now is more people have embraced work from home arrangements and employers are more open to allowing it so that exacerbated the trend that was already there.”

The Hunter Region was particularly well placed to have a strong rebound from the pandemic as it was close to Sydney and had a strong economy, Mr Ryder said.

This economy was based on a mix of agriculture, viticulture, mines and energy — none of which has taken a major hit from the pandemic.

Real estate values in Albury, on the Victorian border, were also in a strong position to rebound because of “good growth momentum pre-virus”, according to Hotspotting.

“It has an economy that’s been doing well because of the pandemic, not in spite of it,” Mr Ryder said.

Alex Carroll and Megan Cullen, with twins Oliver and Archer, 1, moved to Albury. Picture: Simon Dallinger

“Among its main job sectors are medical and aged care. Other big employers are supermarkets and the military … Albury is well-situated to handle the current circumstances well.”

Similar momentum was observed in Mudgee and Orange, more than 200km northwest of Sydney. Sales activity in the latter had been rising over the past year and the median house price increased 7 per cent in the year to May.

In Mudgee, the median price for houses and units increased 8 per cent over the same period. Both economies had “the right elements to succeed in difficult times”, Hotspotting noted.

Goulburn in the Southern Tablelands region was viewed as another standout market because it was a key growth point on the Sydney-Canberra corridor. Close to $120m was being spent on healthcare industry investment and about $2.5b was being spent on wind farms in the area.

Former Sydney resident Megan Cullen said the chance for a better lifestyle and a smaller mortgage made her move to Albury.

The Mudgee area is also getting a boost.

“The quality of housing you get, relative to what you earn, isn’t comparable to Sydney,” she said. “We live in a custom designed house and it’s on 1500sqm, which you’d struggle to get in Sydney.”

She learned much about the city through an Evocities campaign and realised moving to “the country” would not be a step back for her career.

“It’s been the opposite,” she said. “It’s easier to get into business and be successful here … I never felt like I lost anything by moving here but I gained a lot.”

The post The NSW regions set to boom due to influx of Sydney residents appeared first on realestate.com.au.

Victoria’s peak real estate body says a draft government plan, outlined in top-secret leaked documents, to keep the Melbourne market operating entirely online for several more weeks would cause widespread “hurt”.

The documents revealed by the Herald Sun on Thursday state that under the draft plan, the city’s real estate industry would only be permitted to operate online under a stage four lockdown extended to September 28, and also in an eased “stage three plus” phase.

That phase would remain in place until Victoria’s daily average COVID-19 cases dropped below five over two weeks, with less than three cases from an unknown source over that period.

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The REIV wants on-site auctions to resume in Victoria — with some limits. Picture: Alex Coppel

Private in-person inspections would be allowed under a stage two lockdown. But auctions would have to remain online until no new cases were recorded for two weeks, at which time the real estate sector would be able to operate more freely “with safety measures and record keeping” under stage one and stage zero restrictions.

Premier Daniel Andrews said on Thursday the leaked documents were “out of date and have no status”.

“Sunday is the day the government will announce our road map,” he said.

Real Estate Institute of Victoria president Leah Calnan said this plan has not been confirmed to her organisation, which so far had only been part of an hour-long industry call with the government that looked “at the next steps”.

“It would be extremely disappointing to see the industry remain on online inspections. It’s continuing to hurt consumers, the industry, and revenue to the government,” she said.

The REIV had instead recommended on-site auctions and open houses be revived — with COVID-safe controls in place — as an early stop on the government’s “reopening road map”.

“We know we can manage conducting auctions and open for inspections appropriately and safely,” Ms Calnan said.

“The real estate industry is an integral part of the state’s economy — 46 per cent of the state’s revenue comes from real estate taxes, like land tax and stamp duty.

“We should have been deemed an essential service (as providers of shelter).”

REIV President Leah Calnan said real estate should be considered an “essential service”.

Real estate agents, photographers, videographers, stylists, and buyers were all banned from attending Melbourne homes as a result of the restrictions introduced in early August, making it difficult to list and sell properties.

Private in-person inspections have been allowed under regional Victoria’s stage three lockdown, but auctions have had to be held online in all parts of the state.

The REIV is also calling for the Melbourne and regional Victorian markets to be brought in line as a next step.

The organisation has recommended attendance limits of 10-20 people at on-site auctions and open for inspections, depending on the size of the property.

Ms Calnan said agents should also be required to enforce social distancing, abide by strict hygiene practices that included wiping down surfaces and door handles, wear masks and gloves, and keep attendees’ details in case contact tracing was needed.

She added Melbourne-based buyers should regain the right to travel to regional Victoria to inspect homes when restrictions eased, while agents should be able to reopen their offices. But the REIV would recommend agents kept working from home when they could.

She said while the Melbourne market had managed to keep operating entirely online — with “vendors co-ordinating Zoom open for inspections and property managers able to facilitate Facebook Live opens” — activity had drastically reduced during stage four.

Barry Plant’s Spiro Drossos said reviving private inspections was key to boosting market activity.

Barry Plant Doncaster East managing director Spiro Drossos said while being able to run on-site auctions and open for inspections was preferred among agents, allowing private inspections was “the most important” step in reviving the market.

“Buyers are buying remotely. But the majority of people still want to inspect,” Mr Drossos said.

“The industry did a great job of upholding safety and distancing (before stage four), and we could still service the people who were looking at buying and selling.”

Mr Drossos said there was a “build up of properties” ready to hit the market once the inspection ban was lifted, with his agency’s Eltham, Whitehorse and Manningham offices conducting 687 virtual appraisals over August.

He urged any would-be spring vendors to start booking in photographers, stylists and gardeners now so they didn’t have to wait weeks to list.

Wakelin Property Advisory director Jarrod McCabe said while the property market needed on-site auctions and open for inspections to fully regain steam, there was no guarantee either would return this year given the pandemic’s unpredictability.

Stockdale & Leggo general manager Charlotte Pascoe said confidence would return to the market once “clarity returns, and the government lifts the messy restrictions”.

“It’s like agents, along with buyers, vendors, tenants and landlords, are at the starting gate ready to go but the gun has been lost, so we are all just waiting with no clarity on when it will go off,” she said.

samantha.landy@news.com.au

The post Melbourne stage four: REIV slams leaked road map out of lockdown appeared first on realestate.com.au.

IMAGINE Buying a “home” for less than $150,000 just 10 minutes from the centre of Hobart.

OK sure, this one is not your traditional bricks-and-mortar investment, but this tiny house can take you anywhere, on water at least.

The post The property investment with a tiny city price tag appeared first on realestate.com.au.

TASMANIANS are pocketing more of their income with mortgages and rents becoming more affordable.

But the number of local first home buyers decreased significantly in the June quarter, down 8.2 per according to the latest REIA Housing Affordability Report.

But there are signs that dismal figure is turning around, according to Master Builders Tasmania.

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Building approvals data for July, which were not counted in the June quarter figures, shows that buyers are starting to take advantage of the generous government stimulus packages, which could total as much as $45,000 thanks to the Tasmanian Government’s $20,000 first home buyers grant and the Federal Government’s $25,000 HomeBuilders scheme.

Those financial incentives are also on top of the First Home Loan Deposit Scheme and various state concessions.

1st year carpenter apprentice Oscar Bresnehan (front) with Master Builder’s chief executive Matt Pollock and 3rd year carpenter builder’s apprentices Joel Millhouse. Picture: RICHARD JUPE

“Dwelling approvals totalled 321 in July, a jump of 50 per cent compared to June, and 28 per cent above the total number of dwelling approvals in July 2019,” Master Builders Tasmania executive director Matthew Pollock said.

“HomeBuilder has boosted confidence in the residential sector which is starting to show up in the approvals numbers.

“We should see more HomeBuilder supported activity showing up as new dwelling approvals towards the end of the year.”

generic pic of builder inside new house under construction

In the June quarter, first home buyers in Tasmania made up a tiny 1.9 per cent of all first home buyers in Australia, according to REIA.

The average loan to Tasmanian first home buyers also increased to $303,089, an increase of 0.3 per cent over the quarter and an increase of 1.7 per cent compared to the June quarter 2019.

Mr Pollock said low interest rates were also helping to boost the debt servicing capacity of Tasmanian households.

“Which means for those with the required savings it’s still a very good time to be investing in that new home.” Mr Pollock said

Wilson Homes CEO Tim Ribbons said the market tightened significantly in March and April, the height of the lockdown, but picked up significantly in July.

He said the government stimulus packages had boosted confidence in buyers and the industry, with Wilson Homes now expecting to post a record-breaking year for new home deposits.

“In June we took 27 deposits. In July and August we have taken about 150,” he said.

Mr Robbins said first home buyers made up about 75 per cent of those new home deposits.

“Around Hobart they are looking at Brighton, Kingston, Austins Ferry,” he said. “Elsewhere its places like Devonport and around Launceston.

“Compared to this time last year (before COVID-19) we are well up.”

Meanwhile, the REIA report also found that rents in Tasmania had become more affordable over the last quarter, with the proportion of income required to meet median rents decreasing to 28.5 per cent, a decrease of two percentage points over the quarter and a decrease of 1.4 percentage points compared with the June quarter 2019.

This is believed to be the result of more properties entering the rental pool due to the impact of closed borders on short-term accommodation providers such as Airbnb, forcing more stock into the market.

Nationally, REIA president Adrian Kelly said rental affordability had improved in both the June quarter and the past year.

“Rental affordability has not been this high since December 2007, a positive for renters in these COVID times,” he said.

In terms of mortgages, the proportion of income required to meet home loan repayments in Tasmania also decreased to 29 per cent, a drop of 0.6 percentage points over the quarter but an increase of 1.7 percentage points from the June quarter 2019, according to the REIA report.

The post Housing affordability improves as new home buyers start to take up government incentives appeared first on realestate.com.au.

Adelaide’s north is home to the highest yielding suburbs across Australia’s capital cities, new data shows.

Househunters looking for an investment property with a promising rent return should consider buying in Adelaide’s north.

All but two suburbs on the list of top 10 highest yielding areas across Australia’s capitals are in the city’s northern region, according to latest realestate.com.au.

Elizabeth Downs, which has a median house price of $190,000, topped the list with a 7.9 per cent yield, followed by Elizabeth North ($158,000 median and 7.8 per cent yield) and Elizabeth South ($172,000 median and 7.7 per cent yield).

Davoren Park ($175,000 median and 7.4 per cent yield) and Smithfield Plains ($186,000 median and 7.3 per cent yield) rounded out the top five.

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In comparison, Greater Adelaide has a median house price of $480,000 with a rental yield of 4.23 per cent.

Chief economist at realestate.com.au Nerida Conisbee said with capital growth so uncertain in the current market place, many investors were focusing on rent returns.

“The areas that continue to see the highest yields in Australia are dominated by the Elizabeths in northern Adelaide,” she said.

“Even close proximity to an Elizabeth will give you a high yield.”

However, she warned high yielding suburbs often had both low capital growth and rental demand.

The Elizabeth Downs house at 18 McCullogh Street, which is currently being rented out for $250 per week, is on the market with a $199,000 to $219,000 price guide. Pic: realestate.com.au

But LJ Hooker Craigmore/Elizabeth investment manager Benjamin Watkins said they were often inundated with applications for rental properties in the northern suburbs.

With plenty of development over the past few years, he said more people were attracted to the area and there was a wide range of property on offer, from older homes to newer ones.

“We’ve always had strong competition,” he said.

“And that area covers so many demographics, from affordable to middle class (properties).”

As an investor in the area himself, Mr Watkins believed it was a good area to buy an investment property.

HIGHEST YIELDING SUBURBS IN AUSTRALIAN CAPITAL CITIES

(Suburbs, state, median house price, yield)

1. Elizabeth Downs, SA – $190,000, 7.9%

2. Elizabeth North, SA – $158,000, 7.8%

3. Elizabeth South, SA – $172,000, 7.7%

4. Davoren Park, SA – $175,000, 7.4%

5. Smithfield Plains, SA – $186,000, 7.3%

6. Elizabeth Park, SA – $201,500, 7.2%

7. Elizabeth East, SA – $212,500, 7.2%

8. Zuccoli, NT – $225,000, 7.1%

9. Bridgewater, TAS – $285,000, 6.9%

10. Elizabeth Grove, SA – $225,000, 6.8%

(Source: realestate.com.au)

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