Blog

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.

MORE: Trbojevic snaps up another northern beaches property

INXS guitarist moving on from northern beaches unit

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.

Actor Jacob ­Elordi has bought back in Australia.

There’s a new heart-throb actor who’s bought at Byron Bay and he’s not a Hemsworth. LA-based expatriate Jacob ­Elordi has bought a bolthole back in Australia.

The Brisbane-born Elordi, who made his name in the Netflix teen hit The Kissing Booth, has spent $2 million on a hinterland acreage at ­Goonengerry.

Set around 25km inland from the coast, there are two Hamptons-style dwellings on the private two hectare estate.

MORE: Cricket star Smith set to transform luxury home

Trbojevic snaps up another northern beaches property

Elordi found fame through his role in The Kissing Booth. (AAP Image/Renae Droop)

Stunning views of the region.

Surrounded by rainforest and with ocean views, the block hadn’t traded for over 25 years. .

The main three-level residence has four bedrooms.

Set away from the home, close to its citrus orchard plantation, is a self-contained three bedroom cottage. The property comes with 115,000 litre rainwater tanks.

Byron Bay First National agents Tara Torkkola and Denzil Lloyd secured the sale having been seeking $2.2 million to $2.4 million.

“This grand estate exudes charm, elegance and easy care living,” their marketing said.

It had been listed for six months in 2018 with a ­different agency seeking $2.65 million.

There are around 180 property holdings at Goonengerry, which sits between Mullumbimby and Federal.

The main residence has three levels and four bedrooms.

Elordi has 10.6 million Instagram followers. (Photo by Jamie McCarthy/Getty Images)

The district’s previous highest sale was earlier this year when comedian Wil ­Anderson, host of ABC’s The Gruen Transfer, bought a home on almost 4ha for $1.9 million.

The 195cm Elordi, who has 10.6 million Instagram followers, grew up at Wavell Heights before securing a role in ­Pirates of the Caribbean: Dead Men Tell No Tales albeit as an extra without any credit.

His first small acting role was in 2018 on Swinging ­Safari, by Stefan Elliott.

He reprised his role in The Kissing Booth 2, which was ­released in July, and has completed filming Kissing Booth 3, which is scheduled for a 2021 release.

The home hadn’t traded in 25 years.

The kitchen.

Elordi is the star of the HBO teen coming-of-age drama, Euphoria.

With Elordi’s parents Melissa and John owning property near Brisbane, the Sydney Confidential column had him on a visit back rocking a mullet and a moustache in Brisbane last month.

Back now living in LA, ­Elordi is reputedly in a budding romance with actor Kaia Gerber, daughter of supermodel Cindy Crawford and entertainment industry businessman Rande Gerber. The 23-year-old holidayed last December with his Euphoria co-star Zendaya in Noosa. He had previously dated his Kissing Booth co-star Joey King who ventured to Byron Bay with Elordi in 2017.

With additional reporting by Joel Robinson

The post Star of The Kissing Booth Jacob ­Elordi buys in Byron Hinterland for $2m appeared first on realestate.com.au.

Confusion around whether tenants can start new leases under Melbourne’s stage four lockdown has led to some rental applicants being wrongly knocked back.

But Victoria’s leading tenancy legal service has now cleared this up, confirming renters in the city can legally sign new leases and move house — even if they hadn’t arranged to prior to stage four kicking in.

Tenants Victoria also stated these rights weren’t restricted to people experiencing family violence or at immediate risk of homelessness.

RELATED: Melbourne stage four lockdown real estate FAQs answered

Victoria evictions ban, support for tenants and landlords extended into 2021

Homeowners plea for Melbourne inspections ban to end

Tenants Victoria has cleared about confusion about whether tenants can start new leases during lockdown.

“Tenants tell us some agents were confused about whether they could begin new tenancies,” Tenants Victoria lawyer Georga Wootton said.

“This misunderstanding has been resolved: tenancies can certainly end and new tenancies can start.

“Tenants who have been impacted by COVID-19 and are having difficulties paying rent must be able to move, and this is reflected in the state government directions and changes to the Residential Tenancies Act.”

The business.vic.gov.au website confirms under stage four restrictions, tenants can provide notice to vacate, and engage removalists and other services related to ending and commencing a lease.

Bond Estate Agents director Lee Marks said he’d found tenants, too, were “unsure whether they can move and sign a new lease”, despite some desperately needing to after losing income to the pandemic.

Adding to their hesitation was the fact renters, like all Melbourne househunters, could not physically inspect homes.

“A lot of tenants are conscious they could be signing up to a property for 12 months and it could be filled with mould or rats,” he said.

“There’s a domino effect there — we’ve got vacant properties with landlords who are starting to feel the pinch because we can’t show anyone though and get a deal done.”

Mr Marks accordingly urged the Victorian Government to “make it clear tenants can sign a new lease and move through the lockdown”, and revive one-on-one inspections as soon as possible.

MORE:
Advice for tenants facing COVID-19 hardship during lockdown

Oliver Mullaney, Riley Mayne and Damien Lee moved into a Hawthorn East rental apartment during coronavirus. Picture: Rob Leeson.

Maribyrnong tenant Alex, who didn’t provide her surname, said she decided to look for a new rental after her landlord tried to evict her last month.

But despite there being “places (available) everywhere in my area”, she was repeatedly knocked back by property managers who said they wouldn’t allow her to sign a lease until Melbourne’s stage four restrictions were eased.

“One real estate agent said there were two reasons they’d let me sign a lease — if I was a victim of domestic violence, or facing homelessness. I kind of fell into the second category,” she said.

“I came into this thinking it would be a renter’s market. I made 20 applications in two days. At most, we could have landed one or two places because the real estate agent was willing to help us.”

Melbourne tenants thinking they would be entering a “renter’s market” are being wrongly knocked back for properties.

The 34-year-old fitness instructor said after she lost work due to COVID-19, her landlord agreed to an initial reduction for three months. But that no longer applied.

And despite Victoria’s eviction moratorium for tenants in coronavirus-related hardship, her landlord tried to evict her after she sought a rent reduction to help fill a “pretty expensive room” that had opened up in her share house.

“She sent me a text message saying she’d decided she wasn’t going to renew the lease and I had 10 days to move out,” Alex said.

“I’d feel a lot better if I could move somewhere else, but it’s really hard when you’ve lost half of your work and people are questioning whether you can afford to live somewhere.”

MORE: Outdoor auctions return in regional Victoria

Billions wiped from Victorian economy as spring market ban extends

Major sales in Toorak, Sunbury and Seddon during stage four restrictions

samantha.landy@news.com.au

The post Melbourne stage four: Can I start a new lease, move into a new rental? appeared first on realestate.com.au.

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.

RELATED:
Geelong West house beats price hopes by $100K

Public auctions back in regional Victoria

Geelong rental market ‘manic; as demand soars

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.

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.

MORE: Cleanest and dirtiest homes revealed

Sydney’s most popular suburbs to buy a home

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.

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.

MORE: Inside Karl Stefanovic’s new waterfront mansion

Epic home has insane mini-golf course and cinema

Lavish dance studio estate to shatter records

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.

SIGN UP FOR THE LATEST NSW REAL ESTATE NEWSLETTER

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

A CEO of a Gold Coast based property investment company is urging Australians to “do whatever you can to buy more property now” before a price explosion hits.

Custodian CEO John Fitzgerald, who also penned 7 Steps to Wealth, predicts property prices to continue to perform well despite the current COVID-19 pandemic.

Custodian CEO John Fitzgerald is urging Australians to buy more property now.

MORE NEWS: Locked down franchises eye off iconic Sizzler site

Interest in Bonogin soars among treechange buyers

“I’m pleading with you to do whatever you can to buy more property now while it is cashflow positive, and before the price explosion I can see, as clearly as the nose on my face,” Mr Fitzgerald said.

“Post COVID-19, like other countries now, house prices will explode due to low interest rates and strong migration.”

Here he shares his top reasons to invest:

1. Record prices are being set

On the Gold Coast the riverfront record was smashed with not one but multiple $12 million plus sales and a beachfront home that is under contract for $25 million.

Mr Fitzgerald said around the country, street and suburb records were being broken.

Mr Fitzgerald says house prices will explode due to low interest rates and strong migration.

2. Interest rates are at record lows

“We have never seen the borrowing rate under 2.5 per cent,” he said.

“More importantly, prior to COVID-19, prices were going up one per cent per month around the country when that average borrowing rate for investors was circa 4.5 per cent.

“Borrowing $1 million in January would cost you $900 per week.

“Today’s interest costs for $1 million are as low as $400 per week. That’s massive.

“It’s the biggest game changer we have ever seen, given liquidity levels.”

Aerial photo of the northern Gold Coast.

3. Liquidity is at an all-time high

“The household savings rate has jumped to a 46-year high of 19 per cent,” he said.

“A record $48 billion in government cash flowed into households in the three months to June. “On top of that, early access to superannuation added $18.1 billion, while loan and rent deferrals helped households save another $1.5 billion.

“And this is separate from the rent and interest rate reductions that have boosted cash flow since the start of the pandemic.

“Households are awash with cash, and the numbers have only increased since the June quarter.”

Mr Fitzgerald says interest rates being at a record low is a game changer for the property market.

4. Listings are down 20 per cent

Mr Fitzgerald said agents were reporting their biggest challenge is that listings are down in some markets.

5. New stock coming onto the market is at 50-year low

New apartment project launches totalled 23 nationally in the June quarter, down from 60 in the same period a year ago, the Urbis Q2 Apartment Essentials Report shows.

Mr Fitzgerald says the household savings rate has jumped to a 46-year high.

6. Population growth is higher than forecast.

All forecasts about migration have not taken into account the 1 million expats potentially returning.

“Normally we have 500,000 new migrants and 300,000 Australians leaving each year,” he said.

“No one is leaving and as many as 4,000 per week are coming home, which is a normal year.”

7. First homebuyer stimulus is underpinning any supply

“With the stimulus from State and Federal Government as high as $50,000 per house, land sales and even apartment projects are selling fast,” he said.

“On the ground we have seen land prices increase $20,000 – $40,000 per lot since June.”

Mr Fitzgerald says with the stimulus from State and Federal Government as high as $50,000 per house, land sales and even apartment projects are selling fast.

8. Rental market is much tighter

“I have had a number of tenants in my houses asking if they can buy the house,” he said.

“One has been there 11 years. Of course I said no.

“Rental vacancy rates where we invest are below one per cent and rents are going up in our markets.

“Yes, rental vacancy rates reported in some areas at two per cent but mostly CBD apartments.”

The post Gold Coast real estate: Custodian CEO John Fitzgerald urges Australians to buy more property now 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.