When Fred Eppinger assumed the role of CEO at Stewart Title just over a year ago, he had a unique situation on his hands. “We were essentially a 127-year old startup,” he said.
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The traditional appraisal process is based on a tried and true methodology that has withstood the test of time. But in recent years, data and technology has been changing the way valuations are performed, validated, and delivered. Now, the COVID-19 pandemic has accelerated change at an unprecedented pace.
As the world continues to grapple with the realities of racism and injustice brought most recently to the national spotlight by the murder of George Floyd, many in the real estate industry are looking inward and acknowledging that there is work to be done to heal and support our communities, while best representing our industry.
Luxury real estate is already a highly competitive space, yet today’s markets are increasingly represented by a small number of brands, brokerages, and top-producing teams. For companies that want to compete in the top tier and expand their presence, recruiting and retaining the right agents is essential to success.
Jake Trbojevic has bought in Narrabeen. (Photo by Ian Hitchcock/Getty Images)
The property loving Manly Sea Eagles star Jake Trbojevic has bought another property on the northern beaches. And it’s back in Narrabeen, where his real estate purchasing began six years ago.
He’s just spent $1,555,000 on a garden apartment in the modernised The Bathers block, just off the beach.
The 260sqm unit comes with oversized glass doors leading to an alfresco entertaining space, with level lawn.
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Jake and Tom Trbojevic are keen property investors. Picture: Brett Costello
The home originally sold for $550,000 in 1999.
There are two bedrooms and two bathrooms, as well as two parking spaces.
The unit has nearly trebled in price since it sold off the plan for $550,000 in 1999, a year before the block of 10 was completed.
Upstate agents Lachlan Yeates and Kirsten Bertram secured the sale.
Jake bought his first property in 2014.
It’s the first property purchase for a Trbojevic for two years when Jake and brother Tom each spent $964,000 on a house and land package in the same Warriewood development.
Jake, the elder of the two brothers by two years, got on to the property ladder first in 2014, spending $680,000 for a two bed in Narrabeen.
The post Manly Sea Eagles star Jake Trbojevic buys Narrabeen apartment for $1.555m appeared first on realestate.com.au.
One of Darwin’s oldest caravan park sites, built on a prime piece of northern suburbs land, has been sold to a mystery local buyer for more than $8 million. Picture: Che Chorley
ONE of Darwin’s oldest caravan park sites, built on a prime piece of northern suburbs land has been sold to a mystery local buyer for more than $8 million.
The sold sign went up on the 12 hectare Malak and KOA caravan park sites on McMillan’s Road at the weekend.
They were sold by Colliers International for long time Territory caravan park owner and developer Frank Morandini, who owns the Club Tropical Resort and Lee Point Caravan Park.
One of Darwin’s oldest caravan park sites, built on a prime piece of northern suburbs land, has been sold to a mystery local buyer for more than $8 million. Picture: Che Chorley
Colliers International commercial agency director Craig Inkster said the sale was an encouraging sign of confidence in the Malak Caravan Park’s future tourism potential.
“It is a commanding piece of real estate on two adjoining sites,” Mr Inkster said.
“We had a very strong response to our campaign, despite the fact we were running the campaign through the COVID pandemic. That speaks to the quality of property.
“It’s a facility with a lot of potential now that borders are slowly re-opening … we’ve achieved a good result in tough times.”
The property is adjacent to Darwin International Airport and approximately 14km from the Darwin CBD.
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The Malak caravan park has 192 powered ensuite sites and the KOA Caravan Park has 132 powered ensuite sites, interconnected by an internal network of sealed roads and grassed, landscaped grounds.
At the front of the property there is a three level reception facility featuring office, shop, laundry, toilet and managers residence.
Mr Inkster said more than half a dozen showed interest in the sites which was worked down to a short list.
“I think while the tourism industry is struggling with COVID more than most other industries, one sector of that industry that stands to do better and recover quicker is the self-drive market,” he said.
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“That’s probably part of the reason we have achieved the result we did.
“With the current border situation we could be in for a better drive market wet season than we would normally have in years gone past.
The post Mystery Darwin local buyer snaps up Malak Caravan Park for $8 million appeared first on realestate.com.au.
A TASMANIAN rental property advertised as “not in the best condition” with visible wall stains and decaying paint has triggered calls for stronger enforcement against landlords offering substandard housing.
Recently listed on realestate.com.au is a two-bedroom, one-bathroom house for rent at Beach Rd in Kingston with a $270 per week asking price.
The rental offering, priced far below Kingston’s $500pw median rental price, is promoted with a price point and location aimed at offsetting its condition and appearance.
Two bedroom Beach Rd, Kingston, rental property with visible wall stains and decaying paint advertised as “not in the best condition”.
“This small two bedroom cottage is not the best looking house or in the best condition but it is in the best spot and would suit someone looking for a lifestyle with cheap rent,” the rental listing reads.
“It has two bedrooms and a separate lounge. Pets are per application and the yard is fully fenced. It will be a 12 month lease.”
Beach Rd, Kingston, rental advertisement.
Photos of the property show decaying paint on the building’s exterior and inside walls and skirting boards.
Stains, consistent with the appearance of mould, are shown on walls in one of the rooms.
The Residential Tenancy Act 1997 states all rental properties must be clean and in good repair when the tenant moves in.
Two bedroom Beach Rd, Kingston, rental property with visible wall stains and decaying paint advertised as “not in the best condition”.
Tasmanian Tenants’ Union solicitor Ben Bartl said landlords can be fined up to $8700 if a property it’s found a property isn’t clean or in good repair.
He said a lack of rental options was leading to Tasmanians settling for substandard living.
“The Tenants’ Union receives a lot of calls from tenants who live in substandard housing,” he said.
“Unfortunately, the lack of affordable rental properties, particularly in Hobart, means that many tenants would rather put up with substandard housing than have no housing at all.
“We believe that stronger enforcement action needs to be taken against landlords who are offering substandard housing for rent.”
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No. 5/41 Roslyn Street, Rushcutters Bay, has a $225k price guide.
It’s just a tiny 31 sqm space in a rundown state but parents are considering this Rushcutters Bay studio with a $225k price guide as a first home for their children.
“We also had investors considering buying it with their super,” says ~ Delaney of BresicWhitney of Saturday’s open home.
Delaney had 60 inquiries on the first day that 5/41 Roslyn Street hit realestate.com.au.
There’s also been considerable interest from builders seeing the potential of the company title unit in the character-filled building.
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The apartment has built-in wardrobes and a pull-down bed.
The apartment has high decorative ceilings, a stained-glass window, built-in wardrobes, a pull-down bed and shared rooftop with district views.
They’re thinking they could do a cheap reno and on-sell it at a much higher price.
There were 15 groups through Saturday’s open home. “We also had a couple of lowball offers, with one guy offering $150k,” Delaney said.
“It’s quite run down so that’s turned a few people off.”
On the positive side, it’s in a good location close to the city.
Builders are considering it as something they could do up cheaply and on-sell for a higher price.
It’s an easy walk to the harbour, CBD and Kings Cross station.
Some of the older people viewing the property liked that it was close by St Lukes Private Hospital.
The current owner had lived there for 18 years, but has recently moved into aged care.
The apartment is scheduled for October 8 auction.
The post Studio in exclusive Rushcutters Bay up for sale with $225k price guide appeared first on realestate.com.au.
This house at 128 Kennedy Terrace, Paddington sold at auction fro $1.262 million.
COVID-19 cancelled his August wedding but Jackson Tobin was determined to buy a house for his would-be bride at auction on Saturday, far away from where they are currently in lockdown.
“It’s been raining all morning,” Mr Tobin said from his home in Melbourne. “We’d just had breakfast and decided to go back to bed, wait for the rain to stop and bid at the auction before we do our one hour of exercise together.”
A relaxed back deck with views over the neighbourhood.
Mr Tobin was one of 12 bidders to register to buy the three-bedroom Queensland cottage at 128 Kennedy Terrace, Paddington, at auction, with Ray White Paddington’s Judi O’Dea calling him her “favourite lockdown person”.
Interested parties gather in the backyard before the auction begins.
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“I’m determined to find him a house,” Ms O’Dea said. “And this is a hot property, particularly with families.”
“He bid at an auction last weekend, he’s been looking for three months and he had to cancel his wedding a couple of weeks back because of the lockdown.”
128 Kennedy Terrace, Paddington
As soon as auctioneer Justin Nickerson called for the opening bid, Mr Tobin threw $800,000 on the table, via a phone bid.
“I know first-hand, people are telling me straight up that they’re moving to Brisbane as soon as they can,” Mr Tobin said. “It’s at the point where I’m not even showing them the houses we’re looking at in case they go for the same property, and I’m pretty sure they’re doing the same thing.
“May the best person win and may that person be me.”
An answering bid of $900,000 came from a couple under the swing set in the backyard of the 357sq m inner-city property.
Mr Tobin answered with $950,000 and then a third bidder raised the property to $1m, already more than double the price Jonathan and Jessica Grealy paid for the property in 2005.
Jonathan and Jessica Grealy with their daughter Mya, 9, sell their home at 128 Kennedy Terrace, Paddington.
“I always wanted to create something that feels really comfortable and homely and relaxing and that is how it’s been for all of us,” Mrs Grealy said.
Brett and Rita Lawrie were also standing under the swing set. They were looking for their next family home in proximity to a block of units which Rita’s parents had built in the area.
“We live just down the road,” Mr Lawrie said.
The kitchen at 128 Kennedy Terrace.
At $1.175m Mr Lawrie entered the auction, joining five other active bidders among the crowd of more than 60 gathered under the back deck, on the kerb and in the backyard.
Five minutes into the auction a seventh bidder, on the phone from Taringa in Brisbane’s inner west, entered the auction with a bid of $1.22m.
Auctioneer Justin Nickerson looks toward the Taringa phone bidder during the auction of 128 Kennedy Terrace, Paddington.
“He was in love with this property,” Ms O’Dea said. “Not the typical profile, the family is a little older.”
At $1.255m with the family from Taringa in front, the auction was paused to seek instructions from the sellers. The house was announced on the market and after a short volley of bids, the house sold for $1.262m to the family from Taringa.
“That’s okay, we’re looking at Gordon Park and Nundah next, with the help of in-laws who are our eyes up there,” Mr Tobin said.
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“The bids started to creep up, it was about $100,000 over where we wanted to go.
“Those more sought-after inner-city pockets are getting a bit more up there.”
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The Peterhead property at 104 Mead St starred on House Rules in 2014. Pic: Ray White Woodville
The ink has dried on the sale of a Peterhead character home that attracted national attention when it starred on House Rules.
The villa at 104 Mead Street, which featured on Channel 7’s 2014 season of the reality renovation show, sold for $695,000 shortly after its auction and settled this month.
Selling agent Jonathon Kiritsis, of Ray White Woodville, said a local buyer snapped it up following strong competition.
It was rundown and tired prior to its renovation. Pic: Ray White Woodville
Now it has a modern chic style. Pic: Ray White Woodville
A white palette and wood floors give it a fresh look. Pic: Ray White Woodville
“After auction, there were probably about three to four key parties who made contact that were interested in the property,” he said.
“In the end that buyer was actually a whole new buyer who didn’t come through the auction campaign.
“They wanted something (of) character that was renovated already.”
Mr Kiritsis said demand for the five-bedroom home was strong from the moment the campaign kicked off, with three househunters making offers after it was passed it at auction.
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“At auction, we had a huge crowd and we had two parties that were bidding live,” he said.
The 1910-built home, which property records show last sold for $331,160 in 2013, has come a long way since it appeared on House Rules six years ago.
Owner Mel Chatfield planned to restore the property from the day she bought it but the show gave her the chance to transform it into her dream home.
Imagine relaxing in this bath. Pic: Ray White Woodville
Now that’s a feature wall! Pic: Ray White Woodville
“There were holes in the floor, the windows were boarded up, there was no electricity in the back of the house and no hot water – but I could see the potential,” she said when it hit the market in July.
“I was genuinely passionate about restoring the character of the home and making it into a big, warm, family home, and the plan was to do this slowly.
“I was then approached by House Rules and it was a great opportunity for me to fulfil my dreams for the home – so I accepted the offer and the journey began from there.
“I’ve since applied the finishing touches to the inside of the home and spent a lot of time fixing up the outside as that wasn’t part of the show.”
Ms Chatfield decided to sell the home so she and her daughter could downsize.
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