The average 30-year mortgage hit an all-time low of 2.86 percent this week, according to data released Thursday by Freddie Mac.
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Tina Bull at her Monbulk house, which she’s keen to list as soon as restrictions ease so she can move to Queensland. Picture: Jake Nowakowski
Tens of thousands of Melburnians are set to flee to regional Victoria or interstate as a consequence of the city’s extended COVID-19 lockdown.
An exodus of as many as 30,000 people over the next two years has been forecast by leading real estate researcher Simon Pressley, of Propertyology.
He said this would mark one of the biggest ever swings in internal migration in an Australian city — and contribute to the double-digit price falls he was forecasting for Melbourne homes.
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“A hard lockdown of more than 100 days will (cause) the biggest shock to Melbourne’s economy most of its residents have ever seen,” Mr Pressley said.
“Whether they relocate to a Victorian regional location, such as Bendigo, Wodonga, the Great Ocean Road region, or … completely leave the state, thousands of Melburnians will take action to regain their freedom.
“People are also starting to understand (COVID-19) is going to be with us for years, and where there’s greater density, there’s greater risk We know there are people who’ve already left Melbourne.”
A Melbourne-based family paid more than $9.5m for his mansion in Seaforth, in Sydney’s northern beaches.
He said prior to Melbourne’s last property boom, a soft economy resulted in the city’s population losing 20,000 to internal migration over five years to June 2012. Perth’s economic downturn lost it 21,000 people to other parts of the nation over four years to June 2019.
Melburnians are already making moves, with a family from the city splashing more than $9.5m on a luxury home for themselves in Sydney’s northern beaches this month, without having set foot in it. Another spent $3.95m on a Gold Coast penthouse in August.
Monbulk resident Tina Bull is planning her escape to Queensland’s Sunshine Coast to seek out “warm weather, family and friends — and not lockdown”.
“I’m over it,” she said. “There are other (reasons to move north) that have been sitting there, this tipped me over the edge.”
Melbourne buyers also secured this luxurious double-storey penthouse on the Gold Coast.
Ms Bull has engaged Ray White Ringwood agent Cameron Bailey to list her “dream home” of seven years as soon as restrictions on real estate ease, with an expected $700,000-$770,000 price guide.
She said she had “been renovating the whole time” she had lived at the five-bedroom house on substantial 1413sq m block at 65 Moores Road, including adding a deck for entertaining out back.
Mr Bailey said while Ms Bull was exiting the “postcard town”, he expected the second lockdown would prompt buyers from Melbourne’s denser inner areas to flood to the Dandenong Ranges.
“People have been cooped up. They want to be in larger homes, to chase the Great Aussie Dream,” he said.
“Employees are also realising they can work from home efficiently, (so) why do they have to be so close to the office?”
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Firefighters at the scene of a house fire on Rose Avenue in Norlane in January.
A burnt-out Norlane house became hot property when six offers rushed in for the opportunity to grab a full-size development block in the northern Geelong suburb.
The Rose Avenue house was destroyed by the fire, which witnesses said completely engulfed the building and sparked a police investigation in January.
Harcourts, North Geelong agent Shane King offered the property at 82 Rose Avenue with a $239,000 price guide as a development opportunity.
82 Rose Avenue, Norlane, sold for $251,500 after spending just 11 days on the market.
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He said the dwelling was severely fire damaged and was not fit for renovation.
“It was a good sized block of 660sq m. There is not a lot of opportunities like that for redevelopment at the moment,” he said.
The property spent 11 days on the market before selling for $251,500.
“It gives you that opportunity for a really straightforward two lot subdivision,” he said.
“I was smashed with inquiry and had six offers in the end.
82 Rose Avenue, Norlane, sold for $251,500 after spending just 11 days on the market.
“I’m glad it sold quickly because I was inundated. We had buyers from Sydney, Melbourne, local buyers. They were coming from everywhere.”
Mr King said there had been few vacant blocks sell in Norlane in the past 12 months, with none of similar size selling for less than $225,000 or more than $250,000.
“I think this as a great result considering it wasn’t a clear block. They’ve got to spend $15,000 to move the existing house.”
Mr King said most development opportunities in Norlane are more expensive as they sell with an older house that needs work, while buyers can pay between $150,000 and $160,000 for a subdivided block.
82 Rose Avenue, Norlane, sold for $251,500 after spending just 11 days on the market.
Data from Hometrack show Norlane’s median house price rose 4.3 per cent in the past 12 months to $365,000.
Most potential buyers were going to redevelop the site and hold the new residences as rental homes, he said.
“It’s at a price point if you do build and hold you’re getting a good yield and capital growth and you’ve instantly built equity.
“When you can gain equity, have a great return on investment and future capital growth rolled in to the one option, that’s a beautiful outcome for an investor,” he said.
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One Wybelenna at Brookfield is being offered for sale as a private residence.
A luxury day spa in Brisbane’s leafy western suburbs is being offered for sale for the first time as an established business or as a private home by its owners Heather and Charlie Sartain.
Designed by renowned, award-winning architect Shaun Lockyer, 1 Wybelenna Street in Brookfield is one of the city’s most idyllic retreats — visited by hundreds of people each month who soak up the serene surrounds and holistic treatments on offer.
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Shaun Lockyer’s One Wybelenna project at Brookfield in Brisbane’s west incorporated hundreds of thousands of dollars of stonework. Picture: Scott Burrows.
Heather established the property as a day spa in 2015 after redeveloping and rebuilding the property.
It was a labour of love and towards completion — and after a year of letting the home as an executive rental — they decided to integrate the building with Heather’s lifetime passion for health and wellness.
After careful consideration, the Sartains have decided to offer the residence to prospective buyers for use as a well-established business, or as a private home.
“It’s a time of changing priorities,” Heather said.
“The last few months have given me the opportunity to reassess and to reprioritise, particularly after having achieved all that I had set out to do over the last 10 years, through design and construction, to opening the day spa and reaching the successes that we now see. It is time to move on to a new phase in my life.”
One Wybelenna day spa owner Heather Sartain. Image supplied.
But it is still business as usual at One Wybelenna.
“We are taking bookings, receiving guests and enjoying business as usual,” Heather said.
“The team is working hard to accommodate a high demand for appointments following our mandatory closure due to COVID-19. We are just not selling gift certificates due to the significant number out there in the community, whose holders find it difficult to book an appointment at this time.
“We have deeply appreciated and valued all the support over the years, and particularly over the past few difficult months.”
One of the treatment rooms/bedrooms in the residence at 1 Wybelenna St, Brookfield.
Set on a sprawling 6700 sqm, the five-bedroom, four-bathroom property was born out of the remnants of a cottage designed by influential Brisbane architect, Robin Gibson, which was a landmark structure in the area for many years.
Completed in 2012, the result is a contemporary interpretation of Californian modernism, heavily influenced by American architect Richard Neutra — famous for his simple geometry and use of steel and glass.
Inside the residence at 1 Wybelenna St, Brookfield, which is being offered for sale.
The residence sits on the original footprint of the Gibson house and incorporates tallowwood timber and locally-quarried bluestone to define living zones and pavilions throughout the building.
The modernist design features extend right through the home, even down to the unique ‘orb’ fireplace, which hovers over a sunken lounge area.
The residence is a haven for relaxation.
The dramatic outdoor living areas have direct access to a 20m outdoor magna spa and pool area, which is surrounded by bushland and beautiful landscaped gardens.
The house has been designed with sustainability in mind, having been thermally engineered, wind patterns mapped and a turf roof included to cover the garaging, which allows the house to ground itself into the existing contour of the land.
One Wybelenna in Brookfield is currently used as a health spa.
There are also 140,000 litres of water storage, 21kw of solar power and 300 additional trees have been planted in the waterway area.
“I will miss the peace and tranquility of the property, both the beautifully landscaped gardens and the house itself,” Heather said.
“It imparts an almost immediate feeling of relaxation upon entry. I will also miss the involvement and interaction with my team and our guests.”
Marketing agent Tom Lyne of Ray White New Farm said it was “an incredibly rare opportunity” to purchase a property of such calibre only 15 minutes from the city.
One Wybelenna was designed by award-winning architect Shaun Lockyer. Photographer: Scott Burrows.
“If someone had a dream to build one of these, you’re looking at a four to five year plan,” Mr Lyne said.
“Given it’s been operating as a spa, it has the most manicured grounds and a level of finishes that are second to none.”
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Built by the son of a First Fleet convict, 1832 River Road at Leets Vale is offering buyers a rare opportunity.
A 30.35ha property on the Hawkesbury River with roots to the First Fleet is on the market after being owned by the same family for 40 years.
Known as Berry Vale, the incredible landholding has 20.23ha of arable farming land, 2km of river frontage and a charming homestead built in 1832.
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The Leets Vale cottage was built by the Everingham family after Matthew Everingham was granted the site in 1816 by the Colony of NSW.
Berry Hill has 20.23ha of farming land.
His father, also called Matthew, was a convict on the First Fleet after being sentenced to 7 years transportation at age 16 for stealing in London.
No. 1832 River Road at Leets Vale is now set for a new chapter in the property’s enduring history when it goes to auction on September 19 with Lumby Hampson’s Will Hampson and Kate Lumby.
Set to sell for more than $3 million, the last time it went to auction 40 years ago, businessman Dick Smith was the underbidder.
The country-style kitchen has stone floors.
The property also has 10ha of bushland.
Mr Hampson said Berry Hill is one of the most unique properties he has come across on the Hawkesbury River.
“To get a waterfront parcel with 2km of river frontage and 20ha of cleared arable land is so rare to find out here,” he said.
The lush fields have been used by the current owners for holding cattle and before that were used as an orange orchard. Mr Hampson said not only is the land suitable for horses, but a farmer could easily turn the landholding back into an orchard due to the fertile soil.
The wraparound veranda has sweeping district views.
Character charm of yesteryear can be found inside.
The three-bedroom residence retains plenty of character including decorative ceilings, stone floors and stained windows. Described as the “ultimate lifestyle property”, the estate has elevated river views, a gated boat ramp and a small citrus orchard.
The diverse offering is drawing a cross section of parties from farmers to boating enthusiasts and buyers after a weekender.
“We’ve had people with helicopters and seaplanes also come out and inspect the property,” Mr Hampson said.
The current owners have lived at the property for 40 years.
A mixed bag of buyers from farmers to those after a weekender have inspected the house.
Mr Hampson said the coronavirus pandemic is seeing a growing number of buyers look to trade cramped inner city homes for expansive properties like Berry Hill that are still within proximity to the city.
“People wanting to put lifestyle and family first are increasingly looking to move to areas like Leets Vale where they can still easily access Sydney once or twice a week,” he said.
While the cottage is heritage listed, Mr Hampson said the new owner could build a new residence on the property and use the current one as a guesthouse.
Berry Hill also features 10.11ha of elevated bushland on the other side of River Road, a 300,000L water tank and a county style kitchen.
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SOLD: 7 Esplanade, Seven Mile Beach.
THE biggest sale in the final week of August, this spectacular beachfront property sold for $1.2 million on August 29.
Situated directly across from Seven Mile Beach, the impressive property was listed for expressions of interest over $975,000, selling just four days later.
Charlotte Peterswald for Property agent Harry Coomer and his colleague Eunice Ware spent 12 hours working through 35 private inspections on the weekend.
Harry said it was “a big day” but it allowed potential buyers to take their time, wander around and take it all in.
“It helped them put their best foot forward,” he said.
Wide water views.
Beautiful day and night.
“There were six offers in the end and at $1.2 million it set a record for the suburb.
“Our agency has sold four homes in Seven Mile Beach in excess of $1 million now; I believe we are the only agency that has sold over that price.
“The property was bought by clients of our director Kim Morgan — Sandy Bay residents who were looking for a sea-change.”
Both levels of the residence feature large double glazed windows that frame the water views.
A central timber staircase leads to the upper floor, which is home to an open plan kitchen, living and dining area that leads out on to an outdoor terrace.
Completing this upper level is the master suite with a walk-in-robe and ensuite, which also takes in the views.
So plush.
Bathroom bliss.
The lower level is where you will find two more bedrooms, a huge family room with access to the veranda, another living room with access to the timber deck, a private garden and another patio.
There is also a family bathroom and separate powder room on this floor.
Outside there is a studio workshop and multiple sheds for storage, gated grounds, and a carport.
SEVEN MILE BEACH
7 ESPLANADE
PRICE: $1.2 MILLION
SOLD BY: Charlotte Peterswald for Property agents Harry Coomer and Bryce Blacklow
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Fleur Pitman is opening her house virtually for national sustainable house day in September. Picture: Peter Ristevski
Simple and affordable ideas can be most effective when designing a house that allows owners to lower energy costs, live comfortably and help the environment.
Geelong homebuyers can learn how the owners of some of Australia’s best environmental homes have achieved their sustainability goals.
Belmont resident Fleur Pitman is joining more than 150 people offer virtual tours of their homes for Sustainable House Day on September 20.
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Ms Pitman said the most important design element was orientating the house to face north and reducing a house’s footprint by creating more multi-function spaces like study-bedrooms and design entertainment units to eliminate separate media rooms.
“People don’t need to spend more money, they need to choose how to spend their money and what is that contributing to,” she said.
“With a project home build, that can as simple as reversing the plan (to face north).”
Her house achieved a 8.5-star rating when it was built in 2012, before winning national awards in 2014.
Fleur Pitman is opening her house virtually for sustainable house day on September 20. Picture: Peter Ristevski
“My home, without the double glazing and all the extra things, still rates over 7 stars.
“If you pay for good double-glazed windows that’s going to contribute to the performance for the whole life of the house.
“If you put that same money into your kitchen benchtops, that might be a nice piece of granite but is it making your house more comfortable when your cheap aluminium windows let the heat come in and cold go out?”
Passive solar design includes using eaves, which allows maximum sunlight in winter, when the sun is lower in the sky, but shade in summer.
Polished concrete floors and reverse brick veneer walls (so the bricks are inside the stud wall) creates thermal mass to retain heat and naturally regulate the interior temperature.
“When bricks are on the outside of the house they’re just acting as cladding,” she said.
Inside the sustainable house of Fleur Pitman, open for virtual tours for Sustainable House Day.
There’s no airconditioning but Ms Pitman uses the heater for an hour on winter mornings to raise the temperature from 18 to 20 degrees, leaving the sun to do the rest.
In summer, the concrete and brick draws heat from the air, while ceiling fans can give a 5 per cent perception of cooling, she said.
“In January, when we’ve had runs of five or so days over 40 degrees, for the first couple of days this house has been 22 inside and at the end it’s only maxed out at 26 degrees.”
Inside the sustainable house of Fleur Pitman, open for virtual tours for Sustainable House Day.
Find out more about Ms Pitman’s Belmont Sustainable House and others on video tours and ask questions on the website at sustainablehouseday.com/program/.
Selected homeowners will also take part in information sessions, hosted on Zoom by sustainability experts, designers and architects.
Participants must register at sustainablehouseday.com/register
Geelong Sustainability Group will host a similar event on October 10 and 11. See geelongsustainability.org.au/shd2020/ for details.
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Pete Wargent is leading a new weapon for property hunters called Buyers Buyers.
Surging demand in the midst of pandemic-induced lockdown saw the creation of a new weapon to help homebuyers save thousands, led by QLD finance and investment expert Pete Wargent.
The Brisbane-based accountant and author of five financial and investment books leads a panel of experts aiming to help all buyers “slash thousands of dollars off their purchase prices” through a new Buyers Buyers service.
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Mr Wargent, whose expertise is sought after regularly for television and speaking appearances, kicked off the service across all states and territories.
The online platform would see the panel of independent buyer’s agents — including Rich Harvey and Michael Ramsay — help find, research, negotiate and bid on properties for househunters.
Less than 3 per cent of buyers used agents to help them secure the right property, according to the firm, compared to more than 40 per cent in the US.
“We’ve designed Buyers Buyers to focus on what concerns homebuyers in this country most — negotiating and acquiring their desired property, these are well-known stress factors.”
“For too long, hiring a quality buyer’s agent in this country has only been for seasoned investors and the wealthy. But we believe every homebuyer deserves access to the expert guidance that will help them buy their perfect home or investment property for less.”
Typical costs in the market for such a buyer’s agent service would run into about $15,000 a transaction, but Buyers Buyers has kicked off with an engagement fee of $2950 plus GST, with another $2000 plus GST payable when the required property was successfully purchased.
There were three levels of service to allow for broader appeal.
“Our service allows users to focus on areas they feel more comfortable with, such as the initial market research for their budget and property searches, while we look after their other needs, providing them with a high-quality service and saving them money at the same time.”
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The company plans to use the money to expand its product offerings, grow its existing teams and launch in new markets.
10 Thompson Street, Tamarama sold for more than $11.5m.
The impressive Tamarama home of former Ramsay Health Care chief Chris Rex and his wife Lynette, has sold tonight for more than $11.5m.
PPD principal Alexander Phillips with co-agent D’Leanne Lewis of Laing and Simmons Double Bay had picked up the listing for Pavilion House at 10 Thompson Street in mid-August and been quoting a guide of between $11m and $11.5m.
The advise tonight — exclusively to the Wentworth Courier — that the five-bedroom, four-bathroom Walter Barda-designed property with 180-degree views has sold for above its guide.
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The home has expansive outdoor decking areas.
There are panoramic 180-degree ocean views.
The buyer was a local family living within a 1km radius of the property.
The property has sold nine days ahead of its scheduled auction on September 19, indicating the vendors are pretty happy with the price.
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Although speedy, the pace of the sale wasn’t quite as extreme as last time it sold three years ago — the Rexs had snapped it up after just five days on the market for $11.2m, smashing the suburb record at the time.
They’d bought it from the Bronte Surf Club president Basil Scaffidi and wife Catherine, via Phillips, so little surprise they chose Phillips with Lewis this time to sell it.
The facade of 10 Thompson Street, Tamarama. .
Get set for summer.
Apart from its northerly views of the beach, ocean and Mackenzies Bay, the Hamptons-style beach house features include pool, a dream kitchen and glass-enclosed wine cellar.
There’s a four-car garage with lift access to all three levels.
The Tamarama market has moved on since 2017, with the suburb record now $15.75m after last year’s sale of the Gaerloch Ave home of Annie Conley, daughter of the late aviation pioneer and philanthropist John Conley, to Karen Michael, the daughter of the late property mogul David Burger.
The Rexs are now downsizing.
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