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Statesman Homes Glengowrie Alfresco at Miravale, Angle Vale. Photo: Nick Clayton.

When visiting a new display home targeted at families, there’s two things that sit high on my priority list: storage and flexibility.

Families with children will know the importance of having a flexible home floorplan and enough storage solutions to help parents keep on top of things.

It was for these reasons I was impressed with Statesman Homes’ Glengowrie Alfresco, which is a new home on display at Miravale estate, at Angle Vale. This four-bedroom, two-bathroom, double garage design offers families an abundance of storage, all with a generous dash of contemporary luxury.

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Statesman Homes Glengowrie Alfresco at Miravale, Angle Vale. Photo: Nick Clayton.

Statesman Homes Glengowrie Alfresco at Miravale, Angle Vale. Photo: Nick Clayton.

Statesman Homes’ design director Ruth Vagnarelli says this new design is the perfect choice for families with young children right the way through to teenagers.

“The Glengowrie Alfresco is designed for families who want plenty of room to spread out, spaces for entertaining, chilling out and a touch of luxury,” she says.

Designed to suit a traditional sized allotment, the Glengowrie Alfresco measures 16m wide and 18.78m deep, and Ruth says it will suit a variety of locations, from coastal blocks through to suburban allotments.

Its chic contemporary facade with wide, sleek horizontal windows in black frames, crisp neutral-tone render, a blade wall and warm timber accents is an enticing start to this visit.

Walking into the Glengowrie Alfresco, off the main hall you are greeted with a parents’ zone which can be closed off from the rest of the house, further back. This front section features a generous master suite, complete with a ‘his and hers’ walk-in wardrobe and a long, spacious ensuite, while across the hall is a cosy carpeted home theatre/parents’ lounge.

Statesman Homes Glengowrie Alfresco at Miravale, Angle Vale. Photo: Nick Clayton.

Statesman Homes Glengowrie Alfresco at Miravale, Angle Vale. Photo: Nick Clayton.

The Miravale display showcases a built-in wall-to-wall cabinet in the home theatre, a clever way to add sleek storage to the space.

Ruth says while this feature is not a standard inclusion, it has become a popular upgrade option for new home buyers.

At the heart of this family home is the second living zone, comprising the kitchen, meals and family living areas. It’s a large, communal space with windows and doors on two sides and will be a great area to enjoy with family and friends. Throughout the display, other than bedrooms and the front lounge, tiles on the floor keep the weekly clean as low maintenance as possible, while ample cupboards keep household stuff out of sight.

The central kitchen in this space will impress, especially if you’re a keen entertainer, complete with a long, wide island bench, a generous walk-in pantry and a shopper’s entry direct from the double garage.

Statesman Homes Glengowrie Alfresco at Miravale, Angle Vale. Photo: Nick Clayton.

Statesman Homes Glengowrie Alfresco at Miravale, Angle Vale. Photo: Nick Clayton.

“The kitchen overlooks the enormous casual living area consisting of meals, family and opening out on to an undercover outdoor alfresco – ideal for a summers barbecue with friends or a family get together,” Ruth says.

A second hallway off the family area leads through to a good-size study/home office, three further bedrooms and the main bathroom and laundry. This is where the Glengowrie Alfresco truly proves it is a family design, offering two bedrooms with built-in wardrobes and one with a walk-in wardrobe. There are also built-in cupboards in the hallway for all the necessities.

“Busy families need great storage, a spot for everything – so there is no excuse to be messy in this home,” Ruth says.

The stylish central bathroom offers a separate vanity to the bath and shower room, for family convenience, a separate toilet and a handy linen cupboard. It’s a highly practical layout for families – especially those with young children, as it provides ample space for bath time.

Statesman Homes Glengowrie Alfresco at Miravale, Angle Vale. Photo: Nick Clayton.

Statesman Homes Glengowrie Alfresco at Miravale, Angle Vale. Photo: Nick Clayton.

“The main bathroom offers three functions at once so families can make sure the morning rush hour runs as smoothly as possible,” Ruth says.

While this is a completely practical home, what gives it the edge is that Statesman have also made it desirable with a luxurious interior (that we all want in our homes), with a choice of finishes, materials and decor that show affordable homes can also be modern and lavish, without the high-end price tag.

The crisp off-white interior is softened by ashy timber cabinetry and given a contemporary edge with the addition of sleek, black window frames throughout.

“The neutral interior palette of off-white walls and light flooring creates a soothing atmosphere and lend themselves to a range of decorating ideas,” Ruth says.

Statesman Homes Glengowrie Alfresco at Miravale, Angle Vale. Photo: Nick Clayton.

Statesman Homes Glengowrie Alfresco at Miravale, Angle Vale. Photo: Nick Clayton.

“In the master bedroom layers of rich texture add interest while maintaining a sense of calm. In the busier areas of the home, bold, high-energy colours such as ruby red and petrol blue, have been used in artworks and soft furnishings. Both light and dark timbers have been used harmoniously in the home, reflecting the versatility of a neutral base palette.”

Priced from $164,520, the Glengowrie Alfresco offers families the best of both worlds, providing a flexible and practical design with a generous lashing of contemporary luxury.

“It is a home that has everything, every

square centimetre has been carefully considered,” Ruth says.

“We wanted to create a home that had plenty of beautiful spaces but was still family-friendly, a home where owners love coming home and a place they are proud to entertain.”

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248 Yarra Street, South Geelong, has sold for $950,000.

Melbourne homebuyers didn’t let the Stage 4 coronavirus lockdown stand in their way of purchasing a South Geelong home.

The buyers relied on their parents’ opinion of the classic renovated Victorian-era residence in the shadows of GMHBA Stadium before deciding to buy sight-unseen.

McGrath, Geelong agent David Cortous said the three-bedroom house at 248 Yarra Street, South Geelong, sold for $950,000.

248 Yarra Street, South Geelong, has sold for $950,000.

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Mr Cortous said the offer came after a week on the market.

“They’re going to move in,” Mr Cortous said.

“They had their parents inspect the home.”

248 Yarra Street, South Geelong, has sold for $950,000.

The period house occupies 475sq m corner block walking distance to the South Geelong Train Station as well as the football ground.

Period features included wrought iron lacework the front veranda, tall ceilings and striking floorboards, while an open-plan living area offered an inner-city style with a spacious kitchen that highlighted the original wood fire.

The dining and living zone opened to a veranda and deck in the backyard.

248 Yarra Street, South Geelong, has sold for $950,000.

A separate self-contained studio offered a fourth bedroom and an additional living space with side access to Foster Street.

South Geelong is a tightly-held inner city suburb where just 10 houses have sold in the previous 12 months.

The median price of $691,500 is 2.3 per cent higher than 2019 but has risen 76 per cent compared to five years ago, according to realestate.com.au.

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Lisa Keighery has sold in Palm Beach.

The popularity of Pittwater during the pandemic has been highlighted with another ­record setting beachfront sale. The contemporary classic style Palm Beach home of Lisa Keighery has sold.

No price reveal yet from McGrath selling agent William Manning, who took the listing down from websites on Friday. However Keighery’s five-bedroom, four-bathroom home had come with a bullish guide of $16 million to $17 million since July. And Manning had been telling underbidders they’d need to be paying within the price range.

It will be a record price along Iluka Rd.

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Beachfront bliss.

Lisa Keighery (right). Picture: Christian Gilles

Keighery used architect Alexander Roth, along with Marco ­Meneguzzi, for the interiors.

Her Snapperman Beach home was bought for $7,555,000 in 2007, a year ­before her fashion-designer husband Mark Keighery died, having fought cancer for 10 years.

The 582sqm listing followed the ­$9 million nearby sale to Anth­ony Scali, the retail family’s third buy on Iluka Rd, this one from the Mitchell family who paid $72,500 in 1977.

Goldman Sachs’ Zac Fletcher bought the adjoining building block for $10.35 million. The Iluka Rd price record has stood since 2007 with Uncle Toby’s founder Doug Shears’ $15 million purchase of Anakela from the late grocery ­tycoon Jim Fleming. And it was a 1948sqm holding.

A relaxing retreat.

Bedroom with a view.

Agents have noticed a wave surge in buyer interest since the pandemic triggered the trend of wealthy buyers gravitating out of the city for lifestyle properties. And pref­er­ably easily accessible.

The late June sale at Newport of Casa Paloma, the newly-built home of model Jennifer Hawkins and her builder husband, Jake Wall, for a stellar $24.5 million to Mike and Annie Cannon-Brookes confirmed the push was on for safer, spacious, and luxurious second homes. The price guide for the glamorous couple’s Pittwater offering during its eight months of marketing had been $20 million through Christie’s International agent Ken Jacobs.

Jennifer Hawkins and husband Jake Wall recently sold for $24.5 million in Newport. Picture: Dylan Robinson

Across on the ocean side, the jewellery designer Sybella Morris splashed out in July to secure the Alex Popov-­designed residence The Hutt at Whale Beach for $10.3 million. It had been listed through David Edwards, of LJ Hooker Palm Beach, for two years.

The record price for the beachfront strip at Palm Beach was set in February when Caledonia co-chief investment officer, Mike Messara paid $24 million for the Chisholm family’s trophy home, Melaleuca.

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Be part of history with 10 Claremont Street, Balmain.

A renovated Victorian terrace in the up-market suburb of Balmain is offering buyers a chance to own a rather unusual piece of history.

The four-bedroom urban sanctuary comes complete with ownership records of the property and the land dating back to 1800 when it was owned by William Balmain, a colonial surgeon and magistrate.

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Awaiting the names of the next owners, 10 Claremont Street, Balmain, is being sold by Kevin and Oonagh O’Neill after living at the 164sqm residence for five years.

The house has been renovated.

During their ownership, the couple who are planning to downsize, have renovated the house to feature the latest appliances a cool wall-mounted guitar collection in the staircase area.

Ownership records of the actual house date back until 1901 — the same year all six colonies federated to become Australia. It was purchased from Intercolonial Investment Land and Building Co by Bernard O’Reilly and his wife, Maria for 110 pounds. He was the gatekeeper at the meat works on Glebe Island.

Mr O’Neill said it incredible to have owned a slice of colonial history and to able to pass it onto the next owners.

“We have a full history of the house and land with a list of all the owners that was presented to us when we purchased in May 2015,” he said.

A complete history of who has owned 10 Claremont Street.

The kitchen has plenty of storage and a gas cooktop.

A rarity to have a complete history of ownership, the records reveal Frederick Rawson Hill and his family were the longest owners of the house — having lived there between 1957 and 2003. The land itself was owned for 63 years by John Gilchrist and decadents between 1801 and 1864, however the house was part of a much larger property at the time.

The semi is listed with Belle Property Balmain’s Monique Dower and is due to go to auction on Saturday with a $2.2m guide.

Set on a wide tree-lined street, the home has sleek contemporary finishes a stone kitchen and four bedrooms with built-in wardrobes and two with balconies.

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A private beach has sold on the Mornington Peninsula.

Melbourne buyers have jumped at the chance to “own the sand” at a Mornington Peninsula dream home with its own private beach.

The rare offering with a beach on title at 2 Mentor Road, Balnarring Beach was quickly snapped up for an undisclosed price within its $4.5-$5m price guide.

“We had somebody through the first week of the listing and they eventually purchased the property,” said McEwing and Partners director Dean Phillips.

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2 Mentor Rd, Balnarring Beach is part of an exclusive waterfront strip.

The property sold within its $4.5-$5m price guide.

“They went through the motions, over the little details and the contract, before eventually putting in an offer.”

It took 40 days for the four-bedroom home to transact, which Mr Phillips said was “short and sharp” considering the difficult selling environment in stage four lockdown.

The modern house is tucked away.

Live the dream with your own beach.

The Melbourne-based buyers, who Mr Phillips said were “businesspeople with plans to use it as a holiday home”, walked through the property just before a ban on private inspections was enforced.

He said there was plenty of interest in the exclusive address, which shared a street with just three other tightly held houses.

“I think in times like these, the idea of being able to walk along a beach that is right in front of your house appealed to a lot of people,” Mr Phillips said.

“The sellers also built the home beautifully.”

A modern kitchen has an apt beachy theme.

A pool adds extra outdoor appeal.

Outdoor entertainment doesn’t get much better.

He previously told the Herald Sun it was difficult to find private beaches for sale “anywhere in Australia”.

“A chance to own the sand on a private beach is the reality of what’s on title here,” Mr Phillips said.

“It’s a very unique offering with gorgeous views and absolutely no foot traffic nearby.”

The property was created by a builder and stylist.

Enjoy the view from this day bed.

The holiday haven was sold by a builder and a stylist, who added high-quality finishes, including a new kitchen with stone waterfall benchtops, a DeLonghi gas stove and coastal pendant light shades.

Other features included a north-facing living room with a fireplace and an upstairs theatre and games room.

The two-storey home has plenty of modern features.

There are four bedrooms.

The large backyard includes a self-cleaning pool, sleek undercover terrace with a barbecue zone and an outdoor shower.

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The post Private Mornington Peninsula beach sells with dream home appeared first on realestate.com.au.

13 Dehlia Street, Marsden.

A whizzkid real estate investor who bought almost one property a month through COVID-19, has picked up another Brisbane home sight unseen over the weekend bidding remotely from Sydney.

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One of two kitchens in the property.

Mr Dilleen said he had been eyeing off the Marsden property since it was brought to his attention by real estate contacts, and bought it on Saturday after bidding over the phone for it.

“Bidding was good, it was just me and two other people,” he said. “It started at $280,000 and ended up at $309,000. My max price I was willing to go to was $310,000 so I stayed just $1000 under budget.”

Eddie Dilleen bought the property for $309,000.

He said based on a rental income of $500 per week, it would be an 8.4 per cent yield for a house and granny flat on a 940sq m block.

“I was confident it would go for that price as I tried to do as much background research as possible about the other bidders and sellers selling position.”

He said all his research and bank valuation came back at around $360,000 to $380,000 for the property.

There are two properties in one.

“The downside of auction was that it was an unconditional contract, and I didn’t have much time to do more in-depth pest and building checks. Also I didn’t have finance pre-approval yet either – luckily settlement I negotiated was 90 days to organise it.”

The property at Dehlia Street, Marsden was marketed as a large home with an attached granny flat on 947sq m by Rebecca Cuderman of Ray White Marsden.

She described it as having “so much more than meets the eye” with tonnes of potential off the large block close to all amenities.

“Freshly painted externally and a fresh coat on the walls internally, you’ll be pleased from the moment you pull up,” was how she sold the property’s features.

The block is 947sq m.

The property is 400m to bus stops, 550m to Pauline Park, three minutes to Marsden State Primary and State High School, three minutes to the recently refurbished Marsden Shopping Centre, 10 minutes from Loganlea Train Station and Logan Hospital, a half-hour drive to Brisbane CBD and 45 minute drive to the Gold Coast.

“A little bit of love will go a long way here, the opportunities are endless,” was how it was listed on realestate.com.au.

Mr Dilleen bought

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20A Vaucluse Rd, Vaucluse, has sold for above its $30m price guide.

As the pandemic news improves, the big property sales keep coming — the latest being the Vaucluse home of businessman Alex Ma which has fetched for more than $30m.

The seven-bedroom, eight-bathroom Hermitage Estate home at 20A Vaucluse Road — which Ma bought for $26.5 million in 2017 — was first listed last February after Ma, 30, had snapped up two waterfront homes on Carrara Rd for $56 million in late 2018.

Agents Peter Leipnik and Alex George of BadgerFox, had declared the house sold last March, but the Australian-based buyer couldn’t complete and the deal fell over.

But now it’s done. The home, on a 1500sq m block — with cinema, heated pool, lift, gym and sauna plus parking for 12 cars — has sold for more than the $30m price guide.

.

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20A Vaucluse Rd, Vaucluse, has a heated pool and a range of other resort-like facilities.

There are iconic views.

They’d relisted it in July this year with the same guide with a planned August auction that never eventuated, but an Instagram post today indicated they’d found a buyer.

COVID-19 has certainly been no obstacle to big results.

Despite passing in on a vendor bid of $16.5m at auction the previous weekend, the stunning 14 Mirimar Avenue Bronte home with ocean views of cancer specialist GenesisCare founder Dan Collins and wife Cassandra had sold by last Friday for $16m via PPD Real Estate principal Alexander Phillips.

And Phillips himself isn’t afraid to be spending up big during a pandemic.

14 Mirimar Avenue, Bronte, sold for $16m

14 Mirimar Avenue, Bronte came with a pool.

Less than 24 hours after the Bronte sale, Phillips bought a rundown two-bedroom semi at 10 Coolong Road, Vaucluse for $5.5m, $2m above reserve.

Michael Pallier, the Sotheby’s principal, had nine registered bidders including Jackie O’s ex, Lee Henderson (who didn’t get an actual bid in).

Asked why he wanted it so much, Phillips told Insider it was a solid long-term investment. “Coolong Road is the best street in Australia — you will never go wrong!”

He and wife Bridget are yet to move into the five bedroom mansion further up the street that they bought for $11.1m in 2018, also via Sotheby’s.

Phillips’s Bronte sale was last week’s top sale in the eastern suburbs, and his purchase of 10 Coolong Road the top auction result.

Within 24 hours of his big sale, the agent, PPD principal Alexander Phillips paid $2m over reserve for this Vaucluse semi.

He lives in an $11m mansion nearby and believes Coolong Road is the best street in Australia.

Second top was 3 John Dykes Avenue, Vaucluse, at $4.9m (the reserve), home of Roger Mendes, of Roger R. Mendes & Co Real Estate in Darlinghurst in the ‘70s via McGrath’s Imran Hamidi.

The recent sales successes — which of course also included the recent $95m sale of the Wolseley Road, Point Piper home of Katies co-founders Joseph Brender and the late Sam Moss by Sotheby’s Michael Pallier — is encouraging double-digit listings.

Gail and Michael Zammit have $40m+ hopes for their three-level renovated residence at 152 Wolseley Road via LJ Hooker Double Bay’s Bill Malouf.

Malouf also has the 18 Martin Road, Centennial Park mansion of hoteliers Sandy and Angelo Elliott with hopes of exceeding the $13m offer they’ve received in the past.

9 Cranbrook Lane, Bellevue Hill, sold for about $9m.

It sold prior to its scheduled auction.

That six-bedroom, eight-bathroom home has a range of features including a solar-heated plunge pool with waterfall, a Gone with the Wind-style staircase; a 20-seat dining room and a 14-car garage.

Other just-happened sales have included art dealer Jenny Hillman has also sold her Bellevue Hill home for about $9m, which was the guide, ahead of its scheduled auction with Michael Pallier of Sotheby’s.

The five-bedroom home at 9 Cranbrook Lane had one of the best harbour views in the suburb. Now she has to offload her extensive art collection ahead of her downsize to two semis she bought for $10.5m in April.

Pallier had a great week of sales last week, with colleague Daphne Sauvage, selling the Art Deco apartment at 1&2/4 Gladswood Gardens, Double Bay owned by Geoff Kyle, who ran the popular Double Bay high-end tableware store Studio Haus, for just over the $3m guide. And Pallier picked up the Kilmory Estate Wentworth Street Point Piper three-bed unit of former QBE chief Pat Regan which has a $6.5m-$7m guide.

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Is Harry a dirty cheat or simply a man who innocently used his home-ground advantage?

The other contestants have dubbed the happy-go-lucky father “Dirty Harry”, for sneaking on to the building site to do some measuring while the rest of them were interstate in COVID-19 lockdown.

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Harry argued that he’d done nothing wrong because nobody said contestants were banned from the site while work had stopped.

But the other contestants weren’t having a bar of his excuses, labelling his antics “shifty” and vowing to take revenge by blocking Harry and Tash from making any changes to their building that required approval from the entire group.

Daniel and Jade aren’t happy to find out Harry repeatedly visited The Block site while the other contestants were in lockdown interstate.

The revelation about Harry’s covert lockdown work came when host Scott Cam welcomed the five teams back from a six-week production hiatus back in March.

As the pandemic took hold in cities around Australia, state borders began closing, leaving four teams at risk of being marooned in Victoria and separated from their loved ones for an unknown period of time. And so, Scotty reluctantly called tools down and sent the interstaters packing.

Although work on site had become increasingly difficult ahead of the closure, with shops around them shuttering and a growing sense of fear about their families’ health and safety, nobody was keen to leave midway through the project.

“We are going home, and we don’t know how long for. Two weeks? Two months? Two years? This was a once in a lifetime opportunity,” Tash worried when Cam announced that The Block was shutting up shop.

Luke and Jasmin amuse themselves during lockdown with aerobics.

Like the rest of the country, the contestants spent the next few weeks in their homes, although they remained in contact with each other with regular Zoom meets.

To keep the spirit of the competition going, Scotty also challenged them to create weekly videos, offering a cash incentive for the best ones. So we’re treated to the sight of Jasmin and Luke doing aerobics, Harry gyrating in costume as George Michael, and George rolling around in the shrubbery in a Pikachu jumpsuit (no doubt from that prized Pokémon collection of his).

When the teams returned to Melbourne to recommence work, they were visibly disgusted to hear that Harry had been caught prowling around the abandoned construction site with a tape measure.

Dirty Harry got his reputation for sneakily going on to The Block site while the other contestants were in lockdown interstate.

The revelation was initially met with nervous laughter but as the reality of Harry’s actions dawned on each team, their amusement at Harry’s chutzpah turned to fury.

“We were all in quarantine doing the right thing and for him to go on to The Block and do that, I am not cool with that,” a visibly emotional Tam said having earlier outlined her struggles with going from “100 to zero” — from working 24/7 on her reno to being shut in her Queensland house with Jimmy and their young child.

Jimmy was also unimpressed with Harry’s tape work: “I think all the other contestants were a little unhappy about that. We are all in different states. We don’t have an opportunity to go in and throw a tape measure around, we can only work off the plans. For him to be able to go on site and measure things and make changes, to possibly advance himself in the competition, we were all dirty about that.”

“We are dirty on Dirty Harry,” added Tam.

South Australians Daniel and Jade were just as indignant.

“I’ll be honest, he better not ask to change a single thing with his house because it’s going to be a flat fricken no from me,” a furious Daniel vented, as wife Jade nodded furiously in agreement.

It was understandable. The farming couple have been under immense financial strain because of the drought. They also have a child with a rare medical condition who needs treatment. Locked away on their rural property in South Australia with their three young kids, they didn’t have the luxury of sneaking in anywhere to get a leg up in the competition.

Jasmin warned that retribution might be in store for tape man Harry: “There was a chat on a Zoom meet that they wanted to change some of their steel. We were going to have a body corp meeting about that but now after hearing that I think he’s just dug himself a grave.”

Just imagine their anger when they discovered that Harry hadn’t been on site just once. Nope, he’d managed to boldly pop in three times!

Sarah and George find out Harry sneaked on to the site while the other contestants were in interstate lockdown

As Harry got to surreptitiously preview, a lot has changed on site since the contestants were sent home. All the properties are now at lock-up stage with Wi-Fi installed to help deal with the increased need for online meetings and shopping.

New post-lockdown rules were in place too. There were limits on how many people were allowed on site at any one time. And sanitising stations had been set up at every front gate.

Of course, all this has become an all too familiar to Melbourne residents these days. But, back in March when the show was filmed, it all felt quite new and strange.

While readjusting to new life on The Block, the contestants have the monumental task ahead of creating two rooms — a bedroom and a bathroom — in the newly erected steel-framed extensions to their period properties.

That’s right, it’s out of the old part of the house, and everyone has grand plans for their spaces.

Jade and Daniel (who are yet to win any prizemoney) decided to go big and create three bedrooms rather than the two that had been earmarked. This will give their house a total of five bedrooms.

Luke and Jasmin also had grand designs. They wanted to move the orientation of their upstairs bathroom so that they could create a second living area. This meant moving a structural wall.

Unfortunately, it’s a grimmer proposition for Harry and Tash who have the smallest upstairs area on The Block and an unusual roof pitch to work around.

And, thanks to Harry and his tape measure, they now also have four angry neighbours.

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Episode 16: The most jaw-dropping rooms The Block has seen

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Episode 8 recap: Judges pull no punches on grieving Daniel and Jade

Episode 6-7 recap: Sack your builder: Keith slams ‘pathetic’ work

Episode 4 recap: Luke and Jasmin’s big stuff up

Episode 3 recap: “So two years ago”. Team’s boring room slammed

Episode 2 recap: Disappointment as Block houses are handed out

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Convinced renting is the low risk alternative to buying? You could be right. In these desirable suburbs, by choosing to rent, you’re paying far less than the cost to own the home you live in. 

2020 has thrown a few curveballs. If you were planning to buy this year, you might be having second thoughts. The good news is, right now, it’s a renter’s market.

Whether you plan to buy in the future or not, renting right now makes a lot sense, says Sam Nokes, head of property management at Jellis Craig Stonnington, Richmond and surrounds. He says, in particular, it’s a tenant’s market for inner-city dwellers.

“Some properties have remained popular throughout the COVID-19 downturn but, overall, the inner city is the place for deals,” Nokes says. “Look at the CBDs in most capital cities; there is huge vacancy with next-to-no new tenants entering the market.

“If you want to live in the CBD, now’s the time.”

This property in Woollahra, which sold for $3.2m in 2019, has been snapped up by savvy tenants. Picture: realestate.com.au/rent

When there’s risk in the market, renting is a safer bet, says Nokes.

“We’re facing the likelihood of a long and deep recession and prices might keep going down,” he says.

However, if buying is in your future plans, he cautions on holding out too long.

“If you look at New Zealand, their selling market took off when lockdown ended and those waiting missed their opportunity,” adds Nokes.

Where to find rent at a fraction of the cost of owning

Need some help deciding where to ride out the storm? We looked at realestate.com.au data to find the top 10 suburbs around Australia where the cost disparity between monthly rental payments and monthly mortgage repayments was greatest – in favour of renting.

The monthly repayment, based on the suburb median house price, is calculated with a 20% deposit and 3.02% interest rate for monthly repayments over 30 years. The monthly rent, based on the suburb median rent, is calculated by weekly rent x 52 (weeks) / 12 (months). The data is restricted to two-bedroom properties.

Land value has nothing to do with rent

Topped by Woollahra in Sydney’s east, riverside Nedlands in Perth and North Bondi, part of Sydney’s trendiest beach locale, the list of suburbs where rental payments are cheaper than mortgage repayments is a promising set for any renter concerned with maintaining a hip lifestyle.

Poolside living in North Bondi is yours for the fraction of the cost of buying. Picture: realestate.com.au/rent

In Woollahra, you’ll make a saving of as much as $3,857 a month by renting! That’s not even taking into account what you’ll dodge in the outlay for the deposit.

“What this tells us is that land value has nothing to do with rent,” Nokes says. “A house on a large block and a house on a small block usually don’t differ greatly in rent. Good and great streets also don’t always have a large impact. What matters more to rent is what you get to use, not what you get to own.” 

In suburbs like Woollahra, Nedlands and North Bondi, “what you get” is access to a great lifestyle. If you were planning on moving away from the inner city this year to buy a property in the suburbs, you might want to consider holding onto the lifestyle perks a little longer. It might not cost you that much more if you rent.

On the rental market for $800 a week, there are homes in Mount Waverley you’d pay a lot more to own. Picture: realestate.com.au/rent

In Victoria, which has seen greater economic impacts of the coronavirus pandemic than any other state, it was not inner-city but leafy eastern suburbs around 10-15km from the Melbourne CBD that made the top 10 list of suburbs where rental payments are far less than mortgage repayments.

“Surrey Hills and Mount Waverley are great examples of where the land values have surpassed the rental values because tenants aren’t really concerned with how much land they get,” Nokes explains.

“Both of these areas also have a lot of older properties where the land value is high. These are more likely to be leased out than the large luxury homes that push up sales prices in these areas.”

Scroll down to find the top two suburbs where it’s cheaper to rent than buy in your home state or territory.

Individual states and territories

These are the top two suburbs in each state where it’s cheaper to rent than buy.

Listed by suburb, monthly rent, estimated monthly mortgage payment and the monthly price difference.

ACT had no suburbs where it was cheaper to rent than buy, while Tasmania only had one.

NSW

Woollahra – $3,857.14 – $7,608 – $3,751 cheaper to rent

North Bondi – $4,500 – $7,498 – $2,998 cheaper to rent

QLD

Camp Hill – $1,800 – $2,654 – $854 cheaper to rent

Bardon – $1,842 – $2,491 – $648 cheaper to rent

SA

Prospect – $1,542 – $2,066 – $523 cheaper to rent

Norwood – $1,800 – $2,290 – $490 cheaper to rent

Tasmania

Sandy Bay – $2,357 – $3,085– $728 cheaper to rent

Victoria

Mount Waverley – $1,800 – $4,466– $2,666 cheaper to rent

Surrey Hills – $1,992 – $4,624 – $2,631 cheaper to rent

WA

Nedlands – $1,928 – $5,139 – $3,211 cheaper to rent

Cottesloe – $2,421 – $5,072 – $2,650 cheaper to rent

Still need help deciding on a suburb? Talk to friends, neighbours, the hairdresser, your barista – anyone who’ll listen! – about your options. A second opinion never hurts.

The post Top 10 suburbs where it’s cheaper to rent than buy appeared first on realestate.com.au.

The stability of Aussie home prices is set to be tested from coast to coast, due to the dramatic slump in our population growth.

With immigration effectively paused due to the COVID-19 epidemic, Australia’s national housing body has predicted a fall in demand by as much as 77,000 homes per year for the next three years.

According to new research released from the National Housing Finance and Investment Corporation (NHFIC), the pandemic could hit housing demand to the tune of between 129,000 and 232,000 dwellings over the next three years.

The fall in population growth could hurt real estate.

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Such a scenario could place significant pressure on home values, which so far have showed remarkable resilience despite the economic challenges of the pandemic.

The above figure could represent more than 10 per cent of housing transactions, with the Reserve Bank of Australia asserting around half a million home are transacted on each year.

According to the NHFIC, the worst case scenario would be “a reduction in the population increase – from peak to trough – of 214,000 from 2019 to 2021”.

“This implies a decline of 0.8 per cent of the population over the two-year period, which has only been surpassed by World War I and the unwinding of the peak of the baby boom in 1971.”

Net overseas migration has contributed almost 60 per cent of population growth since 2007.

Such a fall could also have a domino effect on rent prices and the construction industry. It would also inhibit the rebound of the economy from the pandemic enforced recession.

“Large falls in underlying dwelling demand are already putting upward pressure on vacancy rates and downward pressure on rents, particularly in some inner-city areas,” the report reads.

“If sustained, this could cause a contraction in construction activity that would add to the recessionary forces impacting the economy.”

Melbourne’s controversial lockdown has resulted in the most sluggish real estate market in Australia. Picture: Getty

Rising unemployment could also be a factor

“The past two recessions show that rising unemployment tends to lead a decline in natural population growth, the report continued.

“Australia’s second wave of infections is likely to further slow population growth, adding to the depth of the downturn and hindering the pace of recovery in underlying housing demand.”

Due to the different stages of lockdown each state is experiencing and how effective or otherwise state governments have been in dealing with the virus, Australia’s real estate market has splintered in a manner rarely witnessed before. And that could continue.

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“This research highlights the strong relationship between population growth, increasingly through net overseas migration, and underlying dwelling demand with the outlook for population growth due to COVID-19 highly uncertain,” NHFIC CEO Nathan Dal Bon said.

Home value resilience to be tested

All things considered Australia’s home values have shown great resilience since mid-March when COVID-19 hit and lockdowns were first enforced. Over that time, Melbourne dwelling values have been the worst hit, falling 4.6 per cent. However, annually they are up 5.9 per cent and property experts understandably argue the recent price recorded are not as accurate as they might be, due to the lack of sales.

The construction industry could be hit hard by the fall in population growth.

It is this lack of stock which has also helped to prevent a free-fall in prices.

With the likelihood the Morrison Government will announce further homebuying incentives in next month’s Federal Budget, First National Real Estate CEO Ray Ellis points to the importance of new home construction as representing around seven to eight per cent of Australia’s GDP.

“We still expect strong growth in property prices next year. But the pace is the issue without population growth,” he said.

The volatility of the stock market this year and record low interest rates, means property has become as great a safe haven as it ever has been and lack of consumer confidence could also mean Australians continue to hold onto their homes for longer.

Melbourne could be the most vulnerable

In recent years, Melbourne has overtaken Sydney as the location most immigrants choose to live, as such is it is likely its real estate market could be the most vulnerable due to the drop in net migration.

Bruce Warburton, head of sales at Brad Teal, who specialise in the some of the outer areas of Melbourne, such as Sunbury, where many new migrants choose to call home, believes the lack of demand there could lead to a ripple effect into the inner city.

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“The housing market has held up well so far despite the incredible challenges,” he said.

“A lot of people who sell up in places like Sunbury are moving to inner city Melbourne for the lifestyle and for schools. They are don’t want to commute so far and are willing to sacrifice a modern home for something older provided they are closer to the city.

“That option might be out the window for some now if that demand from immigration isn’t there. It’s something the government needs to think about when they are planning for the medium and long term.”

The post Slump in Australia’s population growth set to test resilience of home prices appeared first on realestate.com.au.