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An artist’s render showing Stage 3.1 at GenFyansford housing estate viewing east towards central Geelong.

The redevelopment of the former Fyansford cement works took another step with land sales starting on the old quarry floor.

Significant civil works, including blasting, was undertaken the remediate and reshape the quarry site in Geelong’s west to allow housing construction in the GenFyansford estate.

Stage 3.1 comprises 65 house blocks varying in size from 350sq m to 720sq m and are priced from $310,000 to $485,000.

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The Fyansford quarry before civil works started for the Gen Fyansford housing estate.

GenFyansford sales agent Brett Thompson said some buyers had waiting for house blocks on the old quarry site to be released since the masterplan was revealed in 2014.

The old quarry wall forms a key plank in the parkland network in the estate, with parks and a network of lakes connecting the rock wall to the Moorabool River.

Most of the blocks in the biggest section of estate were on flat land, Mr Thompson said.

Some sloping lots will look out over the rest of the estate.

“It’s the outlook. There’s a lot of construction work that we’ve done but it’s still got a natural outlook to the quarry wall face, where there is a big lake at the bottom of the rock wall,” he said.

The Fyansford quarry during civil works ahead of land sales in the housing estate.

“We started in late 2014. We’ve had people on the books that long just because of that concept — because in one direction you’ve got the quarry wall and the lake and in the other you’ve got the Moorabool River and parks wrapping around.

“Wherever you are, you’ve got hills wherever you’re looking. That’s the big selling point — the land is quite easy to build on but you’ve got that big natural element.”

Mr Thompson said nine blocks had sold since the stage was launched to the public at the weekend following an earlier VIP release.

Civil and housing construction under way at the Gen Fyansford housing estate at Geelong.

The stage offers more affordable land compared to the Pinnacle release in Newtown, where blocks sold as high as $858,000 earlier this year.

“We’ve had slow releases because it’s such a unique development and the construction time is so long.

“But we’re going to have a lot of land coming up, something like 400 blocks coming up so as soon as this is all gone, we will release some more land and have some good stock.”

GenFyansford estate is home to more than 400 residents, with the population expected to rise to 950 by 2021.

The overall project is expected to be completed by 2024, with 1200 lots and a commercial town centre.

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12990 Tasman Highway, Swansea. Picture: SUPPLIED

HOW often does the chance come along to grab a slice of the lauded Freycinet Coast?

Starting at about $500,000, single, double and triple-bedroom residences will be built at the luxurious Piermont Retreat property south of Swansea.

Knight Frank property consultant Adele Plunkett says investors will be able to enjoy the best of both worlds.

She says as well as owning an impressive coastal holiday home — and being able to vacation there themselves — there will be opportunity for Piermont to lease and manage the holiday rental home for the owner.

“A management agreement, specs for furniture and projected income returns are available on request,” she said.

“At present there are a two-bedroom and a three-bedroom property completed and sold.”

Life would be a dream.

Luxurious.

Enticingly, Piermont Retreat’s facilities will be available to the owner, too, including its award-winning restaurant, swimming pool, tennis court, walking trails, private beaches and equestrian parkland.

The accommodation at Piermont has been described as “ecologically sustainable luxury” with a lack of superfluous decorations and glitzy polishes. Its creators prefer lovingly finished details, handcrafted from natural materials.

Adele said the strata titled villas would be built to the high standard that Piermont was renowned for.

“At this stage the vendor is offering a couple of single bedroom villas on Lot 252 and 264.

“These will be constructed of vertical timber and will be single storey; only slightly different from the larger properties.

“There will be a two-bedroom villa on Lot 248 from $895,000, a three-bedroom villa on Lot 266 from $945,000 and a waterfront home with three bedrooms on Lot 244, priced from $1,175,000.”

Raw materials.

Natural beauty.

Prices include building completion and all fixtures, fittings and furniture.

These chic contemporary properties were designed by JCB Architects to blend with the natural landscape and provide luxury accommodation that accentuates an indoor/outdoor seaside lifestyle.

The interiors were designed and styled by Hecker Guthrie with a natural palate and European influence.

The strata allotments have been strategically placed to provide privacy and beautiful vistas over Great Oyster Bay and the iconic Freycinet Peninsula.

The secluded waterfront position at Piermont affords a delightful setting with a serene environment for holiday living.

“These captivating villas will encompass all this with the benefit of a good return for your investment,” Adele said.

Prices for No.12990 Tasman Hwy, Swansea range from $495,000+ to $1,175,000+. Contact Knight Frank for details.

The post Coast with the most a holiday maker’s paradise appeared first on realestate.com.au.

Ray White Werribee director Michelle Chick says the real estate industry just needs to be able to run private inspections to function. Picture: Jay Town

More than 1600 people have signed a petition that calls for Melbourne’s real estate sector to be able to reopen, arguing waiting several more weeks as the government plans will “cripple people financially”.

The petition on the Parliament of Victoria website states the “requirement to find a home is unquestionably essential”, and that both agents and consumers are desperate for physical one-on-one inspections to be allowed again.

It urges the state government to work with the Real Estate Institute of Victoria to “create and implement a COVID-19 Safe Plan” for reopening the sector and running private inspections.

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This could include checking the temperatures of prospective buyers and tenants upon arrival at homes, sanitising door handles and surfaces, enforcing social distancing, and recording attendees’ contact details to lodge with the Department of Health and Human Services.

The petition said waiting until October 26, as the government planned, to revive the crucial element of the selling and leasing processes would “cripple people financially”.

“Those who have purchased and need to sell, and those who’ve been evicted due to landlords returning to occupy and cannot inspect a new rental home, have been burdened by the COVID-19 restrictions,” it said.

Signatory Frank Valentic, director of Advantage Property Consulting, said his business alone had about 25 would-be vendors “hurting” from being prevented from listing now-vacant investment properties, and 20 buyers ready to pounce but unwilling to purchase without physically inspecting homes.

“I, myself, have sold to downsize, and I can’t get through any properties to buy my next home,” he said.

“There are lots of people in my shoes. It’s pretty traumatic for older people who have sold long-time homes (and) young families.”

Buyer’s advocate Frank Valentic says real estate’s continued closure hurt dozens of associated industries as well.

Those who had already bought new properties but couldn’t sell their old ones were also at risk of being unable to settle on their purchases and losing their deposits, Mr Valentic said: “Daniel Andrews said he wouldn’t stop people from settling, but he is.”

The people working in the many real estate-associated industries were essentially out of work until the sector could reopen, he added, including conveyancers, and photographers and stylists, who were banned from attending properties under stage four restrictions.

“Real estate is an essential service. And we’ve never had any cases of COVID-19 (from real estate activity),” he said.

“The main thing we need is getting one-on-one inspections back, nothing else really needs to happen.

“No one is going to buy without inspecting a property, unless they’re really desperate. People aren’t going to spend hundreds of thousands or millions of dollars and risk buying a lemon they’re not happy with.”

Lyn Davenport and her 12-year-old daughter, Grace, sold their Mornington home in between Melbourne’s two lockdowns but now can’t inspect rentals to move into due to the ban on physical inspections. Picture: Alex Coppel.

Ray White Werribee director Michelle Chick agreed Melbourne’s real estate sector really only needed that one little freedom to save hundreds of homeowners and tenants from financial and mental stress.

“Everything else, we can do virtually — appraisals, listing appointments, signing any documents. We’ve had a lot of success with online auctions,” Ms Chick said.

“We just need that final piece of the puzzle.”

Ms Chick said buyers were embracing online auctions, with Ray White Group running more than 700 of them since COVID-19 restrictions first started in March. But the vast majority were unwilling to commit to homes without “being able to walk through to feel, touch, smell and get to know the property”.

“Some have had to move on for financial reasons, or to get into school zones for their kids,” Ms Chick said.

“People are having to put plans on hold, which is causing a lot of stress, financially and mentally.”

This included clients of hers who needed to move to get their special needs child into a particular school.

“Their house is sitting there on the market. We have 3D virtual walk throughs online, and we’re doing walk throughs with vendors … via Zoom. But buyers are still waiting to go through,” she said.

28 Twin Creek Court, Sunbury sold sight-unseen during lockdown for $999,995.

Ms Chick said her agency would ensure its inspections were COVID-safe by allowing only one agent and one prospective buyer or tenant to attend, providing masks and gloves for both to wear, checking temperatures, carrying out deep cleans on homes, enforcing physical distancing, and record keeping to allow for contact tracing.

The Real Estate Institute of Victoria is campaigning for private inspections to resume as

part of the second step on the state government’s road map to reopening, due to start September 28, rather than the third.

Victoria will need to record fewer than five daily coronavirus cases over the two weeks prior to October 26 to reach the third step, at which point “outdoor auctions subject to gathering limits” will also be allowed.

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samantha.landy@news.com.au

The post Melbourne lockdown: Petition urging real estate to reopen takes off appeared first on realestate.com.au.

Recent price falls have made Sydney more affordable. Picture: John Appleyard

Housing has become more affordable for buyers on middle- and lower-incomes, opening up access to suburbs that were previously out of reach.

Recent falls in prices, spurred on by the economic fallout from the COVID-19 health crisis, has meant those on annual incomes of less than $80,000 can buy in suburbs where the average houses were only affordable for households earning more than $100,000 back in March.

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An analysis of mortgage and price data by Finder.com.au found that southwest suburbs Elderslie, Spring Farm and Hebersham had seen significant improvements in affordability, thanks to cheaper prices and a fall in home loan rates.

Buying a house in Manly won’t come cheap. Picture: John Appleyard

Buyers in these suburbs only needed to earn around $70,000 to afford monthly repayments if they had a 20 per cent deposit and the lowest rate on the market, which sits around 1.95 per cent.

“The door is now open for lower- and middle-income buyers,” Finder.com.au insights manager Graham Cooke said.

“We are seeing the first sub-2 per cent rates appear in the market, with one 1.95 per cent product available nationally, and many others in the same ballpark.”

There were similar changes on the Central Coast, with suburbs like Chittaway Bay, Bateau Bay and Hamlyn Terrace.

Western suburbs South Penrith, Marsden Park and Emu Plains were also in the same boat.

Sydney’s cheapest markets for a house, Austral and Wilmot, required a minimum income of $43,000 a year.

An income of $80,000 is required to buy in Liverpool, $60,000 in Campbelltown and $76,000 in Fairfield, based off an interest rate of 1.95 per cent

In Castle Hill that number jumps up to $163,000, while Kellyville residents require an income of 128,000 to secure a house.

You would need an income of around $550,000 to buy in Vaucluse. Picture: John Appleyard

For units, Berkeley Vale on the Central Coast is the cheapest market, with a required minimum salary of about $36,000.

To buy a unit in inner west hot spot Leichhardt, a salary of just over $100,000 is required, while the figure drops to $72,000 in Newtown.

In comparison, to buy a house in a premium Sydney area like Vaucluse, you will need a salary of $554,000.

In Bellevue Hill that number rises to $663,000.

To buy a house in Manly you will need an income of just over $300,000, while in Cronulla it is around $230,000.

The post The Sydney suburbs where you can buy based on your salary appeared first on realestate.com.au.

DESPITE recording a decline in sales, the Gold Coast new apartment market is showing resilience with a higher sale rate than 12 months ago.

The Urbis Gold Coast Apartment Essentials Insights revealed a decline in sales during the second quarter of 2020 – down from 265 during quarter one to 156.

While this is a lower result than the previous three quarters, the market recorded a higher sales rate than 12 months ago when 153 sales were recorded during quarter two of 2019.

An aerial view of the Surfers Paradise skyline.

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The report revealed COVID-19 has impacted the momentum that was in the market and caused a slowing of sales rates as overseas and interstate investors are hampered by border restrictions.

“While there is still uncertainty and caution in the market, Queensland’s response and results during COVID-19 will bode well when borders open and interstate and overseas buyers can move freely,” said Urbis director Lynda Campbell.

“As people reset and reassess their living and employment options, the Gold Coast is well placed to see an influx of investors and new residents looking for a lifestyle change.

“The ability to work from home, or from any location with reliable internet, has been proven and is a previous barrier to interstate and overseas migration that has been removed.”

Cannes at Surfers Paradise, a project by Marquee Development Partners.

The weighted average sale price increased $51,813 to $861,624 while supply levels have fallen to their lowest level in six years.

At the end of June 2020, there were 813 new apartments available for sale – the lowest level since quarter two of 2014 when there were 721 remaining on the market.

The majority of new apartment stock for sale is in the GC Central Precinct.

No new projects were launched during the quarter but there are 14 projects pending launch over the next six to nine months containing 723 apartments.

The post Gold Coast property: new unit market records decline in sales but sales rate is up appeared first on realestate.com.au.

Sold – 5 Plunkett Rd, Mosman.

A Luigi Rosselli-designed Mosman masterpiece within walking distance of Balmoral Beach has sold within a week on the market for around $10.5 million.

The sale comes as agents report a growing level of ex-pat activity, and strong demand for prestige property.

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The classic Rosselli curvy and contemporary design at 5 Plunkett Rd, caught the attention of lots of buyers, said Scott Thornton, of The Agency – North.

They loved its modern beach resort-style feel and the location close to the sands of Balmoral.

He said he could not reveal the exact sale price.

“The home sold in proximity to its price guide of $10.5 million and it was on the market for just one week,” Mr Thornton said.

“The demand is very strong in the prestige market, not only in Mosman, but across the entire lower north shore.”

The private pool.

The many terraces make the most of the view.

There are multiple living spaces.

He said this was due to a combination of factors.

“Finance is at its most affordable in decades, people are viewing property as a secure investment in the current climate and the stock levels are extremely low,” he said.

“We are starting to see more expats in the market, this includes from Singapore, London, Hong Kong and interestingly from the US. Within the local market we are seeing people both upgrading and downsizing.”

Mr Thornton said he was not surprised at the level of buyer interest in the property, given it was one of Luigi Rosselli’s classic designs.

“There is always going to be appeal for a home of this calibre and location, walking distance from Balmoral Beach and the elevation captures the harbour and iconic Balmoral landscape,” he said.”

Formal dining.

The view.

Street appeal.

The home is set on a corner block that captures views that extend from Balmoral to Manly, and landscaping by Secret Gardens has given the home a new level of privacy and beauty.

The family friendly floorplan is extensive and versatile, encouraging an easy indoor-outdoor flow over both levels.

The home has four bedrooms plus a study, and the main bedroom has its own full bathroom and walk-in robe.

The yard is family friendly and private.

Edgy design.

The kitchen.

The elegant kitchen includes integrated NEFF and Liebherr appliances and a striking marble island bench that is sure to become the heart of the home.

Other features include matched limestone flooring and sandstone walls, Control4 smart home system, integrated sound system, bespoke joinery including concealed marble barista/bar area, heated pool, wine cellar, gas fireplace, concealed televisions, ducted, reverse cycle airconditioning and gas heating.

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The post Luigi Rosselli-designed Mosman home sells in a week for around $10.5m appeared first on realestate.com.au.

The Queens Court house in Castle Hill is up for sale.

It’s Barbie on the outside, Versace on the inside.

A grand house in Sydney’s northwest painted hot Pink and styled with flourishes inspired by the high-end Italian fashion brand has hit the market and instantly begun making waves.

The five-bedroom house on Queens Court in Castle Hill was only listed earlier this week but has already become a real estate talking point due to its unique styling.

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The house is listed with a price guide of $2.1m-$2.6m and includes ample chandeliers, gold-coloured walls and elaborate ornaments decked out in Versace’s signature style.

The Versace theme continues in much of the house.

It’s a standout even from the street due to the pink exterior – one of the only houses on the street not painted white or beige.

On the top balcony are two statues facing the street, while a fountain is adjacent to the front door.

Built circa 2005, the house opens to a grand entry foyer with walls of green and a gold ceiling, along with ornamental pillars.

The lounge has a layered ceiling and is decorated with gold furniture. It is separated from the formal dining room by an elaborate metal furnishing.

There is a grand entry foyer.

Even the kitchen has the Versace theme.

Another room has a zebra patterned ceiling and even more unique ornaments.

Even the kitchen continues the styling theme – the layered ceiling is painted gold and a large chandelier hangs over the breakfast bar.

Selling agent Paul Cutcliffe of Cutcliffe Properties said the house was turning heads after recently coming to market.

“We haven’t opened it for inspection yet but there has already been an unusual amount of inquiry,” Mr Cutcliffe said.

“It’s definitely caught people’s attention. I think what’s captured people is the colour scheme … I can’t recall ever selling a house anything like this before.”

The home has been attracting plenty of interest.

Mr Cutcliffe said the vendor had very particular tastes and a strong interest in style.

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The ornaments and general look of the interior had a strong Versace-inspired theme, he added.

“It’s an incredibly stylish house. For a suburban house, it has grand proportions that make it stand out.”

Other highlights include the master suite with a walk-in wardrobe. There is also a saltwater pool and well-maintained gardens.

The price guide is $2.1m-$2.6m.

The hot pink exterior makes it stand out in the Castle Hill suburbia.

Castle Hill has remained a relatively strong seller’s market during the COVID-19 pandemic. A four-bedroom house on Lygon Place sold for $2.15m in the first week of September, while a house on Lemonwood Place sold for $1.625m earlier this week.

The post Versace themed house painted hot pink offers ultimate property porn appeared first on realestate.com.au.

No. 1/33 Benelong Crescent, Bellevue Hill, sold for “a tad under $4.5m”, down from the $5.5m price guide of a year ago.

Art dealer Denis Savill has been on a spending spree during COVID-19, snapping up a luxury Sydney apartment at a $1m discount and a Port Douglas escape sight unseen for $420k.

“I’ve lived through Keating’s banana republic and the massive stockmarket crash of ‘87,” says the doyen, who is just weeks away from his 80th birthday.

“I’ve been through these highs and lows — in the good times I pretend I’m a squirrel and put a few nuts away, but now I’m out spending … I decided to let fly in late August and September.”

He’s also splashed $200k on 27 items from the estate of his art collector friend John Schaeffer and artworks including an Arthur Boyd titled ‘Four times a day’, purchased privately from Victoria.

“It has increased in value by 900 per cent since I first owned it,” Savill said.

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No. 1/33 Benelong Crescent, Bellevue Hill, is the home of artist Sara Cusack Cox.

It has been renovated in a French Provincial style and has 467 sqm on title.

Some of the beautiful art is now lining the walls of a two-bedroom Paddington apartment, up for auction next Thursday via Craig Pontey and Violet Farebrother of Ray White Double Bay which has a guide of just under $2m.

“I bought it for my daughter and she no longer needs it, so I’m going to use the money to buy a bigger place in Paddington for my kids,” Savill said.

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The Bellevue Hill apartment was the Benelong Crescent apartment of artist Sara Cusack Cox, first listed last spring with a $5.5m guide with Brad Pillinger of Pillinger.

Sources other than Pillinger and Savill recently tipped off the Wentworth Courier of the sale price — “a tad under $4.5m” — and its famous purchaser.

No. 9/24-28 Gordon St, Paddington is up for auction next Thursday.

It has a terrace with views over the district.

The four-bedroom, four-bathroom home has been renovated in a French Provincial style and has 467 sqm on title.

“It’s virtually a house,” Pillinger told the Wentworth Courier last year. “Perfect for downsizers who want a bit of space but also families.”

There are sunny terraces and Juliet balconies with views over Bellevue Hill to the harbour from the upper level; private lift access and double garaging.

The garden has a mosiac-tiled pool. Cox had bought it for $3.09 million in 2013.

It’s understood Cox has entered into a leaseback arrangement for the Benelong Crescent residence with Savill while she builds in Drumalbyn Road.

That will suit Savill, who resides, with wife Anne Clarke, who he met on a plane a decade ago, in a Stephen Gergely-designed Bellevue Hill residence purchased for $6.6m in Foster Avenue, Bellevue Hill in 2015.

Denis Savill and his partner Anne Clarke have bought a Port Douglas unit for $420k.

Savill says his one-bedroom apartment is on the top floor and “the premier unit in the building”.

That property, bought via Michael Pallier of Sotheby’s, has solid security and three levels of floor space for his new Boyd along with his Charles Blackman and Jeffrey Smart pieces.

Savill, who was an agent and auctioneer with LJ Hooker Double Bay for many years ahead of his purchase of the Gordon Marsh Gallery in Double Bay, Sydney in 1981, rebranding to Savill Galleries in 1984 and move to 156 Hargrave Street, Paddington, in 1987, said his Port Douglas buy a month ago was “a bit of fun”.

The fact he couldn’t get up to inspect it first wasn’t an issue: “Half the paintings I’ve bought in the past year have been sight-unseen,” he said.

“I’ve been in the building many times and I’ve got a very good lawyer in Port Douglas, who’s checked through the paperwork.”

Tailor Patrick Johnson and his interior designer wife, Tamsin, bought Kendall Lodge in Darling Point for more than $10m.

And with Australia’s wealthy unable to head Europe for their holidays, he thinks he’s on a winner.

“I’m on the top floor facing directly onto the beach … Jack Thompson and Barry Humphries have resided here, it’s the premier unit in the building!” he said.

“I believe Port Douglas is the Riviera of the north — we can’t go to France or Monte Carlo, when Gladys realises we aren’t all dying of COVID … Melbourne’s still a bit dusty but coming out of it … everyone’s going to be thinking they should be up there.

“I’m putting Port Douglas on the map.

“A lot of Australians will find with COVID that for the next couple of years they’ll have to go on holiday internally … Port Douglas is easy and a lot of Victorians had already crept up there and were in residence ahead of the shutdown!”

It will be interesting to see what Tamsin does with the famous Florence Broadhurst wallpaper.

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With the art work, like the prestige houses market, firing during COVID-19, Savill said he felt fortunate to have seen the opportunities that exist.

“The art market has soared in the past 12 weeks — there’s a very small supply and it’s the same with property,” he said.

Many others, too, have capitalised on the opportunities that exist. James Hannan, chief operating officer of printing firm Ovato and son of Michael Hannan who previously owned the Wentworth Courier, has bought a $9m home in Bellevue Hill, upgrading from the Double Bay apartment he sold for close to $4.4m in Double Bay.

Only two years ago, one of the owners of the house, Christina Sachs Phillips, director of neoprene bag line Cub + Scout and wife of property investor William Phillips, had described it as her “forever home” in newspaper reports.

Also tailor Patrick Johnson and interior designer Tamsin Johnson returned to their former Darling Point neighbourhood after selling their Tamarama home recently for $5.65m and buying Kendall Lodge for more than $10m, down from the $12m asking price in March.

It will be interesting to see what Tamsin does with the Florence Broadhurst wallpaper.

The post Art dealer Denis Savill’s COVID-19 spending spree in Bellevue Hill and Port Douglas appeared first on realestate.com.au.

Jeanette Large is a happy Coburg resident.

Jeanette Large is the founder of Property Initiatives Real Estate, a social-enterprise real estate agency aiming to direct its profits into long-term, high-quality housing for women and children facing homelessness.

Where do you live?

In Coburg North, in a small weatherboard home, with my husband and two adult children. We bought this house in 1977.

What property do you own?

Just this home.

What do you love most about your home?

It’s in a great location: close to public transport, shops, schools, childcare — all the important things. It’s large enough for entertaining and holds many pleasant memories of my children’s milestones.

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Have you changed anything?

We did a major addition in the late ’80s to provide more living and bedroom space, as the original house was built after WWI and tiny.

One more thing you’d change?

I would have a larger common bathroom. The bathroom we built in the addition was very small — ideal when we had small children. The only full-sized bath is in our ensuite. We’d prefer if the adult children could have their own bath.

Most memorable home you’ve lived in?

The home I grew up in: a beautiful old weatherboard home in Essendon with lots of backyard space, trees to climb, a very loving family, friends close by, great neighbours, and grandma and grandpa down the street — I was very lucky.

Your first foot on the property ladder?

The house I live in. I wouldn’t say I am on the property ladder. I work in the community sector and my husband worked in education, and we both took time out of the workforce to care for children while working part time. This never gave us much opportunity to climb the property ladder, but we’re very lucky to own our own home.

The highlights of your property journey?

I have been really fortunate to have a secure and comfortable home to live in and raise my family in. In the current climate, many are not so lucky.

The lowlights?

It was really tough when mortgage interest rates were about 17 per cent.

Best property advice you’ve heard?

We need the government to invest in social housing as a priority and encourage large players, such as superannuation funds, to invest in affordable housing. The housing market is failing people because property is being used to build wealth rather than considered a human right. During this crisis, we are being urged to stay home. You can’t stay home if you haven’t got one.

Worst property advice you’ve heard?

“The homeless only need crisis housing.” We also need investment in long-term, affordable housing so those in crisis housing can move out and on with their lives, allowing the most vulnerable to be helped.

Tips for homebuyers?

Consider other options. Most other countries have good-quality, affordable, long-term rental housing that can be a home for life. We could be pushing for these options rather than continuing to pursue the homeownership model.

Future property plans?

The next step will be to downsize and live in an apartment that’s easier to maintain.

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The post Jeanette Large: ‘The housing market is failing people’ appeared first on realestate.com.au.

Australia’s property markets may have been running at different speeds due to coronavirus lockdowns and border closures this year, but latest demand data shows some areas have stronger interest from renters than others, particularly the virus-hit Victorian capital.

New realestate.com.au data has revealed the most popular suburbs for renters across Australia for the 12 months to August 2020, with Melbourne locations dominating the top 10 for both houses and units.

• Use the interactive below to discover how well your suburb has performed over the past 12 months 

Affluent South Yarra, Toorak and Hawthorn in Melbourne’s inner east were the top three locations for rental houses, while Stirling in the Adelaide Hills came in fourth – the only non-Victorian suburb to make the cut.

The data is based on high-intent renter activity per listing on realestate.com.au for the 12 months to August 2020, which refers to activity such as multiple views of a listing and enquiries – essentially, searchers who are actively seeking a rental rather than browsing.

Lachlan Fox from RT Edgar Toorak said while there isn’t a lot of renting going on in Melbourne during stage four restrictions, the interest in premium inner east suburbs showed their resilient appeal as aspirational addresses.

“One of the biggest reasons why people are moving into these areas recently is they are more affordable. Since the market has taken a bit of a hit, people in outer suburbs can now afford to live more inner city for the same type of rent,” Mr Fox said.

South Yarra is the most in-demand suburb for rental houses, new data shows. Picture: realestate.com.au

The inner northern suburbs of Collingwood and Northcote were fifth and sixth, followed by beachside St Kilda, inner city Richmond, Essendon in the north, and leafy Upwey in the Yarra Ranges.

Cameron Kusher, realestate.com.au’s executive manager of economic research, said the time period measured gave an insight into rental movements in the pre-COVID market, but said there could be different results in the near future.

“This data is measured over the past year and highlights that Melbourne is very much an in-demand rental location in usual times, particularly from recent migrants and overseas students… but it is yet to really show the impact of closed borders,” Mr Kusher said.

“I would expect in 6-12 months’ time, the Melbourne results will be much weaker. Before COVID, we were continuing to see strong migration patterns to Melbourne and the suburbs that are highly sought-after for people to own a home in are equally appealing to renters.”

For units, the top 10 suburbs were solely in Melbourne with the eastern suburb of Chadstone topping the list, followed by the inner northern hotspot of Thornbury and blue-chip East Melbourne.

Bayside suburbs were also popular for unit seekers, including Hampton East, Mordialloc and Parkdale. Inner city locations were also high on the list, including Northcote, Brunswick West and Fitzroy North.

Clarinda in the Melbourne’s south took sixth position, likely influenced by its proximity to the nearby Monash University Clayton campus.

Units in Chadstone in Melbourne’s east are in high demand for renters. Picture: realestate.com.au

Mr Kusher said the cross-section of locations across Melbourne reflected the diverse nature of renters.

“The areas listed here are typically further away from the city centre and I think it highlights what we often forget – that renting isn’t just an inner city phenomenon,” he said.

“Plenty of people who don’t work or study in the inner city rent, and they are much more focused on being close to their place of work.

“There was already a proportion of people that found the outer suburbs, with their additional space, appealing and if anything that will grow from here.

“I think it comes more down to price-point in the unit market and it seems that people are interested in more affordable markets close to the city.” 

Where renters are seeking homes across the capital cities

In New South Wales, the top three rental suburbs for houses were Abbotsbury in Greater Western Sydney, Wamberal on the Central Coast, and Newport on the Northern Beaches.

Premium waterside suburbs were high on the list for units, with north shore enclave Kirribilli at number one, followed by Freshwater on the Northern Beaches and the harbourside enclave of Point Piper.

Kirribilli was the most sought-after rental suburb for units in Sydney. Picture: Getty

Mr Kusher said many renters are thinking about lifestyle and affordability when looking for a new home.

“Wamberal and Newport are much more lifestyle type markets whereas Abbotsbury is an outer more affordable market. We tend to think of rental demand being strongest in inner city areas but not everyone works in the city centre and wants to be close to it,” Mr Kusher said.

“People are perhaps thinking of buying in some of these lifestyle markets so are trying renting before buying. Meanwhile, Abbotsbury is close to employment hubs in Western Sydney,” he added. 

Coorparoo, Paddington and Windsor had the highest demand for rental houses in Brisbane, while tenants looked for units in Paddington, Red Hill and Camp Hill.

These suburbs are in Brisbane’s popular inner ring, offering a range of stock, including charming Queenslander cottages, new apartments and family homes with backyards – all within easy distance of urban amenities and green space.

“To purchase in these suburbs is generally quite expensive but they are all close to the city centre and abundant local amenity. This is ultimately the reason why demand in these markets is so strong,” Mr Kusher said. 

Canberra renters flocked to Yarralumla, Red Hill and Evatt for houses, and Casey, Lawson and Yarralumla for units.

Adelaide renters most wanted houses in Stirling, Unley and Parkside, and units in Norwood, Henley Beach and Kensington Gardens.

Paddington in Brisbane was popular with renters for both houses and units. Picture: realestate.com.au

Rental houses in Perth centred mainly on East Fremantle, Shenton Park and Wembley, with Shenton Park, North Perth and Cottesloe topping the unit rental search.

In Hobart, houses were most popular for renters in Battery Point, Sandy Bay and South Hobart, and units were in demand in New Town, Sandy Bay and Howrah.

Suburbs with highest growth in demand year-on-year

Looking at year-on-year growth in demand for rental suburbs across Australia, the list is vastly different – predominantly comprised of outer suburbs in Sydney, inner Canberra and pockets of Adelaide and Perth.

With a massive 288.3% rise in demand year-on-year, Austral in Sydney’s outer west saw the highest growth compared to August 2019.

Local agent Joe Karafistan, director of Camden Property Agents, said the area has become popular for renters seeking brand-new homes close to established hubs.

“Austral is still really close to Liverpool and West Hoxton, which are older areas now, and people are upgrading and want a newer home. The whole area was just rezoned so there’s hundreds of new homes,” Mr Karafistan said.

Austral in Sydney’s outer west experienced the highest growth in demand for the year. Picture: realestate.com.au

“It’s that little bit cheaper to move south or west and they get a brand new house. It’s near the new Lavington train station, and that’s what West Hoxton doesn’t have, a train line.”

The second-highest increase for houses was in Page, in the Belconnen district of Canberra, at 182%. It’s a well-established suburban area with a mix of affordable rental options and a median rent of $495.

Burnside, a young suburb in Melbourne’s outer west, came in third with 171% growth in demand. A number of developing land estates provide new family houses with an affordable median rent of $420.

The highest increase in demand for rental units was in Albany Creek, about 18km north of Brisbane, with a massive 320.1% lift.

This was followed by lifestyle suburb Rouse Hill at number two, in Sydney’s Hills District, with a rise in demand of 284%; and established Perth Hills hotspot Kalamunda at 209%.

What’s on the cards for the rental market in the next 12 months?

Mr Kusher said there will likely be some large reductions in rental prices over the next year, particularly for inner-city units in Sydney and Melbourne where the sources of demand have dried up due to coronavirus job losses.

“Houses overall are likely to hold up better in this environment as people will value having more space [post-COVID-19 lockdown]. Renters are likely to still be attracted to the inner city but it may be more tilted towards houses as opposed to units.

“There will likely be more renters looking at suburbs further away from the city, or even regional areas, given more people will have adapted to the work-from-home lifestyle with less need to be in a city office.”

Demand defined as high intent renter activity per listing for the past 12 months up to August 2020. Capital city defined by ABS’ Greater Capital City Statistical Areas. Suburbs with less than 30 listings were excluded.

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