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A Box Hill vendor has put their faith in the auction process drumming up competition and been rewarded to the tune of an extra $200,000.

An offer of $2.2m came in for 513 Station Street in the lead up to the property going under the hammer.

Despite the owner having price expectations of $1.8-$1.98m for the site, leased out as a physiotherapy facility, the offer was rejected.

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“Just a few days before the auction we received an offer way above what we were asking,” Buxton Box Hill director Jim Chen said.

“But we still decided to take it to auction because (we thought) there may be some surprise on the day.”

And the decision to hold firm netted the buyer an extra $201,000, as four groups pushed the property to a sale price of $2.401 million.

A whopping 17 groups placed offers ahead of the auction, Mr Chen said.

The huge level of interest forced the agency to actively turn buyers away from the virtual auction.

“We tried to get people to put in their best offer and we picked the top buyers to join the auction,” he said.

“We were just targeting anything over $2m, but we found the interest was over that (level).”

All bidding was done by investors at the site, which has a lease for the next four years earning annual returns of $67,000.

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jack.boronovskis@news.com.au

@jackboronovskis

The post Why a Box Hill vendor turned down offer $200k above reserve appeared first on realestate.com.au.

The extension to Australia’s JobKeeper program will do more to protect housing prices and industries than the federal government’s HomeBuilder scheme, experts have claimed.

Prime Minister Scott Morrison announced Tuesday that the employment support program would be expanded into 2021, though payments will reduce from $1500 a fortnight at present to $1200 this year and $1000 next year.

At a digital event hosted by the Urban Development Institute of Australia’s Victorian chapter, ANZ economist Daniel Gradwell said the government support would stop the property market “falling off a cliff”.

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“That nine-month certainty will go a long way,” Mr Gradwell said.

“It’s a lot more broad based.”

ANZ figures to date show falls have been around 1-1.5 per cent a month.

“That’s a long way from the massive collapse that some of the doomsday peppers are expecting,” he said.

Real Estate Institute of Australia president Adrian Kelly said Wednesday that the extension was a “much needed lifeline” for the industry, with many real estate professionals now relying on it to keep their job.

“(And) many of these employees have been engaged in providing the essential service of keeping tenants housed during the pandemic,” Mr Kelly said.

RPM Real Estate data shows land sales across Victoria topped 2000 last month, a level not seen since the 2017 boom.

Firm director Luke Kelly said he expected a similar figure in July, but that the numbers would taper in August when most of the titled land eligible for the $25,000 HomeBuilder grants would have been sold.

The grants are available for those building or renovating a home for more than $150,000 and less than $750,000 that commences construction between June 4 and December 31. It is also subject to income restrictions.

However Mr Gradwell said it appeared to have mostly brought forward plans of existing buyers potentially leaving a gap next year and leaving him with “real concerns about what might happen” to that part of the market if the scheme was not extended past December.

UDIA Victorian chief executive Danni Hunter agreed the JobKeeper extension had the capacity to benefit the wider property market, including off-the-plan townhouses and apartments, which had seen little benefit from HomeBuilder.

It would also build confidence among prospective buyers who would now be more certain they would still be employed in nine months time, Ms Hunter said.

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“You might get the $25,000 at the front to make you more open to buying something, but if you don’t have the employment then you are not going to be able to,” she said.

“And hopefully it gets us to the point where our international borders are opened.”

However, Mr Gradwell warned banks would still foreclose on some homeowners.

“I think we will (still) see prices falling by the end of the year, just because uncertainty is going to be very high and no amount of support is going to see government absorbing mortgages for people indefinitely,” he said.

“We are going to see some forced sales.”

Those on JobKeeper payments but doing zero hours of work might find themselves struggling to get a mortgage approved, he added.

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The post Australian housing: How JobKeeper can help stop property ‘falling off a cliff’ appeared first on realestate.com.au.

The COVID-19 pandemic is shaping up as one of the greatest challenges the world has ever faced.

But some well-heeled residents of Sydney’s east are emerging as winners, at least when it comes to their property dealings.

Among those to have sold amid the acute shortage of grand mansions for sale in Sydney’s east is the businessman and one time owner of the bedding chain Sleeping Giant, Fred Bart.

He sold his six-bedroom Art Deco mansion — with pool and tennis court — in V
ictoria Rd, Bellevue Hill, for “well over” $21 million last week, sources said.

And other sources this morning have confirmed to the Wentworth Courier that the buyer was property developer Willi Phillips.

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When contacted this morning, the listing agent, LJ Hooker Double Bay supremo Bill Malouf, gave a firm “no comment“ in regards to either the sale or the purchaser.

In an earlier conversation — for the relaunch issue of the Wentworth Courier which hits the streets of Sydney’s eastern suburbs today — Malouf said: “Both ends of the market seem to be working very well, with some good sales in the $1m, $2m and $3m range and even at the top level.

“I still believe the market will hold because there’s no stock out there and not much coming.”

Malouf is already back in big listings mode, launching the Point Piper penthouse-style home of former lord mayor Nelson Meers and his wife, Carole, with a guide in the “high teen” [millions].

Meanwhile, Pillinger principal Brad Pillinger, who achieved the highest deal of the pandemic when he sold a $30m property in June, said: “The top end of the market is extremely strong.”

More affordable standout homes are also doing extremely well, as shown by an original gem in Bondi Junction attracting 20 registered bidders and selling for $3,125,000 — $625,000 above reserve — at a hotly contested auction last Wednesday.

The four-bedroom, two-bathroom circa 1910 Federation Queen Anne-style home on a 405 sqm block at 2 Birrell St had been the home of the late Mavis and Les Coutinho for 50 years.

“It went through the roof,” said Raine and Horne Bondi Beach’s Hannan Bouskila.

The improving market is great news for White City Tennis Courts manager and coach Steve Loeffler and his wife, Lucy, who with their second child on the way, have their three-bedroom semi at 20 Gould Street North Bondi for auction with a $2.3m guide this Saturday with Ray White Unlimited’s Ron Bauer.

“Our daughter, Olivia, is one and a half and tearing around so we need more space,” Loeffler said.

There have been many other winners, too. Superstar radio host, Jackie O, sold her beautiful Cambridge Ave Vaucluse home for an impressive $6,675,000 on March 27 — well above the $6.5m Ray White TRG principal Gavin Rubinstein had been quoting.

And she bought an incredible Nick Tobias-designed home in Edward Street, Woollahra, for $11 million on June 22. The Agency’s Ben Collier had it on the market for just three days.

Last Friday, Jackie O appeared in a promo video for Ray White TRG, confirming Rubinstein acted as her buyer’s agent and that he helped her find “the house” adding “we got it done like that!”.

Other top agents have been achieving some big sales weeks in recent times.

Ray White TRG duo Oliver Lavers and Rubinstein have had close to $20m worth of sales during the past week.

The Agency’s Collier, too, had some big wins — including smashing the Surry Hills price record when Atlassian’s Nick Menere and his partner, Carli Dixon, paid $11.5m in Albion St in May.

Ray White Double Bay’s Warren Ginsberg and his team have also been smashing it, selling $21.3m worth of property in Vaucluse alone over the past two weeks, including Westpac’s global funding chief Alexander Bischoff and his wife, Leah, selling their ‘contemporary masterpiece’ for about $8 million and buying a ‘renovator’s delight’ with harbour views for about $6m nearby — all on the same day.

The post Sydney’s well-heeled riding high with buyer of Fred Bart’s $21m mansion revealed appeared first on realestate.com.au.

If you’re working from home due to the health pandemic, you know the benefit of separating your home life from your work life. 

For those living in houses where it feels like the walls are caving in with too many people living on top of each other, perhaps a backyard study pod is a great solution.

Norwegian company Livit specialises in creating stylish, minimalist, prefabricated micro buildings and have come up with the StudyPod for those that need an extra bit of space, without having to do a full-scale renovation on their house.

For around $20,000, the study pods offer a chic black space with internal dimensions of 2×1.8m, which will fit a home study setup, king-sized bed, yoga space or an extra playroom for the kids.

The pod is fitted with black tinted glass so once inside you can see out, but know you have complete privacy.

It’s delivered to lucky European residents (sadly not yet for Australians) ready to go with or without a detachable desk so the new owners can get straight to work.

Designer, Torstein Aa, said in a press release that the goal at Livit is to create amazing experiences for people.

“The Studypod is something we think can truly add value to people’s everyday lives, by giving them breathing space without distractions, where they can focus and get close to nature,” Mr Aa said.

The post A tiny backyard black box that could be key to iso life appeared first on realestate.com.au.

A MAJOR Cairns tourism company has sold a large industrial tourism site to a local investor.

The Experience Co building on 52-54 Fearnley St Portsmith has been sold by Rob Macfarlane of Knight Frank for a lease back agreement of under $2m.

He sold the property to a discreet local investor, who didn’t wish to be identified.

The property occupies a land area of just over an acre with frontage to Fearnley Street of 40m.

Mr Macfarlane said Experience Co, who purchased the building when they bought out Raging Thunder, had decided the large industrial property wasn’t suitable for their needs.

“They run Raging Thunder as well as a number of other tourism businesses and the property was a little out of the way for them,” he said.

“It had been up for sale for six months, though it hadn’t been actively on the market.

“Experience Co got the property when they bought out Raging Thunder, so they were happy to give the lease back and be a tenant.

“The buyers have been in Cairns a long time, and are certainly happy with the property.”

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Experience Co will remain as the building’s tenants until the end of a 12-month contract, after which a new tenant will move in.

Mr Macfarlane said the property had a number of key features to allow for diversification for future multiple tenants, such as over 600sq m of fitted out office space over two levels which connect to the high clearance warehouse directly behind, and a further 250sq m of low clearance warehouse, partly running along the side of the property.

The balance of the land is made up of hardstand and parking together with a freestanding, approved commercial kitchen facility located at the rear of the property.

The property provides exposure and presence to Fearnley Street and is only a five-minute drive to Cairns CBD, making the property a solid long-term investment in the tightly held industrial precinct of Portsmith.

For information on commercial investments phone Rob Macfarlane of Knight Frank Cairns on 0409 636 943 or 4046 5330.

The post Experience Co sells Raging Thunder under leaseback to discreet local investor appeared first on realestate.com.au.

What started out as a hobby, has since become a flourishing career for content creator Natasha Seager.

The 46-year-old started her Instagram account @natashainthecity about three years ago, which has since become a popular platform for sharing local brands and services.

“I fell into it after enjoying this type of photography as a hobby,” Natasha says.

“I’ve always loved being creative, so turning it into a job was a dream come true; as well as being able to support and showcase other businesses while styling their products.”

When she’s not creating or managing other social media accounts, Natasha loves spending time with her family in their gorgeous home.

“We are often ships in the night, so being able to have dinner together is a treat,” she says.

“I love the location of our home, being so close to the city and a lovely area to walk around. I also love our kitchen and living area, which is the heart of the home.”

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AGE

46

WORK LIFE

My work life has varied over the years from hospitality to ground staff with Qantas at Adelaide Airport, merchandising, retail and currently part time at Elm Paper stationery design studio and part time working for myself running my social media business through my Instagram @natashainthecity.

CAREER HIGHLIGHTS/BEST KNOWN FOR

My dream was to work in the travel industry which I did and loved for 13 years. I also took a leap to work for myself which was scary to start with but I’ve never looked back.

I’VE LIVED IN MY HOME FOR …

13 years.

MY HOME IS A …

1960s brick home that has been rendered.

I LIVE WITH …

My husband Col, our son Isaac, 15, our daughter Ava, 11, and our three-year-old rescue cat Tilly.

I LOVE MY HOME BECAUSE …

It’s homely and comfortable and where I love being with my family. I also love our location.

BUT I STILL NEED TO …

Repaint the inside!

MY DECORATING STYLE IS …

Homely, comfortable and simple.

I COLLECT …

Spoons and tea cups.

FAVOURITE PART OF YOUR HOME

Our kitchen/living area. It’s the heart of our home and is light and bright for most of the day.

HOME FAVOURITES

● My book shelf

● Photos of my family and our travels, so
many special memories, I love looking through them

● Our portable pizza oven – my husband cooks them for us once a week

IN MY GARDEN I HAVE …

Lots of greenery and hardy plants that I can’t kill and we have an original Hill’s Hoist.

WHEN I GET HOME AT NIGHT …

Each night is different depending on what activities the kids have on. After dinner I love to relax and catch up on TV shows/Netflix and also scrolling my Instagram feed!

AT WEEKENDS I LIKE TO …

Spend time with my family and friends, eat out and go for walks.

MY FIRST CAR WAS …

A Fiat 500.

I LIKE TO LISTEN TO …

My taste in music is quite eclectic but I listen to Fresh FM a lot and love Windback Wednesday listening to songs from my younger years!

AT THE MOMENT I AM READING …

Such a Fun Age by Kiley Reid.

FAVOURITE FILM

Love Actually.

CLEAN FREAK OR MESSY BESSIE?

I’m very neat and tidy which can be a full time job some days!

ON MY WISH LIST IS …

A photo studio at home where I can set up and not have to pack up everyday and where my props have a proper home!

WHEN I’M HOME I LIKE TO COOK …

I love baking – I have a favourite banana bread, choc chip cookie and brownie recipe that I make often!

FAVOURITE DRINK?

Tea, iced latte, champagne – but not all at once.

WHEN I WAS A CHILD I WANTED TO BE …

An interior designer.

FAVOURITE CHILDHOOD MEMORY

Going on holidays with my mum and dad, we always had so much fun together and created great memories.

FAVOURITE SA HOLIDAY SPOT OR ACTIVITY

Normanville.

MY NEIGHBOURS ARE …

The absolute best and some of my dearest friends. Our kids have grown up together and we’ve shared many fun times together, I live in a great street.

IF I COULD AFFORD IT I WOULD LIVE …

In the same neighbourhood. I grew up in the same neighbourhood as where I live now and couldn’t imagine living anywhere else.

HOME MEANS …

Family. It’s my happy place, my sanctuary and where I feel the most comfortable and at ease.

The post At home with content creator Natasha Seager appeared first on realestate.com.au.

Confidence in some sectors of the real estate market have taken a hit due to the recent setbacks in the fight against coronavirus – but there are promising signs for safe navigation through more economic turbulence.

The Federal Treasurer Josh Frydenberg prepares to hand down his ‘mini’ Budget for 2020-21 on Thursday, with the national economy again under siege due to the resurgence of COVID-19 in Australia’s two major cities Sydney and Melbourne.

Thus far property prices across the country have remained relatively stable during the pandemic, in stark contrast to the doomsday scenarios of a 30 per cent crash.

The stock market has reacted positively to news a vaccine could be available by the end of the year and the extension of the JobKeeper and JobSeeker programs beyond September have avoided fears of fiscal cliff.

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This will ensure more of a soft landing when government support programs do come to an end.

That timeline means that the real estate market should be able to enter the beginning of 2021 with buyers and sellers having a better idea of what lies ahead,

“The budget will be critical in supporting the incomes, well-being and confidence of Aussies adversely impacted by pandemic shutdowns,” chief economist at CommSec Craig James said.

Widespread mortgage stress unlikely

Due to record low interest rates and banks putting mortgage repayments on hold, there is unlikely to be a large-scale sell off of property by financially challenged owners, both residential and commercial.

In the shorter term as least, also with the propping up of household incomes by the government, owners who might be in a difficult position can sit on their hands, wait and hope for calmer weather.

Tax breaks cut through trouble

By some predictions, 10 per cent of small and medium business could go under due to the second spike in coronavirus infections that have been greeted by lockdown in Melbourne, fear in Sydney and concern in the rest of the country.

If that proves to be correct, it could result in a slump in the commercial property sector, that would hit some owners and investors hard. However further government stimulus packages, such as HomeBuilder, could alleviate this and enable the real estate sector and others to bounce back as the economy picks up pace.

The government has mooted bringing forward tax cuts it was due to introduce in 2022, which would also give more people money to spend and stimulate greater economic activity.

Home bargains might be hard to find

The near record lack of real estate stock coming up for sale is another factor that will likely ensure home prices don’t crash.

Over the last quarter, prices across our combined capitals cities fell by just 1.1 per cent, despite record levels of unemployment and the economy slipping into recession for the first time in three decades. In regional home prices they grew by 0.3 per cent over the same period.

Due to the health situation, spring may not witness a return to renewed economic activity and a spike in real estate transactions. However it also won’t likely witness many bargain buys for savvy sellers.

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Investors have retreated from the market but their places have been filled by first home buyers whose bottom lines have been boosted by stimulus packages such as the First Home Loan Deposit Scheme and encouraged by record low interest rates set to remain in place for years.

Seachangers and treechangers whose outlook on life has been re-set by the COVID-19 pandemic have boosted demand in regional markets.

“We are selling whatever we are getting,” First National CEO Ray Ellis said.

“In regional Victoria and outer Melbourne we have been recording some of our best results ever and I can repeat that story around Australia. It’s not boom times everywhere some inner suburbs of Sydney are doing it a bit tough. But it’s not doom and gloom either.”

In the short and medium term, the excess of supply of apartments is likely to be off set by the lack of new builds, again pushing the balance of property sales into the hands of the vendors and significantly reducing the chances of a slump in home prices.

The post ‘Mini’ Federal Budget should provide more hope for the real estate industry appeared first on realestate.com.au.

Nicole Kidman and Keith Urban have added a Manhattan pad to their international real estate collection.

The actor and country music singer’s main residence is their Nashville mansion, but the celebrity couple also has homes in Los Angeles and in Sydney.

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Now they decided to add another home to their portfolio, with the purchase of a two-bedroom apartment at 108 Leonard St. for around $AU 5 million ($US3.5 million), the NY Post reports.

But the couple won’t be able to make themselves at home just yet, after recently touching back down in Austrlia, with Kidman reportedly set to begin filming a new mini-series ‘Nine Perfect Strangers’.

“I am thrilled we are able to make Nine Perfect Strangers in Australia,” Kidman earlier told The Sunday Telegraph.

“It is a great opportunity for me to give back to the community that nurtured me through so much of my career.”

Their new NY home in the landmarked McKim, Mead & White building in Tribeca — which once held the grand headquarters of the New York Life Insurance Company but was converted to condos in 2018 — spans the entire block between well-known Manhattan streets – Lafayette and Broadway.

The sprawling building is so large that it has three separate entrances.

“That’s one reason why she liked it — and there’s a garage she could drive her car into,” a source said.

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The ability to enter discreetly is also what Kidman prized in her last paparazzi-proof Manhattan pad, which boasted a “sky garage” that allowed residents to park their vehicles by their apartments instead of in the basement.

Other amenities at 108 Leonard include an expansive indoor pool area, a hot tub, a gym and a media room.

The Aussie power couple have spent over $25 million on property in the past decade.

After getting married in 2006, Kidman and Urban are reportedly now worth more than $282 million.

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Parts of this article originally appeared in the NYPost and was repurposed with permission.

The post Nicole Kidman and Keith Urban drop $5 million on new Manhattan pad appeared first on realestate.com.au.

A GEELONG real estate agent has sounded a warning over public auctions conducted on the city’s streets where organisers have no way to control crowds during coronavirus restrictions.

It comes as locked down Melbourne buyers were turned away from Geelong open homes at the weekend and three agents were forced into isolation after coming into contact with a COVID-19 case at inspections.

Auction crowds are limited to 20 people in Geelong under current restrictions but Buxton director Ben Riddle said there was confusion about the rules.

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Mr Riddle said there was no way to control the number of attendees if public auctions were held out the front of properties.

“It’s frustrating to see 60, 70 or 80 people gathered at an auction, you can’t control that environment,” he said.

“We’re not doing public auctions at the front of the house where you can’t control the attendees.”

His company has moved towards restricted auctions, with only registered bidders allowed to attend in confined outdoor spaces like a backyard.

Mr Riddle said some Melbourne buyers also defied bans to try and attend open homes on the weekend.

Under the current rules people living in restricted areas can only inspect properties in regions like Geelong by private appointment.

Agents must also limit the number of people inspecting open homes to 20 at any one time.

“We turned away three Melbourne people at open homes on the weekend because we ask for ID,” Mr Riddle said.

“These were people that turned up and we basically had to say to them ‘you can’t come in the home’ but these people are allowed to turn up to the front of a house at the auction.”

Regional real estate agents have previously raised concerns some Melbourne buyers could be using property inspections as an excuse to escape lockdown.

McGrath, Geelong director Jim Cross said public safety was the agency’s highest priority.

“We are strictly adhering to all current COVID guidelines,” Mr Cross said.

“We’ve found that most people who are visiting homes are very respectful and they are expecting to see the rules adhered to.”

Maxwell Collins, Geelong director Nick Lord said his agency now required people to register to attend its auctions.

The number of Geelong properties being auctioned has increased in recent weeks, with 12 scheduled to go under the hammer this Saturday.

Several have sold to Melbourne buyers, who were able to bid remotely or employ an agent to bid on their behalf.

The Real Estate Institute of Victoria has confirmed buyers are still able move home during lockdown, even if it involves travelling to a different region.

The post Coronavirus: Warning over crowd control confusion at Geelong auctions appeared first on realestate.com.au.

A rare chance to “own the sand” at your own private beach is part of the one-of-a-kind offering at this Mornington Peninsula retreat.

The beach is on title at 2 Mentor Road, Balnarring Beach, which has come up for sale for the first time in generations.

With a slice of private waterfront paradise as part of the package, the property has a hefty $4.5-$5m price guide.

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McEwing and Partners director Dean Phillips said 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.”

He said the modern four-bedroom house was in a “magical location”, set in an exclusive street shared by just three other tightly held houses.

“All the houses have been held by families for generations … some have been passed down for up to 80 years,” he said.

“This property was built about 10 years ago by a high-end peninsula builder and his fabulous stylist wife. The property had been in the family for a very long time.”

Renovations have added high-quality finishes, including a new kitchen with stone waterfall benchtops, a DeLonghi gas stove and coastal pendant light shades. It’s connected to a north-facing living room with a fireplace, and a theatre and games room are upstairs.

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

The holiday haven is complete with four huge bedrooms and three luxe bathrooms across two levels.

Mr Phillips said the property was expected to attract plenty of interest from those looking for a “holiday home on the peninsula that’s a little bit different to those in more suburban settings”.

The retreat is for private sale.

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The post Mornington Peninsula private beach for sale with dream home appeared first on realestate.com.au.