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Short, sharp auction campaigns are proving effective on the Gold Coast where a hot market is seeing impatient buyers move on quickly.

A sunny top-floor apartment in a three-storey brick walk-up at 133 Old Burleigh Road, Broadbeach sold for $570,000 under the hammer on Sunday.

The 17-day campaign attracted more than 100 inspections ahead of the onsite auction where 22 bidders registered for a tilt at the beachside abode.

The highest of 33 bids came from a Broadbeach couple with plans to renovate and move into the two-bedroom residence.

9/133 Old Burleigh Road, Broadbeach sold for $570,000 under the hammer.

Professionals – John Henderson agent Luke Henderson, who led the marketing push with Matt Maguire, said the level of pre-auction interest exceeded all expectations.

“We had a lot of young people looking at it, many first home buyers, due to the location being close to all the conveniences of Broadbeach, having a glimpse of the ocean and two car parks,” he said.

Mr Henderson said the traditional one-month auction campaign was trimmed in order to retain buyer interest.

“What we’re finding is that buyers who are ready to go want to buy today,” he said.

“If we do 16-20 days buyers will stick with the property rather than look elsewhere.”

46/173 Old Burleigh Road, Broadbeach fetched $1.777 million at auction this week.

On Tuesday, a Brisbane buyer placed the winning $1.777 million bid on a designer apartment on the 19th floor of residents-only Verve in Broadbeach.

Ray White’s Mark Stafford and Andrew Rouse led the campaign which saw 58 inspections, 218,748 people reached on social media and 2000 REA views.

Over in Miami, five bidders registered for a crack at a coastal-style new build at 103 Chainey Ave which sold for street record of $1.3 million under the hammer last Sunday.

The three-week pre-auction marketing push was led by Brad Payne and Jarrard Lemming of Ray White CG – Broadbeach.

103 Chainey Ave, Miami sets a new street record of $1.3 million at auction.

The Miami sale was among the top three auction results on the Gold Coast last week.

An east-facing four-bedroom home on wide water at 4 Vevey St, Mermaid Waters sold for $1.45 million under the hammer while 302/13-25 Garfield Tce, Surfers Paradise fetched $1.42 million.

Reslestate.com.au recorded the city’s auction clearance rate was 48 percent for the week ending August 25, down 2 percent on last month.

Out of 39 reported auctions, 19 properties sold under the hammer, 19 were passed in and one was withdrawn.

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A DARWIN real estate agent believes recently revealed plans for a $1 billion gas pipeline to be built in the NT will boost confidence in the Top End property market.

Central Petroleum Ltd, the NT’s largest onshore gas producer, last week revealed a proposal to build a 950km pipeline for transporting gas from the Amadeus gas basin to a number of east coast markets — a project that could create hundreds of new jobs.

A memorandum of understanding has recently been signed, with construction expected to begin in 2022 and first gas delivery in 2024.

Raine & Horne Darwin general manager Glenn Grantham said the proposed project would bolster already surging buyer demand for real estate in the Territory.

“This project which will deliver more jobs to Darwin is excellent news, particularly given consumer confidence in this city is already relatively robust after weathering the COVID-19 pandemic,” he said.

Raine & Horne Darwin general manager Glenn Grantham. Picture: Keri Megelus

“The Territory’s low infection rates allowed life in Darwin to return to normal much faster than in other capital cities, and this has translated to real estate market confidence.

“Second and third-time buyers are actively seeking properties priced between $600,000 and $800,000 in premium suburbs and this upgrader demand had driven up prices by as much as 5-10 per cent, since April when COVID-19 lockdowns were enforced.”

Real Estate Institute of the NT chief executive Quentin Kilian said private sector investment was critical to real estate confidence in the NT.

“It is important that we have this economic activity because that is the only thing that’s going to lead to jobs growth, and jobs growth will lead to major activity in the real estate market,” he said.

“If we have these first private sector projects taking that leap of faith to invest in the Territory, then others will follow.”

For more real estate news, see the NT News real estate liftout inside Saturday’s issue of the paper.

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Birkdale House, owned by interior designer Anna Spiro, is on the market.

Birkdale House was not just another design project for Anna Spiro.

Undoubtedly, the interiors of the historic home are a homage to the eclectic, colourful style for which the Brisbane designer has become famous.

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Yet the passion with which Ms Spiro speaks of the property tells me her love of 27 Roger Street goes far deeper than the finishing touches that she has come to put on it over the years.

The pretty pool at 27 Roger Street, Birkdale.

Ms Spiro’s first encounter with the charming 1880s Queenslander was an accidental one when she was in her early twenties and on her way to a client.

“I drove up Roger Street because I had become a bit lost and I saw this house and was like ‘Oh, my God, look at that house, it’s amazing’. It wasn’t for sale and I was really young but even then I thought, that is my dream house.”

The house was built in the 1880s and has wide, wraparound verandas.

Little did she know she would, ten years later, be the owner of that house after a fortunate twist of fate. Ms Spiro was making a return visit to her client, when she decided to drive past Birkdale House once more.

“I couldn’t believe it, the house was for sale. That is when I figured it was meant to be.”

The pairing has been a match made in heaven for Ms Spiro, who professes to have a love of historic homes.

Ms Sprio has added her eclectic touches to the home’s original interiors.

“I think the way they used to build homes hundreds of years ago was extremely beautiful, and the quality of the materials and the timber they used were so solid, I am drawn to that,” she said. “The other wonderful thing about this home is it’s all on one level and from a family
perspective, with the verandas spilling out on to the lawn, there’s nothing quite like living like that,” she said.

Birkdale House is certainly testament to the longevity of a Queenslander.

Admirers of Ms Spiro’s work have the opportunity to purchase the house as it is.

The three-bedroom property and adjacent two-bedroom guest house sits on the same footprint as the original homestead, with a wide veranda wrapping around both like a protective blanket.

Ms Spiro said it was the first home to be built in the area, and sits on a 2000 sqm block. “It was built in the same manor as Whepstead House, the famous old mansion at Wellington Point,” she said.

27 Roger Street, Birkdale, as the original homestead of the area.

“I don’t like changing a house too much. You can learn to live in a home as it is, otherwise you can end up stripping away too much. There’s a loveliness to just embracing what a house is, and this home is just lovely.

‘For instance, the bricks used in the two fireplaces were made by the convicts on St Helena Island [The island in Moreton Bay functioned as a high-security colonial prison from 1867]. It’s pretty incredible stuff.”

A place for contemplation.

Aside from a paint job inside and out and some general tidying up, Ms Spiro said the house was in good condition when she bought it. “The only thing we did was replace the original roof, which blew off in a particularly bad storm,” she said.

Aside from a new roof and a lick of paint, the house is all original.

Regaling the times she has spent at Birkdale with her family, raising her two sons Harry and Max, Ms Spiro’s emotion is palpable.

“This place is like a different world. It’s so peaceful, the birds are amazing. We get the bayside breeze all summer long. The boys have grown up playing football and cricket on the lawn and riding their bikes down the drive. Being here feels like being in another world, in another time, it’s just so special. It’s almost magical.”

Living at Birkdale House is like living in another world, according to Ms Spiro

Despite this, Ms Spiro said the time had come to move on. “I’m really excited about the next chapter in my life and the new projects I have forthcoming, including a new book which will be out next year.

“We all have to embrace change and it’s time to let someone else experience the joy that I have had in this home and go on to create something else.”

Ms Spiro said it will be hard to walk away from Birkdale House and she hopes that it will be bought by someone who loves it as much as she has. “This house evokes a real sense of nostalgia. It has been owned by many people over its lifetime and I’ve often had past owners

The bricks used to build the fireplaces were made by convicts on St Helena Island.

knock on my door wanting to see it again,” she said.

For those who appreciate a historic home and are also fans of Ms Spiro’s designs the sale of Birkdale House could be a dream come true as Ms Spiro said she was open to selling the home as it is, decor included, if someone was interested.

“It would be lovely to walk away from the house knowing someone keeps all the lovely things that I’ve done to it,” she said. “It would be a shame to tear it all apart, but we’ll see. Whatever happens, I hope it goes to someone who loves it. We have to keep our fingers crossed for this old girl. She deserves to be kept intact.”

The house is open to expressions of interest up to 4pm on September 12, through Sarah Hackett of Place, Bulimba.

The post Anna Spiro’s passion for ‘magical’ and historic Birkdale house appeared first on realestate.com.au.

High household debt could impact the economy. Picture: iStock.

COVID-19 has exacerbated the risk that high housing debt presents to the Australian economy. The ratio of household debt to annualised household disposable income sits at near record highs of 142 per cent.

With greater unemployment, present and continuing, there is increased likelihood borrowers could fall behind on mortgage repayments.

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Many banks offered a pause on mortgage repayments early in the pandemic which saw deferred housing loans sit at $195b, reflecting 11 per cent of total housing loans.

These ‘mortgage holidays’ are temporary and were initially in place for three to six months from March 2020, which has prompted concerns of a September cliff.

Residential mortgage lending accounts for about 60 per cent of bank lending, with the banks and statutory authorities looking at how to extend repayment deferrals where it is needed.

Greater unemployment could increase the risk.

The Australian Prudential Regulation Authority (APRA) has advised that those loan repayment deferrals would not count officially as in arrears until a total deferral period of 10 months, so up to the end of March next year.

It was interesting to see the recent bank reports show very low arrears.

And specifically amid the deferred loans, only 8 per cent had a loan-to-value ratio of more than 90 per cent.

CoreLogic estimates that given the national property price upswing of 8.9 per cent between July 2019 and April 2020, it was unlikely that many of the borrowers deferring their mortgage repayments were in a negative equity position.

It is also worth keeping in mind that not every Australian has the same level of risk when it comes to housing and debt. For example, around 30 per cent of Australian households own their home outright.

And RBA research suggests that more than 50 per cent of loans had repayment buffers of at least three months while about 30 per cent of loans had prepayments of at least three years. However, this is not to say individuals are without risk.

Eliza Owen, head of research at CoreLogic, noted the impact of COVID-19 had been “an enormous negative shock” to the economy. The RBA estimates the peak-to-trough decline in GDP in the first half of 2020 has been around 7 per cent.

While this is the largest economic decline since the 1930s, it is a milder outcome than the initial 10 per cent contraction estimated in April.

Values were down 0.8 per cent in Sydney in the June quarter. Picture: John Appleyard

The shape of the economic recovery remains uncertain.

“This will result in further downside risk to property prices and real estate activity,” notes Ms Owen, adding that housing market value declines had been relatively mild.

“This is thought to be a function of record low mortgage rates, home loan repayment deferrals and various demand-side government stimulus for owner occupier purchases.”

The decline in values was down 0.8 per cent in Sydney in the June quarter while regional NSW saw an 0.6 per cent increase.

Rent value declines were more severe than price declines in the June quarter across several regions of Sydney. The largest were across the City and Inner South Sydney region, where rents were down 4.1 per cent.

The biggest impact on the market has been a reduction in transaction activity. But in recent weeks vendors have emerged. There were 20,000 offerings across Sydney in July, with 5800 fresh pre-spring offerings over the past month.

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Tennis anyone – 12 Karuah Rd, Turramurra.

This wonderful family estate in one of Turramurra’s most tightly held streets has served its owners very well.

So well in fact that they have stayed put at 12 Karuah Rd for 15 years, well above the average 12.4 years most residents of the suburb hold their homes for.

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A lot has changed in Turramurra in that time.

Ten years ago the median house price was $1.035 million. That has more than doubled to $2.105 million in 2020.

According to realestate.com.au’s latest Market Trends report, the suburb’s median house price has grown by 15.3 per cent in the past 12 months, a time when many other Sydney suburbs have seen a softening in prices.

No. 12 Karuah Rd is easily one of Turramurra’s finest homes.

Summer ready.

Street appeal.

Set on a 1669sqm block surrounded by private gardens, a north/south tennis court and heated pool, the home was designed by architect Harvey Little.

Rich natural materials are used extensively in the design, which has a myriad of living zones, four bedrooms including two with ensuites plus a dedicated home office or possible in-law accommodation.

The tennis court is within easy view of the house.

Formal dining.

Tim Fraser, of Di Jones North Shore – Wahroonga, said the owners had loved the flow of the house and the north to rear aspect that gave great warmth in winter and year-round brightness throughout the rooms. The design has also allowed them to be in the kitchen or at the barbecue and still be part of the activities in the pool or on the tennis court.

Privacy and the proximity to the Turramurra and Warrawee train stations have also been highlights, Mr Fraser said.

There will be plenty of eyes on the sale of this outstanding property, and not only those living in Karuah Rd. The property stands to give both the street and suburb sales records a run for their money.

Contemporary style.

There are multiple living spaces.

The record was set in 2019 with the sale of 4 Karuah Rd for $5.7 million, according to CoreLogic.

The suburb’s residential sale record sits at $6 million, set in 2016 with the sale of 41 Ku-ring-gai Ave.

The property is due to go to auction on September 19, with a price guide of $6 million. For more details contact Mr Fraser.

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Big bucks – 26 Plunkett Rd, Mosman.

Confidence in the lower north shore’s prestige market is well and truly blooming early, topped off by the $20 million-plus sale of a Mosman trophy home, just 72 hours after it came to market.

It’s a new claim to fame for the property, which was reportedly rented by international superstars David and Victoria Beckham when they came to Sydney in 2018 for the Invictus Games.

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The massive sale is one of the biggest for the area this year, and was negotiated by Tim Foote and Stefon Bertram, of Belle Property Mosman.

It was the second time Mr Foote has sold the four-bedroom home on 849sqm at 26 Plunkett Rd, although this time around selling it in three days trumped the 143 days it took in 2016 – a much different market then.

Dive in – 26 Plunkett Rd, Mosman.

The view.

CoreLogic records reveal the property was bought then by the founder of the Only About Children childcare company Brendan McAssey, for $17,349,691.

Mr Foote said he could not reveal how much the property had sold for, but that it was within the guide of $20 million to $22 million.

“I think it is a new record for a non-waterfront property on the Balmoral slopes,” he said.

“The owners are very happy – you don’t wrap a sale like this up in three days if you’re not.”

Contemporary style.

Indoor-outdoor flows effortlessly.

There are multiple living spaces.

The contemporary Popov Bass-designed masterpiece has a direct north aspect and spectacular Balmoral Beach and harbour views.

The main floor features include expansive living and dining areas that open out to the terrace and level lawns that wrap around the wet edge pool,

The Corian poliform kitchen is set up for entertaining on a grand scale, and the downstairs level includes a rumpus with wet bar, gym, media room, and wine cellar.

All of the bedrooms have views, and the main bedroom also as a balcony.

Other features include internal lift, underfloor heating, automated security system, and double garage.

Summer ready.

Pure trophy home.

Mr Foote said he had three serious buyers chasing the home, including two locals and the other a couple from interstate who were looking for a Mosman property.

He is predicting an early – and a big – start to spring on the lower north shore.

In the past six weeks he said he had listed about $250 million worth of properties with average guides of more than $12 million.

Among them is a waterfront Mosman trophy home on Middle Harbour, held by the same owners for decades.

This one is expected to have a guide of $35 to $40 million and is due to hit the market in the next few weeks – unless Mr Foote and Mr Bertram weave their magic in the meantime.

Mr Foote said the Plunkett Rd home had been quietly showed to some buyers before it officially came to market.

But it wasn’t until it hit the open market that the intense bidding began between the three buyers.

“It is a fantastic result,” he said.

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27 Evans St, Bronte sold last night for circa $8.5m.

With spring set to bloom, fresh listings are trickling in and buyer confidence appears high as coronavirus cases remain low. Among positive signs, a circa $8.5m sale last night in Bronte.

The award-winning Fox Johnston Architects-designed four-bedroom, five bathroom ‘contemporary masterpiece’ at 27 Evans St — owned by property power couple Stephen Auld and Charlotte Peterswald — had multiple parties fighting over it.

For sale since July 3, it sold via PPD Real Estate principal Alexander Phillips to a Yowie Bay family for close to its asking price.

Phillips reports the COVID-19 gloom is starting to lift, with both buyers and sellers who have managed to hold onto their jobs in a good mood.

He says buyer demand has “picked up”. “There’s definitely more urgency and more people wanting to buy,” Phillips said.

“Money is cheap and everyone’s saying stock levels are low, but it’s been this way for four years.”

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Open plan living areas open to deep wraparound terraces.

The gardens are by Garden Life.

He says he has some good listings available now, with more exciting options coming on.

“If you’ve got good job security, the cost of living is lower this year — it’s probably gone back 30 per cent because people aren’t going away on expensive overseas holidays and they’re going out less, so they have a bit more money.”

But this is no ordinary house.

It offers 420 sqm of internal space and is designed to take full advantage of its northerly aspect and has deep terraces. The landscaping, including a rooftop garden, was done by Garden Life.

With Tasmanian Blackwood joinery and bespoke bronze finishes within its concrete structure, other highlights are the 18m lap pool with Bisazza mosaic tiles … even a sauna and gym.

There’s lift access from triple garaging to all levels. No wonder it won the 2019 Master Builders Award For Excellence.

PAUL FEGAN SELLS FOR $5.9M

146 Paddington St, Paddington — which appeared as a Wentworth Courier House of the Week — had an overwhelming response.

It was purchased by a woman in her 30s who had moved up from Melbourne.

The principal of Raine & Horne Potts Point/Elizabeth Bay, Jane Schumann, is also upbeat after the Paddington home of Paul Fegan sold for $5.9m at auction, well above its $5m price guide.

Fegan is senior adviser at funds management business Gresham Partners, but was once the St George Bank boss.

His four-bedroom, four-bathroom home with double garage at 146 Paddington St appeared as the Wentworth Courier House of the Week on August 12 and Schumann reports the response was overwhelming.

“We had 65 groups — and I mean groups, not people — through our first home and it just went on from that,” Schumann said.

3/14-16 Court Road, Double Bay was the home of the late Ken Weiss, brother of fashion guru Peter Weiss.

The terrace with a leafy outlook is just one of the highlights.

“We had 35 on the Wednesday and another 30 on the Saturday … we were absolutely inundated!”

With a dozen contracts issued, there six registrations ahead of Damien Cooley’s auction.

Bidding opened at $4.7m and ended at $5.9m with two people fighting over it near the end.

It was purchased by a woman who’d moved up from Melbourne at the start of the year.

Says Schumann: “I think the upper end is doing well, with perhaps a bit more nurturing needed at the lower end, but there’s a nice energy out there.”

Among her listings are an apartment at 3/14-16 Court Road, Double Bay, owned by Ken Weiss — brother of fashion guru Peter Weiss. Both siblings died within a month of each other.

Ken Weiss’s apartment has $3.3m price guide.

DERELICT HOME FLIES $400K OVER RESERVE

1 Dudley St, Bondi, is on an elevated 227 sqm block.

It had good bones but needed a lot of love.

‘Blank canvas’ properties are always popular and this one in Bondi was particularly hot at last Tuesday night’s auction.

Andre Frack of Richardson & Wrench Bondi Junction and Ian Wallace of Richardson & Wrench Bondi Beach had seven registered bidders with five active for the three-bedroom, one-bathroom pre-war semi on a 227 sqm block at 1 Dudley Street, Bondi.

“It went crazy,” Frack reports.

It sold for $2.4m, which was $400k over reserve. All up, there were 1000 bids.

The last $300,000 was just two of the bidders.

JOIN ‘AUSSIE’ JOHN SYMOND

2/1 Onslow Ave, Elizabeth Bay, is owned by retired publican Ken Thompson and his wife, Elizabeth.

It has harbour views.

Ray White Double Bay’s Elliott Placks also says there’s “a bit more of a flow” of properties coming onto the market, with an apartment in the ‘One Onslow” block in Elizabeth Bay among them.

This block of nine apartments is tightly held, with Aussie Home Loans founder John Symond owning three apartments there.

The three-bedroom, three-bathroom apartment at 2/1 Onslow Avenue is owned by retired publican Ken Thompson and his wife, Elizabeth.

The guide is $6.5m ahead of a September 24 auction, with Nick Thompson (Ken Thompson’s son) the lead agent, along with Placks.

Among the apartment’s attractions are the 3.1 metre ceilings, 365 sqm interiors and of course beautiful finishes and harbour views.

Placks says buyers and sellers have had time to adapt to living with COVID-19.

“This is the new norm and people are accepting where we’re up to, people are prepared to move and trade,” he said.

“We’re seeing a combination of downsizers and people optimistically trading up … they’re seeing opportunity.

“Interest rates are low so it’s never been more affordable to take that next step.”

A STRONG SPRING

122 Hopetoun Ave, Vaucluse, has finally sold after years on the market.

It sold within its most recent price range of $5.76m to $6m.

Biller Property principal Paul Biller’s advice is antipating a strong spring in the wake of some decent recent sales.

Among them: the 122 Hopetoun Ave, Vaucluse home of the award-winning architect, Professor Victor Berk, and his wife, Susie, which had been on the market for years with various other agents.

He’s now sold it for within its most recent guide of $5.75m to $6m.

Another recent sale was a five-bedroom house at 15 Giralang Avenue, Vaucluse, which sold for close to its guide of $5.5m.

“We’ve been really busy and everything has sold quite well,” Biller said.

“We’ve got a bit more coming on for spring, however the volume is certainly not what everyone predicted earlier in the year.

“The lack of stock is driving prices and we’re getting some great inquiries on what we’ve got.

“I reckon that over the next two to three months we’ll see some really strong results.

“But what happens next, when Job Keeper runs out, no-one nows, so if I was a vendor I’d be selling now rather than later.”

DAMIEN COOLEY ADVICE FOR BUYERS

Cooley has brought 180 acres in the Southern Highlands.

He paid $1.61m — down from $2.1m which was the price a year ago.

Auctioneer Damien Cooley has some great advice for bidders at auctions: “Wear a mask”.

And he’s saying that because of the Health Department’s advice, but also because it may help them get a bargain.

“Auctioneers thrive on body language — our role is to extract the best price out of the buyer for the seller,” he said.

“One way is reading the language of the buyer to ascertain potentially how much they are going to pay by the signals they give us.”

For example, he says he always looks for the buyer’s reaction to when he asks what they may be prepared to pay at the beginning — but with a face mask, he can’t really read them.

Cooley says the coronavirus dilemma has also made him and his wife, Peppi, think about “what’s important” — and one of those things had always been to buy a rural retreat.

With that in mind, they’ve snapped up a 180 acre property in the Southern Highlands for $1.61m (not the $1.8m the ad indicates) — down from $2.1m.

”We’d always had the dream to buy a place and when we went into the lockdown period, both of us were aking ourselves the question, “Far out, what are we doing this for.”

“It’s in the middle of a state forest but quite remote,” he said.

But that was one of the attractions.

His busy schedule will mean he only gets there one day a week. “But one day can feel like a week,” he said.

Ducks, pigs and some cattle are all part of the plan to market to high-end restaurants in Sydney.

The post Sydney property spring preview: Bronte ‘masterpiece’ sells for circa $8.5m amid buyer optimism appeared first on realestate.com.au.

The former Oddfellows Hall pictured in the mid-20th century.

A Newtown hall once used by a secret society of druids before becoming a legendary boxing gym and a nut factory could be starting a new chapter as a unique residence after it sells at auction.

The Wilson St property originally known as Oddfellows Hall was built in the late 1800s and will go under the hammer tomorrow with a price guide close to $2m.

The property was used as the meeting point for The Ancient Order of Druids from 1903 and was sold to boxing trainer Ernest McQuillan decades later.

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Mr McQuillan trained and managed 38 national boxing champions, including Tony Mundine, father of Anthony “The Man” Mundine.

The gym went up in flames in the 1960s and the property was later split in two, with part turned into a nut factory.

The property is now a home.

That half is currently set up as a rental home but selling agent Kate Webster said there was a strong interest from architects to transform the property into a more significant home.

“It’s an architect’s dream,” she said. “A lot of the interest we are getting is from architects wanting a Grand Design-type project … It will be interesting to see what the next chapter will be.”

The druids group were understood to be a secretive society similar to the freemasons – they were deeply involved in charitable work.

They were reported to have had 130 members when they first began using the Newtown hall and later grew to nearly 400 members.

Ernest McQuillan (right) used the property as a training gym.

Little has been recorded about their activities but a resident of a town in the Hunter Region later recounted an experience with local druids in her area during the 1880s as “weird”.

Mary Anne Davis of Minmi near Newcastle described a night time procession of druids as walking “two abreast, all with long white beards, faces turned green with some sort of powder, and carrying flaring scrub torches.”

The Newtown site was one of many friendly society lodges established in Sydney during the 19th century.

In its heyday as a boxing gym, the hall was adorned with photographs of all the successful boxers who had trained there.

Modern day Druids still practice old Celtic customs. Picture: Getty Images

Apart from Tony Mundine, who fought for a world title in Argentina in 1974 but was beaten by Carlos Monzón, some of McQuillan’s other boxers were Bobby Dunlop, Jack Hassen and Clive Stewart.

The current owner – who purchased the property in 1988 for $155,000, according to property records – said there were still signs of the gym in the property today.

“You can see the old rings where they would hang up the boxing bags,” she said.

The owner added that she had purchased the property in strange circumstances in the 1980s.

She had driven past the property and, noting “for sale” signs, called the agent to say she wanted to buy it thinking it was a different property.

Tony Mundine, with son Anthony, trained at the Newtown gym. Picture: Peter Wallis

“I thought it was the burnt out property next door,” she said, adding she only discovered it was a different property after the purchase.

She established Chip-n-dale Nut Shop at the property until it closed in 2005.

Ms Webster said the rich history of the property was on full display across the two levels.

“It really is an eclectic mix of styles,” she said. “There are original doors from the Commonwealth Bank Building in Martin Place, a granite benchtop from the original Star City Casino bar.”

The property as it looks today.

The property will go to auction at 3pm on Saturday. Close to 100 groups of buyers inspected it in the lead up to the auction.

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Multi-million dollar mansions are being snapped up at a surprising rate, as Perth’s premium property market stands strong in the face of a national recession.

Real estate agents in the elite western suburbs and coastal stretches say they are seeing an influx of enquiries from expatriates desperate to escape heavily infected COVID-19 cities and return to Western Australia.

The past month has seen several significant sales, including the purchase of Alan Bond’s former mansion in Watkins Road, Dalkeith for $27.5 million – a likely record for 2020 – a property in the renowned Jutland Parade, Dalkeith for more than $10 million and 6 Riverview Place in Mosman Park for $8 million.

It comes as new data compiled by realestate.com.au shows Perth’s blue-ribbon western suburbs have retained the mantle as the city’s most expensive property belt.

Disgraced businessman Alan Bond’s former mansion set a price record. Picture: realestate.com.au

Peppermint Grove took out top spot on the list of 10 most expensive suburbs, with Dalkeith, Cottesloe and Nedlands also pegging spots.

“The top end of the Perth market is doing really well,” said Nerida Conisbee, chief economist at realestate.com.au.

“What is happening across Australia is a really strong shift to premium properties and Western Australia is no exception. We are seeing some decent price growth in premium suburbs.

“What’s different in WA is that there’s a lot of action with new homes as well, which hasn’t happened for a while, and primarily because of the first home buyer stimulus, which has been particularly positive for Perth.”

Ms Conisbee said it was likely these suburbs would continue to go from strength to strength, given the current economic conditions in the west.

Perth has seen a number of expats return in the wake of the coronavirus crisis. Picture: realestate.com.au

“Everything is so uncertain at the moment but if you have a look at what is happening in the WA economy, it’s doing pretty well. It’s moving quite differently to the rest of Australia,” she said.

“People who are losing jobs are typically younger and more exposed to the rental market. You can get home loans under 2% now. There’s a lot going for property, which is quite unusual given we’re in a pandemic and a recession, and in these quite dire circumstances, but the high-end property market does seem to be holding up fairly well.”

Jody Fewster, from Ray White Cottesloe-Mosman Park, said Peppermint Grove had consistently ranked as Perth’s most expensive suburb and was sought-after because it was a small pocket of 500 tightly-held homes.

The Perth market’s top end is still very popular with buyers. Picture: realestate.com.au

She said the recent sale of her childhood home at 89 Watkins Road, Dalkeith for $27.5 million threatened to topple Peppermint Grove from the top spot.

“Peppermint Grove is always under high demand because it has only got 500 homes, so it is tightly-held, highly sought-after.”

Ms Fewster said interest in Perth’s premium properties was surprising given the widespread talk about the negative economic impacts of the COVID-19 pandemic and recession.

“We are seeing a huge amount of interest at the top end of the market. The high net worth buyers are less impacted by the employment situation,” she said.

“Perth is shining in the current dire circumstances. We are seeing a huge number of ex-West Australians looking to return home and purchase.”

The brain drain has reversed as many Aussies who have lived overseas are looking to return home. Picture: realestate.com.au

Ms Fewster said high-end buyers were turning out in high numbers, willing to spend big. In recent weeks she made the sale of her childhood home at 89 Watkins Road, Dalkeith for $27.5 million and 6 Riverview Place, Mosman Park for $8 million.

Scott Swingler, from Space Real Estate – Cottesloe, said COVID-19 appeared to have hastened plans by expatriate West Australians to return home.

“We’ve had people who have grown up in Western Australia and become ex-pats around the world, got good jobs and lived in global cities and may have come back in the next 20 years, but have decided they wanted to come back now,” Mr Swingler said.

“I’m talking to people from Hong Kong, Singapore, Cape Town, Sydney, Melbourne and even Cairns who are looking to return.

“At the moment there’s record low rental stock available and really low stocks of properties for sale.

“I’m running around behind the scenes with 10 buyers with budgets of $4 million or more. All of these people have had good jobs, they’ve lived in global cities. It’s almost like the brain drain left and now the brain drain is coming back with their incomes for top-end housing. It’s a really exciting time.”

In three days last week, Mr Swingler sold two City Beach properties, including 11 Aruma Way and another home in south City Beach for $10 million combined.

Perth’s most expensive suburbs

Want to know where the most expensive neighbourhoods are in the west? Here’s our list:

1. Peppermint Grove*
2. Dalkeith
3. Cottesloe
4. Nedlands
5. City Beach
6. Applecross
7. Swanbourne
8. Mosman Park
9. Floreat
10. Claremont

Source: realestate.com.au

*Despite just nine sales in the past 12 months, Peppermint Grove remains in the top spot with the disclaimer that this tightly-held suburb has a smaller sample size in which to obtain a median sales price.

The post Extreme interest in Perth’s top end of town despite recession appeared first on realestate.com.au.

Tracy and Ken Shipp, with their daughters, Jasmin, 16, and Zara, 18, are just one of many sellers cashing in on renewed confidence. Picture: Justin Lloyd.

Renewed confidence in the wake of the coronavirus pandemic means the traditional spring property selling season is shaping up to be a cracker as the market emerges from its annual winter slumber.

As the pandemic continues to affect Australias economy, the housing market has remained relatively unscathed due to strong demand from buyers and buoyant stock levels, which has helped to avoid a crash.

This demand has translated into more fresh stock coming up for sale at the start of spring than the same period in 2019. Realestate.com.au reveals that there were 2165 new listings to hit the market this week across Sydney, up from 1390 this time last year.

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There are more new listings than this time last year. Picture: James Gourley/The Sunday Telegraph.

With first homebuyers leading an army of hungry buyers, some experts believe this spring will be as good as any other gone by, and in some cases better.

Realestate.com.au chief economist Nerida Conisbee said while the market was still facing uncertainty from the pandemic, the conditions make now a great time to be selling.

“With the market moving at a slower pace, now is the perfect time to be buying and selling in the same market,” she said.

“This slower pace allows for more time to plan the next step, which isn’t the case in a boom where decisions have to made quickly.”

Ms Conisbee said the current climate means sellers looking to list this spring should avoid going off market, which is increasingly being championed by real estate agents.

“The more eye balls you get on your property, the better the result you will get,” she said.

McGrath Balmain partner Cindy Kennedy said everyone was very focused about property at the moment and this was translating into an overwhelming number of buyers wanting to upgrade.

Showing how a granny flat or backyard shed could be used as a home office is recommended by experts to stand out. Photo: Supplied.

“So many people have realised during the lockdown that they have outgrown their current home and that they need more space, not less,” she said.

This means homeowners should bring an agent or a stylist through their home as soon as possible if they are considering listing this spring to ensure it stands out from the field.

“Getting the right advice early in the process could mean netting hundreds of thousands of dollars come auction time,” she said.

The Shipp family are selling this Greenwich home through Belle Property Lane Cove’s James Bennett.

Adrian William director Adrian Tsavalas agreed that taking the time to ensure the property is market ready is crucial to getting a good result.

“First impressions count, so take the time ensure everything is presentable and in working order, as buyers often gravitate towards these homes first,” he said.

Gardens and outdoor spaces are also high on the list of things sellers should ensure are presentable come the first open home, Mr Tsavalas said.

“The spring selling season is all about the garden, so creating them to be as inviting as possible is the key to winning a buyer over, as they will be planning their summer around this space,” he said.

Sellers should also get the garden looking presentable this spring.

Realestate.com.au reports unsurprisingly searches with the keyword “home office” have skyrocketed during COVID-19 as more Sydneysiders make working from home a regular part of day-to-day life. Mr Tsavalas said sellers should look to showcase their properties potential as a suitable working environment to tap into this growing market.

“It can help you stand out if you show your home’s potential for offering a suitable office environment such as a shed that can be converted or another suitable space you may have.”

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The post Sydney market to favour sellers as renewed confidence sees buyers return to the action appeared first on realestate.com.au.