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135 Grove Rd, Grovedale smashed its auction reserve on Saturday.

Future development potential drove fierce comptition for a corner Grovedale property which sold for $135,000 above reserve at auction on Saturday.

Five bidders — including two remote buyers locked down in Melbourne — fought for the chance unlock the value of the 1321sq m site at 135 Grove Road.

The three-bedroom house was snapped up for $715,000, selling under the hammer to a buyer on the ground.

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Newtown agent Jason Barnett said bidding opened at $560,000, with 30 bids fired from both online bidders and those on site.

Mr Barnett said he declared the property on the market at $580,000, within the quoted $550,000-$600,000 range.

“It was fact that the house was solid and liveable and they were able to rent it out,” he said.

“The appeal for the two highest bidders was the future subdivision potential.”

The corner site paves the way for subdivision, subject to council approval.

The house offers rental income in the meantime.

But he said the buyer acknowledged he may have to rethink his initial plans for the site after being push to the top of his price range.

The house, on the corner of Dennys Court, is surrounded by multi-unit developments.

Mr Barnett said the street was a good one, with Waurn Ponds Creek walking trails on its doorstep.

The kitchen overlooks an outdoor entertainment area.

The brick house offers an open-plan lounge/dining room, a central kitchen and second meals area that links to a covered patio.

The property also comes with a double garage and a double carport.

The post Grovedale corner block ripe for subdivision sparks bidding frenzy appeared first on realestate.com.au.

17 Brocka Ave, Belmont, goes to auction at 5.45pm on Wednesday.

Real estate agents have brought forward several auctions to Wednesday night to beat Stage 3 coronavirus restrictions that come in to force at midnight.

Three properties in Belmont and Highton will go under the hammer at in-­person auctions this evening.

Under Stage 3 restrictions, auctions can only be conducted remotely — an option other agents have also chosen this weekend.

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Property inspections can only take place by private appointment under the rules.

However, it seems Melbourne buyers can no longer travel to Geelong to inspect a property under Stage 4 restrictions enforced in the capital city.

News Corp is seeking clarification from the state government on this point.

But buyers have already been turned around at police checkpoints while travelling to property inspections scheduled in Geelong this week.

17 Brocka Ave, Belmont, goes to auction at 5.45pm on Wednesday.

Buxton, Highton agent Tony Moorfoot said auctions at 17 Brocka Ave, Belmont and 2 Desmond St, Highton, were both being auctioned on site at 5.45pm.

“We thought before the restrictions start, we can call the auctions on site,” Mr Moorfoot said.

“We can get the actual buyers together so we can still create the same conditions and ambience of the auction.”

2 Desmond St, Highton, goes to auction at 5.45pm on Wednesday.

Buxton agent David Gray said five buyers had registered to bid for 17 Brocka Avenue.

He said one Melbourne party would have a Geelong-based parent bid on their behalf.

Barry Plant, Highton agent Matthew Constantine said bringing the auctions forward was a smart move.

Mr Constantine said 110 groups had been through the property at 10 Emerald Court, Belmont in three weeks. It goes to auction at 7pm.

10 Emerald Court, Belmont, goes to auction on Wednesday at 7pm.

“It’s been immensely popular. I think it will be best for the buyers,” he said.

“They get a sense of the competition, it puts people at ease.”

“We thought before the restrictions start we can call with auction on site,” Mr Moorfoot said.

“We can get the actual buyers together so we can still create the same conditions and ambience of the auction.”

Other agents have moved scheduled auctions online this weekend.

Mr Moorfoot said vendors and agents would decide whether to convert campaigns already under way to a private sale or continue with an online auction.

The post Belmont, Highton auctions rushed to beat deadline for coronavirus stage 3 restrictions appeared first on realestate.com.au.

McGrath Geelong auctioneer David Cortous auctions 8A View St, Belmont. Picture: Glenn Ferguson

Five buyers contesting a new three-bedroom townhouse in Belmont’s riverside precinct have pushed the sale price well above expectations.

The quintet, including two parties bidding online, contested the residence at 8A View Street, which sold for $840,000.

The property, which is newly built, was listed with $750,000 to $795,000 price hopes.

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8A View St, Belmont.

McGrath, Geelong agent Jim Cross said bidding started at $750,000.

“It was a hotly contested auction,” he said.

“There was two online bidders that registered to bid online and one of those from Melbourne and one was from down the coast.

“The other bidders that were at the auction were all local buyers.”

8A View St, Belmont.

Mr Cross said despite the high sale price, the buyers were attracted to the better value for money properties available on the south side of the Barwon River.

“I think the attraction of the property was that river end of Belmont now has become increasingly popular as a fringe suburb outside of Newtown and Geelong West,” he said.

“Those areas are starting to price themselves out of the market for some buyers and people are seeing really good value in that river end of Belmont.

A section of the crowd at the auction of 8A View St, Belmont. Picture: Glenn Ferguson

“It is such a great location, it’s still close to the CBD. And a nice, quiet area.”

Mr Cross said the local buyers were looking to downsize.

The two-storey residence offers views over the Barwon River and Geelong city skyline, best enjoyed from a first floor sitting room.

8A View St, Belmont.

But there was plenty more to rave about, including the large, open-plan kitchen, dining and living area links to the north-facing deck, landscaped backyard and heated plunge pool

Two large bedrooms, with built-in wardrobes, a central bathroom and separate laundry are downstairs.

Extra elements of luxe include double glazed windows, ducted heating and airconditioning.

And, there’s a workshop/storage area in the garage that could be altered to make a double.

The post New Belmont townhouse beats reserve in auction contest between five buyers appeared first on realestate.com.au.

Melbourne’s stage four lockdown could cut back access to HomeBuilder grants.

Melbourne homebuyers could miss out on the federal government’s $25,000 HomeBuilder grants as a result of the stage four lockdown.

Victoria’s construction industry groups are urgently negotiating fine detail to the planned restrictions amid fears they will hit harder than intended.

Key concerns are understood to centre around whether tradespeople will be able to move between sites and projects during the six-week shutdown, as well as if land development and civil works will be able to continue — vital to preparing land to be built on for the grants.

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A raft of industry restrictions including caps on tradespeople on sites were announced yesterday by Victorian Premier Daniel Andrews, who described the coming six weeks as part of a “pilot light phase” for builders and developers.

The Master Builders Association of Victoria and the Urban Development Institute of Australia’s Victorian chapter will work through high-level meetings with state government and Department of Health and Human Services teams overnight to address concerns the industry could be practically shut down despite an intention to keep the “pilot light” on.

UDIA Victorian chief executive Danni Hunter said changes to civil works could have significant ramifications for homebuyers and could drastically cut the land able to be built on in time to access the federal government’s $25,000 HomeBuilder grants.

A limited supply of titled land could impact Victorians’ ability to find somewhere to build.

“We were already pushing hell and high water to get more lots to meet demand for HomeBuilder,” Ms Hunter said.

“And if we can’t keep going on the normal rate we won’t be able to deliver. We would say it (HomeBuilder) needs to be extended in Victoria for at least six months and possibly 12 to get us through the shut down and the period needed to start up again.”

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Recent land sales figures recorded by real estate research firm RPM Real Estate indicate Melbourne notched more than 2000 land lot sales in June, with a similar amount in July.

The firm previously warned with just 2700 titled lots available as of June, only about 2000 more could be added to the supply by December 31.

Federal government figures showed almost 10,000 Victorians had registered interest in the grants by the end of June.

The industry is still concerned over missing details over the looming shutdown.

To date, no Victorians have been able to access the grants scheme, announced on June 4, as the state and most of Australia awaits the completion of an online portal for applications.

Industry sources indicate it could be operational by mid this month, which has prompted some home builders to flag they will be exceptionally busy in the coming shutdown.

Burbank Group managing director Jarrod Sanfilippo said they were yet to “capitalise” on sales made over the last two months thanks to the grants.

“So there is a lot of work to be done to convert the idea of HomeBuilder to the actual contract and to get the site started.”

Ms Hunter added that while documents leaked earlier in the week had hinted no new construction would commence after the 11.59pm Friday deadline to reduce building site workforces to bare minimums, there had been no confirmation this was the case.

It is believed Melbourne home builders will be able to commence construction under the “pilot light phase”. Picture: David Caird

“There is no advice to say they can’t commence new projects,” she said.

MBAV chief executive Rebecca Casson said onsite COVID-19 testing, daily sanitisation and temperature screening showed the industries commitment to beating the virus.

However, she warned there were still “challenges ahead” as they worked with the DHHS and state government.

“This scaling down of the building and construction industry will have a huge impact on the Victorian economy,” Ms Casson said.

“Given the 300,000 strong workforce and the 13 per cent of the economy it accounts for we could be looking at daily losses in revenue of up to $456 million with what has been announced. Many businesses will have to consider whether it’s feasible to work under the conditions as they are written.”

She also flagged the industry was seeking more clarity on how the 25 per cent capacity rule would be applied to large commercial projects.

The industry has had an acknowledgement from the Premier to say clarifications were needed and that anomalies would be cleared up.

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The post HomeBuilder: Melbourne’s stage four restrictions could hurt grants appeared first on realestate.com.au.

At its regular monthly meeting on Tuesday, The Reserve Bank of Australia held official interest rates at 0.25%, where it has been since mid-March.

The RBA acknowledged that the Australian economy is going through a very difficult period and is experiencing the biggest contraction since the 1930s. But as difficult as this is, the downturn is not as severe as earlier expected.

At its meeting today, the Board decided to maintain the current policy settings, including the targets for the cash rate and the yield on 3-year Australian Government bonds of 25 basis points – https://t.co/YnEMgjQzYX

— RBA (@RBAInfo) August 4, 2020

However, in a statement, the Central bank said: “this recovery is likely to be both uneven and bumpy, with the coronavirus outbreak in Victoria having a major effect on the Victorian economy.”

On Sunday, Victorian Premier Daniel Andrews announced six weeks of stage 4 restrictions for metropolitan Melbourne in a bid to stop the spread of coronavirus cases, which have surged in the state. Premier Andrews also placed all of regional Victoria into stage 3 lockdown.

The RBA has decided to hold official interest rates at a record low 0.25%. Picture: Getty.

Stage 4 lockdown across metropolitan Melbourne is expected to cause a slow down in the real estate and housing sectors. 

The RBA has signalled it would not start lifting interest rates until inflation approached its 2-3 per cent target range and the jobs market was strengthening.

Interest rate rise “even further away” amid Melbourne’s stage 4 lockdown

Given what’s happening in Melbourne, an interest rate hike looks even further away now, said executive manager of economic research at realestate.com.au, Cameron Kusher.

“Although the RBA has forecast inflation to remain on target for the next few years, it seems the bank is not willing to use additional unconventional monetary policy to help spur on inflation,” Mr Kusher said.

“Given lockdowns in Melbourne, the bank is now forecasting a higher peak unemployment rate than federal treasury predicted last week.”

In a baseline scenario, the Board predicted output would fall by 6% over 2020 and then grow by 5% over the following year. In this scenario, the unemployment rate would rise to around 10% later in 2020 due to further job losses in Victoria and more people elsewhere in Australia looking for jobs. Over the following couple of years, the bank expects the unemployment rate to decline gradually to around 7%.

According to federal treasury’s July Economic and Fiscal Update, weighing up the devastating impact of the health crisis on the economy, unemployment in Australia is expected to peak at 9.25% by Christmas. That’s another 240,000 people out of work.

More to come.

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Star Casino CEO Matt Bekier has sold in Vaucluse. Picture: Justin Lloyd.

The Star casino chief Matt ­Bekier and his wife Melinda snappily sold their seven-­bedroom, five-bathroom Vaucluse home last week.

It had been listed with a $7.5 million to $8.2 million guide by Raine & Horne agent Samuel Schumann.

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A gorgeous spot in the heart of Sydney.

It’s easy to see why it sold so quickly.

It seems it happened so quickly the agency hadn’t quite updated the open for inspection web notifications, so hopeful attendees were still turning up yesterday.

The three-level house last traded in 2012 for $4.05 million when sold by former rugby league player-turned hotelier Steve Bowden.

They bought it in 2012.

Opulent.

The home was bought shortly after Bekier departed Tabcorp, where he was CFO.

Fairview’s prior owners include the art dealer Marlene Antico. It now comes with $667,000 approved plans from Weir Phillips Architects that would see a top floor redesign, accessed by a spiral staircase as well as a lift.

The Bekier’s have owned a beachfront house at Callala Beach on Jervis Bay since 2014 that cost $1.1 million.

The post The Star casino chief Matt ­Bekier sells seven-bedroom Vaucluse home appeared first on realestate.com.au.

Homeowners who refused to refinance were losing thousands in extra interest payments according to experts. Picture: Richard Walker

It’s taken the coronavirus pandemic to do it, but just under half of mortgage holders – who lose thousands in “loyalty tax” on expensive home loans – are now ready to kick their financier to the kerb to capitalise on record low rates.

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Experts are predicting that interest rates on mortgages will continue to fall despite the Reserve Bank of Australia today deciding to ignore the market, holding its cash rate target at 0.25 per cent.

The market had predicted that the RBA board would cut the official cash rate to zero at its August 4 meeting on Tuesday.

Governor of the Reserve Bank of Australia Phillip Lowe has defied market predictions that the official cash rate would drop to 0.00 per cent.

“The ASX 30 Day Interbank Cash Rate Futures August 2020 contract was trading at 99.875, indicating a 57 per cent expectation of an interest rate decrease to 0.00 per cent at the next RBA Board meeting,” according to the ASX RBA Rate Indicator – August 2020.

But as COVID-19 takes its toll and mortgage rates hit record lows, many borrowers who have also been sitting on their hands can’t justify inaction any more.

RateCity.com.au research found that the percentage of people keen to refinance had doubled in just two years, jumping from 19 per cent after the banking royal commission in 2018 to 43 per cent now.

It warned that owner-occupiers were wasting thousands of dollars on high mortgage costs, paying over 1 percentage point more than they needed to.

RateCity research director Sally Tindall said “the loyalty tax gets worse the longer you stick with your bank”.

“It’s taken a pandemic to get people to shift their mindset, but hopefully we’ll come out of it more budget-conscious and less complacent towards our mortgages,” she said. “People won’t just tolerate overpaying anymore.”

If they switched to the lowest ongoing variable rate, they could save $2,805 in the first year, the research found, with the figure rising to $19,235 over five years including switching costs, on a typical $400,000 owner-occupier loan. The calculation was based on an owner-occupier who switched five years into a 30-year loan.

Experts say market rates will continue to drop despite the RBA not moving on the official cash rate target. Picture: NCA NewsWire/Jeremy Piper.

“The latest figures from the ABS for May showed refinancing increased 63 per cent compared to last year, and our research suggests it is not losing steam.”

“The best way you can get a rate cut is to turn yourself into a new customer and switch. If you aren’t in a position to refinance, pick up the phone and try some old-fashioned haggling with your bank.”

According to Canstar’s database, there were 64 cuts to variable home loan rates and 201 cuts to fixed rates in July alone. “Variable rates were cut by an average of -0.19 per cent while fixed rates were cut by an average of -0.24 per cent.”

Tips from Canstar to manage your personal finances:

Home loan repayment strain:

Switch to a lower rate if you can right now and pour any savings into your offset account to help reduce the interest burden.

Savings goal:

Switch to a higher earning savings account and play the rate game of chasing a better promotional offer every three or four months.

Credit card debt:

Look at a balance transfer offer and get the debt down during the interest-free period, but don’t add more debt along the way.

Source: www.canstar.com.au.

Canstar home loan expert, Steve Mickenbecker, said “now is the time for borrowers to be in budget repair mode”.

“You don’t have to be alarmist to see now as the time to look for massive loan repayment savings, while you can. Anyone with a mortgage who has been fortunate enough to avoid any impact to their income during the pandemic could be right for refinancing to save more on their monthly repayments. The door to refinance could still be open for borrowers who have seen their income reduced as long as they are making their regular loan repayments.”

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The post ‘It’s taken a pandemic’ but 43pc ready to ditch home loans now appeared first on realestate.com.au.

Following the Victorian government’s announcement of Stage 4 restrictions on Sunday, it’s safe to say Melburnians have a few questions about what they can and can’t do when it comes to property and real estate.

Under the new rules to stop the spread of COVID-19, Melbourne residents are banned from travelling further than 5km from their homes for at least the next six weeks, and they can only leave their homes for necessary shopping, care giving or seeking care, exercise (one hour per day) and essential work. 

Some details concerning real estate are still being ironed out between industry and government but here’s what we know so far:

1. Can I move house during stage 4 lockdown?

Yes. Premier Daniel Andrews covered this in his Monday press conference saying, “I don’t want to see people who are supposed to move from one place to another because the lease has run out unable to do so.”

However, the move will have to occur between 5am and 8pm due to an overnight curfew now in place, and you’ll be required to wear a face-covering as are all Victorians when outside their homes. 

Metro Melbourne is facing confusion around the new stage four restrictions. Picture: Getty

2. Can I move house outside of the 5km radius?

Yes. Metro Melbourne residents moving to a home outside the 5km radius of their current primary residence with an existing contract or arrangement in place, can do so provided there is an agreement in place.

3. Are house inspections and open homes still available for tenants?

The short answer is yes, but these will move to online only with all in-person inspections now banned, according to a statement from Premier Daniel Andrews late Monday.

4. I am now out of work. What rent relief is available to me?

The federal government introduced financial supports in the form of JobKeeper and JobSeeker payments in March, which have gone some way in helping out-of-work tenants stay in their homes, however, there is further support available. 

We’ve compiled a complete list of six government support payments tenants can access during COVID-19 here. 

Consumer Affairs Victoria also suggests that tenants experiencing difficulty should get in touch with the Tenancy Assistance and Advocacy Program for more advice.

5. Can I sell a house during Stage 4 lockdown?

The Victorian government announced that the real estate industry was one of the business sectors that must close during the six-week stage four measures, however, a government representative has confirmed that  “online inspections and auctions are permitted”.

6. Is my real estate agent still available for contact in case of emergency?

Yes, provided they’re working from home you’ll still be able to contact your real estate agent remotely if you need to ask a question.

7. I am in the process of building my house. Can new home builds and construction continue?

Yes, construction can continue during Stage 4 lockdown but sites will be required to keep the number of attending tradespeople down to five.

On larger projects above three levels, the workforce will need to be reduced to 25% of its original capacity.

8. Can I still visit my new house under renovation?

Under the new restrictions, this activity fails to fall within the four reasons to leave home.

Melbourne residents are not permitted to “go for a drive” according to the DHHS website.

9. Can I get a tradie to visit my house?

Yes, tradies can still visit homes but this has now been restricted to emergency support situations only.

“There’ll be no cleaners going to your house. There’ll be no one mowing your lawns,” Premier Andrews said. “It’s not the time to be painting your house or having unnecessary, non-urgent work happen.”

10. Tradies are in the middle of renovating my bathroom at my primary residence. Can they still continue working?

Yes. Tradies can continue to work provided work has already started but physical distancing will need to be adhered to.

11. What does “pilot light phase” in the residential building industry mean?

This phrase means that while construction hasn’t stopped completely, it is now operating at a far reduced capacity. The state government has placed strict limits on the kinds of jobs that tradies can do – from restricting callouts to emergency situations only to limiting the number of trades that can attend a site to just five.

Tradespeople will be restricted as to which jobs they can attend under Stage 4 restrictions. Picture: Getty

“This will allow the industry to keep ticking – while also making sure we limit the number of people on-site,” Premier Andrews said on Monday.

“To date, we’ve halved the number of people onsite on some of our biggest government projects. Now we’re going through project-by-project, line-by-line to make sure they are reduced to the practical minimum number of workers.

“These workplaces that are continuing to operate will have additional requirements including extra PPE, staggering shifts, staggering breaks, health declarations and more support for sick workers to ensure they stay home.”

12. How do I come up with a COVID safe plan for my construction site?

Under Stage 4 restrictions, some small businesses that are still able to stay open are now required by law to come up with a COVID Safe Plan.

Within the construction industry, depending on the scale of the site you’ll be required to implement either a High Risk COVID-19 safe plan (large-scale projects above three storeys excluding a basement) or a Universal COVID-19 safe plan (projects smaller than three levels).

You must also adhere to the following:

• Must demonstrate not blending shifts;
• Tradies will now only be allowed to attend one site at a time, rather than working across multiple jobs as many currently do now and;
• Workers will be required to give their details to enable contact tracing to occur.

The post Stage 4 Restrictions: top 12 questions for property and real estate appeared first on realestate.com.au.

Liam Hemsworth has revealed new plans for his Byron estate. (Photo by Alberto E. Rodriguez/Getty Images)

Hollywood heart-throb Liam Hemsworth has building plans for his private Byron Bay estate. Nothing as grand as his big brother Chris, but the next task is constructing a yoga studio.

Just 58sq m, but the cabana will sit idyllically beside an existing dam with day beds and a built-in barbecue on its decking. There will be a wharf that extends over the water, the Harley Graham Architects plan reveals.

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@menshealthmag @rikerbrothers @richdorment @scott.hendo

A post shared by Liam Hemsworth (@liamhemsworth) on Apr 13, 2020 at 2:39pm PDT

It’s set to cost just $138,000 and should take around two months to construct in a small valley on the 35ha Broken Head property that the family company CHLH Management bought last September for $4.25m. The company director remains just Chris Hemsworth, but the company names suggest Luke holds an interest.

Council approvals were nearly not required, but its floor space and height are slightly above automated permits. There’s no plans for any grand homestead, but the application does suggest the brothers have been busy constructing a horse arena on the former cattle farm.

The Hemsworth family moved into Byron in 2014. Picture:Instagram/@aprilmun

View this post on Instagram

Happy mother’s days to all the incredible mums out there we salute you!! Xoxo 😘

A post shared by Chris Hemsworth (@chrishemsworth) on May 10, 2020 at 2:12am PDT

The Hemsworth family took to Byron in 2014 when Chris and wife Elsa Pataky spent $7m on Kooeloah, the Balinese-style trophy home they demolished to make way for their modern mansion. Their project was estimated to have cost $8.8m.

All up the family have spent $17m buying property around Byron. Liam and Gabriella Brooks, who have been dating for seven months, have been resident at Byron through much of the pandemic.

With additional reporting by Joel Robinson

The post Liam Hemsworth reveals building plans for Byron Bay estate appeared first on realestate.com.au.

Adelaide’s median property value recorded a slight increase in July, latest CoreLogic data shows.

Adelaide property values are back on the rise after a brief period of decline in the wake of the nationwide coronavirus-led market downturn.

CoreLogic’s latest home value index reveals the city’s median property value climbed 0.1 per cent in July to $441,826.

It comes after a 0.2 per cent drop in June, 0.4 per cent increases in both May and April and a 0.3 per cent increase in March.

Adelaide was one of two capital cities across the country to record growth, albeit slight, in July, with Canberra notching a 0.6 per cent increase.

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Melbourne recorded the largest decline in July at 1.2 per cent, followed by Sydney (0.9 per cent), Perth (0.6), Brisbane (0.4), Darwin (0.3) and Hobart (0.2).

Real Estate Institute of South Australia president Brett Roenfeldt said strong demand for limited properties on the market was still holding values up in Adelaide.

“Everything hinges on the amount of listings on the market,” he said.

“As long as the stock level remains at roughly the level it’s at, then we’re probably going to see this continue.”

Mr Roenfeldt said traditionally the number of properties for sale would surge during spring, but he didn’t think that would happen this year as agents urged vendors to list their homes now while demand was hot.

REISA president Brett Roenfeldt.

“We’ll probably see a little bit more come into the market but it’s going to be nowhere near where we’ve seen in the past,” he said.

“I think that our market will be … very stable.”

Nationally, the median property value fell for a third consecutive month, recording a 0.6 per cent decline to $552,912 in July – a slight improvement from June’s 0.7 per cent drop.

CoreLogic research head Tim Lawless said despite the collective fall, housing markets had remained relatively resilient through the COVID-19 crisis so far.

“The impact from COVID-19 on housing values has been orderly to date, with CoreLogic’s national index falling only 1.6 per cent since the recent high in April, and housing turnover has recovered quickly after its sharp fall in late March and April,” he said.

However, he said with government support set to taper from October and repayment holidays set to expire at the end of March, the outlook remained uncertain.

The post Adelaide property values on the rise again despite COVID-19 downturn appeared first on realestate.com.au.