Domain Prestige - April 14, 2021

14 APRIL / 2021

PRESTIGE THE BEST IN AUSTRALIAN PROPERTY

THE GREAT RETREAT Step back & unwind

LARGE READY TO BUILD ON PREMIUM LAND N OW SELLIN G FRO M $569,000 Surround yourself with timeless quality in one of South East Queensland’s most coveted blue chip addresses. This prestigious suburb caters to all lifestyles and is supported by outstanding recreational amenities, esteemed scholarly and health facilities, transport and more. Choose from our leading architectural collaborators to unlock your design imagination for your dream home – complimentary with your Dress Circle land purchase.

D RESSCIRCLE.CO M. AU | 07 3814 5177

A RCH ITECT U R A L COLL A BOR ATOR S

B y K ATE FARRE LLY

Portsea Mornington Peninsula 22 Leyden Avenue $16 million-$17.5 million

J E N M E LO CCO

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For sale Agent: Peninsula Sotheby’s International Realty, Our world has become a little smaller since international travel

Rob Curtain 0418 310 870

restrictions were imposed in March last year due to the pandemic.

Brilliantly configured to accommodate an

However, the upside is we have discovered and become more

extended family in style, this Stephen Akehurst-

appreciative of what we have within our own borders. And, as we

designed property features two handsome

discover in our feature story this week, that has had a positive effect on

residences either side of a pool. Wrapped in

the high-end property market in some of our tropical hotspots including

manicured gardens, it comes with the option

Port Douglas and the Whitsundays. “It’s mostly Sydney and Melbourne

of buying the adjoining vacant block of 1278

buyers. Rather than spending $50,000 on a European holiday they’re

square metres with an asking price of $3 million.

thinking ‘let’s buy here’,” comments Ray White Whitsunday principal Mark Beale. Meanwhile, for those looking outside the city in South Australia we see what the Barossa Valley region has on offer in Living In. And, as residential property values skyrocket, we look at the option of investing in commercial property in The Property Investor.

Editor: Jen Melocco Jen.Melocco@domain. com.au Editorial producer: Paige Tonna Group picture editor: Vashti Newcomb Senior designer: Colleen Chin Quan Graphic designer: Emma Staughton National managing editor: Alice Stolz Group director, Consumer: Jason Chuck Chief executive officer: Jason Pellegrino

HOT PROPERTY

LIVING IN Residential sales: Queensland Brad McLeod 0429 571 826 New South Wales Belinda Sinclair 0414 580 903 Victoria & Tasmania Mitch Armstrong 0438 820 767 Western Australia, South Australia & Northern Territory Jeroen van de Peppel 0427 292 797 Digital edition Visit domain.com.au/ digitaledition

O U R COVE R 22 Leyden Avenue, Portsea. Listed by Peninsula Sothebys International Realty PAG E 4

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The Barossa

FEATURE STORY Tropics calling

THE PROPERTY INVESTOR Commercial options

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Toorak Melbourne 7 Edzell Avenue $14.5 million-$15.95 million

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Expressions of interest: Close May 21 Agent: Abercromby’s Real Estate, Jock Langley 0419 530 008 Co-agent: Forbes Global Properties, Ken Jacobs 0407 190 152 Set on a scenic bend of the Yarra River with a private jetty, pontoon and boat shed, Tarcoola is a 1930s home with great bones and a classic deco meshing of curves, space and light. Claiming a 2000-square-metre block in a blue-chip street, the property enjoys leafy vistas from both levels.

Brisbane

Pyrmont

Brisbane 462/30 Macrossan Street 5

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Sydney 19d/5 Tambua Street $6.5 million

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For sale by tender: Closes April 30

Auction: May 8

Agent: Ray White Bulimba, James McKinlay 0412 929 500

Agent: McGrath Double Bay,

Breathtaking views across the river to Kangaroo Point and beyond are

Adam Regan 0448 188 853

paired with a host of luxury inclusions at this tri-level penthouse which

The penthouse in architect Alex Tzannes’ award-

is arguably one of Brisbane’s finest.

winning Stonecutters building boasts harbour views and comes with a private rooftop pool.

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THE SUNSHINE COAST’S NEWEST OCEANSIDE COMMUNITY

Ultimate oceanside living now selling

From its commanding oceanside position, AZZURE Bokarina Beach offers luxury oceanside living with two-bedroom apartments through to sophisticated penthouses, meticulously designed to allow you to fully embrace all of the elements oceanside living has to offer.

Filled with luxury and style, residents can immerse themselves in eight levels of superb facilities with never to be built out views.

It’s all about the ocean.

To watch a sunrise, and to watch the ocean be different every day, why wouldn’t you want to live in this location.

This vibrant oceanside lifestyle on Queensland’s Sunshine Coast, now beckons.

- Walter Iezzi, Developer

DON’T MISS YOUR OPPORTUNITY

VISIT OUR BOKARINA BOULEVARD ON-SITE DISPLAY OFFICE

ANOTHER PROJECT CREATED BY

REGISTER YOUR INTEREST AT AZZUREBOKARINABEACH.COM.AU OR CALL SALES TEAM ON 0417 572 559

LIVING IN

34.5333° S, 138.9500° E

BAROSSA SCOTT LOGAN PHOTOGRAPHY

This famed wine region has fantastic produce, lifestyle and community – and is a short hop to Adelaide. B y K ATE FARRE LLY The valley is a little busier this week than usual

YOU MAY LIKE ...

Eden Valley

“When we’re speaking to guests, a lot of

… today marks the start of this year’s Barossa

people remark that the Barossa lets them really

Barossa 61 Keynes Gap Road

Vintage Festival. What began in 1947 as a gala

appreciate the seasons with the changing of the

$2.65 million

ball marking both the end of World War II and

vines,” she says. “And, we have so much great

the end of the grape harvest has morphed into

produce here. There are lots of great small

a five-day biennial celebration of everything

producers, and you can go to the farmers’

residents, and visitors love most about the

markets, and you’ll know all the people there

region: wine, food, art and music, and the local

because they’re friends and family.”

community behind them.

Regional tourism manager for Tourism Barossa festival as “a marvellous fusion of tradition and

and have wide-open spaces to enjoy.

“I know it’s a cliche when you’re talking about

creativity and “providing an insight into the

country towns, but the sense of community is

Barossa way of life”.

so genuine here,” she explains. “Everyone knows

While Tina Gobell grew up in the valley, it wasn’t

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Gobell is mum to Ruby, 7, and Elsie, 3, and says many of whom share a farm-life background

Lifelong affinity

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the region is a great place to bring up children,

Cathy Wills describes the South Australian innovation”, showcasing produce, place and

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everyone, and people are so supportive, particularly during the whole COVID lockdown.”

For sale

until after she travelled overseas and spent time

Spoilt for choice

living in Adelaide and Melbourne that she

Local agent Sara La Nauze lives in Angaston,

Sara La Nauze 0407 775 951

recognised her affinity with the region and came

and while she relishes the serenity, she also likes

Innisfree is a Ken Milne-designed home on more

to truly value the lifestyle on offer.

the ease of ducking into the city.

than 30 hectares sporting established vineyards,

“You appreciate it in a different way when you

Agent: Marx Real Estate,

“We’re so lucky, we’re only an hour from

grow up, go away and then come back,” she says.

Adelaide, but we still live in the country,” she

“It’s such a beautiful place to live.”

says. “If you want to go for dinner or a show, or

equine facilities and a dam. A highlight is an al fresco dining area with a vine-covered pergola.

go shopping, you can do that and be back in the

The vine-covered al

Stonewell Cottages in Tanunda, two cottages

evening. You really have the best of both worlds

fresco dining area at

and two self-contained suites set on more than

because you can live in a smaller community

61 Keynes Gap Road

Hover your camera over the

40 hectares, inclusive of a working vineyard

that loves its food and wine while still being able

represents all that is

code to see Domain listings

predominantly producing shiraz grapes.

to enjoy what the city has to offer.”

good about the Barossa.

in the Barossa

Alongside her husband, Evan, Gobell runs

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FEATURE STORY

Southern buyers eye their patch of paradise Melbourne and Sydney buyers are scouring the tropics rather than forking out for expensive vacations. B y SAR AH WE B B

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emand for luxury homes at Queensland’s prestigious coastal hideaways is rising as southern buyers pour millions into glamorous holiday abodes.

Off the back of the pandemic, markets from Port Douglas to the Gold Coast have become the playground of high-end home-hunters from Sydney and Melbourne, who want a tropical escape where elite homes cost less than their southern counterparts.

The wave of multimillion-dollar sales has breathed life back into key coastal spots such as Port Douglas and Whitsunday Islands.

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Some property punters are now reporting price rises of up to 20 per cent in the past year alone with sale numbers tripling.

Ray White Whitsunday principal Mark Beale said his patch had always been popular with Brisbane buyers, but Victorian and NSW homehunters were now looking beyond Byron Bay. “Right now, Airlie Beach is where it’s at and in the past six months alone we transacted 16 sales above $1 million,” Mr Beale said.

“Southern buyers perceive it as a bargain here and it’s very cheap in comparison. We spoke to a buyer who sold his little place in Bondi for

$5 million and bought a luxury home up here for $2 million.

“It’s mostly Sydney and Melbourne buyers.

Rather than spending $50,000 on a European holiday they’re thinking ‘let’s buy here’.”

It was that rejuvenation that led Beale to realize $6.5 million for the off-market transaction of the “Hogs Breath” mansion at 3/188 Mandalay Road, Whitsunday, in September – with dozens of multimillion-dollar homes sold by his team since. The three-storey mansion, which belonged to Hogs Breath Cafe co-founder Don Algie, occupied a slice of the island and was bought by racing personality Alan Galloway.

It was the Whitsunday mainland’s highest sale in years, with Mandalay estate holding the record after it sold for $14 million in 2018.

Interest remains for prestige properties coming on the market, including a three-bedroom home with water and rainforest views in Airlie Beach being sold by Ray White Whitsundays.

Farther north in Port Douglas, tropical north Queensland director of Sotheby’s International

Main and below: 14 The Cove Road, Airlie Beach; Left and above: 1 Island Point Road, Port Douglas.

Realty, Barbara Wolveridge, said high-end sales were now transacting rapidly with the latest buyer wave rolling in from NSW. “We used to find that it was always just Melbourne but the last few [multimillion dollar sales] have come from Sydney,” she said.

This month she has sold the five-bedroom mansion at 15 Wharf Street, Port Douglas, alongside 1 Wharf Street in December. Both properties sold for between $7 million and $9 million each.

Today, a six-bedroom home with tennis court, stunning views and a price guide at $10.8 million, at 1 Island Road, Port Douglas, is attracting interest.

On the Gold Coast, Ray White Sovereign Islands agent Edin Kara said the $5 million$6 million market was again on the move.

“We used to rely on Chinese buyers but now we have a lot of Sydney and Melbourne people and this is a permanent move for them,” he said.

“This is because of the lifestyle here and prices have increased by 20 per cent just here on Sovereign Islands over the past 12 months.

Port Douglas Queensland 1 Island Point Road $10.8 million

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Agent: Sotheby’s Queensland International Realty, Barbara Wolveridge, 0418 760 004

Airlie Beach Whitsundays 14 The Cove Road $2.95 million

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Agent: Ray White Whitsunday, Mark Beale, 0404 498 790.

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Sell it, rent it or just sit tight Follow your home on Domain to see what your next move should be.

Visit domain.com.au/owners

THE PROPERTY INVESTOR

ISTOCK

Is it time to invest in office space?

Many things have changed in the COVID era, making commercial property more challenging but still worthwhile. B y SU E WILLIAMS

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Investors are moving up to better quality office assets in good or gentrifying areas.

s people increasingly return to the workplace, investors are once again looking at commercial office assets as an alternative to residential property.

But it’s critical to understand the postCOVID-19 environment to stand a chance of good returns, advises Michael Noblet, fund manager at EG Funds Management.

“Dealing with lockdowns, social distancing, public transport, and flexible and remote working makes this a more challenging space, but we’re now seeing more investors return,” he says. “But many things have changed in the interim.

“We’re seeing, for instance, growth in vendors inviting pre-qualified purchasers to bid on assets in a closed environment so they can exit quickly and quietly if buyers don’t reach the target price. And, some purchasers are now inserting ‘COVID clauses’ into offers, so the vendor will top up any rent nominated in the tenancy schedule if it’s not realised.”

Other buyers are requesting an escrow at settlement encompassing all income over an agreed period, with the vendor guaranteeing an

income yield to give purchasers cash flow comfort for a defined period.

“We are seeing a move up to better quality office assets,” Noblet says. “If the location is good or gentrifying, with interest rates so low and asset prices soft, there is the opportunity to buy higher-grade space for lower prices.”

“Some offices in the suburbs have more opportunities to spread people out.”

Agency Fitzroy director Paul Burns is another who sees some good value appearing in the office market as people – fed up with working from home – gradually make the return to the company space, and investors take advantage of low interest rates and cash in their super funds.

With the CBD market recovering more slowly because of a reluctance to return to commuting on public transport, and concerns about a lack of social distancing, he tips the suburban office markets as the ones to watch.

“Some offices in the suburbs have more opportunities to spread people out or adapt their fit-outs so they’re not as packed in as they might have been in the past,” Burns says.

“They might also be easier for people to drive to, with more car parking, and it will only take a small percentage of CBD workers to move out to have a much bigger impact on prices and rents in the much shallower suburban office pool,” he adds.

“The suburban market has lagged for some time, but some investors are now starting to be conscious of that.”

Tim Sherlock, managing director of Pro-invest Developments, has just returned to working from his office five days a week and believes many others will soon follow suit.

He’s advising investors in offices to look for buildings with a longer weighted average lease expiry with stable tenants and less disruption.

“That may be that 75 per cent of tenants having a 10-year lease, and just 25 per cent having two years to go,” Sherlock says.

“With incentives now as high as 40 per cent, you want to see them go down over the next three to four years to more normal levels, too.

Having strong tenants with certainty of income is also important.”

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raywhiterural.com

Sale Method Date, time Location View Insert time

Agent Number Agent Number Ray White Rural [Office]

*approx.

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Magnificent Riverfront Estate on 5.2 Hectares 14 Zelita Road, Moggill QLD

Expressions of Interest closes 30th April at 12pm (if not sold prior)

Rachael Spinks 0411 10 10 15 rachael@spinksco.com.au www.spinksco.com.au

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Arrive at “White Waltham” and enter another world. Amidst the established parklands, an elegant home and summerhouse grace 306 metres of riverfront. Two tennis courts, swimming pool, orchard and caretaker’s home denote exceptional living and entertaining. This breathtaking estate has been over 50 years in the making.

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5.2 hectares of parklands with 306 metres of riverfront Riverfront, architect designed house and summerhouse Riverfront pool and pool house 2 tennis courts and tennis pavilion Caretaker’s house and shed Town water, tank water, bore water Close to primary schools, shops, pony club School buses for private and public schools Easy drive to CBD approx. 22 km and 30 mins to Brisbane Airport approx.

kayburton.com.au