Domain Prestige - January 25, 2023 by Domain Magazines

25 JANUARY / 2023

PRESTIGE THE BEST IN AUSTRALIAN PROPERTY

SUNNY DISPOSITION Revel in feel- good space s

A U S T R A L I A’ S M O S T A N T I C I PAT E D P R I VAT E R E S I D E N C E S A R E H E R E B R A N D N E W, F U L LY C O M P L E T E D A B S O L U T E B E A C H F R O N T R E S I D E N C E S A N D P E N T H O U S E S AT O N E O F T H E W O R L D ’ S G R E AT L U X U R Y A D D R E S S E S . TA K E I M M E D I AT E O W N E R S H I P A N D E N J OY L E G E N D A R Y FIRST CL A S S DINING, A MENITIES AND LIFEST YLE BY T H E L A N G H A M G O L D C O A S T. LIMITED RELEASE NOW SELLING

1300 552 456 J E W E L P R I VAT E R E S I D E N C E S . C O M . A U SALES GALLERY & DI S PL AY APARTMENTS OPEN 7 DAYS SALES GALLERY LOCATED STREET LEVEL, CNR WHARF & OLD BURLEIGH ROADS, SURFERS PAR ADISE, GOLD COAST 4217.

S C A N TO WATC H F I L M

B RO U G HT TO YO U BY

SCAN TO REGISTER

2 First Avenue, Broadbeach

The Ultimate Beachfront Oasis Sea Glass by DVB Projects delivers an iconic development in which the apartment sizes and level of luxury raise the standard beyond anything that has come before in Broadbeach.

Overlooking the Paciﬁc Ocean, this boutique collection of oversize residences and generous amenities are ﬁnished to the highest standard in the ultimate lifestyle location.

26 Levels | 35 Apartments 26 Half Floors | 252 – 272m 2 8 Full Floors | 555m 2 Penthouse | 1504m 2

D I S P L AY S U I T E Shop 9/90 Surf Parade, Broadbeach - By appointment

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D E V E LO PM E N T A P P R O V E D | B U I L D E R A P P O I N T E D

B y K ATE FARRE LLY

Brighton Melbourne 25 Menzies Avenue $7.5 million-$8.2 million J OSE PHIN E H U YN H

Private sale Agent: Nick Johnstone Real Estate, Nick Johnstone 0414 276 871 One line that has stuck out in the magazine this week is from Domain

With its coat of ivy and mansard slate roof,

chief of research and economics Dr Nicola Powell, who described the top-

Chantilly is a chateau-like residence set within

end of the market as “in a realm of its own”. As we return from holidays and

formal pied-a-terre gardens in one of Brighton’s

the places travelled that we’ve only dreamed of living in, perhaps a change in

most exclusive, tree-lined streets. Designed by

tack now sees a coastal mansion on the horizon for you in 2023? I’ve long

Rob Mills, the three-storey home features

loved Avalon Beach, and with street names like Paradise Avenue, Marine

French oak, cast iron and Venetian plaster

Parade and Riverview Road it evokes our golden memories by the ocean –

finishes alongside double-height ceilings and

we’ve all got them. Property in this northern suburb of Sydney is in high

open fireplaces.

demand with prices soaring, up 15 per cent for houses and more than double that for apartments. Our cover home on Kevin Avenue is like a Mediterranean villa meets wellness retreat, and is the best listing I’ve seen come to market in this area. After all, can you put a price on nirvana?

O U R COVE R 23 Kevin Avenue, Avalon Beach Listed by Highland Double Bay PAG E 9

Editor: Josephine Huynh josephine.huynh@ domain.com.au Editorial producer: Hailey Coules Group picture editor: Kylie Thomson Senior designer: Colleen Chin Quan Graphic designer: Nicole Gauci National magazine editor: Natalie Mortimer National managing editor: Alice Stolz Chief marketing officer: Rebecca Darley Chief executive officer: Jason Pellegrino Residential sales: Queensland Amanda Vaughan 0413 370 004 New South Wales Eoin Brawn 0439 907 096 Victoria & Tasmania Ray van Veenendaal 0438 279 870 Western Australia, South Australia & Northern Territory Jeroen van de Peppel 0427 292 797 Digital edition Visit domain.com.au/ digitaledition

PR E ST IGE

HOT PROPERTY

DESIGN DIGEST Life’s a beach

FEATURE STORY Premium property shortage

LIVING IN Belle of the real estate ball

THE PROPERTY INVESTOR International shoppers return

11 12 15 17

Acton Park Hobart 270 Acton Drive $5 million-$6 million

Expressions of interest Agent: Harrison Agents Hobart, Simon Purdon 0447 988 229 Set on 10.52 hectares overlooking Acton Park and the coast, this newly completed home can accommodate a large family with its two main suites, a huge kitchen with a butler’s pantry and a self-contained studio.

Avalon Beach

City Beach

Sydney 23 Kevin Avenue

Perth 14 Boscombe Avenue

$6 million-$6.5 million

$7 million-$8 million

Private sale

Agent: Highland Double Bay, William Manning 0409 385 815

Agent: Shore Property,

Raw materials, including exposed bricks, recycled timber and concrete are

Scott Swingler 0403 344 649

celebrated in this award-winning home from architect Daniel Raymond and

Boasting panoramic ocean and bushland views,

master builder Travers Williams. The property comes with designer lighting,

this expansive M Rodic & Associates-designed

underfloor heating and party-ready outdoor spaces featuring a pool.

home offers 922 square metres of living space.

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P R E M I E R L O C AT I O N I N T H E S O U T H W E S T

11 Roberts Crescent, Bunbury

Such a magical modern 2-storey home, with 5 bedrooms and 4 bathrooms in total. Close to the beach, inlet and city centre with great views of each! Well worth inspecting to be able to appreciate its' wonderful location and upmarket features. Situated on the elite hills overlooking the city of Bunbury and the harbour. Can you imagine living in this home for years to come and inviting friends and family over with views like this to enjoy, at the same time having plenty of room for them to stay for a few days if so desired, plus heaps of parking for several cars to park? Do you have a caravan to park? No problem, just back it in through the side gate and park it down the back, easy to do! How about approx. 50 sqm of under-croft garage to park your cars etc, and heaps of storage cupboards throughout on all levels.

OWN A PIECE OF BUNBURY'S HISTORY

137 Stirling Street, E ast Bunbur y

All three properties are individually titled and options are available for separate purchase. Originally built CIRCA 1897 - this meticulously renovated property has maintained its character whilst being restored with modern comforts to create a beautiful home. This amazing character home and cottages must be one of the best properties on offer in Bunbury today. Offering a rare opportunity to own a piece of Bunbury's history on a prestigious street. As you approach the gate - just by the street appeal alone you know you are in for something special. Overlooking the Leschenault Inlet with stunning uninterrupted water and city views, including parks and walkways right at your doorstep. The home features 3 bedrooms, 4 bathrooms, an office, and two car garage. And a private gas heated plunge pool complete with a swim jet in the courtyard. 10

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BED

BATH

CAR

POOL

VIEW Inspection by appointment only

Exclusive Selling Agent JOHN TINK john@c21advance.com.au

04 1893 2156

BED

BATH

CAR

POOL

VIEW Inspection by appointment only

Exclusive Selling Agent PAU L D U F F Y paul@c21advance.com.au

04 0067 6791

DESIGN DIGEST

Summer romance The holidays might be over but you can still vacay at home with these designs, so sunny you can almost smell the ocean. C o m p i l e d b y PAU LIN E M O RRIS SE Y TAKE SHADE Bring a slice of the Amalfi Coast home with Basil Bangs’ Jardin Patio Umbrella. It has a classic domed shape inspired by vintage umbrellas and is available with or without a lusciously soft fringe and in a variety of summery shades that includes lavender, marigold and coral. basilbangs.com

SLEEK SEATING Somewhat resembling the iconic Senat chair found in the parks of Paris, the Slim Lounge Chair by Fenton & Fenton allows for outdoor lounging and is ideal for sunny poolsides or gardens. Powder-coated in fresh tones, it can be mixed or matched, and stacked if needed. fentonandfenton.com.au

SUN CHASER

COLOURFUL COLLAB Kip & Co and iconic artist Ken Done deliver a vibrant range of tabletop

Merci Maison’s

textiles, bedding and more. It displays Done’s exuberant brand of ’80s Australiana, featuring everything

delightful Rivarno

from yachts on Sydney Harbour to our flora and fauna. kipandco.com.au

Outdoor Daybed is the perfect companion for the summer holidays. Beckoning lazy days spent sunbathing in luxury, it’s upholstered in a choice of colours with contrasting piping, and finished with a cylindrical bolster on each end for added comfort. mercimaison.com

PR E ST IGE

FEATURE STORY

PR E ST IGE

hen the prices of prestige properties rise, the rest of the market tends to follow. But when a downturn comes, the top end is often the first to feel the chill winds, too. As a result, in many locations, prestige prices are softening, although by less than they’ve firmed up over the pandemic boom. And experts predict that better conditions are likely to prevail in the latter part of 2023, with some good buying possibilities in the interim. “There have been some substantial pullbacks in price, but that’s come off the back of greater rates of growth,” says Domain chief of research and economics Dr Nicola Powell. “The ultra-prestige market tends to be less impacted by changes in interest rates as it’s almost in a realm of its own, but it can be affected by a general weakness in the market. “Price points differ according to location but, when the turn in the market comes, it will be led by the high-end, premium suburbs of Sydney, Melbourne and south-east Queensland. I think we’ll start to see more of a positive tone

A tale of mixed fortunes Thin supply props up the prices of premium properties, but a struggling economy has buffeted the market. So, what’s ahead? B y SU E WILLIAMS

of recovery coming through in the latter part of the year.” In the meantime, someone’s loss could well be someone else’s gain, believes valuer and investment advisor Anna Porter of Suburbanite. With some industries struggling as a result of cost-of-living and wage rises and supply disruptions, there will be business owners and chief executives facing dents in their incomes and having to cut costs. “We’ll see a lot of the people who own

premium properties in Sydney and Melbourne and who own holiday homes in Byron Bay, the Southern Highlands and the Mornington Peninsula sell those off,” Porter says. “That could mean real opportunities for other premium buyers. “If people have the capacity to hold onto those properties, there will be a lot of price growth for them over the next few years, but that’s only if they can afford to. For others, there will be good buying.”

8 Wallis Street, Woollahra, above; 46 Stawell Street,

Domain figures for the October quarter show some of those prestige suburbs posted good price growth over the previous 12 months. These include Sydney’s Woollahra, with a rise in unit prices of 26.4 per cent and 19 per cent for houses, and Vaucluse, with a 25.4 per cent increase for houses. Apartments in Byron Bay rose by 57.1 per cent, although houses dropped by 6.5 per cent, and houses in well-heeled Berry on the NSW South Coast rose by 58.2 per cent. In Victoria, house prices in Toorak actually fell by 17.3 per cent, and in Brighton by 2.2 per cent, while Canterbury’s median price rose by 5.9 per cent. House prices in the Mornington Peninsula suburb of Mount Eliza rose by 7.9 per cent. Queensland’s prices were much stronger, with houses in Brisbane’s Hamilton rising by 30.8 per cent and in New Farm by 20.5 per cent. Those in the Gold Coast’s Broadbeach Waters rose 34.2 per cent as Noosa Heads jumped 41.4 per cent and Port Douglas rose 27.3 per cent. In Sydney, The Agency Eastern Suburbs’ Ben Collier is currently selling a free-standing house in Woollahra that’s almost 10 metres wide on 357 square metres of land opposite Centennial Park, with a price guide of $11 million. “I think prices are still good here as the supply of top-end properties is thin,” he says. “I think prices this year will be a function of supply, and the higher the price, the thinner that is, and the easier it is to sell homes. I don’t see an oversupply ever happening.” In Melbourne, an arts-and-crafts Kew house with fabulous views over the Yarra Bend parkland is for sale with a guide of $3.6 million to $3.96 million. Marshall White Boroondara agent Hamish Tostevin says the market is going well in Kew as there’s a big shortage of homes for sale there. “It’s now back to what we regard as being a more normal market,” he says. “But prices are based on volumes.” In the country, it’s a similar story. In the Southern Highlands of NSW, an eight-bedroom

house on 40 hectares of rolling farmland between Berrima and Berry is being sold for around $10 million. “The market is still pretty good here,” says Drew Lindsay Real Estate agent Samuel Lindsay. “There aren’t as many properties on the market so prices are still very positive with only minor adjustments. “People are still moving here, so there’s a lot of demand.” National property analyst Terry Ryder, the owner of hotspotting.com.au, says when top-end prices are down, the whole market looks worse as the big sales tend to drive median prices. “But some markets have been getting crazy prices over the past couple of years and it’s some of those that are in decline, so it’s a matter of wait and watch,” he says.

Woollahra Sydney 8 Wallis Street $11 million

Auction: February 25 Agent: The Agency Eastern Suburbs, Ben Collier 0414 646 476

Kew Melbourne 46 Stawell Street $3.6 million-$3.96 million

Kew, top right; 550 Oxleys Hill Road,

Berrima, right. Private sale Agent: Marshall White Boroondara, Hamish Tostevin 0408 004 766

Berrima Southern Highlands 550 Oxleys Hill Road $10 million

Expressions of interest Agent: Drew Lindsay Real Estate, Samuel Lindsay 0404 647 609

PR E ST IGE

Beachfront Luxury Residence - 48 Palm Street, Rowes Bay Queensland 4810 Meticulously curated across 3 levels 524sqm of living this exquisite abode rests on 805sqm on the beachfront. Available on the market for the first time, this four-bedroom sanctuary is a testament to architectural excellence with expansive spaces for living, relaxing, and entertaining. Boasting a phenomenal outlook across breathtaking Cleveland Bay, the residence is presented with plenty of glass and a calming neutral colour palette. The property features a spacious open-plan living and dining area, family room/theatre /music lounge, sensational kitchen with breakfast bar and large butlers pantry, front entertaining deck with BBQ and lavish heated in-ground swimming pool with swim jets, flourishing gardens and immaculate manicured lawns.

PR E ST IGE

Downstairs, 3 bedrooms/study has own separate entrance, gym room and a large very organised laundry. Upstairs, a private parents retreat with a second living area/sitting room or use as a functional study will suit those who work from home. Finishing the abode is an ensuited master bedroom with balcony access and huge walk-in robes/dressing room and ensuite with spa on a huge scale.

Complete with a secure two-car garage, an abundance of storage and gym room. Room to park your caravan and boat behind your electric gate. Only a short drive to the heart of Townsville’s CBD, this spectacular residence is close to North Ward’s fashionable attractions. A slew of boutiques, cafes and restaurants are nearby. Do not miss this exciting opportunity – call to arrange an inspection today.

0418 778 333

For Sale Expressions of Interest Inspections by appointment

Janice Gallagher janice@janicegallagherrealestate.com.au

janicegallagherrealestate.com.au

LIVING IN

33.8784° S, 151.2536° E

BELLEVUE HILL VAIDA SAVICKAITE

Commanding views, leafy streets and high-end homes make this ’burb one of the most tightly held in Sydney. B y PAU LIN E M O RRIS SE Y As the name implies, Bellevue Hill occupies a

known as Monkton, is a prime example of the

sloping hill that gently descends to the harbour,

luxury and grandeur that defines Bellevue Hill.

affording dazzling views to many of the lucky residents who call this prestigious suburb home. The pinnacle of Sydney’s luxury living, the homes here typically rest on grand blocks, forming a striking scene of stunning mansions with beautifully manicured gardens. Aside from its idyllic setting, the suburb is also

Catalina and The Boathouse,” Olofsen says. “Since all three of their kids are grown up, they are looking to downsize. I’m sure the next family will enjoy these same luxuries, including its and Cranbrook.”

Life of leisure However, it’s not just the lavish lifestyle that draws people to Bellevue Hill. According to Crave

Bellevue Hill is one of Australia’s most desirable

Wares owner Viviane Rubinstein, it’s also about

areas, attracting numerous celebrities and other

the sense of community it provides.

well-known Australians due to its prestigious real

$30 million-$32 million

Bay, taking pleasure in stopping in for meals at

convenient access to excellent schools like Scots

Cream of the crop

Sydney 53-55 Cranbrook Road

the foreshores of both Rose Bay [and] Double

city’s conveniences and the harbour’s wish to relish the finer things in life.

Bellevue Hill

“The owners have appreciated their strolls to

gifted geographically, remaining close to all of the enchantment, attracting affluent families who

YOU MAY LIKE ...

Forthcoming auction

“I’ve always loved Bellevue Hill; it’s where I

estate, which is reflected in its median house

bought my first apartment and where I decided

Agent: The Agency Eastern Suburbs,

price of $7.55 million.

to open my business in 2012, selling a variety of

Ben Collier 0414 646 476

beautiful homewares,” Rubinstein recalls. “We

The Monkton estate, on 1252 square metres,

terms of buyer demand,” says Ben Olofsen,

are proud to be a part of a small shopping village

allows one to enjoy the best views of Sydney. This

property partner at The Agency.

that adds to the charm of the suburb.”

Espie Dods-designed home has elegant interiors,

“The suburb has one of the deepest markets in

“A family home in Bellevue Hill is typically held

She says whether you’re having a coffee at a

for 20 to 30 years, particularly at the upper end.

local cafe or bakery or meeting friends in a park,

This creates a genuine lack of supply, meaning

there’s a sense of camaraderie and connection.

prices for the suburb are underpinned.”

“Everything you could want or need is right here,

sweeping al fresco spaces and park-like grounds.

So close to the city and yet so green; Bellevue

so it’s easy to see why our leafy streets are

Hill lives up to its name

Hover your camera over the

Road which recently hit the market for the first

brimming with joy,” she adds. “It’s a lovely place

and sets the scene for a

code to see Domain listings

time in over 20 years. This magnificent mansion,

to live a leisurely life.”

connected community.

in Bellevue Hill

Take, for instance, a property on Cranbrook

PR E ST IGE

THE PROPERTY INVESTOR

ISTOCK

Chinese buyers return to the market The influx of buyers from mainland China and Hong Kong is pointing to a happy new year for Australian residential property. B y SU E WILLIAMS

The increase in international buyers to areas, such as Sydney, could help prop up softening prices.

ow China has finally flung open its doors again, we can expect a major influx of cash into our housing market. A new report into overseas residential real estate spending intentions has found that around $4.8 billion of funds is likely to be advanced over the 2023 financial year by investors from mainland China and Hong Kong. That flood is due to start anytime now, with the Chinese Lunar New Year holiday this week marking the resumption of travel as visas start being re-issued, new passports supplied and extra flights to Australia launched. “China is going from virtually sealed off to nearly wide open in just a couple of weeks,” says Kashif Ansari, chief executive of Asian real estate technology group Juwai IQI. “This will be the first opportunity for most Chinese to visit overseas real estate markets in three years. “Chinese international property investment is ... beginning to recover from its pandemic lows.” Australia is still preferred by Chinese buyers over the US and Canada. A new Foreign Investment Review Board quarterly report

reveals that mainland China and Hong Kong together had five times more money approved for investment in Australian houses and apartments than their nearest rival, Vietnam. When calculated by the number of investments instead of value, at 3780 approved investment

“China is going from virtually sealed off to nearly wide open in ... a couple of weeks.” proposals for the upcoming year, that figure is more than seven times higher than Vietnam’s 516. The top targets are Melbourne, Sydney, Brisbane, Perth and the Gold Coast. “We’ll tend to see the number of visitors from China increasing from early February to late February,” says Peter Li, managing director of

Sydney and Shanghai-based Plus Agency, which markets boutique projects to Asia. “Looking for property is a priority. We have bookings to take five to six groups of Chinese buyers around properties every day, with many looking to occupy the homes, and others looking for investments. “Buying apartments off the plan is particularly popular as they can put down a deposit and then have time to move their money over.” For local investors, this could mean more competition for purchases, but the increase in international buyers could also help to prop up softening prices. At the same time, the corresponding increase in the number of migrant workers and overseas students coming to Australia will mean demand for rentals will continue to soar, with rising rents and handsome yields. Last year, there was only $2.4 billion worth of investments approved for Chinese buyers of Australian real estate, and $2.7 billion the year before. That figure is expected to shoot up to $4 billion as many prefer to be able to physically see what they’re acquiring. “No one buys more Aussie residential real estate than buyers from China,” says Juwai IQI group managing director Daniel Ho. “The USA is by far the largest foreign investor in Australia’s economy, but it is not even in the top 10 regarding residential real estate. If you thought Chinese buyers had disappeared, the numbers show you’re mistaken.”

PR E ST IGE

PEPPERMINT GROVE BEACH, SOUTH WEST WA 25 Peppermint Grove Terrace $749,000+

1057m2

BEACHFRONT PARADISE PREMIUM COASTAL LAND Is 2023 �me for your sea change? Occupying a private and sheltered absolute beachside loca�on, this large 1057m2 allotment is bordered by natural beach reserve and sits in a prime and rare loca�on in 'old' Peppermint Grove Beach. One of the most pris�ne and untouched parts of the South West coastline is your front yard. Wake to the sounds of the waves lapping on the shoreline with the dune beach reserve the only space between you and the crystal clear aqua�c playground of Geographe Bay. This is a daydream beachfront loca�on. Build your dream residence to take advantage of the 45 metre frontage to the beach and unlock sweeping ocean and horizon views. Peppermint Grove Beach is 2.5 hours drive from Perth and just 30 minutes from the Busselton airport. It is in the Geographe Wine Region and is the gateway to the South West.

Larisa Tomuli 0438 272 932 larisa.tomuli@stockerpreston.com.au Stocker Preston Busselton

stockerpreston.com.au Busselton 08 9753 0888 | Dunsborough | Margaret River | Augusta

See demand for your home Download the app

PR E ST IGE

‘SUNDAY RANCH’ – AUCTION THIS WEEKEND!

7 Bed | 5 Bath | 8 Car | 8.13 ha

71 DALES ROAD, CHEVALLUM, SUNSHINE COAST, QUEENSLAND On a scale that cannot be replicated so close to all main Sunshine Coast shopping precincts and beaches, this family oasis that makes you feel as though you could be anywhere in the World, a place where every day feels like Sunday. Showcasing a magnificent country homestead, a shed to end all sheds, a private getaway overlooking your domain and a machinery shed for all the toys. Sunday Ranch is the lifestyle acreage without peer. One property, One Auction, One opportunity. Visit: www.sundayranch.com.au

• 1,367m² under roof on master residence

Auction: Onsite Saturday, January 28 at 4pm

• Wraparound verandas are decked with spotted gum

Inspect: By prior registration Saturday, January 28 at 3pm

• Shed of immense proportions – over 800m² under roof • Suited to equestrian application • Security and internal monitoring provided • Two-room studio overlooks ‘Sunday Ranch’ • 20 acres of sublime landscaping so close to nature

Danny Redman 0418 731 588 Jonny Marshall 0481 102 039 Office: 07 5445 2844 www.kenguybuderim.com.au