Domain Prestige - June 28, 2023

PRESTIGE

A rare piece of art deco history

By KATE FARRELLY

Wattle Grove

Huon Valley 68 Airds Road

$3.5 million+

3 2 4 JOSEPHINE HUYNH

Expressions of interest

Agent: Harrison Agents Hobart, Pam Corkhill 0419 103 867

This week’s edition is highlighted by two world-class properties. The Wattle Grove home in Tassie to the right is the epitome of Australian style, distinctive for its lack of fuss, with an added touch of indulgence. When you live in a climate that allows doors open for much of the year to bask in the breeze, who wouldn’t want to blend the outside further into home designhello outdoor bath! Then the top-to-toe renovation that is the Brisbane South listing two page-turns over is a historic building of eight apartments fusing the glamour of yesteryear with the luxury of today. Writer Lou Sweeney chats to the sellers, brothers Shane and Shaun, about its inspired transformation into a much-loved boutique accommodation offering. We also couldn’t resist recapping the biggest sales thus far in 2023 – a nationwide snapshot of the kinds of homes fetching eye-watering prices.

OUR COVER

185 Vulture Street, South Brisbane

Listed by Place Estate

Agents New Farm PAGE 8

Editor:

Josephine Huynh

Editorial producer: Hailey Coules

Group picture editor:

Kylie Thomson

Senior designer:

Colleen Chin Quan

Graphic designer: Emma Drake

National magazine

editor:

Natalie Mortimer

Group content director:

Mark Roppolo

Chief marketing officer: Rebecca Darley

Chief executive officer: Jason Pellegrino

Residential sales: Queensland

Amanda Vaughan 0413 370 004

New South Wales

Joe Pinneri 0408 694 223

Victoria, Western

Australia, South

Australia, Northern

Territory & Tasmania

Ray van Veenendaal 0438 279 870

New development sales:

Ivan Curic 0413 498 156

Media sales:

Sam Hill 0438 348 998

Contact:

editorial@domain.com.au

The views stretch across the Huon Valley to the Huon River, Hartz Mountains, Sleeping Beauty and kunanyi/Mount Wellington from Villa Talia, a three-hectare retreat less than an hour’s drive or a short helicopter flight from Hobart. The singlelevel home features a wraparound verandah and a timber deck with a sauna, an outdoor bath and a shower - ultimate relaxation awaits.

Sunrise Beach

Shire of Noosa 16 Corsair Crescent

Hendra

Brisbane 61 Goodwood Street

4 3 2

Auction: Noon, July 8

Agent: Ray White New Farm, Tom Lyne 0423 696 862

This Tim Stewart Architects-designed residence sits opposite dog-friendly Beirne Park and is a short walk from primary schools, shops and cafes. Highlights include the soaring, double-height ceilings in the main living room and the private entertaining pavilion by the heated, north-facing pool.

South Brisbane

Brisbane n2101/35 Tribune Street

$30 million

4 3 6

Forthcoming auction

Agent: Coastal Noosa, Rick Daniel 0411 737 767 Wake up to the sound of waves breaking on the shore just footsteps from the front door of this Hamptons-inspired home. There are two bedrooms and a self-contained studio on the ground floor and a king-sized main bedroom plus split-level living zones with ocean views on the top floor.

Expressions of interest: Close July 19

Agent: YPM Group, Phillip Rand 0404 439 567

The crowning jewel atop the five-star Emporium Hotel, this palatial penthouse captures panoramic city, river and parkland views. It has a huge terrace adjoining an infinity-edged pool.

WATER SOURCE

Designed by Stine Aas for Northern, the Grab Watering Can is not only the perfect companion for one’s leafy friends, but it’s also an eye-catching object with its slim silhouette. Available in dark green, light yellow and deep plum. northern.no

Where the grass is greener

Plants make us feel more at ease, so we owe it to them to keep them healthy and also give them a beautiful home. Compiled by PAULINE MORRISSEY

THINK BIG The Vera Grande is a new and larger version of Lightly’s timeless Vera Vessel, supersized to showcase bigger plants in unique, awe-inspiring ways both indoors and outdoors. It’s crafted from spun metal and powder-coated in sand, juniper or black colours. lightly.com.au

PRETTY PLANTERS Scandinavian brand AYTM offers a range of flowerpots that will make any greenery feel at home. It includes Terra, made of clay soil and Torus, formed from powder-coated steel. Available in various sizes. trithouse.com.au

MODULAR DESIGN An outdoor take on modular furniture, Xylem is the fifth collection from a collaboration between Tait and leading Australian designer Adam Goodrum. It’s a planter and seating system with the ability to add and arrange endless configurations. madebytait.com.au

BEHIND THE LISTING

If the fabled Jay Gatsby emerged from the pages of fiction and came to life, fully formed and fabulous, you wouldn’t be surprised to find him living here, at the spectacular Betty Joan Apartments in South Brisbane.

Sure, it’s a long way from the largesse of those Long Island parties, but the full-throttle glamour on show in the brilliant reimagining here would ensure the Great Gatsby himself felt right at home.

During a West End wander more than 13 years ago two brothers – Shaun and Shane Costa, each with different, but complementary, skills and a set of specific personal circumstances –spotted a ragged 1930s boarding house and a shrewd plan sparked into life.

“At the time Shane needed somewhere to live with his young family and I knew, as soon as I saw it, that it had so much potential,” says interior designer Shaun. “I said to him, ‘We could do this. We could make this gorgeous.’ ”

Deeply personal boarding house rescue

Brothers Shaun and Shane Costa have turned a run-down art deco boarding house into eight glamorous apartments.

By LOU SWEENEY

It took more than 10 years of hard graft, but make it gorgeous they did.

It was an exotic African childhood that engendered the brother’s design and construction skills, learnt at the knee of their grandparents – builder Bob and style maven Betty Joan, after whom the apartments are affectionately named.

“Shane was always helping Grandad,” Shaun says. “He was always very hands-on and Betty Joan taught me the value of quality, of buying good things that will last.”

That magical shared childhood forged a deep bond. The brothers have collaborated on other projects previously, but this one is deeply personal. Each has occupied an apartment here,

Shaun

and from the very beginning, the common aim was to infuse the place with Betty Joan’s convivial spirit.

“It’s a very special building,” Shaun says. It wasn’t always so. When they took possession, it had fallen into spectacular disrepair.

“Nothing had really ever been done, with the exception of a 1970s-style awful bathroom upgrade,” Shaun says.

“We started from the bones – restumping, electrics – and we replaced everything.”

Crossing the threshold here now is like stepping inside some kind of glittering jewellery box, where every corner shimmers with bespoke art deco style.

Every one of the eight apartments in the building has its own atmosphere, from the golden glow of Shane’s place to the emerald-city shine of Shaun’s.

In between, you’ll find exquisitely rendered details under the original decorative moulded ceilings, beautifully restored and providing a guide from which all other design flows.

Some apartments have august marble fireplaces, others magnificent fanlights over door frames.

Parquetry floors glow, and the tiling in both kitchens and bathrooms is exquisite and provides a link throughout the property.

The deco-era accents, particularly the light fittings and pieces like bevelled mirrors and glasswork, have been meticulously sourced. Inspiration for this tour-de-force of flair and flamboyance came, in part, from Academy Award-winning costume and set designer Catherine Martin.

Her wallpaper and luxe textile ranges held a particular attraction for the brothers. Big and bold, with an undertone of sinuous vigour, they were a vibrant, daring catalyst to this interior designer’s expansive imagination.

“I just love what Catherine does,” Shaun says. “She’s my absolute favourite.”

The movie version of The Great Gatsby by Martin’s husband, director Baz Luhrmann, did, in fact, hold a little bit of sway too.

“I think I paused it so many times and tried to zoom in and see certain patterns,” Shaun says. While the spectacle here is undeniably compelling, it’s as much about the attention to detail as it is the bold styling.

Shane’s beautiful joinery is a case in point, an elegant articulation of the old-world atmosphere here settling gently with contemporary utility. “Shane is a craftsman,” Shaun says. “He makes my sometimes impractical ideas happen.”

As they move on to new chapters the brothers are happy in the knowledge that they contributed something beautiful and lasting to the streetscape.

“I love seeing people walk past, then stop and smile and take a photo on their phone,” Shaun says. “A project like this comes from deep inside, it comes from the heart.”

Bob and Betty Joan would be proud.

South Brisbane

Brisbane 185 Vulture Street

9 9 4

Auction: 3pm, July 8

Agent: Place Estate Agents New Farm, Aaron Woolard 0421 145 386

and Shane Costa have infused the South Brisbane building with the convivial spirit of their grandmother, Betty Joan.

THE DESIGN VILLA / LOUISE ROCHE

In the lap of luxury

By SUE WILLIAMS

Ahistoric estate in Sydney’s Bellevue Hill was bought for $70 million – the same night the buyer sold his own house, just blocks away, for $61.5 million.

A palatial six-bedroom home in Melbourne’s Toorak was snapped up for an undisclosed sum, but on a price guide of $55 million to $60 million.

And a magnificent penthouse in Newstead, Brisbane, is inviting eye-watering expressionsof-interest offers, having last sold in 2008 for $14.25 million.

Despite interest rate rises, softening prices in some cities and uneasy consumer sentiment, 2023 has already seen sales records smashed across the country, and agents expect many more to be set in the next six months.

“Sales and prices have both been very strong at that top end,” says Michael Pallier, principal of

Sydney Sotheby’s International Realty. “I think driving them has been the lack of stock on the market, the low Australian dollar compared to the US dollar and all the expats and new migrants coming into the country.

“No doubt prices will remain strong as I don’t see a lot of new stock bursting onto the market any time soon in a volume that would be enough to satisfy the high level of demand.

“People are looking for good family homes and large, luxury apartments. I have a very positive feeling about this year.”

Among the record-breaking sales in Sydney this year so far have been: that $70 million sale of the Leura estate at 24 Victoria Road in Bellevue Hill, which set a new suburb high; the sale of 49 Wunulla Road, Point Piper, for $69 million; and the sale of 81 Fitzwilliam Road, Vaucluse for just over $40 million.

Pallier also has another home at 82 New Beach Road, Darling Point, which is now also close to settling for $70 million.

Apartments have also been selling well, with a four-bedroom, four-bathroom apartment in Crown’s One Barangaroo being picked up for a cool $25.5 million.

While Michael Finger of McGrath Real Estate Double Bay isn’t allowed to talk about the top Leura sale, he says Sydney’s eastern suburbs seem to be in a little bubble of their own, impervious to the pain of the interest rate rises affecting the middle market.

“People buying these properties have perhaps sold a business for multimillions or come up with some concept, invented something, or are at another level in their professional lives, like surgeons,” he says. “They’re bulletproof in terms of any talk of a recession.”

Melbourne, too, has seen far more than its fair share of blue-chip sales, after the sale in 2022 of its most expensive home ever – an unfinished mansion at 29-31 St Georges Road, Toorak, for more than $80 million.

Top-tier homes still fetch eye-watering sums, as buyers impervious to interest rate hikes compete for limited stock.

This month, 55 Albany Road, Toorak, sold with a guide of $55 million to $60 million, while in May a Victorian mansion at 20 Shakespeare Grove in Hawthorn – with nine bedrooms, seven kitchens and two resort-style pools – sold for $41 million within six days.

Another handsome sale was 4305 FrankstonFlinders Road, Shoreham – for an undisclosed price, although the guide was $18 million to $19.8 million – and 41-45 Yarrbat Avenue, Balwyn, again undisclosed, but with a guide of $13 million to $14 million.

Key listings on the market include 61 Clendon Road, Toorak, for $42 million to $46 million, 16 Moule Avenue, Brighton, for $39.9 million to $43.89 million, and 16 Balwyn Road, Canterbury, for $37 million to $40 million.

Kay & Burton managing director Ross Savas, says these are in addition to the numerous sales that he and his agents have conducted offmarket this year – that no one knows about.

“We’re finding it a very strong market with a lot of expats coming back from the UK and Europe because of the war in Ukraine and Russia, as well as a lot of new migrants,” he says. “Australia is a very hot market at the moment for families to come here and educate their children.

“We’re bound by confidentiality, so can’t talk about many of our sales, but we feel the luxury market is only going to get stronger. A lot of records have already been broken and that’s going to continue.”

The high-end (in every aspect) apartment market is also going well, with the record price smashed in March for a sub-penthouse above level 75 in STH BNK by Beulah bought for $38.5 million.

Brisbane, too, is having a fine old year, price-wise.

The city’s record was set last year with the $17.25 million sale of a six-bedroom house at 673 Musgrave Road, Robertson, but it now looks as though that might be topped by the sale of a four-bedroom penthouse, with 52 metres of uninterrupted river frontage, at 250/1 Newstead Terrace, Newstead.

It last sold in 2008 for the then-record of $14.25 million but is expected to be bought for a great deal more now, with a co-listing by Sarah Hackett of Place New Farm.

“It’s an absolutely magnificent property,” she says. “Stock levels are still at an all-time low, which is keeping prices high, so it’s an amazing time to sell. Certainly, we’ll have more records smashed by the end of the year.”

Hackett is also selling a penthouse at 25/70 Oxlade Drive, New Farm, for $12.95 million, and 19 Ormadale Road, Yeronga, for offers over $8 million.

She’s just sold a 1600-square-metre riverfront estate at 90 Virginia Avenue, Hawthorne, for $11.1 million, and 22 Quay Street, Bulimba, for $10.4 million.

In Perth, the tightest market for decades is leading to records tumbling, with a landmark off-the-plan sale of a penthouse in Crawley at 8/20 Mounts Bay Road for $6.92 million, and the sale of an old apartment block at 40 Mount Street, West Perth, for $7.6 million.

“The quality, high-end luxury house and apartment market in Perth is so busy, it’s ridiculous,” says William Porteous Properties International director Peter Robertson. “Good properties are thin on the ground and high construction costs means far fewer new houses and apartments are being built.”

Adelaide is similarly having a good year at the top end of the market.

Its previous record sale of $10 million to $11 million for the Anglican Diocese’s 164-yearold mansion Bishop’s Court in North Adelaide is thought to have been eclipsed this year by a sale in the same area for “several million dollars higher”.

Outside the capital cities, high-end real estate is also going great guns.

In Byron Bay, a new record was set for the NSW North Coast this year with the $37 million sale of the Oroton fashion empire family’s luxury farmhouse The Range in Coopers Shoot. A new South Coast record is expected to be set, too, with the sale of 106 North Kiama Drive, Kiama Downs, which is likely to fetch over $10 million.

In Queensland, Noosa’s record was broken by a four-bedroom apartment at 5/81 Hastings Street, which sold for $16.1 million to an interstate buyer.

In country Victoria, a new record was set in Port Fairy by the $7.2 million sale of 36 Griffiths Street in May, although that could be topped soon by 109 Beach Street, which is on the market for $7.2 million to $7.5 million.

The Range, Coopers Shoot, sold for $37 million, above; 19 Ormadale Road, Yeronga, is asking for offers over $8 million, above centre; 250/1 Newstead Terrace, Newstead, above right; 61 Clendon Road, Toorak has a guide of $42 million to $46 million, right.

For an inner-city suburb as naturally beautiful as Claremont, Western Australia, it would be easy to rely solely on looks to appeal to residents.

The meandering Swan River and its picturesque parks craft an idyllic backdrop, yet this affluent neighbourhood is committed to regularly reinventing itself, constantly striving to become an even better place to call home.

Evolving with the times

Tyler Formica, the managing director of Trilogy Furniture, a long-standing, family-owned luxury goods retailer, highlights how Claremont blends the old and the new, much like how its timeless French provincial style finds its expression in modernised homes.

“The suburb’s ongoing transformation is evident in the newly renovated The Claremont Hotel, which has injected a cosmopolitan vibe into the area with its multilevel layout, including a rooftop bar, public bar, dining room, courtyard and function room,” Formica says. “This reimagining of a heritage hotel that all locals know and love captures the vitality that Claremont embodies.”

Bustling retail precincts and diverse dining options add further zest, from the premium shopping and lifestyle destination Claremont Quarter to its more recent efforts to invigorate and inspire its nightlife through grants programs for local businesses.

By PAULINE MORRISSEY

“I love to recommend favourite spots such as Bay Road Pantry for breakfast, The Local on Waratah for relaxed lunches with a nod to Italian food and, for special occasions, Chez Pierre, for their authentic French cuisine,” Formica says.

Put down roots for life

Claremont’s property market is also evolving, says Duet Property Group consultant Susan James. While the area’s excellent schools and amenities continue to attract families, she says that an increase in mixed housing and new apartments has enticed younger buyers.

“This cycle of renewal contributes to Claremont’s ongoing vibrancy, helping to rejuvenate its landscape,” James says. “Meanwhile, grand, character homes on big blocks retain their value due to scarcity and exclusivity.”

In fact, even as the upswing of property values continues to lose steam in many of Western Australia’s upmarket suburbs, Claremont has posted a 14.6 per cent rise year-on-year to a median house price of $1.525 million, according to the latest Domain House Price Report “Claremont residents feel that things don’t get much better than the place they live, encouraging them to put down roots,” James says. “They appreciate being within walking distance of rivers and parks as well as cafes and shops.”

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Expressions of interest

Agent: William Porteous Properties International, John Hunter 0427 654 352

Beyond towering gates and a walled garden, this private oasis is set among six architect-designed homes. It boasts spacious interiors, al fresco dining and access to a tennis court and a pool.

Beautiful Claremont offers wonderful natural amenity and a vibrant lifestyle.

Rejuvenation and renewal are the hallmarks of this Perth suburb perched on the banks of the Swan River.

Building a partnership with tenants

At a time when renters are in such pain from rapidly rising rents, is it possible to both preserve a good rental yield and, at the same time, be a good landlord?

It’s tricky, say the experts, but, yes, it’s eminently achievable with a little consideration and determination.

And tenants certainly value it. New research commissioned by property buyer’s agency Aus Property Professionals (APP) has found that three out of four tenants believe that most landlords strive to do the right thing by them, and they appreciate it hugely.

“Many landlords are conscientious and caring about their tenants,” says APP director Lloyd Edge. “However, they may not have the knowledge or expertise to navigate the complex rental market on their own so rely on property managers who set rental rates.

“A lot of those just don’t communicate well enough with tenants, or treat them with the right amount of respect.”

Yet landlords can soften the effect of the many rent hikes levied across Australia in the past 12

months, he believes. They need to maintain their properties in good condition and do any necessary repairs immediately. Even small gestures like a card at Christmas go a long way.

“These kinds of things make tenants feel like they’re being looked after, especially when

keep in touch with them, ask how they’re faring financially and work out how they might be affected by rent increases, in order to head off any problems before they occur.

“You want your property manager to constantly monitor their situation and make sure they’re not struggling too much, because you want a good tenant to stay for the long term,” McDonald says. “And it also means giving back. If they’re maintaining a property well, you might give them a $100 Coles/Myer voucher to say thank you, and show them they’re appreciated. It’s creating a partnership.”

It’s not simply about the yield a landlord is receiving on their property, either, says Steve Fitzsimon, director of business growth at Melbourne Real Estate.

Investors should bear in mind that property values are now rising again, so there should be better capital growth on the horizon.

“So, if a property has improved in value by $50,000, then if the rent goes up $50 rather than $100, that still means the owner is much better off,” he says. “Owners should be asking their property managers to conduct regular reviews of the sale price of their property.

they’re paying so much rent,” says Edge, who has 17 investment properties, with tenants staying up to 10 years.

The secret is to view your tenant as a partner in your investment journey, says property management consultant Kasey McDonald. That might mean asking the property manager to

“At the same time, it’s important to be aware of tenants’ circumstances and if they’ll be able to cope with rent rises.

“If they’re a first responder or a teacher, their potential earnings are capped, so landlords should be considerate of that, too. I think most landlords are keen to do the right thing.”

Rapidly rising rents are putting stress on tenants’ finances, but there’s more to a successful investment than simply a high yield.

By SUE WILLIAMS

“You want your property manager to constantly monitor [tenants’] situation.”

Landlords can work with tenants to create outcomes that are mutually beneficial.