Domain Prestige - July 26, 2023

PRESTIGE

A once in a generation opportunity

Live on Sydney’s Harbourfront at Kurraba Point. The Kurraba Residences Penthouse Collection offers scale, amenity and iconic aspects befitting its historic position on one of the most exclusive residential peninsulas in Sydney.

Kurraba

NATALIE MORTIMER

It’s difficult to imagine buying our magnificent cover property without promptly moving in and making the most of its alluring waterfront position. But, surprisingly, that’s exactly what outgoing Qantas chief executive Alan Joyce and his husband Shane Lloyd did after they bought it just over a year ago for $19 million. The pair had a change of heart and decided to remain in the city, but not before undertaking an impression renovation. The fourbedroom residence is now back on the market, with furniture imported from the US thrown in to sweeten the deal. Elsewhere in this edition, we turn our eye to calming homewares that will help create a harmonious space, dive into the huge demand predicted for prestige property, explore the heritage homes and history of Brisbane’s picturesque suburb of Ascot, and find out why now could be the perfect time to invest in property.

OUR COVER

12 Musgrave Street, Mosman.

Listed by Ray White

PAGE 4

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

By KATE FARRELLY

Mosman

Sydney 12 Musgrave Street

$20 million

4 4 2

Expressions of interest: Close 2pm, August 2

Agent: Ray White Lower North Shore, Geoff Smith 0418 643 923

With a private jetty, a berth and one of the harbour’s few remaining netted sea pools, this handsome arts and crafts home includes sympathetic updates from architect Paul Moon and interior designer Levine Vokaberg. Watch boats cruise by from one of two terraces, store your fine wines in the red-cedar cellar and work out in your home gym.

Broken Head

Northern Rivers 248 Seven Mile Beach Road $13 million-$14 million

5 3 8

Expressions of interest: Close August 24

Agent: McGrath Byron Bay, Ian Daniels 0457 341 111 Perched above Bray’s Beach and bordering the Broken Head Nature Reserve, this 13.9-hectare estate is a nature-lover’s sanctuary. Completely private yet only 15 minutes’ drive from Byron Bay, the property comprises a main residence with three bedrooms, and two one-bedroom cottages.

Mount Eliza

Mornington Peninsula 3 Tintagel Court

$11 million-$12 million

Expressions of interest: Close 2pm, August 10

Agent: McEwing Partners, Quentin McEwing 0409 389 268 Boasting a fabulous Pelican Point position with direct gated access to the beach, this Hamptons-inspired residence commands jaw-dropping, 180-degree vistas across Port Phillip Bay. There are huge internal and external living spaces on each of the two levels, plus lift access.

Warrawee

Sydney 39 Hastings Road

$7 million

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Auction: Noon, August 5

Agent: McConnell Bourn North Shore, Andrew Egan 0410 901 460

With a northerly aspect from all living areas, including the entertaining pavilion, the 1926 English Tudor home Listowel is a magical find.

PERFECTLY POSITIONED TO ELEVATE EXPECTATIONS.

The Premium Collection is an exclusive selection of Trackside House’s finest 3 and 4 bedroom residences, distinguished by exceptional views, expansive indoor and outdoor living areas, premium inclusions and luxurious finishes.

The unique location of each Premium Collection residence allows for unobstructed, breathtaking vistas across Moonee Valley Racecourse and beyond to the city skyline.

Register to book a private appointment at our Display Gallery.

TO REGISTER, VISIT PREMIUM.TRACKSIDEHOUSE.COM.AU OR CALL 1300 426 866

DISPLAY GALLERY

Thomas Street, Moonee Ponds. Open by private appointment.

SCAN TO REGISTER YOUR INTEREST

EARTHY GLAZE

Beloved pottery and ceramic brand Robert Gordon has introduced a sublime new glaze to its artisanal basin collection. The White Ochre finish on its high-fired stoneware basins radiates a captivating warmth with its luscious, earthy hue. robertgordon interiors.com

All is calm

Calming colours, soothing shapes and comforting textures are paramount in creating a harmonious home. Compiled by PAULINE MORRISSEY

REVITALISING PALETTE Laminex’s Design Directions 2023 showcases four distinct new palettes. Connected Calm, Nature’s Nurture, Energised Contrast and Sunburnt Country each offer refreshed colours with soothing qualities intended to inspire spaces of calm. laminex.com.au

MADE FOR KEEPING The up-and-coming brand Palinopsia crafts handmade ceramics. Tableware includes the Payton collection, with its ice-cream-coloured glaze, and the Soda range, hand-dipped in earthy hues. palinopsia.com.au

SLEEPING BEAUTY Transform your bedroom into a haven of cosy and calm with Heatherly Design’s Waldon Bedhead. It features a deep bed base with an elegantly curved design, upholstered in carameltoned cotton that encourages a seamless night’s sleep. heatherlydesign.com.au

With the projected massive growth in the number of high-net-wealth individuals in Australia, and those possessing ultra-high net wealth, it’s likely that prestige property across the country is going to be in huge demand.

For not only is it set to be sought out by locals, but also the rising tide of the super-rich from around the rest of the world.

“With stock levels already quite low, and not a huge amount of new supply coming onto the market, we’ll probably see the prestige market becoming tighter still,” says Michelle Ciesielski, Knight Frank’s head of research, on the release of the company’s The Wealth Report 2023.

“The new supply tends to be boutique-type development of homes or apartments, not so much high rise, so numbers are limited. At the same time, the property already in portfolios isn’t being sold, so there’ll not be too much established, or new, property hitting the market.”

The new report reveals that, in Australia, the number of high-net-worth individuals (HNWI)

Ahigh-net-worth feeding frenzy

By SUE WILLIAMS

– defined as those with a net wealth of more than $US1 million ($1.47 million) – is set to grow by 71.1 per cent in the five years from 2022, rising from 2,214,326 to 3,789,629. This level is 2.5 times the growth in HNWI in the previous five years, between 2017 and 2022. At the same time, the number of ultra-highnet-worth individuals (UHNWI) – those with a net wealth of more than $US30 million and who

own an average of 2.9 homes – is expected to rise by a stunning 40.9 per cent in Australia over the next five years, from 17,456 in 2022 to 24,589 in 2027.

UHNWI growth over the past five years was 31.1 per cent.

“When you look at the wealthy population in Australia, they seem to have been insulated from many of the external factors that have

As the number of wealthy individuals surges around the world, experts are predicting huge demand for prestige property.

12 Harman Street, Burrawang, above; 701/61 Noosa Springs Drive, Noosa Heads, above centre; 1001/15 Young Street, Sydney, above right.

impacted other wealthy people in the world,” Ciesielski says. “A big part of that new wealth is property. Property portfolios at the top end in this country have continued to experience sustained upward growth or have stabilised over the past 12 months.

“They’ve not had the kinds of falls the mainstream markets have seen. As a result, collective wealth has continued to grow.”

The implications for our property market are massive. In Sydney, Darren Curtis of Christie’s International Real Estate, says there’s likely to be a strong run on three types of prestige property in particular.

“The HNWI and UHNWI love the prime areas of Sydney’s eastern suburbs with northfacing waterfronts and views of the icons: the Opera House and Harbour Bridge,” he says.

“With an increasing number of people coming from overseas as well, there’s likely to be something of a bottleneck in finding enough supply. People are also looking for large houses on land with a relatively short drive to the CBD in areas like Terrey Hills, Duffys Forest and Belrose, and genuine acreage. We saw that recently with the sale of a house in Elanora Heights [for a reported $17 million].”

In line with that, Curtis is currently selling a six-bedroom home on acreage at 118 Booralie Road, Duffys Forest, with a price guide of $14 million to $15 million.

Finally, there are those looking to be near good schools, with one recent sale at Warrawee, near Knox Grammar, fetching $20.5 million.

In Melbourne, the demand is also likely to soar for the pick of prestige property – depending on the age and circumstances of the buyer.

Kay & Burton director of projects Damon Krongold says younger rich-listers tend to go for penthouse-style apartments with wow-factor views in South Yarra, the Docklands or Toorak.

“The parents with young, or school-age, kids usually prefer bigger homes on larger plots of land, in places like Toorak, Brighton, South Yarra and East Melbourne,” Krongold says.

“Then, at the older end of the spectrum, the rightsizers come from the larger homes and

choose low-maintenance alternatives, or highquality, opulent apartments. They all also like a beach house on the Mornington Peninsula, too.”

Yet competition for the most popular homes is becoming ever fiercer with overseas demand added to the mix – especially since the new report predicts that, globally, the number of UHNWI is projected to rise by 28.5 per cent over the five years to 2027.

But we are still right up there. The entry point in Australia to the top 1 per cent threshold of wealth is now $US5.5 million, up from $US2.8 million in 2021, which puts us in third place, behind Monaco and Switzerland.

Ciesielski sees the main wealthy buyers as families looking to upsize into larger family homes, active retirees considering the next stage of their life and wanting to right-size into luxury apartments they can lock up and leave, and opportunistic purchasers – those looking to make more money, perhaps through subdivision or running accommodation-style properties.

Queensland Sotheby’s International Realty chief executive Paul Arthur says those HNWI and UHNWI in Queensland are set on relatively new, well-designed and stunning properties with a high level of finish.

A current offering on his books, a lavish sixbedroom home at 598 London Road in Brisbane with a price guide of around $20 million, is receiving a huge amount of interest, he says.

“But as well as that for the primary residence, they’re also looking for second and third homes in key lifestyle locations like Noosa, the Whitsundays, Port Douglas or the Gold Coast,” Arthur says. “They want security and privacy and a great place to relax with their friends and family, with an entourage of staff brought along, and far removed from the rest of the world.”

In another of our top lifestyle hubs, Byron Bay, buyers are also circling those properties that offer privacy, quality and a great location, either on the beach or in a rural setting, says Byron Bay First National director Su Reynolds.

“Many people come here to be close to the water, or have a wonderful view of the ocean or water,” she says. “We’re also now starting to get

some top-quality apartments here that people are choosing to buy. And while a lot of people believe that it’s overseas buyers who are spending the most money, that’s a misconception. It’s usually Australian residents paying the big money.”

Burrawang

Southern Highlands 12 Harman Street $3 million

4 2 2

Auction: August 2

Agent: Ray White Bowral, Gene Fairbanks 0448 613 665

Noosa Heads

Sunshine Coast 701/61 Noosa Springs Drive

$9.2 million

4 3 2

Private treaty

Agent: Tom Offermann Real Estate, Tom Offermann 0412 711 888

Sydney

Sydney CBD 1001/15 Young Street

$14.5 million

3 3 4

Expressions of interest

Agent: Kay & Burton, Adam Ross 0409 663 051

Like its British namesake, Ascot is an affluent area with heritage homes and a rich horse-racing history. By

Brisbane, often overshadowed by its louder counterparts Sydney and Melbourne, is rather the quiet achiever, boasting some seriously picturesque suburbs rivalling the best of them.

One such contender is affluent Ascot, where magnificent jacaranda and poinciana trees frame vast heritage homes, bound by leafy parklands.

While Ascot has a rich history in horse racing, with Doomben and Eagle Farm racecourses within its borders, the suburb has evolved into a highly sought-after, village-like ’burb, prized for its ease of living and endearing atmosphere.

Picture-perfect postcode

Ray White selling director Damon Warat gushes about Ascot, noting that the suburb’s grandeur primarily attracts polished, affluent families.

“It’s hard to imagine a better place to live in Brisbane than Ascot, being a tightly held suburb loved for its wide, tree-curtained avenues with large allotments and character-style homes, often with sprawling gardens, pools and tennis courts,” he says. “It’s an old money-type area that values community involvement and [has] a family-friendly vibe.”

Domain’s latest House Price Report shows the allure of Ascot has not stagnated, even in a slowing housing market, with the median house price reaching $2.4 million – a 14.6 per cent yearon-year increase. Warat says its unique position

PAULINE MORRISSEY

for future appreciation is due to projected economic growth and internal migration.

“Residents enjoy the convenience of having all amenities at their doorstep, including excellent schools, a great cafe culture, and vibrant lifestyle precincts,” he says. “Notably, a short 15-minute drive connects Ascot to both the Brisbane CBD and the airport.”

Iconic stretch of Brisbane

At Ascot’s heart is Racecourse Road, a lively precinct adorned with fairy-lit poinciana trees. By day, the road buzzes with cafe-goers and boutique shoppers, while at night it transforms into a twinkling wonderland, perfect for dinner dates. It’s here you’ll find Dicki’s, a charming corner cafe owned and run by Justine Khoury.

“It’s been wonderful to witness Ascot evolve yet remain regal in many ways,” she says. “I feel fortunate to work amidst the lively Racecourse Road [community] and feel proud to provide a plant-based offering to the strip.”

Khoury enjoys immersing herself in the beauty of Ascot, whether she’s running along the boardwalk, enjoying training sessions in Oriel Park, or indulging in Pilates at Fluidform.

“I adore the welcoming and adventurous spirit of this place, where the bonds I have formed with loyal customers-turned-friends make coming to work easy,” she says.

The home at 15 Inverness Street, Ascot, is just four blocks from Eagle Farm Racecourse.

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Ascot

Brisbane 15 Inverness Street

$5.4 million-$5.6 million

5 4 2

Expressions of interest

Agent: Butler+Co Estate Agents, Amanda Butler 0438 767 439

Spread across three lavish levels, this family oasis features steep roofs, intricate latticework and sash windows. The ground floor is dedicated to living and entertaining, leading to a rear terrace overlooking a green mosaic-tiled lap pool.

Hover your camera over the code to see Domain listings in Ascot

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BEROWRA WATERS

30a 18b

FOR SALE

TIM ANDREWS 0412 663 065 tim.andrews@ljhooker.com.au

DOUGAL MILLER-SNEDDON 0423 138 180 dougalmillersneddon@ljhooker.com.au

LJ Hooker Terrigal terrigal.ljhooker.com.au

12 PRESTIGE

Fortune favours the brave investor

High interest rates often deter property investors from adding to their portfolios but there are many advisors who argue that, as long as certain rules are observed, this can be the perfect period in which to buy.

A new white paper produced by data-driven buyers’ agency InvestorKit in collaboration with Confidence Finance has found that, even at a time when rates have risen 12 times in the past 15 months – to the highest level in 11 years –investing now can be extremely profitable.

“It’s a frequently asked question – whether now it’s best to sit and wait for better times to come, and rates to fall again, before making investment decisions,” says InvestorKit head of research Arjun Paliwal.

“But now is the perfect time, as long as people have done their research and understand market trends.

“It’s important to analyse both demand and supply in different markets. In Sydney, for instance, stock has gone down, which has been pushing up property prices and, as the rental

pool shrinks, rents have gone up, which is perhaps the opposite reaction to interest rate rises than we might have expected.”

As well as understanding those relationships, it’s also critical to examine the factors influencing the numbers of homes for sale and

The inflation that accompanies high interest rates is also likely to push up asset values while degrading the value of cash kept in a bank, Paliwal says.

“Long-term, prices and rents will always rise whether interest rates go up or down,” he says.

Propertybuyer chief executive Rich Harvey agrees that periods of high interest rates can be excellent times to buy.

He says he made a lot of money by acting counter-intuitively – and counter-cyclically –when he bought three properties during the global financial crisis, and another three last year when prices were falling.

“The average investor might worry about interest rates and the cost of living and electricity prices, so buying an investment property would be a long way down on their priority list,” Harvey says. “But savvy investors look at a turbulent time in the market with high interest rates and see opportunities. They’ll know there will be some motivated vendors who are stretched and stressed out there and they could pick up a good buy.”

rent, the volume of properties under construction and the number being planned in the area you are considering buying into.

It’s also wise to focus on other key indicators, like unemployment, industrial diversity, planned infrastructure and predicted migration into a region.

High rates also signal good times to Michael Pell, the managing director of Propell Property. “Higher interest rates mean fewer buyers, less competition and better deals,” he says.

“We’re now seeing a lot of smart investors coming out of the woodwork because they can see there aren’t as many people putting in offers or putting up their hands at auctions, and are getting good discounts.”

Rising interest rates, high inflation, a cost-of-living crisis … and yet this could be the perfect time to invest in property.

By SUE WILLIAMS

“Savvy investors look at a turbulent time in the market … and see opportunities.”

Research is key, but if the numbers stack up the current climate may not be a reason to delay investing.

Commanding

Land: 2400sqm

Spectacular landholding presents a once-in-a-lifetime opportunity, to acquire one of the few direct beachfront blocks in Byron Bay.

Showcasing panoramic views over Julian Rocks to Cape Byron, ‘Bluewater’ comprises six luxury holiday cottages nestled amidst stunning landscaped grounds. Step down onto the sand, stroll to celebrated local restaurants, or explore the heart of Byron Bay just 4 minutes away.

For more information:

Kim Jones - Principal @ Kim Jones Property 0414 629 924 | kim.jones@smileelite.com

kimjonesproperty.com.au

1-3 Don Street, Byron Bay

a breathtaking oceanfront position in exclusive Belongil Beach, Byron Bay

SELLING

For sale by negotiation

STORY

SITE

SALESPEOPLE

An architectural family residence positioned on the absolute riverfront. Fire pit, swimming pool, jetty & a self contained studio are a small handful of the exceptional features of this home. Located on 815sqm of lush grounds with 5 bedrooms, 4 bathrooms, 4 car accomodation and in a private cul-de-sac street; welcome to the finest of riverfront living. Enquire within for viewing times & further information.

27 Astolat Street, Yeronga Ivo

Ivo Kornel & Sarah Kornel