Domain Prestige - August 23, 2023

PRESTIGE

EPIC PROPORTIONS

JOSEPHINE HUYNH

Are four Hot Properties ever enough? In this current luxury market the answer is no, as I’ve had a really tough time each week narrowing it down to my four favourites (see right). It’s not hard to fall in love with the Mornington Peninsula, and this English barn-style Main Ridge retreat with immaculate pastures and a picture-perfect vineyard producing its own drop. Mosman never ceases to impress in Sydney, and the Middle Harbour view says it all. Heading up north, we land on the dazzling Gold Coast, where the auction record has just been smashed by a $24 million six-bedroom house on the Isle of Capri. It’s the subject of our Feature Story, which explores how the Queensland market stacks up with the rest of the nation. We compare it to some jaw-dropping properties for sale, like the 4254-square-metre estate across five blocks featured on our cover. ‘Wow!’ doesn’t cut it.

OUR COVER

26-34 Knightsbridge

Parade, Sovereign Islands

Listed by Amir Prestige Group

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

Associate editor:

Jemimah Clegg

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

DESIGN DIGEST Winter delights

HOT PROPERTY

By KATE FARRELLY

Mosman

Sydney 45 Parriwi Road

$16 million

3 3 3

Expressions of interest

Agent: Sydney Sotheby’s International Realty, Michael Pallier 0417 371 522

Designed by architect Nick Kent to make the most of the incredible Middle Harbour and ocean views and to capture the north-easterly breezes, this three-storey residence with a pool is a threeminute walk from Chinamans beach. High-end finishes include copper roofing, custom wood panelling, extensive use of glass, and marble and stainless steel benchtops.

FEATURE STORY

Gold Coast leading the charge 8

LIVING IN

Prime and parkside

Knockdown-rebuilds 11

THE PROPERTY INVESTOR

LEIGH HENNINGHAM

Mermaid Beach

Gold Coast 65 Albatross Avenue

4 4 8

Auction: 11am, September 29

Agent: Amir Prestige Group, Amir Mian 0401 470 499

The sand and surf are on the doorstep of this two-storey home, which is ready to enjoy as is but also has development potential. Set on a beachfront lot of 809 square metres with sweeping ocean and coastline views, the property includes an award-winning kitchen and a plunge pool.

Main Ridge

Mornington Peninsula 389 Shands Road

$11.5 million-$12.5 million

Expressions of interest: Close 5pm, August 29

Agent: Forbes Global Properties, Robert Fletcher 0413 493 901 This beautifully presented estate claims 11 hectares in a blue-chip peninsula locale little more than an hour’s drive from Melbourne. Home to noted designer Gil Griffiths of Studio Griffiths, the property comprises a threebedroom main homestead, a one-bedroom guest house, and a vineyard.

Hurstville Grove

Sydney 124 Morshead Drive

$12 million

9 6 5

Auction: 5.30pm, September 13

Agent: Highland Sutherland Shire & St George, Evan Williams 0483 218 431

With a peaceful outlook over the Georges River, this 1612-square-metre, deep-waterfront holding is host to two residences and a heated pool.

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SOFT GLOW Nicole

It was an auction like no other: 283 property inquiries, 147 inspections and, finally, 42 bids on the day itself.

And, by the time the auctioneer declared, “Going … going … gone!” on the sale of the glamorous six-bedroom, six-bathroom house on the Gold Coast’s Isle of Capri, all Queensland auction records had been smashed.

“It was extraordinary,” says Kollosche principal Michael Kollosche, of the sale of 59 The Corso for $24 million.

“The prestige market is going so strongly and that record-breaking sale showed the depth of demand there is for quality homes.

“It’s been a great start to the financial year and all indications are that the property market here will continue to trend upwards.

“We’re seeing fewer homes come to market, and there are still a lot of people moving from Melbourne and Sydney and, together with overseas visitation resuming, there’s so much demand, and that’s all [driving] prices up.”

While that sale has set a new benchmark for Queensland, there are still plenty of properties being offered at similarly eye-watering prices –for the Sunshine State – but often via private treaty or expressions of interest.

Another property Kollosche has on the market, for example, is the six-bedroom, sevenbathroom Alston mansion on Main River at 5 McMillan Court, Southport. The price? A mere $31.5 million.

On a 3442-square-metre riverfront allotment, with its own private sandy beach, it has basement car parking for five vehicles, a gourmet kitchen, wine cellar, two-level library with dramatic spiral staircase, hotel-style marble bar, full-sized billiard room, state-ofthe-art cinema, heated indoor pool, spa, sauna and gymnasium.

Meanwhile, fellow Gold Coast agent Amir Mian is offering the six-bedroom, ninebathroom Palazzo Vittoria, at 26-34

A high-end market fit for a queen

Queensland is riding high on a king’s ransom of riches from a right royal raft of prestige property sales.

By SUE WILLIAMS

Knightsbridge Parade, Sovereign Islands, for a cool $40 million.

“The market is going very well, and we’ve had $154 million in sales just over the past two months,” says Mian of Amir Prestige Group.

“I think strong migration is one of the causes, with international migration doubling, the change in the rules for Kiwis coming to Australia and students returning. Stock levels are also very low.”

Generally, auction clearance rates on the Gold Coast are sitting at around 75.2 per cent on Domain figures, although Kollosche’s records show the agency’s were 92.59 per cent for the last quarter, 96.43 per cent for the quarter before, and 90 per cent for the one before that, with 93.16 per cent for the last financial year.

Elsewhere in Queensland, clearance rates are generally lower, with Domain’s latest auction report for July 2023 showing Brisbane had a

rate of 62.5 per cent, well below Adelaide’s 74.9 per cent, Sydney’s 72.4 per cent, Melbourne’s 70.4 per cent, and Canberra’s 69.9 per cent.

“Brisbane remains the weakest capital despite its clearance rate seeing strong results relative to its historical performance,” says Domain chief of research and economics Dr Nicola Powell. “This is the second consecutive month above 60 per cent, which was last seen in February 2022.

“While the clearance rate decreased over the month, it is 25.7 percentage points higher annually. This is the steepest annual growth of the capital cities and the highest growth since November 2021.”

Queensland Sotheby’s International Realty chief executive Paul Arthur says that’s largely a result of Brisbane relying less on the auction method for sales than Sydney or Melbourne.

“In those cities, auctions are their main method of sale; in Brisbane, their popularity is still growing but from a lower base,” Arthur says. “Generally, sales are very solid in Brisbane, especially at the luxury end of the market, and across all locations, especially the lifestyle ones.

“We haven’t seen too much of a pullback in prices in these areas. The strength is a result of a combination of migration, overseas visitors and a low stock inventory. Quality properties are still going at top prices.”

On the Sunshine Coast, where Noosa homes are in much demand, the clearance rate is slightly higher at 64 per cent. It’s not tracked so much in Far North Queensland, in areas like Cairns, Port Douglas and Palm Cove, but prices there are holding up well.

Arthur says the Whitsundays region is particularly strong, with places like Hamilton Island still favoured by the wealthy, and Airlie Beach transforming from a backpacker haven to a charming centre with some excellent homes.

Meanwhile, back on the Gold Coast, Kollosche is celebrating his record-breaking sale – the

highest at auction since the $16.45 million paid for 41 Picture Point Crescent in Noosa Heads in 2021. The Corso property was a three-level mansion with stunning views and 52.7 metres of water frontage, a cinema, billiard room, gym, six-car garage and 7000-bottle wine cellar.

“It was built in the late ’90s and, as a result, it was a bit tired,” Kollosche says. “Ultimately, the buyer wanted to spend $5 million on a refurbishment but he’ll probably end up paying $8 million, which means it’ll be a $30 million property by the end of the work.

“The Gold Coast is still relatively cheap in comparison with the southern states. You can sell there for $10 million and buy something nice here for $5 million, or sell for $15 million and buy something in a great location with fabulous views for $7 million.”

Sovereign Islands

Gold Coast 26-34 Knightsbridge Parade

$40 million

6 9 12

Private sale

Agent: Amir Prestige Group, Amir Mian 0401 470 499

Southport

Gold Coast 5 McMillan Court

$31.5 million

6 7 5

Private sale

Agent: Kollosche, Michael Kollosche 0411 188 815

26-34 Knightsbridge

Parade, Sovereign Islands, above; 59 The Corso, Isle of Capri, top left; and 5 McMillan Court, Southport, above right and right.

This sizable pocket of suburbia offers diverse homes, tree-lined streets and numerous parks close to the city. By

Set against the splendid Melbourne cityscape, Kew emerges as a jewel of inner-city suburbia, with the allure of well-heeled luxury through its tree-canopied streets, grand residences and schools of high repute.

The affluence and refined taste pervading this picturesque enclave have long drawn the well-todo. And while Kew is within striking distance of the city, it artfully juxtaposes the hubbub with hushed serenity.

Sophisticated suburbia

Scott Patterson of Kay & Burton Boroondara describes Kew as a sizable suburb of nearly 11,000 households, with a diversity of properties from quaint cottages to majestic stately homes.

“Different pockets of Kew exude unique charm, such as the homes surrounding Studley Park on the river, providing a touch of nature just five kilometres from the CBD,” says Patterson, who has over 30 years in the industry.

“It also has landmarks like Raheen, a heritagelisted Italianate mansion, and Sackville Street, the educational heartland, with luxury residences often priced above $20 million.”

Patterson sees Kew as an education mecca, with over 10 schools – including prominent private institutions like Xavier College and Ruyton Girls’ School – pulling in families seeking a topnotch education for their children.

PAULINE MORRISSEY

“Such prestigious schools attract a blend of new families and a loyal crowd, of those raised in Kew, returning to sow their familial roots in the vicinity of these esteemed institutions,” he says.

“And then there’s the illustrious Studley Park precinct, popular among professionals … requiring convenient city access.”

Life’s sweet pleasures

Frank & Harri patisserie co-owner Sarah Jane Whitfield brings a distinct perspective – one of a local entrepreneur intertwined with the fabric of the neighbourhood. The cafe opened its doors in 2020 and swiftly became a social hotspot.

“Our customers constantly reminded us that their daily respite was a visit to our patisserie for a coffee and croissant,” she says. “This chance to familiarise ourselves with locals helped us foster a regular customer base, who have embraced our handmade French viennoiseries, whole cakes and mindful brunch menu.”

A country girl at heart, Whitfield grew up in a small regional town, a place she describes as having a single bank and grocery on one small street. Interestingly, she sees a trace of this rural simplicity in Kew.

“To me, Kew, especially High Street, is reminiscent of a small, family-focused country town, well stocked with amenities that cater to everyday needs,” she says.

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Kew

Melbourne 11 Ridgeway Avenue

$3.5 million-$3.75 million

5 2 2

Auction: 10.30am, August 26

Agent: Marshall White Boroondara, James Tostevin 0417 003 333

Masterfully renovated and extended, this classic Californian family home blends period hallmarks with modern elegance. Spacious, sunlit interiors unveil a gourmet kitchen surrounded by gardens.

Alexandra Gardens in Kew forms part of the green fabric of this leafy suburb located conveniently close to the CBD.

Knock it down, build it again

By SUE

Abattered old house falling apart at the seams and being offered for a rockbottom price can look incredibly tempting to an investor. But while knocking it down and rebuilding can prove enormously profitable, it’s an opportunity that comes with important caveats.

“Firstly, are you an active or passive investor?” asks Empower Wealth buyers’ agent Bryce Holdaway, the co-host of The Property Couch podcast. “If the answer is passive, walk away.

“Secondly, are you experienced in the property industry? If not, you, too, should walk away. This isn’t the time to cut your teeth when building companies are so vulnerable, timelines are blowing out, and the cost of materials is so high.

“But if you’re active, experienced, and have the skills to turn apples into apple pie, then you could make a lot of money.”

A bag of apples, Holdaway reasons, could cost $5, and the sale of an apple pie could reap $25. That’s only, of course, if buyers are after apple pie – you have to do all the usual checks to

make sure you’re knocking down and rebuilding in a location where there’s demand, and where you won’t be over-capitalising.

There needs to be purchasers around who are after a much better-quality home, and willing to pay for it. “In those cases, 100 per cent it can be

says they can definitely be excellent investments and he far prefers them over complete new builds, particularly in greenfield areas.

“Buying an old house you’re going to knock down means you can still earn rental income on it while you’re waiting for the plans to be drawn up and all the authority permissions,” he says.

“It’ll be the same price as you’d pay for the land, but it can help pay the mortgage while you’re getting ready to build.

“Location is obviously always important and sometimes on the greenfield sites you’re waiting for the infrastructure, while knockdownrebuilds are usually on infill sites in areas that already have bus stops and rail stations and shops and schools and medical centres.”

As well as the uplift in the capital value from the new home, there’ll also be a much higher rent you can charge for a brand-new, quality home that takes its place, he says.

In addition, adding value by renovating homes can be time-consuming and labour-intensive as compared to building from scratch, says Drew Glascott, general manager of sales Victoria for builder Metricon.

a good idea to buy an old home and demolish it and replace it with a better one,” Holdaway says.

“But you also need to make sure you factor in the cost of your time, the uncertainty, the risks and the emotional costs of doing it all.”

At knockdown-rebuild specialist Kurmond Homes, managing director Peter Kulakovski

“Choosing to knock down and rebuild allows you to avoid expenses like stamp duty, buying and selling costs, and the unpredictable costs of renovations, which often arise from hidden issues in older homes,” he says.

“When you compare renovation costs per square metre, knockdown-rebuild often comes out as the more cost-effective option.”

There is definitely a case for knockdown-rebuilds, but the experts warn of dangers if you don’t do your homework.

WILLIAMS

“Knockdown-rebuild often comes out as the more costeffective option.”

Ross House by Ola Studios, a knockdownrebuild in the Melbourne suburb of Northcote.

World-Class Sub Penthouse at Saint Moritz by Gurner

3.5

5 3 601G/14-16

minutes to Samford Village and 40 minutes to Brisbane City