22 minute read
LUXURY
from Mansion March 2021
CRONULLA, NSW
Advertisement
Sydney’s Cronulla has become a downsizers’ haven, with a ready made pathway from the waterfront to developments targeting empty nesters with larger apartments. The latest block, Oasis, has just 11 apartments, with the two-level penthouse listed for $15 million. There have been six waterfront sales above $4 million in the Sutherland LGA in the past four months, not including a $6.5 million sale of a block of land in Sylvania Waters. The latest listing is a Gunnamatta Bay beachfront, selling for the first time since its 2004 construction. The Nicholson Parade home, last traded for $2.36 million in 2000, sits on 1105sq m with lawns leading to a sandy beach. It has four bedrooms, three bathrooms, a home office with its own adjoining meeting room and a rumpus room with a kitchenette. Ahead of its March 24 auction, Highlands Property agents Laura McKay and Mitchell Wynn have been offering comparables ranging between $7.3 million and the big $10.3 million sale in 2017. A renovated Queenslander in Brisbane’s blue chip suburb of Ascot has sold after just five days on the market for $5.408 million. JerseyCo Design has restyled the original 1920s floorplan since it last traded for $2.28 million in 2013. The Inverness Street home now features a Wyer + Craw kitchen, French oak and hoop pine timber flooring, handpainted Belgian and Moroccan imported tiles, and Zoffany and William Morris wallpaper. The open-plan living and dining space, and fitted home study, open to a deck that meets the 1620sq m of productive gardens that feature a pool. The lower level of the home features a rumpus room with a kitchenette, two of the five bedrooms, a theatre and a wine cellar. The entertainer sold through Ray White New Farm agents Matt Lancashire and Patrick Goldsworthy. After 68 house sales in 2020, realestate.com.au says the median house price sits at $1.448 million, with Ascot having seen a compound growth rate of 2.9 per cent for houses over the past five years.
RE/MAX agent Claire Uttley has blown the Bribie Island record out of the water with her latest sale. The Banksia Beach home sale surpassed the existing $2.7 million island record by almost $2 million. The property, Kwilena, was named the 2018 home of the year in the Queensland Master Builders awards. It had been on the market for about a year, with a $4.99 million asking price. The Seaside Drive house, which looks out to Pumicestone Passage, was bought by people from NSW. The sale was assisted by buyer agents Ryan Haller and Klein Hunter. All four recent Bribie Island sales above $1.85 million were waterfront two-storey homes with pools and four or five bedrooms. The area is an hour from Brisbane and an hour from the Sunshine Coast, and is connected to the mainland by an 835m-long bridge. Banksia Beach’s previous record price of $2.7 million was set in 2006.
BRIBIE ISLAND, QLD
ASCOT, QLD
Designer touch
NOOSA, QLD
Eden, a Sunshine Coast mansion set on one of the largest waterfront reserve parcels on the Noosa North Shore, has been listed for $7 million. The home was a concrete shell when it was bought by Brisbane couple Andrew and Kate Hay, with its previous, Singapore-based, owner only starting construction. They had Vati Projects complete construction of the 1050sq m home, and Grow Collective the landscaping. The designer residence, set among trees and native gardens, sits behind a modernist facade with geometric lines, natural stone, timber and glass. There are five bedrooms, a king master suite in the north wing complete with its own balcony, open bathroom, walk-in wardrobe and dressing room, and dedicated study area. The main living spaces open on three sides to terraces, sun decks and a gazebo. There’s a long, multi-angled pool with Balinese volcanic rock tiles. The garden is at the water’s edge, with 180 degree views to where the Coral Sea meets the Noosa River, encompassing Noosa National Park and the Noosa River foreshore.
ST KILDA, VIC
An award-winning St Kilda home last sold for $2.1 million is about to hit the market for the first time in 13 years. The four-bedroom house was renovated by Kennedy Nolan architects two decades ago, and in 2018 Doherty Design Studio embarked on another revamp that saw the Charnwood Road home named a finalist in numerous design awards. While maintaining the original 1920s facade, the Californian bungalow has been modernised throughout. The ground level features the living and entertaining spaces, including a front sitting room with an original fireplace and bay windows. At the rear, a striking terrazzo stone kitchen, living and meals area opens to the landscaped garden by Ben Scott Garden Design, featuring a solar-heated pool. The four bedrooms are on the upper level. The Agency Port Phillip’s Sam Hobbs says the price guide is $5 million to $5.5 million.
TOORAK, VIC
Grand to the core
With the grandest of double staircases, Toorak’s heritage-listed Trawalla has hit the market for the first time in 17 years. The asking price is $27 million. The historic three-level home, which last sold for $4.99 million in 2004, dates from the 1860s, when it was built as a 20-room residence for Melbourne merchant George Stevenson. Two decades later, it was extended into 50 rooms for the retired pastoralist John Simson, who named the home after the small town he hailed from in central Victoria. During the 1890s depression its grounds were reduced, the home later becoming a boarding house. It sold in 1950 for £14,000 and became the Melbourne School of Nursing, then the Victorian Academy of General Practice in the 1970s. Trawalla was returned to a six-bedroom home after its 1999 sale at $2.93 million, when offered with approval for its conversion into seven apartments. Now restored by the late Stuart Rattle, the home – with a 22m indoor pool and a demountable floor to create a dance floor – sits in 2400sq m gardens by Paul Bangay. RT Edgar Toorak agents Warwick Anderson and Jeremy Fox have the Lascelles Avenue listing on behalf of the Carroll family.
BATTERY POINT, TAS
Tasmania’s Battery Point has quickly clocked up two big-ticket sales this year. They were the highest prices since 2018. Earlier this year, a home on Battery Point’s Clarke Avenue fetched more than $5 million. The most recent trophy home sale was when Pam Corkhill and Tom Triffitt of Harrisons Agents Hobart sold a Napoleon Street home, just two weeks after it had been listed seeking more than $4.975 million. They described the home as one of the “most exceptional” in Battery Point. Designed by Maria Gigney Architects, the Derwent River waterfront property sits on 1030sq m. The views take centre stage upon entry. There are three bedrooms and a sitting room on the entry level, before exposed stairs lead down to an indoor lap pool wrapped in glass which opens to a northfacing deck. The glass wraps around to the kitchen, living and dining area, complete with Jetmaster open fireplace. On the lower level is the master bedroom with walk-in wardrobe and ensuite and a study. The bedroom opens to the lawn, courtyard and terrace areas. Napoleon Street, with 40 tightly held homes, sees few sales. One of the last big sales was in 2018 when, after three years without a sale there was a street record of $4.15 million with another Maria Gigney Architects-designed extension. That was topped in late 2018 with a $4.4 million sale. The Hobart record hit $8.5 million back in 2011 for a Waimea Avenue, Sandy Bay, property. In 2017, Sandy Bay waterfront property Sentosa was sold for $6.5 million.
KILLARA, NSW
A luxury four-bedroom 1930s home in Killara, restored by designer Brendan Wong, has been listed with Pillinger agent Chantal Hooper with a price guide of $6.5 million to $7 million. Wong says his approach was to bring back the grandeur: “We carefully balanced an elegant aesthetic with the practical demands of family living.” The 1930s home has Neo-Georgian features, plus remnants of Spanish Mission and Art Deco detailing. The original leadlight windows remain, as does the grand staircase, twisted Solomonic column and arched doors. Even the service bells have been restored. There’s a billiards room with the original table, pendant light and bar. A European porcelain tiled pool sits in gardens by Richard Unsworth. Late last year a Killara home designed in 1928 by William Hardy Wilson sold for $5.78 million.
EAST MELBOURNE, VIC
Cinematic outlook
The fifth-floor East Melbourne apartment of Inge Morgan, the widow of the late cinema advertising pioneer Val Morgan, has been listed for sale.
Still in its original condition, the whole-floor apartment in the tightly held 1974-built Clarendon Apartments block was bought by the Morgans so they could walk across Fitzroy Gardens to the theatre and the city night life.
One of just 12 whole-floor apartments, the unit has two bedrooms, down from its original four bedrooms, across its 275sq m footprint. There’s also a 20sq m balcony.
The last apartment sold in the building was almost a decade ago. The Morgans bought in 1994 from Reuben Sackville, a former president of St Kilda Football Club, and his wife Anita.
Prestige Homes of Victoria agent Sean Cussell has set a price guide of $5 million to $5.5 million.
Cover story
M
McGrath agent Nick Dunn doesn’t know when the Byron Bay property boom will taper off. He’s seen the Byron township perform very strongly with record prices regularly being set, but suggests the hinterland has had even more price growth.
Dunn, who moved from Bondi when he was in his early 20s some three decades ago, believes that’s distinction is due to the COVID-19 factor. “People are looking at life differently; in the hinterland they can work from home and still have some acreage, grow vegies, raise cattle and install solar.
“They’re attracted to a more sustainable lifestyle.” Dunn suggests inquiry for property between the township versus the hinterland is pretty much equal now.
“Before COVID, inquiry was 75 per cent for coastal areas,” he says.
Pacifico Property agent Christian Sergiacomi says his sales split between hinterland and town are now 50/50 too.
“Town has been and always is very strong,” Sergiacomi says. “Suffolk Park all but sold out late last year, and the hinterland has seen incredible prices, people yearning for space more than ever.”
Another strengthening trend has been pinpointed by Liam Annesley, agent at Byron Bay Real Estate Agency, who says that, despite the distance, buyers from Melbourne have been showing the keenest buying intent since the onset of the pandemic. The relatively easy access, and the lifestyle on offer, are the biggest drivers for Victorians seeking Byron Bay property.
“It’s the convenience to airports and the subtropical climate,” Annesley says.
“The eateries and the sidewalk entertainment make Byron Bay a beachside cultural experience.”
It’s not a new trend with Victorians heading to the New South Wales coastal hotspot for decades, but Melburnians are often outbidding Sydneysiders.
Not much inquiry anymore from Queenslanders who prefer the Sunshine and Gold coasts. Annesley says around 30 per cent of his buyers come from Melbourne, “narrowing the gap over the last eight months to Sydney”.
It is more prevalent in the top end of the market. Last year’s lockdowns and lockouts briefly assisted Sydney buyers. “But it didn’t stop us selling sight-unseen to Victorians via facetime video inspections,” Sergiacomi adds.
A renovated house at Coorabell, in the hills behind Byron, is listed for $15 million-plus
BYRON AND BEYOND
Buyers are flocking to the northern New South Wales hinterland with the same gusto previously reserved for the famed coastal town
Top row: European-style pool and landscaped gardens at Coorabell; 35 Marine Parade, Wategos, sold for a record $22 million last October Bottom: 5.6ha clifftop Coopers Shoot estate with record $20 million - $22 million hopes; 25ha rainforest Coorabell property owned by David Knappick
The leader of the Melbourne expatriate pack is Antony Catalano currently overseeing an expansion of Raes, his luxury boutique hotel and restaurant on Wategos Beach after a recent $24 million acquisition of a nearby development site.
He’s also upgraded to a new bolthole himself as he spends more time at Byron than his pad overlooking Port Phillip Bay.
It was a Melburnian, Brian Singer, the founder of Ripcurl, who paid the record price, $22 million, for a single dwelling at Marine Parade, Wategos, last October.
Selling agent Michael Coombs, from Atlas, is now turning his attention to setting the hinterland record with the recent listing of Hercules. He and colleague Helene Adams have $20 million to $22 million hopes for the Coopers Shoot home that was called Byronian when it was bought for a then hinterland record $7.9 million in 2014 by Evolve College directors Deborah and Robert Wild.
The 5.6ha clifftop estate, with views to Byron and across the headland, has two luxury residences. The main five-bedroom home, dubbed The Green House, has a recording studio dating back to its ownership by music entrepreneur and SAE founder Tom Misner.
The hinterland was buoyed by the quiet $8 million sale of Twin Peaks in Coopers Shoot in November, the hinterland high for 2020. It was bought from Sydney solicitor Paul Caporale who paid $1.45 million for the 26ha property a decade ago before building a new home designed by Greg Tollis Architecture, as well as a number of cabins.
There’s high hopes for further big ticket sales in Coorabell, around 17km from Byron, near Bangalow.
Coal tycoon David Knappick is seeking $15 million to $18 million for his Coorabell home high on the scenic ridge of Coolamon Scenic Drive. Knappick has owned the property for the past 17 years, having paid $2.3 million in 2004.
The 25ha rainforest property has a three bedroom home which Knappick had built around a decade ago using recycled timber beams from Queensland’s Mackay Wharf. The 20m lap pool looks out across the hinterland to the Pacific Ocean. Graham Dunn at Graham Dunn Real Estate Byron Bay has the listing.
Nearby there’s a more classic home on 23ha which has hopes of selling for over $15 million. The entrance to the Queenslanderstyle residence is at the end of a 1000sq m hand-laid Italian porphyry cobblestone drive. The homestead, dating back to the 1880s, has been completely renovated, retaining original features such as its four metre high pressed metal ceilings, cedar walls, blackbutt flooring and ornate fretwork. In its landscaped grounds is an American-style timber barn and a European-style pool. Formerly known as Coorabella, it was where actor Margot Robbie was married in 2018 when the property was owned previously.
First National Byron Bay agent Tara Torkkola and Helen Huntley-Barrett have the listing. Torkkola says the number of hinterland inquiries have caught up to the amount of inquiries they would receive in town. And she believes there won’t be a surge in holiday rental availability even if office life becomes the norm again. “Now that they are living here they won’t ever want to go back,” Torkkola says. She says Byron is a little bit like some of the Melbourne suburbs. “It’s sort of like Melbourne by the sea.”
Victoria’s richest woman, St Kilda-based Sussan Group boss Naomi Milgrom, has long been a fan of Byron Bay. In 2007 she made her first foray into Lighthouse Road, opposite Clarkes Beach. She now has more than 2800sq m across three acquisitions made over the years totalling $17.5 million. She’s submitted plans by Barcelona architects Estudio Carme Pinós to build a contemporary hillside mansion at a cost of more than $4.4 million.
There are strong investor returns, initially shaken somewhat during the early pandemic lockdowns.
The holiday rental windfalls have seen The Project’s Melbourne-based TV host Carrie Bickmore pay $3 million in 2018 for a renovated 1920s home dubbed Luxico. Bickmore renovated and extended and it became a $1200 a night Airbnb listing. When COVID hit she sought tenants at $2200 a week. It is back as a $1180 a night rental and has very limited availability until May.
Melbourne-based ARIA award-winning singer Tones & I grabbed two holiday rentals in the same transaction, paying $3.3 million for Starr Cottage and Skye Lodge over Christmas.
South Melbourne comedian/producer Santo Cilauro spent $2.2 million on a retreat in the compound Villas at Byron last year.
Melbourne-based fashion designer Stevie Cox is taking on another Byron reno project. She recently spent $1.875 million on a 1990s home in nearby Ewingsdale, having previously renovated a home close by now known as Nirvana House, popular for photo shoots. Her sister (together they created Tigermist and more recently I.Am. Gia), spent $2.25 million in town last year.
Elders Lennox Head agent Jason Crethar says stock levels are at an all-time low. “I think you will find there are more agents than properties right now,” Crethar says.
He says he doesn’t see this trend as a boom in a price cycle.
“I see it as a migration from the cities to the regional areas and I think it will just continue.” Crethar says Lennox Head has benefited from the attraction of Byron Bay.
“With buyers from the cities used to travelling an hour to drive to work or to get to the beach, a 15-minute drive from Lennox Head or Byron Bay is not an issue if you live out of town.”
Pacifico’s Christian Sergiacomi says that stock is so low that most people who haven’t sold would not feel comfortable about being able to get back into the market. “We may see owners sell and return to the city,” he says. And he predicts the boom will taper off, but not in the immediate future.
Dolly Lenz
WITH JENNY LENZ
PRESTIGE MARKET
Demand stays the course
A 2835sq m penthouse by The Four Seasons Residences is on the market in Nashville for $31.38 million
The pandemic’s effect on the luxury real estate market has been wide-ranging and disrupted almost every facet of the industry from supply, pricing, lending, and even the consumer’s ability to view a property in person. While supply and demand experienced an initial short-term setback, prestige projects and trophy apartments have managed to make it through generally unscathed and shockingly close to schedule. In fact, the pipeline for prestigious new buildings in major US cities looks robust at the moment, signalling that demand for trophy homes continues to be strong.
During the early stages of the pandemic and subsequent lockdowns, real estate development came to a screeching halt as the industry was put on pause to stop the spread. Initially, there were fears these shutdowns would set back markets and development for years, however local governments gradually loosened controls and deemed construction industry essential, saving many projects from doom. With construction now permitted, existing projects continue toward completion and, in fact, many new uber luxury offerings launched in the middle of the pandemic.
In New York City, mega projects by well-capitalised top luxury developers saw a boost as those developers took aggressive steps to finish buildings in a bid to deliver a more complete project to the market. A great example can be seen at the Lantern House project located in Manhattan’s Chelsea neighbourhood and designed by renowned architect Thomas Heatherwick. This project became one of the best-selling developments in NYC once the lockdowns were lifted, a fact that can be attributed to the advancement of construction under the developer’s strong financial footing.
While supply is one aspect to a healthy market, demand is equally important and without it, the industry would almost certainly see a catastrophic drop in pricing and absorption.
Thankfully, all the current metrics show the uber wealthy have continued to display an insatiable appetite for prestigious apartments throughout the pandemic. Developers are taking note and launching new projects to capture those buyers. Known throughout the world and widely considered the gold standard of luxury, The Four Seasons brand is behind many of the trophy projects launching in US cities.
In Nashville, The Four Seasons Residences has listed a 2835sq m penthouse for $US25 million ($31.38 million), which would be the highest apartment sale ever recorded in the city. Further south, the brands New Orleans outpost just notched a $US13 million penthouse sale, shattering the previous records for an apartment purchase in the city. Not to be outdone by The Four Seasons, other luxury lifestyle brands including the Waldorf Astoria, Aston Martin Residences and The Fairmont are all prepping their own entries to the prestigious property market in hopes of meeting the demands of uber wealthy buyers.
At the start of March 2020, there was great uncertainty whipping through the real estate industry. Many felt it would be doomed by stalled projects and an instant and long-lasting pull back in buyer demand. Fortunately, supply and demand experienced only short-lived pain and if the current pace of development stays consistent to match the demand, the outlook for the trophy apartment market across all major US cities looks quite rosy for the immediate future.
Dolly Lenz heads up New York-based Dolly Lenz Real Estate and has sold well over $US13 billion worth of luxury US and international homes. Jenny Lenz is managing director of Dolly Lenz Real Estate. dollylenz.com
Local aspect
URBAN TASKFORCE
Tom Forrest
The experience of COVID-19 has seen a mini boom in demand for high-end luxury apartments. Record low interest rates have resulted in cheap money being made available to high-end investors. Those with spare cash have been keen to invest. Penthouses have often been the first apartments to sell and prices have held firm. Urban Taskforce members have reported strong demand for luxuriously appointed apartments in a genuinely safe country – Australia – and particularly with the investment opportunities, views and urban amenity of Sydney. Bespoke cabinet-makers and interior designers have been in high demand, and this has only been limited by the availability of imported raw materials and stock. In Sydney, demand for prestige apartments has been boosted by the influx of expatriates returning (almost 350,000) and looking to invest in good locations near the Sydney CBD. As Australia opens its doors … business migration will continue to drive demand for the luxury apartment market.
CROWN GROUP
Iwan Sunito
Despite all the restrictions last year around visiting display suites and meeting with sales agents, we outperformed expectations by selling $63 million worth of luxury apartments over February, March and April 2020. This year we’ve seen buyers and agents back in force, with inquiries steadily increasing. We’ve noted the heat in the housing market, with auction clearance rates being higher than preCOVID, and prestige house sales around Sydney going crazy, and we’re expecting that to follow in the luxury apartment market. There have been more inquiries for our penthouses than before the pandemic, and we sold one at Waterfall by Crown Group, in the middle of lockdown, to a buyer who bought without an inspection. The buying process has changed completely, with some buyers putting down deposits and even exchanging via Zoom or FaceTime. Our penthouses at Waterfall by Crown Group were snapped up. It is designed as an urban resort and feels a little like a wellness retreat, which has great appeal right now.
L ENDLEASE
Ben Christie
We have seen limited disruption to the demand for prestige apartments in good locations throughout the pandemic. Our purchasers take a long-term view, and the pandemic has not necessarily affected their decision to purchase. The pandemic has meant more people are spending more time at home, which has really emphasised the importance of views, quality design, finishes and functional layouts. From a design perspective, we have seen constant demand for larger-scale apartments and expectations of state-of-the-art facilities. The demand for product varies, depending on the location and type of project. With high-end luxury projects – such as One Sydney Harbour at Barangaroo South – there is a great focus on generously-sized apartments with three or more bedrooms. Some will use one bedroom as a home office and the other as a guest bedroom. Demand for home offices and study rooms has increased generally, and we have refined our design to accommodate a study in apartments where possible, to meet that demand. Internationally, we’re seeing a lift in expat inquiries from several locations, including the US, UK, Europe and Asia.
Invest in what matters this year
Artist Impression
Artist Impression
LUXURIOUS 3 LEVEL HOME ON BRISBANE RIVER
Characterised by architectural excellence, your spectacular freehold home in Hamilton sits right on the river’s edge.
From a 9m high void, Blackbutt timber flooring and natural marble stone features, to intelligent home automation, ducted air conditioning and European wine cabinets. Enjoy the convenience of your own lift and private outdoor terrace complete with a heated pool and built-in gas barbecue.
Limited opportunities remain to secure your expansive waterfront residence just 6km from Brisbane’s CBD.
