First National Property Magazine November 2024

Front Cover: 945 Toomuc Valley Road, Pakenham Upper

Inside Cover: 8 Church Street, Berwick

04

FEATURED PROPERTY

8 Church Street, Berwick

24

FURTHER EFFICIENCY STANDARDS TO COME

25

LEASED IN OCTOBER Leasing Statistics For October 2024

ARCHITECTURALLY STRIKING

Olde Berwick Icon

In an impressive display of market demand, 8 Church Street, Berwick sold in less than two weeks!

After three successful open home inspections, the property attracted significant interest, with about 20 parties attending the first inspection and over 10 parties at the others.

Listed in the range of $2,800,000 to $2,950,000, it achieved a sale price above this range, highlighting the desirability of luxury real estate in this area of Berwick.

This architecturally striking home, custom-designed by a leading Melbourne builder, showcases sophistication and quality in sought-after Olde Berwick.

Styled to absolute perfection by Cat from Arch Melbourne,

a trailblazer in the inner city Melbourne property styling game who brought in over $20,000 of spectacular artwork to compliment the contemporary design and masterful blend of materials, including soft white render, recycled red bricks, and Axon panelling.

Limed Oak floors extend into the main living area, where full-height glazing offers stunning views of the landscaped gardens and a glass-tiled swimming pool. The kitchen, designed by Carole Whiting, boasts top-ofthe-line appliances and two dishwashers. A standout feature is the media/rumpus room lined in Tasmanian Oak.

The ground-level master suite includes a walk-in dressing room and a luxurious ensuite. Upstairs, four spacious double bedrooms each feature walk-in robes, complemented by a family bathroom and activity room.

Outdoor amenities include a 3-car garage, a basketball court, and a fully glass-tiled pool with automated cleaning. With features like an 8.14 kW solar

array, ducted air conditioning, and a Control4 home automation system, this home combines luxury with efficiency. For more information, contact the selling agent Tara Walters on 0408 297 896 and discover the exceptional opportunities in Berwick’s luxury market.

8 CHURCH STREET BERWICK

Tara Walters 0408 297 896

Peter Watson 0418 105 402

solutions for all of your storage needs...

• Ranging in size from 4sqm to 34sqm

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• Modern, clean units

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Shannon Hynd

FURTHER EFFICIENCY STANDARDS TO COME

Starting in October 2025, minimum energy efficiency standards will be enforced in rental homes. The Victorian Government announced these proposed changes in June under the leadership of the Allen Government. The regulations will address several key areas, including:

- Ceiling insulation

- Draught proofing

- Hot water efficiency

- Cooling systems

Rental providers will be required to install ceiling insulation where it doesn’t exist, fit 4-star showerheads in all showers, secure blind cords, and ensure windows and doors are properly draught-proofed before entering into new rental agreements.

Additionally, heating, cooling, and hot water systems must be upgraded to energy-efficient models once they reach their end-of-life. The new rules impose a minimum 3-star cooling rating for systems in the main living area of rental homes.

Impact on Rental Providers and Tenants

During the initial announcement, Energy Minister Lily D’Ambrosio estimated that a full range of upgrades would cost rental providers about $5,000, while renters could potentially save $567 per year on energy bills due to improved efficiency.

While First National Real Estate acknowledges the importance of energy efficiency in reducing

greenhouse gas emissions and improving living conditions for renters, the changes come at a time when Victoria is facing a severe housing affordability crisis. Many rental providers are already under pressure from increasing costs, including land tax, council rates, rising interest rates, and insurance premiums.

As a result, some landlords are selling their investment properties, with many being bought by First Home Buyers (FHBs). This trend has led to a reduction in the supply of rental properties, exacerbating the crisis.

According to projections, approximately 280,000 renters could see an increase of $3,400 per year (or about $65 per week) due to the new standards, further burdening tenants.

Call for Government Action

First National is concerned that more property investors may exit the Victorian rental market due to these proposed changes, leading to higher rents for the remaining properties. This could intensify the already tight rental market, making housing even less affordable for renters.

The First National Network is urging the Victorian Government to consider postponing the introduction of the new standards until the supply and demand for rental properties are more balanced. They are also advocating for subsidies and incentives to help rental providers offset the costs, ensuring these additional expenses aren’t passed directly onto renters.