HOME-GROWN SPRING EDITION - 2019

HOME-GROWN ALBURY/WODONGA & SURROUNDS

SPRING//EDITION

IN THIS ISSUE HOW DOES YOUR GARDEN GLOW? Welcome to our Spring 2019 issue of HOMEGROWN. An Albury-Wodonga based Real Estate Magazine, keeping you up-to-date with the latest listings and information as well as current local market statistics. In this JAM-PACKED issue, we have a great article about the bank of Mum and Dad Did you know parents are Australia’s 5th biggest lender? We also have our quarterly results, a huge $16.5 million sale and a 2020 trend forecast. We hope you enjoy reading our seventh issue of Home-Grown as much as we enjoyed putting it together for you!

Here’s to a great Spring.

16.5 MILLION DOLLAR SALE THE BANK OF MUM AND DAD QUARTERLY RESULTS NEW LISTING LOCAL BUSINESS SPOTLIGHT TENANT OF THE MONTH STAFF RECIPE 2020 TREND FORECAST THE HAMILTON APARTMENTS

P I C T U R E D O N F R O N T - 4 2 8 N O R T H S T R E E T, A L B U R Y SOLD OFF MARKET

DIRECTORS’ MESSAGE SOCIAL SNAPS

H O W D O E S YO U R GARDEN GLOW?

HOW DOES YOUR GARDEN GLOW?

Looking ahead to the warmer months, it’s time to get your garden pictureperfect and then showcase your work with new garden lighting.

Continue the charming candlelight theme by suspending glass jars with wire handles from tree branches in your backyard. To do this: fill each jar with a smidge of water and place a wax float candle on top. Hello, romantic evening under the stars!

Whether it’s for the purpose of night-time entertaining, evening aesthetics, security or simply Make the journey through your garden a well-lit so you can see where you’re going, adding lights one, with lanterns dotted every half-metre or so along the way. Shop for solar-powered models in outdoors brings your garden to life. traditional shapes that can be hooked over a metal Looking ahead to the warmer months, it’s time to get stake. your garden picture-perfect and then showcase your work with new garden lighting. While in-ground permanent lighting is always in vogue, outdoor stand alone lamps are the rising stars of the outdoor lighting world. Stand alone lamps can be stored inside and taken outside for flexible ambience and to bring an indoor design element to the outdoors.

Glowing pathways, lit up by candles flickering in enclosed lanterns, are so appealing! Look for lanterns that can be spiked straight into the lawn or garden beds, then insert wax candles or battery-powered models for added safety. Tiki-style oil lanterns are also fabulous for that appealing resort vibe at home – especially when fuelled with citronella oil to keep the mozzies at bay.

Highlight feature trees and plantings in your garden with upward-facing spotlights. This technique looks fab in tropical schemes, especially when used to light up the trunks and sculptural foliage of palms.

The trend of suspending a string of exterior party lights is nothing new; there has just been a shift to using clear bulbs rather than a spectrum of retro colours. These festive beauties look best zigzagged overhead under verandahs or patios, or strung up as a single length above a long dining table for special occasions. Party on!

$16.5 MILLION DOLLAR SALE

$16.5 MILLION DOLLAR SALE

Private investor secures neighbourhood shopping centre.

On behalf of our valued client, Stean Nicholls The successful purchaser was a sophisticated are proud to announce the sale of North Albury NSW private investor. They were attracted to the centre’s strong performance and potential within Shopping Centre, Lavington NSW. one of Australia’s strongest non-metropolitan North Albury Shopping Centre is a well-established regional economies.

Neighbourhood Shopping Centre, occupying a high-profile corner site of 1.24 hectares within the Lavington retail and commercial precinct, 4 kilometres north of Albury CBD. The centre, secured by a strong performing full line Coles supermarket and Liquorland, recently underwent refurbishment to improve centre presentation and performance.

The result reflects a highly competitive campaign which received exceptional levels of investor engagement from eastern seaboard, high net worth private investors, syndicators and funds.

The sale price was $16.5 million dollars equalling $4,179 per sqm.

For further information contact: GEOFF STEAN Director, Auctioneer 0413 888 788 g.stean@steannicholls.com.au MICHELLE JONES Commercial Sales and Leasing 0408 223 776 michelle@steannicholls.com.au

THE BANK OF MUM AND DAD

THE BANK OF MUM AND DAD

The “Bank of Mum and Dad” is reported to be Australia’s fifth largest lender and more important than ever in the current lending environment.

The “Bank of Mum and Dad” is reported to be Gifting a cash deposit Australia’s fifth largest lender and more important The simplest way for parents to assist their than ever in the current lending environment. children is with a cash gift, but all parties should Financial website, Mozo, says the Bank of Mum be aware banks often now seek a history of saving and Dad has lent $65.3 billion to young Aussie and convincing proof the individual applying for home buyers – making it the fifth biggest lender the loan can repay their monthly mortgage. in the country. A total of 29 percent of Australian parents assist children in buying a home, lending more than $64,000 per family on average with Drawing on equity/acting as a guarantor 67 percent not expecting to be repaid for their Another way to assist your child is via your own contribution. home or investment property as security. However, A recent Canstar survey for Domain showed your property is at risk if your child defaults when parents on high incomes are far more likely to lend it’s cross-secured. Nevertheless, you can request to their children money to help buy a house, with 60 be released when the required loan to value ratio is percent of parents on incomes of $120,000 and achieved before the loan is repaid. higher willing to lend their children money.

Helping your children buy their own home is a generous and significant undertaking and needs to be conducted wisely.

Becoming a co-buyer or tenants in common

According to MCP Legal if you don’t clearly document and categorise the monies as a loan, Co-owning a property with your child is another those funds can be treated as a gift, thereby option via a tenants in common agreement. By forming part of the child’s assets, and estate. pooling money for a deposit, your child gets This would then expose those monies to matters into the property market sooner, but you own a potentially beyond control of the child - whether percentage of the property and mortgage. by way of matrimonial or de-facto separation, or if the child is self-employed, creditors, a claim on their estate or upon a child’s demise.

Buy a residence outright Of course one of the simplest ways to assist your The ultimate gift is the purchase of an entry level children buy a home is to allow them to live at property and many of our clients ask us to utilise the family home while they save for a deposit. the reach of our database to find the right property However, for some couples eager to empty their for them. nests – giving a helping hand is a better option.

QUARTERLY RESULTS

QUARTERLY RESULTS

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FORTHCOMING AUCTION NICHOLAS CLARK 0439 215 293 GEOFF STEAN 0413 888 788

NEW LISTING Classic Elegance Encased In Private Surrounds 82 SILK LANE, ALBURY

TENANT OF THE MONTH

ENGAGE ELECTRICS 2/486 Atkins Street, South Albury Phone: 02 60 211 510 www.engage-electrics.com.au Office Hours: Mon through Fri - 9am to 5pm Sat – By Appointment

Established by Shane McLellan in 2008, Engage Electrics is an Albury-Wodonga based electrical contracting company that specialises in providing quality residential and commercial electrical services to homes and businesses right across the Border.

The Engage Electrics team have worked hard to build a reputation of being friendly, prompt and “We proudly employ local people and reliable tradespeople. Because of this they have become the go-to electricians for many builders, local apprentices, with all our current real estate companies, businesses and families staff having started their apprenticeships across the Border.

with the company. This has allowed us to develop into highly skilled, tidy and detailorientated electricians because that’s what we and our customers have come to expect.”

- Shane McLellan

Having been a home-based business for 10 years and with a rapidly growing team, the time was right to find a new space that incorporated both office and warehouse facilities. South Albury was the perfect location and this property was the perfect fit!

2020 TREND FORECAST

by Lidewij Edelkoort

As one of the world’s most famous trend forecasters, Lidewij (Li) Edelkoort and her Paris based ‘Trend Union’ studio create concepts for department stores, restaurants, hotels, fashion and lifestyle companies. At the Milan Furniture Fair, Edelkoort teamed up with Google to show how electronic devices in the home could become more tactile. This was a continuation of Edelkoort’s 1998 Trend titled “Software” where she imagined a future where technology and home relaxation would merge.

The Age of the Ametuer The addition of craft as a fight against artificial intelligence – especially craft made at home such as 1970s style wall hangings.

Colour Forecast The continuing popularity of pink but the emerging “Brown Age” – what now is black will turn to brown especially fashion, woodwork and home surfaces.

Horizontal Life Twice each year, Edelkoort presents her trend More daybeds, furniture closer to the floor with large forecasts to audiences in Europe and New York. She cushions and blankets. An increasing importance of sometimes makes appearances in Asia Pacific and textiles as a balance to our digital tools. was last in Australia for DeisgnEX in 2014.

Assembling Extremes We have been fortunate enough to hear Li’s latest Interiors that juxtapose past and future objects trend forecast for homes. Here were some of the and archaeology as inspiration. Eroded and worn highlights reflecting interior trends in the coming surfaces mixed with high tech or kitch objects. years.

Tribal The emancipation of the Southern Hemisphere in global design – especially Africa. More savage and less polished pieces which connect to the native form.

Kitchens Darker colours, greater use of dark wood and concrete in the kitchen. Appliances using darker metal and more horizontal cooktops with burners lined in a single row.

STAFF RECIPE

HEATHER’S HEDGEHOG SLICE

Ingredients 250g pkt plain biscuits (Marie) ½ cup desiccated coconut ½ cup coarsely chopped walnuts 2 tablespoons cocoa 1 cup (150g) dark chocolate melts 100g butter, chopped 395g can condensed milk

Place biscuits in a snap lock bag Press mixture firmly into prepared (in batches), squeeze to remove pan; refrigerate while making the excess air, hit with a rolling pin chocolate topping. until biscuits are crushed roughly.

TO MAKE CHOCOLATE TOPPING: In a large bowl, combine biscuits, Place 225g melts into a microwave coconut, walnuts and cocoa; set safe bowl, microwave uncovered aside. on 50% power for 1 minute, Choc topping: stir. Repeat process in 30 second 1½ cups (225g) dark chocolate In a small saucepan, stir 150g dark intervals until melted. Add oil and melts melts, butter and condensed milk stir until smooth; spread over slice.

1 tablespoon vegetable oil together over low heat for 4-5 Refrigerate for 30 minutes or until minutes until the mixture is melted set. Using a hot knife, cut slice Grease and line base and long sides and well combined. Cool slightly. into squares. of a 28cm x 18cm lamington pan/ Stir mixture into dry ingredients. slice pan

LOCAL BUSINESS SPOTLIGHT

CLANCY’S FOOD STORE has gained a loyal following on the border for it’s mouth-watering, delicious lemon tart.

A pastry chef by trade, Paul Clancy and his wife Rachael took over the Albury business over one and a half years ago. Formerly known as Casa Deli, the couple rebranded the business as Clancy’s Food Store in 2018. Paul and Rachael ran a successful business - Clancy’s Bakehouse - in Malvern East for almost two decades before moving to the border. They enjoy the wide range of local produce on their doorstep.

“Our little food store is full of energy & life. Pop in to meet friends for coffee & a treat, select from our wholesome & hearty breakfast or lunch menu, or take home a delicious home made meal to your family. It’s simply good food, all made fresh in-house daily!”

591 Smollett St, Albury NSW 2640 Phone: (02) 6021 0580

@clancysfoodstore

T C A R T N O C 65% UNDER Elevated views of the Albury CBD. Options of 3, 2 or 1 bedroom, low maintenance apartments, only 200m from Dean Street.

Construction is expected to commence in October, 2019.

Want to find out more?

Contact: Jack Stean 0434 588 664

Geoff Stean 0413 888 788

www.thehamiltonalbury.com.au

DIRECTORS’ MESSAGE

So much can change in three months. Over the last quarter, we’ve observed growth return to the market after a long awaited election result that’s proved favourable with the property market. Prior to June this year, the Reserve Bank of Australia had held the cash rate unchanged for just under 3 years however, over the past quarter, we have seen two consecutive cuts taking the official rate to a record low of one percent. The two adjustments have injected much needed confidence into the market and on a practical level, has resulted in tangible savings for households.

Additionally, the Australian Prudential Regulation Authority announced it was relaxing stringent lending restrictions; allowing banks to set their own serviceability buffers and effectively allowing people to extend their borrowing potential. Frustration is creeping in for buyers as we continue to see a shortage of well positioned, quality homes on the market, resulting in some excellent outcomes for the properties that have been sold.

Victoria and New South Wales continue to experience higher population growth than any other state and this growth is supported by lower unemployment rates than the rest of the country. Auction success rates have climbed steadily in Albury and Wodonga over the past

quarter. There is undoubtedly strength in the current market, buoyed by the changes of the past quarter, providing a positive outlook for the spring market.

We have witnessed vigorous competition from bidders at many auctions accentuated by the lack of quality homes on the market. With demand outstripping supply, many properties have been selling for a price above their reserve or just after auction. If a move is on the horizon for you, we encourage you to contact your agent at Stean Nicholls now, to take advantage of the incredible opportunity the spring market presents.

Geoff Stean 0413 888 788 geoff@steannicholls.com.au

Nicholas Clark 0439 215 293 nicholas@steannicholls.com.au

Jack Stean 0434 588 664 jack@steannicholls.com.au

Lachlan Hutchins 0457 888 212 lachlan@steannicholls.com.au

SOCIAL SNAPS

Thomas Chubb passed away in June. Tom was well known and loved in our community and has been an integral part of the Stean family.

Meet Stean Nicholls newest member - Chip!

Isn’t he the cutest?

A fantastic result - 2/592A Kiewa Street, Albury - SOLD at Auction.

Happy new home owners - 251 Peechelba Street, East Albury - SOLD at Auction.

Sheryle, Annette and Kaija helped save lives and donated blood at Red Cross!

Did you see our HOUSE OF THE WEEK in the Domain?

699 Morningside Place, Albury

Home-Grown is a Stean Nicholls publication. All opinions are our own. Compilation of statistical data relies on information from a number of external sources.

Copyright Š

Unit 1, Suite 19, 669 Dean Street, Albury 02 6021 5233 chantelle@steannicholls.com.au www.steannicholls.com.au

/steannicholls @steannicholls