Domain Prestige - February 24, 2021

24 FEBRUARY / 2021

PRESTIGE THE BEST IN AUSTRALIAN PROPERTY

RIDING A WAVE Back to the beache s

Artist impression only. Design subject to change.

View lines, fixtures and finishes may differ from that shown.

L I V E B E N E AT H T H E S TA R S , ABOVE THE HARBOUR

T H I S I S Y O U R O P P O R T U N I T Y T O M A K E A U S T R A L I A’ S MOST EXCLUSIVE ADDRESS YOUR HOME. R E G I S T E R F O R A N I N V I TAT I O N TO O U R L A U N C H .

ONE OPPORTUNITY ONESYDNEYHARBOUR.COM 1800 882 883

ACCOR Logo horizontal JOB : 19J3103E Date : 13/02/19 Scale : Size : Fabrication :

C0 M0 Y0 K0 WHITE

B y K ATE FARRE LLY

Balmain Sydney 2-4 Phoebe Street $7.5 million-$8 million J E N M E LO CCO

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For sale: by expressions of interest Agent: Cobden & Hayson, Matthew Hayson 0411 519 190 Summer in Sydney’s Palm Beach for 2020/21 was set to be a good one.

Homes of this size and calibre are a rare beast in

The top-end rental market was busier than ever as Australians holidayed at

Balmain, so it’s no surprise this substantial home

home. A growing number of buyers were looking at the suburb as a place to

on a 1114-square-metre block is turning heads.

buy either a holiday or permanent residence, as working from home became

Reimagined three years ago by architect Celia

more acceptable. Then the COVID Avalon cluster enforced a lockdown on

Carroll, the circa-1916 home captures harbour

this and surrounding beachside suburbs. But, as we discover in our feature

views and comes with bespoke finishes, a heated

story, the trophy-home capital of the northern beaches and surrounding

pool and a self-contained apartment.

hotspots has rebounded, with demand now stronger than ever. “I’ve been in Palm Beach real estate for 15 years, and I’ve never seen the top end as strong,” says Noel Nicholson of Ray White Prestige. Meanwhile, in our new column The Property Investor, we look at the option of investing in a whole apartment block.

Editor: Jen Melocco Jen.Melocco@domain. com.au Editorial producer: Paige Tonna Group picture editor: Vashti Newcomb Senior designer: Colleen Chin Quan Graphic designer: Emma Staughton National managing editor: Alice Stolz Group director, Consumer: Jason Chuck Chief executive officer: Jason Pellegrino

HOT PROPERTY

MARTINA GEMMOLA

DESIGN DIGEST Living colour

Residential sales: Queensland Brad McLeod 0429 571 826 New South Wales Belinda Sinclair 0414 580 903 Victoria & Tasmania Mitch Armstrong 0438 820 767 Western Australia, South Australia & Northern Territory Jeroen van de Peppel 0427 292 797

COVER STORY Return to the beaches

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Digital edition Visit domain.com.au/ digitaledition

O U R COVE R 19-21 Cynthea Road,

LIVING IN

Palm Beach

Palm Beach

Listed by Modern House PAG E 10

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PR E ST IGE

THE PROPERTY INVESTOR Buying the block

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Canterbury Melbourne 49 Mangarra Road $8 million-$8.8 million

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Expressions of interest: close March 2 Agent: Kay & Burton Hawthorn, Sam Wilkinson 0400 169 148 You’ll be joining Melbourne’s elite in Ramornie, a beautifully preserved Federation villa set in 2079 square metres of gardens with a family sized pool. The property features grand formal living spaces with open fireplaces and stained-glass windows, a granite kitchen and a huge cellar.

Palm Beach

North Fremantle

Sydney 56 Bynya Road

Fremantle 33/2 Doepel Street

$8.5 million

$3.95 million +

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Expressions of interest: close March 3

For sale

Agent: Belle Property Avalon, Laura Mears 0424 918 829

Agent: Ray White Dalkeith, Vivien Yap

You’ll be planning next summer’s soirees before you’ve even moved into

0433 258 818

The Priory, so inspiring is this sandstone residence. Built in the 1930s, the

This penthouse in the Rivershores Place complex

home has four living spaces and a selection of al fresco spaces capturing

enjoys panoramic views from nearly every room.

ocean views through the trees. There’s also a 14-metre, wet-edge pool.

It has custom joinery and a home office.

PR E ST IGE

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DESIGN DIGEST

Life in colour From cheerful hues to sophisticated tones, these designs invite us to embrace creativity and be bold. C o m p i l e d b y PAU LIN E M O RRIS SE Y PRINT PERFECT Never one to shy away from a playful palette, Bonnie and Neil presents the Clover collection. Ranging from cushions and bath mats to vases and tablecloths, they are printed in soft hues and the brand’s signature botanical designs. bonnieandneil.com.au

MARTINA GEMMOLA

OTTOMAN EMPIRE What do we love about ottomans? Well, they are very versatile, and the Zola range from Anaca Studio has an air of fun too. The upholstered ottomans are available in four sizes and a range of textiles and colours, designed to easily adapt to any surroundings. anacastudio.com.au

STEPHANIE ROONEY

BRIGHT IDEA

SWEEET & DREAMY Known for being a bright and colourful brand, Kip&Co’s collection Field of

Adding a vibrant touch

Dreams is a range of floral-filled bedding flaunting shades of pink, orange, peach and aqua. Made

to the bedroom, the

from 100 per cent cotton, the joyous selection allows any bedroom to bloom. kipandco.com.au

Joy Footstool by Heatherly Design makes a strong statement. Available in a wide range of fabric types and colours, the ability to customise welcomes a moment of creative thinking. heatherlydesign .com.au

STYLED BY JACKIE BROWN

NIKOLE RAMSAY

PR E ST IGE

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Swell season COVER STORY

The coronavirus pandemic cooled the prestige property market on Sydney’s northern beaches over Christmas, but late summer has seen a surge in buyer confidence.

B y SU E WILLIAMS

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restige homes on Sydney’s northern beaches were enjoying the biggest wave of popularity in their history when they were suddenly caught up in a rogue COVID-19 rip and were locked down for three weeks over December and January.

It was heartbreaking for agents with glorious homes to sell in the traditional high-summer season, and queues of eager buyers lined up and hoping to see out the pandemic in seaside style.

“I had five appointments set up from December 18 to December 21 but then

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PR E ST IGE

everything shut down,” says Kathryn Hall of Kathryn Hall Real Estate.

“It was so frustrating. We had a number of people desperate to come and view but instead they had to just watch the video I put up on the website – and the extra photos – and reschedule for later instead.”

But when the lockdown eased on Sunday, January 10, the market surged, and Hall toiled from 7.30am to 10.30pm, showing potential purchasers the beautiful $10 million waterfront home she’s selling at 25 Thyra Road, Palm

Beach, along with Sydney Sotheby’s International Realty agent Harriet France.

The latest Domain House Price Report showed prices on the northern beaches swelling by an incredible 8.8 per cent over the last quarter, nearly double the already steep Sydney-wide rise, and 10.1 per cent over the past year. But prestige homes there had a higher price jump, says Noel Nicholson of Ray White Prestige.

“We’ve done the figures for the prestige market here, and we think it’s risen by as much as 38 per cent year-on-year. I have a number of

YOUR AGENT Marcus Lloyd-Jones, Modern House

TAMARA GRAHAM

“The original ‘wave-form’ house by Harry Seidler is set among beautiful red gums and palms, which extend into the nearby reserve, and has the most beautiful soft interior light.”

buyers looking for homes for $10 million to $15 million, but there’s a real shortage of supply.

“A lot of people there might have two, three, four or five properties, but the Palm Beach one is probably the one they’ll never let go.”

He’s selling a home at 959 Barrenjoey Road, Palm Beach, for around $12 million, and is seeing strong demand from the local Sydney market, expats and overseas buyers.

There’s also a huge variety in the homes at Palm Beach. One on offer is the G. Cohen House on Cynthea Road, the first “wave-form” house by legendary architect Harry Seidler, which he described as being “voluptuously curved”.

“A house by Australia’s finest architect at one of its most beautiful beach suburbs … it’s a unique opportunity,” says the agent, Modern House director Marcus Lloyd-Jones.

Sydney Palm Beach G. Cohen House, 19-21 Cynthea Road $3.8 million

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Expressions of interest Agent: Modern House, Marcus Lloyd-Jones 1300 814 768

PR E ST IGE

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Invest in what matters this year 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.

4.5 POOL

Ar tist Impression

4+ LIFT

3+ 484sqm

MPR + STUDY $3,490,000

7 0 PA R KS I D E C I R C U I T, H A M I LTO N

BOOK YOUR EXCLUSIVE APPOINTMENT TODAY RIVERSREACH.COM.AU | 13 38 38

LIVING IN

33.6011° S, 151.3217° E

PALM BEACH

The old beachside vibe still exists here, despite its newfound attraction to work-from-homers. B y K ATE FARRE LLY

YOU MAY LIKE ...

Palm Beach

Every day artist Karen Hick drives home past

For LJ Hooker Palm Beach principal David

Pittwater so she can admire the sunset before

Edwards, Palm Beach offers both residents

Sydney 7 Palm Beach Road

looping around to Palm Beach to soak up the

and holidaymakers a slice of coastal Sydney

$7.5 million

colours and light bouncing off the ocean.

that hasn’t changed much over the years.

“It’s just the best way to end my day, to see

years ago still exists today,” Edwards says.

something different: in winter I see shades of

“Clean water, winding roads, no kerb and

purple and in summer pinks and oranges. It’s

guttering, beautiful gum trees, no medium

so inspiring for my painting.”

density, no high rise, clean air. These things were

Holidaying at home Hick moved to Palm Beach 15 years ago with her husband, John, and their young children. John,

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“We’re worlds away from Sydney but only a 45-minute drive.”

Increased demand

a three-hour round-trip commute every workday

Edwards says the property market in 2020 dished

just so the family could enjoy the northern

up plenty of surprises as Palm Beach suddenly

beaches lifestyle.

shifted from being largely a weekender market

wanted to feel like we were on holidays every

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here then and thankfully they’re still here today.

who is a mechanical engineer, chose to endure

“We made a decision to live here because we

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“What attracted people to Palm Beach 40

the waves rolling in,” she says. “Every day I see

For sale: By expressions of interest

to a serious contender as a home base.

Agent: LJ Hooker Palm Beach,

“With people being forced to work from home

day,” Hick says. And the family has no regrets,

they realised they could have their primary

David Edwards 0415 440 044

with plans to build a new home on their ridgetop

residence up here,” he says. The subsequent

It’s a 250-metre hop, skip and jump to the sand

double-block and continue to enjoy walks in

bumper 2020 selling season has resulted in a

from this tri-level home which takes every

McKay Reserve, share the delight of sunrise from

shortage of stock for the first time since 2006.

opportunity to harness glorious beach and ocean

Barrenjoey Lighthouse with friends and family and participate in the Pittwater Artist’s Trail.

On display at Art Gallery on Palm Beach, Hick’s

“When we expected the worst we got the best,”

views. The perfect pad for families with teenagers.

he says. “It was a completely contrary situation where we thought property prices would most

paintings capture the ethereal beauty of her

probably stagnate and what we got was the

coastal surrounds. She says those who don’t live

complete opposite. Our turnover from 2019 to

by the beach love hanging a unique view of the

2020 was up about 30 per cent and prices are

Demand for Palm Beach

code to see Domain listings

ocean on their walls.

up between 10 and 15 per cent.”

homes is on the rise.

in Palm Beach

Hover your camera over the

PR E ST IGE

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Byron Bay Hinterland - Expansive 6 Star Luxury Homestead Just 20 Minutes to Town and Beaches • A triumph of craftsmanship, style and vision promising peace and privacy

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• Beautifully renovated home (circa 1880) - 14ft pressed metal ceilings, cedar walls, blackbutt flooring and ornate fretwork

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23 HA

• Luxurious interior with open plan living space, stunning master suite and huge wraparound verandas • Extraordinary attention to detail with the highest quality fittings and finishes.

• 3 level American-style macrocarpa barn - 8.8m high, 4 large machinery bays and curved timber staircase to mezzanine • State-of-the-art integrated operating systems • Immaculate grounds include meticulously planned English gardens, European style formal pool, converted dairy bales, oversize garage and a potting shed • 4.2 megalitre dam and 1km of beautiful river frontage with a large swimming hole • High speed internet - 50mbps wireless capability with fibre optic cable to house, barn and bales • 20 minutes to Ballina Airport and 40 minutes to Gold Coast Airport

35 FLETCHER ST, BYRON BAY NSW 2481 PH: O2 6685 8466

Address:

Coorabell, NSW

Price:

Contact Agent

Open:

By Appointment

Enquiries:

Helen Huntly-Barratt 0412 332 232 Tara Torkkola 0423 519 698

SALES@BYRONBAYFN.COM WWW.BYRONBAYFN.COM.AU

THE PROPERTY INVESTOR

Bite the bullet and buy the block Complete apartment buildings can be an excellent investment providing steady income and good capital growth. B y SU E WILLIAMS

W

There are 20-odd blocks of flats – like this Bondi property – currently for sale across Greater Sydney.

hat could be better than investing in a residential apartment? Er … how about buying the whole block?

Every year, a limited number of complete unit buildings come up for sale, sometimes containing a number of strata-titled apartments, but more often as part of a single-title, one landlord holding They’ve usually been built in the late 1940s to early 1960s by post-war migrants to Australia who worked hard in their new land, saved their money and then wanted to invest in something solid that could provide a steady income.

“When they come up for sale, the people attracted to them tend to be developers who might strata them and sell them off individually, or redevelop the site with a new building, or local investors who are cashed up and looking for quality assets,” says Alex Hart of Hart Estate Agents.

“A lot have been held for years by the same family in family trusts and are now in poor condition, rented out to backpackers. But some have been well looked after and offer a good yield and capital growth.”

Hart is currently selling an art deco block of six two-bedroom apartments in Sydney’s Bondi Beach – with an annual income of $185,000 – at auction on March 2 on a price guide of around $5 million.

The 38 Simpson Street property is one of just 20-odd for sale across Greater Sydney, generally scattered around suburbs like Bondi, Maroubra, Rose Bay, Bellevue Hill and Manly.

“They’re good for super funds with a net yield of four to six per cent.”

In Melbourne, there are also just over 20 unit blocks for sale, and in the Brisbane region, markedly more at more than 50.

“They were often built at a time when there were few council requirements and little

legislation and handed down through the generations,” says Matthew Abboud of Brisbane’s Ray White Paddington, who’s selling a five-unit, 900-square-metre block at 47 Victoria Terrace, Annerley.

“Mostly the interest is from seasoned developers or investors from Brisbane, Sydney and expats in places like Hong Kong,” he says.

“They’re good for super funds with a net yield of four to six per cent.”

Another in Melbourne, a 1970 seven-unit block at 10 Orange Grove, St Kilda East, is for auction on February 25 for $3.1 million to $3.4 million.

“Money in the bank is worth nothing, so these are good from a yield perspective,” says Leor Samuel of Gary Peer & Associates. “And they tend to be solid brick, so well built.”

They can be an excellent investment, believes Sue Dahn of investment advisory Pitcher Partners. Owning one block gives you decisionmaking sovereignty over all the units, and it’s easier then to renovate and value-add.

“But it also means you have your assets in one location and if the area goes down, it’s a risk,” she says. “It’s also indivisible; you can’t sell off just one apartment to help your cash flow, and dealing with tenants can be hard work.”

If you buy well, however, you can reap big dividends by changing the units to strata title ownership – after checking if it’s permitted – and selling them, says David Morrell of buyers’ agents Morrell and Koren. “But you’ve got to be a good truffle-hunter to find a good one.”

PR E ST IGE

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UPPER ORARA VIA COFFS HARBOUR 267 Fridays Creek Road Set on 40.47ha, 104 acres in a private location and surrounded by a wonderful community. 15 minutes to Coffs Harbour, 2 hours to Port Macquarie, 2.5 hours to Byron Bay. Daily flights direct to Sydney from Coffs Harbour. Architecturally designed mud brick home comprising 4 bedrooms, 2.5 bathrooms, gym and home office. 9 individually designed guest cottages, sleeping up to 40 guests providing a wonderful income stream, 5 acre vineyard planted with Chambourcin grapes and bottled under the Friday Creek label. Resort style facilities including pool, tennis court, extensive entertainment area with wood fired oven set with encompassing views. Currently running black angus cattle. Friday Creek Retreat with it location and strong reputation offers the incoming purchasers a complete lifestyle change with multiple income streams in place, yet just 15 minutes from Coffs Harbour, all via sealed road frontage.

2.5

4 Auction View

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Wednesday, 17th March at 11:00am Cooley Auctions Contact agent David Medina 0419 772 233 James McCowan 0418 800 400

All information contained herein is gathered from sources we deem to be reliable. However we cannot guarantee its accuracy and interested parties should rely on their own enquiries.

The Enchanted Garden

61 – 63 Grange Road, Toorak Designed by Drew Cole Architects on a sprawling 4236sqm of land, this 6 year old generously proportioned solid brick home with lift, comprises multiple formal and informal living rooms, four bedrooms, six bathrooms, study, separate home office, six car basement garage, gym, cinema, cellar, second basement/studio and high tech features. The luxurious parents’ suite includes a fitted dressing room and marble ensuite. Unforgettable enchanted garden provides a show-stopping introduction to this magnificent family estate in iconic Toorak location close to the village. Featuring a swimming pool and tennis court, large garden pavilion for all-year entertaining and rolling lawns with orchard. grange-road.com

Expressions of Interest

Closing Friday 19th March

View

By Private Appointment

Contact

Sean Cussell 0425 787 979 Marcus Heron 0422 822 995

prestigehomes.com.au

FOR SALE

51 Seaside Drive, Banksia Beach, Bribie Island, QLD

Block Size: 1019m2

Build Your Future Right Here With spectacular views to the Glasshouse Mountains, the most convenient location on the canal and instant access to the Pumicestone Passage. This is one of Queensland's most exclusive luxury waterfront lots.

Set in a prestige enclave of luxury award winning homes, it is the perfect blank canvas to build your dream home on what's considered the best street in Bribie Island. This unique block offers views to the well-maintained park on the street side and breathtaking sunset views over the water to the Glasshouse Mountains on the other. This rectangular block boasts a larger than normal 1019 m2 with extra wide 20m street and canal frontage.

The block is located at the widest point of the canal giving more privacy than regular canal blocks.

Located close to public transport, shopping centre and cafes.Surrounded by bike tracks and wildlife.

- FREQUENT DOLPHIN AND TURTLE VISITS - BREATHTAKING SUNSET VIEWS OVER THE WATER TOWARDS THE GLASSHOUSE MOUNTAINS - 1019M2 FLAT LEVEL BLOCK - LUXURY PONTOON - 1 HOUR TO BRISBANE CBD - 1 HOUR TO BRISBANE AIRPORT - 10 MIN BY BOAT OR CAR TO SANDSTONE POINT HOTEL - 25 MIN BY BOAT TO STUNNING MORETON ISLAND

Price: $2,200,000 Contact Remax Advanced today for further information on one of Bribie Island's finest blocks available to purchase.

Contact: 0413 469 993 Agent: Claire Uttley Address: 2/2 Eucalypt St Bellara QLD 4507

Luxury Oceanfront Living

Dee Why

16-17/89 Dee Why Parade

3 beds

2 baths

3 cars

285sqm

Visit

Auction

Agent

Agent

As advertised or by appointment

Thursday 4th March at 6pm

Peter Mosedale 0408 177 207

Phil Feseha 0423 502 407

Two apartments have been amalgamated to create one sophisticated three-bedroom masterpiece offering 285sqm of pure luxury. A bold statement in executive design, it exudes double frontage and unobstructed views over Dee Why Beach, Long Reef Headland and the wide expanse of the ocean.

View videos, photos and more of this amazing property and to see all our listings visit

upstate.com.au

Now Selling

monumentarmadale.com

A Bold Statement.

Artist impression

22 Parkside Residences and 2 Unprecedented Penthouses.

Register for a private viewing at the onsite display gallery, 608 Orrong Road Armadale 3143.

Marcus Chiminello 0411 411 271 Nicole French 0417 571 505