Domain Prestige - May 05, 2021

5 MAY / 2021

PRESTIGE THE BEST IN AUSTRALIAN PROPERTY

LIVING THE DREAM Enter tain and unwind

B y K ATE FARRE LLY

Hendra Brisbane 14 Matong Street 5

J E N M E LO CCO

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Auction: May 24 Agent: Ray White New Farm, Nicholas Given 0439 193 920 Architects Ben Studio focused on seamless There are many elements to consider when choosing where you want to live.

indoor-outdoor living when designing this

In recent times, community and a free-standing house, have become

contemporary home, with banks of glass sliding

priorities. However, as we move forward and spend more days back in the

open to connect the living spaces with an

office, along with being able to enjoy restaurants and theatre, proximity to

outdoor kitchen, level lawn, pool and separate

the city centre also comes back into play. One Brisbane suburb that offers

studio accommodation.

all that is Paddington, which is the subject of our Living In column. “I like the community,” says Paddington resident an business owner Rachel Price. “I like that I can walk up the street and go out for dinner or grab a drink.” The commute to the city centre can also be done from this character-filled suburb dominated by Queenslander-style homes. Meanwhile, in The Property Investor we look at the opportunities of investing in Victoria’s coastal region for short or long-term rentals.

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

DESIGN DIGEST Bright and right

Residential sales: Queensland Brad McLeod 0429 571 826 New South Wales Belinda Sinclair 0414 580 903 Victoria & Tasmania Ray van Veenendaal 0438 279 870 Western Australia, South Australia & Northern Territory Jeroen van de Peppel 0427 292 797

COVER STORY An entertainers playground

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Digital edition Visit domain.com.au/ digitaledition

GREG BRIGGS

LIVING IN O U R COVE R

Paddington of the north

Karinya, Jamberoo, Listed by Di Jones PAG E 10

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THE PROPERTY INVESTOR Coasting it

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Medindie Adelaide 4 Palm Street $4.5 million - $4.85 million

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Expressions of interest: Close May 12 Agent: Williams Real Estate, Stephanie Williams 0413 874 888 Only steps from parkland and North Adelaide’s eat street, this Georgianstyle home comes with a grass tennis court wrapped in established gardens. Built in 1981, the two-storey family home has both formal and informal living spaces, a statement gallery entrance and picture windows.

Toorak

Claremont

Melbourne 8 Yarradale Road

Perth 108 Bindarring Parade

$12 million-$12.5 million

$8 million

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Expressions of interest: Close May 18

Auction: May 22

Agent: Marshall White Stonnington, Marcus Chiminello 0411 411 271

Agent: William Porteous Properties International,

Showcasing lavish proportions, designer finishes and sophisticated home

William Porteous 0439 880 242

technology, this Nicholas Day-designed residence features lift access to

Offering gorgeous views of the Swan River and

each of its well-appointed levels. There’s a marble kitchen with Miele

Freshwater Bay Yacht Club, this renovated, three-

appliances, a home theatre with wet bar, and a heated, wet-edge pool.

level home has lift access to a rooftop pool.

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DESIGN DIGEST

Sweet escape Stylish and practical, these colourful pieces will bring a touch of brightness to any home. C o m p i l e d b y PAU LIN E M O RRIS SE Y COOL COMFORT Inspired by traditional Moroccan footstools, the Ottoman Armchair, designed by Noe Duchaufour-Lawrance for Ligne Roset, features intriguing quilted patterns. Made from polyether foam, it is available in fixed or swivel models. domo.com.au

OLD FAVOURITE Originally developed in 1951 by the late designer and architect Ferdinand Kramer, the Charlotte Coffee Table has proven to be an enduring piece.

Now re-editioned by e15, it is available through Living Edge in an oak veneer as well as a mint-coloured lacquer. livingedge.com.au

LIGHT ME UP

JEWELS OF STYLE Upholstered in a unique fur fabric reminiscent of terry-toweling, the Esther

Elegantly refined, the

Ottoman by Trit House is a multipurpose gem. It is available in a variety of colours, including cream,

Metropol Wall sconce,

latte, wine and dusty pink, complete with a brushed-gold base. trithouse.com.au

designed for Rakumba by the celebrated German designer Sebastian Herkner, features a pearl-like glass luminaire, made in frosted white or pink, with a black or golden finish. rakumba.com.au

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Grounds for living a grand lifestyle

COVER STORY

Nestled in the Jamberoo Valley is a private and palatial estate built for entertaining and the good life. B y SU E WILLIAMS

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t’s the kind of grand estate you’re more likely to find nestled in the Tuscan countryside or sprawled across a Dallas ranch. So, when visitors arrive at palatial Karinya, in the lush Jamberoo Valley, 120 kilometres south of Sydney, it’s little wonder that so many rub their eyes in disbelief.

That was certainly the case with Di Jones Bowral sales agent Michael Cawthorn, who was awestruck from the moment he saw the home.

“I didn’t believe it,” he says. “It’s gorgeous; it’s mouth-watering. I’ve been in real estate for 36 years, and it’s not often that you get properties

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that are difficult to fault. I’ve never seen anything like it before.”

The house, which is so private it can’t be seen from the road, is approached via a grand drive which is lined with trees and suddenly opens up to reveal manicured lawns and a lake with a decorative fountain. Behind them, the home sits elevated in the landscape, occupying a vast 1000-square-metre, U-shaped site set on 24 hectares of undulating countryside – the master of all it surveys.

Just 25 minutes from Robertson in the NSW Southern Highlands and 15 minutes to the

beaches of Gerringong and Kiama, the home was designed and built 20 years ago by the current owners.

When they drew up the plans for their dream home, it was of such huge proportions that it mystified the local council, which took two years to agree to the plans. Construction then took another two years. But, by the time it was finished, it was the perfect lifestyle retreat.

The couple are now downsizing locally, and Karinya is being sold via an expressions-ofinterest campaign, with the price guide at $6.9 million.

The house is solidly built of brick, with floorto-ceiling glass throughout the residence to ensure stellar views. That vista extends across the rolling green surrounds and 270-degree north-west-facing outlooks to the escarpment.

Equally stunning are the interiors. With lofty ceilings between three and five metres high, every room is a breathtaking size, from the six spacious living rooms – the main one with a spectacular wood-burning fireplace – to the seven bedrooms, seven bathrooms and a massive 30-seat home theatre.

On either side of the main house are separate

wings, one built for the owners’ children as a self-contained home and the other for their parents. Sometimes, that worked out well. But mostly everyone would simply come to the main house to eat as the kids’ mum was such a magnificent cook.

For Karinya was designed as the perfect entertainer, too. That main kitchen is huge, with oceans of working space on granite benchtops, state-of-the-art appliances and a large scullery and pantry. The dining area accommodates a large party of people and the outdoor terraces allow seamless indoor-outdoor living. The outdoor pizza oven and barbecue are focal points, as are the 12-metre-by-five-metre salt mineral pool and the pool house entertainment pavilion.

The house is also serviced by an airconditioned wine cellar, six separate ducted airconditioning systems, back-to-base security, and smart-wiring throughout. There’s even a space set aside for a helicopter landing pad and a rear recreation lawn designed for a full-size tennis court or bocce.

Underneath the house are several storerooms and parking for eight cars, which could easily be

YOUR AGENT Michael Cawthorn, Di Jones Bowral

“We’ve seen properties on a similar-sized acreage before, but never with a house of this scale and quality and grandeur. It’s so huge – and completely amazing.”

extended to accommodate 24. In the grounds, there’s an enclosed organic produce garden.

Recently, 60 solar panels have been installed, which have cut the electricity bills significantly.

There’s also a 100,000-litre water tank and a dam, so the land, with its 10 paddocks, is always well watered.

There are 33 cattle on the property, with 11 expecting. There’s space for at least 40, and the cattle could be included in the sale.

“This property has everything, and when you factor in the build cost of $3000 per square metre and then add in all that land, the dam, the landscaping, the orchards, the shed‚ you can’t imagine what it’s really worth,” Cawthorn says.

Karinya’s first-ever appearance on the market is expected to excite a lot of interest from locals, Sydneysiders, interstate buyers and perhaps even some from overseas.

“I think the buyer will probably be a very wealthy Sydney person looking for a luxurious weekender that he can fly his helicopter to and land on the front lawn, without annoying any neighbours,” Cawthorn says.

“Or it could be a downsizer from an even

larger landholding who is looking for something more manageable.

“But anyone would find the space of this, and the quality, quite lovely.”

This feature is part of a Domain Prestige Deluxe package.

Jamberoo NSW Karinya $6.9 million

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Expressions of Interest: Close May 26 Agent: Di Jones Bowral, Michael Cawthorn 0404 111 366

Open your camera and hover your phone over the app code to view listing

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LIVING IN

27.46° S, 152.99° E

PADDINGTON

The rolling hills of this Brisbane suburb are complemented by a ‘village feel but with an inner-city vibe’. B y K ATE FARRE LLY Rachel Price’s caravan coffee shop is a

Paddington speaks so enthusiastically about the

Paddington. Lil Gypsy Van, tucked next door to

suburb it’s no surprise to learn she has lived here

Presents of Mind gifts and games store in Given

all her adult life. “I moved here when I was about

Terrace, is a compact cafe dishing up coffee,

19,” she says. “I just fell in love with this area and

home-baked goodies and Crust & Co French

lived in several houses before moving to the ‘Paris

bread and pastries from a cool vintage van.

end’ of Enoggera Terrace 19 years ago. I love the

Paddington has earned a reputation for quality a host of wining and dining options, many set

O’Dea has watched the suburb’s once-humble

within restored weatherboard homes along

workers’ cottages being carefully transformed

Given and Latrobe terraces.

into big, contemporary homes with swimming

anywhere else.

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an inner-city vibe.”

Low-rise paradise

eight years and says she can’t imagine living

Brisbane 28 Prince Street

fact that Paddington has a village feel but with

antique stores, unique recycled threads and

Price has lived and worked in the suburb for

Paddington

Local agent Judi O’Dea from Ray White

microcosm of all that the locals love about

High-end hipsters

YOU MAY LIKE ...

pools and beautiful al fresco spaces to make the most of Queensland’s balmy weather.

Auction: May 12

“We’ve got no high rise here whatsoever and we’re not jammed up against each other,” she

Agent: Ray White Paddington,

move,” she says. “I like the community. I feel like

says. “I love the rolling hills, which actually means

Judi O’Dea 0417 009 635

having my business I’ve got to know everyone

a lot of homes do have aspect.”

You’ll find a stunning new home beyond the

“Once you’re here, you don’t really want to

and people have made friends here. I like that

With the increased investment in property has

I can walk up the street and go out for dinner

come lower turnover of housing stock, with only

491 square metres. Highlights include a designer

or grab a drink. You can always find a gift for

28 homes on the market as Domain Prestige went

kitchen and a covered terrace with a built-in

anyone as there’s a good range from stores

to press. Many of these will be hotly contested

barbecue overlooking a 12-metre pool.

like Bristle and Presents of Mind.”

by both locals and out-of-area buyers.

Price says Paddington has the advantage of

restored character facade of this family home on

“We get a lovely mix of families and young

being close enough to the city, but not too close.

professionals, with people coming from

Homes in Paddington

You can walk to the city centre in less than half

interstate and overseas, wanting to live close

are built to make the

Hover your camera over the

an hour or catch a footy game at Suncorp

to the city in a suburb with lots of character,”

most of Queensland’s

code to see Domain listings

Station in the neighbouring suburb of Milton.

says O’Dea.

balmy weather.

in Paddington

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Sell it, rent it or just sit tight Follow your home on Domain to see what your next move should be.

Visit domain.com.au/owners

THE PROPERTY INVESTOR

GREG BRIGGS

Rising prices cut into coastal yields The rents are soaring in this millionaires’ playground, but strong rates of price growth may be off-putting. B y SU E WILLIAMS

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The attractions of Portsea, such as the Front Beach, are enticing to a wide range of investors.

n the tip of Victoria’s Mornington Peninsula, Portsea has an enormous amount going for it – sea, surf, sand, and some of Australia’s fastest-rising rents.

For investors, it looks almost an idyllic option … until some of the country’s fastest-rising property prices are also factored in.

“If you were looking for investment potential in sea-change areas, the Mornington Peninsula has had some extraordinary increases lately in rental prices,” says Domain senior research analyst Nicola Powell.

“But the strong rates of price growth could be off-putting. It might be a good idea to look further afield where homes aren’t quite so expensive and driving down rental yields.”

The latest Domain report on rents in Victoria shows strong increases in some of the most sought-after seaside spots. Portsea, for instance, has seen an annual change in the median weekly asking house rent of an astounding 35.7 per cent to $950, although the median gross rental yield sits at just 2.51 per cent. Its neighbour, Sorrento, performed strongly too, with a 23.6 per cent rise in the median rent to

$680 but a slightly better yield at 2.77 per cent.

“But you’re still getting a lot for your money,” says Liz Jensen of Kay & Burton Portsea.

“It’s what we call globally a very ‘thin’ market ...there’s not much of it, it’s a limited resource, so it will only become more precious over time.

“We have renters lining up on the street trying to outbid each other.”

“It has an exceptionally beautiful beach, parks, little hamlets, and you feel like you’re on a little island and that you’ve escaped from the world.

“And rents will keep on going up,” she says.

“At the moment, we have renters lining up on the street trying to outbid each other.”

Generally, however, whether to invest in a Victorian coastal town depends very much on

your endgame. If you’re planning to invest and later move there for lifestyle, then that “pleasure investing” could well justify the expense of your initial purchase, says Sue Dahn, a partner in Pitcher Partners.

“It then becomes a lifestyle asset, so it doesn’t matter so much if the aggregate of financial returns is unpredictable. You’d still want to make a very careful check of what people are willing to pay in rent, though, because you don’t want fees, insurance, repairs, maintenance and depreciation to take the net rent down to zero.”

Victoria’s south-west coast could be a better long-term investment, Dr Powell says. Rents for houses in Portland, 470 kilometres west of Portsea rose a respectable 12.5 per cent over the past year, but the yield was significantly higher, at 6.91 per cent.

Nikki Hudson of Hudson Property Portland says it is a favourite with many investors.

“We’re completely surrounded by coast, and I think it’s still currently a little bit undiscovered,” she said. “You can buy an 800 or 900-square-metre block of land here for less than $100,000, which makes it very attractive.”

The town of Wonthaggi, 140 kilometres east of Portsea, is perhaps even less discovered.

Here, rents went up by 10.6 per cent over the past year and by 43.1 per cent over the past five.

Ben Nash of Southcoast First says it could be an excellent investment: “The area is beginning to take off now, and it’s catch-up time.”

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