Domain Prestige - September 08, 2021

8 SEPTEMBER / 2021

PRESTIGE THE BEST IN AUSTRALIAN PROPERTY

RETREAT IN STYLE A Nor th Shore delight

B y K ATE FARRE LLY

Dover Heights Sydney 216 Military Road $9.5 million ANTO NY L AWE S

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Auction: 6pm, September 14 Agent: Laing + Simmons Double Bay, Steven Zoellner 0400 840 111 It seems everywhere you look there are house price records being set as

The superb views of the Harbour Bridge and city

buyers search for more space during the pandemic. But, generally, the same

skyline are matched by the generous proportions

can’t be said for apartments, except maybe in one corner of the country –

of this family home where every bedroom has an

south-east Queensland. Prices there, especially for luxury penthouses and

en suite and there are three living zones across

those with water views, are commanding staggering amounts. In many

three levels. Highlights include a poolside cabana

cases, 30 per cent price rises in the past 12 months are not uncommon, say

with kitchen, a Bosch-appointed kitchen and a

the agents in this week’s feature story. In this week’s Living In, we visit

self-contained studio.

Wahroonga, on Sydney’s upper north shore, where grand homes on big, leafy blocks, are the order of the day. Our cover property, a beautiful, renovated Wahroonga house, is a fine example. Lastly, in The Property Investor we visit Tasmania and discover it’s another market that is going gangbusters, with 26 per cent price growth in the past year.

Acting editor: Antony Lawes alawes@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 Chief executive officer: Jason Pellegrino

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

HOT PROPERTY

FEATURE STORY Living the high life

DESIGN DIGEST Timeless beauty

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Digital edition Visit domain.com.au/ digitaledition

O U R COVE R 50 Ada Avenue, Wahroonga

ISTOCK

LIVING IN Among top Sydney schools

Listed by McGrath Wahroonga PAG E 9

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THE PROPERTY INVESTOR Turn your sights to Tassie

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Graceville Brisbane 35 Molonga Terrace 5

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Expressions of interest: Close September 14 Agent: Place Estate Agents New Farm, Heath Williams 0403 976 115 This Don Watson-designed riverfront gem sits on a 3339-square-metre block and its four levels have been treated to a full facelift by architect Shaun Lockyer. Lofty ceilings, banks of glazing and a pinwheel-like floor plan maximise the light and views. The pool adjoins tiered gardens which lead to a boathouse on the water’s edge.

Noosa Heads Sunshine Coast 21 Bayview Road 5

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Brighton Melbourne 65a Champion Street $6.2 million-$6.4 million

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Auction: Noon, September 10

For sale: By expressions of interest

Agent: Tom Offermann Real Estate, Eric Seetoo 0419 757 770

Agent: Buxton Real Estate Brighton,

Designed by architect Gabriel Poole, The Lookout captures magical views

Leanne Potter 0414 344 144

across Laguna Bay to Double Island Point. Over four levels, the

This newly built home with a heated pool

property features a Miele kitchen, a pool and a choice of indoor and

showcases finishes in marble and bluestone.

outdoor living spaces.

A curved staircase connects the three levels.

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FEATURE STORY

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nticed by panoramic sea views more mesmerising than a Monet and urban positioning that feels a world away from the concrete jungle, empty-nesters are cashing in their multimillion-dollar estates for luxury apartments along the south-east Queensland coastline and injecting life into a market that’s been idle for years.

From Noosa’s sparkling shores to the cliffs of Brisbane’s elevated inner-city pockets that take in views from the serpentine river to Main Beach and its golden dunes, prices for penthouses and whole-floor apartments have soared by up to 30 per cent in a year, with experts now describing the high-end unit market as a marathon that’s hit its stride.

It’s already seen the luxury unit sector match the record-setting pace of houses, with buyer demand for creative, spacious abodes so significant that many apartment hunters are splashing millions on homes in buildings that are yet to receive development approval, says Place Estate Agents Kangaroo Point director Simon Caulfield.

“The [prestige apartment] market is the best we’ve ever seen … days on market have dropped significantly, and prices are rising,” Caulfield says. “We recently re-sold an apartment at 2 Scott Street, Kangaroo Point [in the Walan building] that bettered the two previous sales there from late last year.

“Both of those apartments had a third car park and were higher up … they sold for $4.4 million and $4.375 million. The one we just sold had two car spaces, and it transacted for $4.5 million.”

And it’s Brisbane-based downsizers and empty nesters that are leading the charge, he says.

“In Brisbane, I think locals still have a lot of control here because there’s a lot of swapping of capital here. They are selling their big houses for a few million and then buying an apartment for the same price,” he says.

“The infrastructure has helped the sector a lot as well … everything is driving people to live closer to the city, so this market has legs for a long time. We’re running a marathon, and we’re halfway through.

Caulfield, who is marketing an exquisite fivebedroom penthouse at 18e/39 Castlebar Street, Kangaroo Point, for about $6 million, says properties like these are now fetching as much as high-end estates.

“Castlebar is in a unique proposition, and it’s significant because it’s a full-floor penthouse and it has a 26-metre frontage, which is quite rare. The proportions of the property are as large as you’re ever going to see in an apartment, and you’ve got a 20-metre private mooring as well.”

Down on the Gold Coast’s perennial popular Main Beach, Ray White Prestige agent Robbie Graham says local downsizers have set the luxury apartment market on fire.

Luxury apartment market is on fire The lifestyle lure is attracting downsizers and interstate buyers to units along the south-east Queensland coastline.

B y SAR AH WE B B

“I don’t know an apartment market more aggressive than Main Beach … the prices being achieved are substantial, and that’s driven by the lack of properties available,” Graham says.

“There’s a [three-bedroom] property that sold at 6/3531 Main Beach Parade for $5.5 million in October last year, but the new owners weren’t really ready to make the move. I sold it two months later, on Christmas Eve, for $6.3 million.

“Another property that didn’t even make it to the papers just sold on 41 Rankin Parade, Main Beach, and it was the highest price ever paid for a non-beachfront. It went on the market on a Friday and sold on the Monday for $5.3 million … people want convenience and lifestyle.”

While the Main Beach market is yet to soar to Sydney or Noosa heights, Graham says, buyers are paying $20,000 a square metre for luxury apartments – and looking for creative designs.

Noosa Heads Sunshine Coast 8/81 Hastings Street 3

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Auction: 1pm, September 18 Agent: Tom Offermann Real Estate, Tom Offermann 0412 711 888

Surfers Paradise 7/35 “Jade” Northcliffe Terrace, Surfers Paradise, above; 8/81 Hastings Street, Noosa Heads, top right; 18e /39 Castlebar Street, Kangaroo Point, above right.

That creativity abounds in the penthouse at 93/1-9 Hughes Avenue, Main Beach – a home so gargantuan it has been dubbed the pinnacle of Gold Coast penthouse living.

Graham, who is marketing the home, says the four-bedroom, two-floor abode is the third biggest of its kind in the city and the only one like it on the market.

“It’s a 1000-square-metre penthouse.

Everything from the rooftop pool to the grandeur of it – you just can’t find that,” he says.

“And you can’t help but be in awe of that panorama – you could take it in for hours.”

Further north on the Sunshine Coast, where house-price growth has hit national headlines, the region’s unit market has also climbed to record heights after median prices in Sunshine Beach jumped $212,500 in 12 months, according to a recent Domain report.

Unlike its southern counterparts, the growth here is being fuelled by interstate and Brisbane buyers, says Tom Offermann, of the eponymous property firm.

“There’s been a trend shift from investment buying to lifestyle buying here … a lot of people who are choosing to live here full-time work from home … and now we have around 10 people bidding at every auction, so each sale is generally creating a new price level,” he says.

In March last year, Offermann’s office transacted the Sunshine Coast’s highest-priced apartment sale of all time, collecting $14 million for a 242-square-metre penthouse at 8 Noosa Court, Noosa. They sold another apartment for $8 million just down the road earlier this year, with a pristine three-bedroom unit at 8/81 Hastings Street, Noosa Heads, tipped to sell for a similar price at auction on September 18.

Offermann says 8/81 Hastings Street is particularly special because it “is literally 25 metres across the road from Noosa Main Beach … as well as having wide terraces overlooking the bay with three bedrooms in a prestige building of only nine apartments”.

He says prices in Noosa are expected to climb further in the months ahead.

Gold Coast 7/35 “Jade” Northcliffe Terrace $5.5 million

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For sale Agent: Ray White Prestige, Robbie Graham 0403 737 788

Kangaroo Point Brisbane 18e/39 Castlebar Street Circa $6 million

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For sale Agent: Place Estate Agents Kangaroo Point, Simon Caulfield 0437 935 912

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DESIGN DIGEST

Marvellous marble This age-old natural material continues to show its lasting appeal. C o m p i l e d b y PAU LIN E M O RRIS SE Y GENTLE GLOW The Chamber Light, by London-based designer Lee Broom, is a visually striking pendant with a crystal outer body and Carrara marble inner body, which results in a diffused, soft glow. Made in two sizes, the pendant can be hung individually or in clusters. leebroom.com

STYLISH SIDEKICK Designed for the Elbphilharmonie Hamburg concert hall by German designers Eva Marguerre and Marcel Besau, together with architect Daniel Schoning, the Elbe II side table has simple geometrical shapes formed with powder-coated steel and bianco Carrara marble. e15.com

ADD AMBIENCE

DAZZLING DUO Exploring the beauty of varying colour relationships, Vase

Combining modern

Versa is a duo-tone stem vase created by Adelaide-based designer Dean

techniques and

Toepfer. Available in varying sizes, colour combinations and patterns, the

traditional

marble-and-grey mix is offered as a limited edition. deantoepfer.com

craftsmanship, the Blown SW6 Table Lamp was designed by Samuel Wilkinson for &Tradition. The lozenge-shaped lamp pairs a nero Marquina marble base with mouth-blown, patterned glass. andtradition.com

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ALL IMAGES REPRESENT ARTIST IMPRESSION

THE PINNACLE OF PAR ADISE Proudly developed by Cbus Property, 443 Queen St heralds a new generation for subtropical living in the heart of Brisbane, and the last remaining penthouse is its pinnacle. )URP DUULYH KRPH WR WKH WK ³RRU ZKHUH \RXU SUHVWLJLRXV SHQWKRXVH VXVSHQGHG EHWZHHQ WKH ULYHU DQG WKH FLW\ ZLOO FHOHEUDWH XQSUHFHGHQWHG YLHZV RI WKH FLW\ VN\OLQH %ULVEDQH 5LYHU .DQJDURR 3RLQW 6WRU\ %ULGJH DQG WKH VRRQ WR EH QHZ .DQJDURR 3RLQW %ULGJH $ EHDXWLIXO EXWWHU³\ VKDSHG ³RRU SODQ HQFRXUDJHV LQFUHDVHG QDWXUDO DLU YHQWLODWLRQ ZKLOH \RX HQMR\ WKH OX[XU\ RI XS WR VTXDUH PHWUHV RI KRXVH VL]H OLYLQJ VSDFH DQG IRXU FDU VSDFHV 7KUHH PHWUH KLJK FHLOLQJV FUHDWH D JUDQGQHVV WR OLYLQJ DUHDV DQG IXOO KHLJKW ZLQGRZV LQYLWH QDWXUDO OLJKW WR \RXU IRXU ODUJH EHGURRPV DOO ZLWK SULYDWH HQ VXLWHV

1300 000 443

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FIND OUT MORE

LIVING IN

33.718300° S, 151.116806° E

WAHROONGA

With a friendly shopping village, beautiful parks and proximity to top schools, Wahroonga is a haven for families. B y K ATE FARRE LLY

YOU MAY LIKE ...

Wahroonga

It’s no secret that families flock to Wahroonga

thoroughfare. I have worked in other places and

to be close to some of Sydney’s top schools, but

the bit I really like about Wahroonga is that you

Sydney 50 Ada Avenue

residents new to the suburb quickly discover

very much have a regular clientele, so I know

$11.5 million-$12.5 million

there are also plenty of enticements on offer for

most of my clientele on a first-name basis.”

those whose school days are a distant memory.

The charming village shopping centre is a prime example, where the locals are spoilt for choice

If they’re not shopping or visiting eateries in the

when it comes to a daily caffeine fix.

village, you’ll often find the locals enjoying the

Village delights

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With its mature trees, manicured lawns and fenced playground, Wahroonga Park is a firm

Butcher’s Block are among the offerings that line

favourite, right near the station. It plays host to

Redleaf and Railway avenues, with the latter also

many community events. For more active

doubling as a dinner venue.

pursuits, Jubilee Park has playing fields, an off-

Road Less Taken, Avenue Luxe, The Possibility

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suburb’s lovely parks and gardens.

Off the Rails, Redleaf Piccolo, Pastadelli and The

You’ll find eclectic homewares and jewellery at

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Mother nature

leash dog area and a mountain bike track.

McGrath Wahroonga agent Alex Mintorn says

Project and the Tara Dennis Store; women’s

residents have access to generous swathes of

fashion at Fetts; all your favourite authors at

communal green space, and many live on large

Auction: 6.30pm, September 15

Novella Fine Books; and gorgeous flowers at

blocks with swimming pools and tennis courts.

Agent: McGrath Wahroonga, Alex Mintorn

Flower Infusion. Then there are conveniences

“Wahroonga is known for its big blocks and its

0499 442 274; in conjunction with Belle Property

including a pharmacy, a supermarket, a

proximity to some of the state’s best private

Mosman, Tim Foote 0416 090 191

newsagent, a barber and several hairdressers.

schools including Knox, Abbotsleigh and Barker,”

A three-year, multimillion-dollar restoration and

says Mintorn. “We get a lot of buyers from the

rebuild has turned this 1940s estate into one of

Sydney, says pharmacist Tom Corte, who grew up

lower north shore looking for more land and local

the suburb’s finest properties.

in the area and owns Wahroonga Pharmacy.

buyers who are upsizing into an acre plot. We also

It’s the closest thing you’ll get to a high street in

“All of the other shopping centres on the upper north shore are on the highway, so there’s a

get buyers from the eastern suburbs looking for

Many homes in

more value.”

Wahroonga are on big blocks with garden

Hover your camera over the

there’s no central hub,” he says. “Wahroonga

unrenovated home and range up to $13 million for

outlooks, swimming

code to see Domain listings

Village is off the highway and less of a

a premium estate.

pools and tennis courts.

in Wahroonga

feeling of transiting through them because

Prices start at around $3 million for an

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Closest Waterfront Residential Site to Hastings St.

Exclusive one-in-a million, medium density opportunity on a supersize illustrious Noosa Sound 1120m2 waterfront site, which has the jaw-dropping address of Noosa Parade, is the closest waterfront residential site to Hastings Street. Three 2-bed apartments and one commercial building are current, however a long-term prime investment holding, apartment development, or striking residence with no waterside neighbours, presents a virtually bullet-proof investment.

Auction 18 September 2021.

S E E M O R E AT O F F E R M A N N . C O M . A U 7 Noosa Parade, Noosa Heads.

Agent: Chris Miller 0412 894 542 NOOSA’S HOME OF PRESTIGE PROPERTY

THE PROPERTY INVESTOR

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A small state with big potential There’s still time to jump on the Tassie train, the experts say, with high demand set to keep pushing up prices. B y SU E WILLIAMS

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The median price of Hobart houses – such as these heritage homes in Battery Point – has risen 28.4 per cent in the past year.

very morning, when Real Estate Institute of Australia president Adrian Kelly arrives at his desk in Hobart, he has a massive backlog of emails to go through from the night before, sent from all around Australia and overseas.

The message in all of them is identical: we want to buy a property in Tasmania, and could you advise us?

So, when people wonder whether they’ve missed out on the real estate boom on the Apple Isle – with the median house price already having risen 28.4 per cent in Hobart over the past year, and in the rest of Tasmania by a very handsome 26 per cent, according to Domain figures – Kelly just laughs.

“We’ve had enormous growth in property values and sale prices, but that’s still continuing right now,” he says. “And there are so many more people who still want to buy a piece of Tasmania. With demand for homes still so high, prices are going to rise further.

“We’re simply not building enough homes to keep up with demand. Now Tasmania has been discovered by the rest of the world too – and is

still relatively affordable compared to many other places, and is so accessible to the mainland – it’s going to continue to be an excellent investment prospect.”

All the big indicators are certainly looking good for investing in residential property in our smallest state. As well as that formidable capital

“It’s going to continue to be an excellent investment prospect.” growth, in Hobart the median house price looks affordable at $646,301, house rents have risen 10 per cent in the past 12 months, and unit rents 5.3 per cent, while rental vacancy rates are at a very slim 0.5 per cent. In Launceston, they’re not much higher at 0.7 per cent.

In addition, as well as being almost untouched

by the COVID-19 epidemic and having an enviably clean and green reputation, Tasmania has just been named one of the top five places in the world to seek safe haven during a global societal collapse. A UK study published in the journal Sustainability ranked it right up there with New Zealand, Iceland, Ireland and the UK. “There is the potential for Tasmania to continue being a real people magnet for a long time to come with the attention on climate change,” says Hobart-based economist Saul Eslake. “There’s increased building going on, but it’s slow, and the demand for housing continues to grow at a more rapid rate.

“But Tasmania does need to fix its problems with having the worst education system in Australia to keep attracting parents with kids, and the worst hospital system to keep them going at the other end of life.”

Another hurdle investors may encounter is high land tax, says Louise Elliot, president of the Tasmanian Residential Rental Property Owners Association. While the state government has announced an increase in land tax thresholds to reflect the strong property market, it’s still comparatively higher than in many other states.

“The tax was set when property here was cheap,” she says. “So, that can be a shock for the 20 per cent of our house-buyers who come from interstate. But outside of the main cities, there can be some very good buying too, in places like Queenstown, Derby and Maydena.”

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