Domain Prestige - September 15, 2021

15 SEPTEMBER / 2021

PRESTIGE THE BEST IN AUSTRALIAN PROPERTY

ON THE HORIZON Dreams really do come true

B y K ATE FARRE LLY

Drummoyne Sydney 42 Drummoyne Avenue $10 million J OSE PHIN E H U YN H

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Auction: 6pm, September 29 Agent: Ward Partners, Matthew Ward 0417 942 223 Billionaire’s Row in Point Piper, the Golden Mile in Canberra’s south or

This elegant waterfront home set within easy

Toorak, also known as the Beverly Hills of Melbourne – there’s an equivalent

reach of Sydney city buses and ferries wouldn’t

in every state and territory, and if you’re lucky enough to claim your patch of

look out of place on the French Riviera. Featuring

grass in its property market that’s when you know you’ve “made it”. It’s

two levels of luxury accommodation plus a self-

where you can find absolute elite, luxury properties that others can only

contained apartment on the ground floor, the

dream of – homes with car elevators (which house cars worth more than

north-facing property comes with boating

many cities’ median house prices) and infinity pools resting on cliff edges.

facilities and a gas-heated pool surrounded by a

After just a week in the editor’s seat, I already know that I’ll never tire of

travertine terrace.

perusing these listings with wide, awe-inspired eyes. It’s a first edition for me but a weekly must-read habit for you, so here’s what we’ve bookmarked in the country’s prestige markets, starting with the Drummoyne home with its luring Mediterranean coast vibes on our cover.

Editor: Josephine Huynh josephine.huynh@ domain.com.au Editorial producer: Paige Tonna Group picture editor: Kylie Thomson 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

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DESIGN DIGEST All the right angles

FEATURE STORY Pinnacle of apartment living

Digital edition Visit domain.com.au/ digitaledition

O U R COVE R 42 Drummoyne Avenue, Drummoyne

VAIDA SAVICKAITE

LIVING IN Beach lovers rejoice

Listed by Ward

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Partners

THE PROPERTY INVESTOR

PAG E 2

Crystal ball gazing

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Killara Sydney 28 Wattle Street $6.3 million

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Auction: Noon, September 25 Agent: DiJones Lower North Shore, Max Yue 0410 569 481 Claiming a blue-ribbon position among high-end homes close to parks and schools, this character home has both formal and informal living spaces and features a pool and manicured, Peter Fudge-designed gardens.

Airlie Beach

Mount Macedon

Whitsundays 132 Mount Whitsunday Drive

Macedon Ranges 110 Douglas Road

$2.85 million

$3.3 million-$3.6 million

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For sale

For sale: By negotiation

Agent: The Property Guy, Craig Williams 0414 360 320

Agent: Circa Heritage and Lifestyle Property

You can lap up the magnificent bay, island and marina views from nearly

Specialists, Dominic Romeo 0438 500 277

every room of this contemporary residence, which sits within a gated

A four-hectare estate once the holiday retreat of

community a short drive from the shops and beaches. There are kitchen

former prime minister Sir Robert Menzies, Illira

and bathroom facilities on both levels, catering for dual living.

offers a unique family home and separate studio.

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DESIGN DIGEST

Architectural forms Through the creative eye of these makers, architecture and design delightfully intersect. C o m p i l e d b y PAU LIN E M O RRIS SE Y ILLUMINATING FORM Developed by Swedish designer Jens Fager for Muuto, the Tip Table Lamp is a modern take on a traditional lamp, with a simple architectural silhouette. Featuring an opal diffuser and dimmer function, the lamp offers direct as well as ambient light. muuto.com

SCULPTURAL HARDWARE Exploring daring shapes, colours and materials, the Super Collection is a limited-edition range of sculptural door hardware, created as a collaboration between hardware brand Bankston and Melbourne-based architecture studio Sans-Arc. bankstonarchitectural.com.au

PRACTICAL PURPOSE

Frattini, the Lina Armchair is part of Tacchini’s Design Classics collection. The chair is defined by a

CELEBRATED CLASSIC A re-edition of a 1955 design by celebrated Italian architect Gianfranco

Presenting a simple

unique, bent plywood frame, upholstered in a choice of house fabrics or leathers. stylecraft.com.au

yet elegant Scandinavian design, the Tray Table by Hay is made from powdercoated steel and is available in varying sizes and finishes. The detachable top allows the tray to be transported, lending to its practicality and adaptability. hayshop.com.au

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FEATURE STORY

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ne of Sydney’s most luxurious and highly-anticipated apartment developments will finally open its doors this month, almost five years after it smashed Australia’s apartment price record twice in the same week.

High-flying residents will start moving into the long-awaited Opera Residences at Bennelong Point, which set a new benchmark for prestige apartment prices with its sell-out success back in 2016.

The Circular Quay development first broke Australia’s apartment price record with the $26 million sale of a four-bedroom penthouse to an eastern suburbs buyer, who also spent $31 million on the two sub-penthouses below for her children.

It then reset the record at its official launch days later, with the $27 million sale of the adjoining four-bedroom penthouse to wealthy businessman and philanthropist Robert Salteri and his wife, Kelly. That translated to a then record-setting $96,400 per square metre.

Strong demand saw $500 million in residential sales made as all 104 apartments sold off the plan within hours of the launch. One-bedroom units without parking fetched $1.7 million.

“It’s the last opportunity to buy a brand new piece of prestige real estate in Bennelong Point.”

Almost five years and multiple delays later – the project was initially scheduled to finish in December 2019 – construction is now complete on the 19-storey development, which offers views of the Opera House, Harbour Bridge, Royal Botanic Garden and harbour.

While some are counting down the days until they can move into their new high-end home or weekender, others are looking to cash in on Sydney’s booming property market.

Apartments in the luxury development by Macrolink Landream Australia have been reselling for 20 to 30 per cent above their 2016 prices, says Tim Rees, senior director at CBRE Residential Projects.

By comparison, Domain data shows the city’s median apartment price – at about $786,000 for the June quarter – is up about 10 per cent on late 2016 levels, but still just short of its 2017 record high.

The location of Opera Residences, combined with stunning architecture, interiors and panoramic views, has made it highly sought after, Rees says. The building was designed by

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A life at the Opera As residents start to move into the now-finished Opera Residences, new buyers are also lining up.

The already-expensive apartments have jumped in price in the five years since the off-the-plan launch.

Tzannes in collaboration with Crone, with interior design by Make.

“It’s got the usual resort-style amenities with an indoor pool, gymnasium, spa, sauna, but the drawcard is to live on Bennelong Point and to live with world-class views,” he says. “It’s the last opportunity to buy a brand new piece of prestige real estate in Bennelong Point, the last piece of undeveloped land.”

At the $100 million worth of retail space below, residents and Sydneysiders alike will be able to enjoy Japanese teppanyaki fine dining restaurant and bar OBOROZUKI, a trendy ground floor cafe, award-winning international restaurant chain IPPUDO Ramen and upmarket Opera Ice Creamery, post lockdown.

Rees says larger two and three-bedroom apartments have seen the biggest uptick in prices, noting a three-bedroom unit purchased off the plan for $11 million had resold for $13.5 million, while a two-bedroom bought for $4.35 million resold for $5.8 million.

Auschain director Sean Huang has resold six apartments in the development in recent months, with several more owners flagging interest in reselling their yet-to-be-lived-in homes for the right price. A desire to cash in on strong capital gains, and changed circumstances over the past five years, are the key reasons for resales, Huang says, noting settling on the highend homes had not been an issue for purchasers.

Properties available for resale have drawn strong interest from cashed-up downsizers and high-net-worth individuals wanting an innercity bolthole, Huang says, with Opera Residences proving bulletproof to the impacts of lockdown and closed international borders, which heavily hit the inner-city unit market.

Huang says the once record-breaking prices paid for the penthouses at the Opera Residences now appear relatively good value, given the

$35 million recently paid for a penthouse at the landmark Sirius building at The Rocks.

Other big sales in the years since include the $60 million-plus that billionaire James Packer spent on a two-level apartment in the Crown Resorts tower at Barangaroo, the recent $60 million sale of the ANZ Tower penthouse, and the more than $140 million paid for the penthouse and sub-penthouse in Lendlease’s yet-to-be-built Tower 1 development at Barangaroo South – which topped all of Australia’s previous house and unit records.

Among those considering reselling is property developer Peter Icklow, chief executive of Monarch Investments Group, who bought a two-bedroom Opera apartment for $5.2 million.

Having owned an apartment in the neighbouring Toaster building for some 20 years, he couldn’t pass up a chance to purchase another apartment in the prime location to be used as a potential weekender escape from his St Ives home.

“Normally, I wouldn’t buy off the plan, but there will never be another building in this position ... there’s no more land. They’d have to demolish something, and that would cost a fortune,” he says.

But a lot can change in five years, both in people’s lives and the property market, Icklow says, adding prices for such apartments have probably jumped 25 per cent over the years and would likely have gone higher if not for the coronavirus pandemic.

“I’m going to get it furnished up and see what it looks like, but I don’t think we’ll have any problems selling [if we decide to] because we’ve got a view apartment,” he says, adding that, on top of the views, Opera Residences is a state-ofthe-art building that offers high-end finishes.

“The building speaks for itself; it’s beautiful, a real icon,” he says.

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Bath

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Car

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Panorama, Prestige, Position.

AScd[SR X^d_ dWS ^_bdW TNQX^V cXRS _T ?NVe^N ;X[[ Xc dWS ]_cd XQ_^XQ fXSg _^ _ŬSb X^ Noosa today! Showcasing the most panoramic views across the Noosa waterways you will see anywhere! Sweeping across Noosa Main Beach to Noosa North Shore, Noosa River to Tewantin and beyond to the mountains of the hinterland; is this architect-designed home, circa 1970’s, on a 1447sqm allotment. Positioned across a double block, zoned high density with clear potential to redevelop the site and custom design a showstopping tri-level lifestyle residence. There is nothing like this on the market; it is unique, private, and a once in a lifetime opportunity.

Saturday 9th October at 11am

Viewing dowlingneylan.com.au

Agents Lisa Hornsby 0400 128 142

dowlingneylan.com.au

41 Picture Point Crescent, Noosa Heads

Auction

dowlingneylan.com.au

For Sale

LIVING IN

28.25573° S, 153.57585° E

KINGSCLIFF

You won’t stumble across a town with a better lifestyle than this sun-blessed gem in northern NSW. B y K ATE FARRE LLY Property prices in Kingscliff are heading north

YOU MAY LIKE ...

Kingscliff

A life coach with her own business, New

at a rapid rate, buoyed by an influx of sea-

Directions by Nerida, Dean lives on the waterfront

Tweed Shire 23 Cylinders Drive

changers, a lack of zoned land and a new

and has formed countless connections through

$5 million-$5.5 million

$673 million hospital under construction on the

Rotary, the church and volunteer work.

town’s western border, due to open next year.

“It would have to be in the top five places in Australia for price growth,” says New Tweed

new people coming to town,” she says. “I love the

Coast Real Estate Group agent Greg Costello.

fact that the people have been so inclusive. It’s

“Everything was grossly undervalued here, and

one of those places where, if you put your hand

we’re still not back up to pre-GFC prices.”

out, you will be welcomed.”

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On Friday nights, Dean heads down to the

Coastal paradise

beach for a barbecue with friends at Rowan

Set in northern NSW, just a 15-minute drive south

Robinson Park, part of a recent foreshore

of the Gold Coast airport, Kingscliff is home to

redevelopment project, and she’s a regular at the

beautiful beaches for swimming and surfing,

local art house movie theatre where you can sip

Cudgen Creek for fishing and paddleboarding,

on a coffee or a cocktail while you watch a film.

and bike paths connecting to Fingal in the north

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“I love the climate. I love that it’s still got a village feel even though there’s development and

Spoilt for choice

For sale: By expressions of interest

Dean says among the best things about Kingscliff

Agent: New Tweed Coast Real Estate Group,

has lived in a number of places across Australia

are the unique local businesses that draw

Greg Costello 0402 284 124

and overseas and says he has not stumbled

weekend crowds from Brisbane and the Gold

It’s a one-minute stroll to the sand and surf from

across a better lifestyle.

Coast. There are also beachside markets twice a

this near-new, two-storey home. Styled by

month, farmer’s markets every Saturday morning

interior designer Darren Palmer, it has three living

the beach, and it’s a very outdoor and fitness-

at Kingscliff TAFE, and monthly night markets at

zones, a huge al fresco terrace and a lap pool.

oriented community,” he says. “The secret is

Rowan Robinson Park.

and Pottsville in the south.

Costello, who moved to Kingscliff 10 years ago,

“Every house is within a few hundred metres of

slowly getting out now, and people from the capital cities are cashing up and buying in.”

Marine Parade is the commercial heart of the town and a thriving wining and dining hub, with

The coastal village

cafes, restaurants, pubs and clubs set opposite

vibe of Kingscliff is

Hover your camera over the

and is now so firmly ensconced in the community

the beach. If you need more, it’s a 10-minute

reflected in houses like

code to see Domain listings

she can’t imagine living anywhere else.

drive to Tweed City Shopping Centre.

23 Cylinders Drive.

in Kingscliff

Nerida Dean moved from Queanbeyan in 2012

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ARTIST IMPRESSION

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ARTIST IMPRESSION

THE PROPERTY INVESTOR

VAIDA SAVICKAITE

How to prep for price growth Experts share their investment strategies – in particular, looking for a low level of supply and a high level of demand.

B y SU E WILLIAMS

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More than almost anything, the area where you’re considering investing should be liveable and desirable.

t’s all a question of demand and supply, and nowhere is that more critical than when planning a residential property investment.

The art of picking the right drivers for price growth is a tricky one.

You might have found the perfect property in a popular area with lots of jobs, a healthy rate of population migration and excellent infrastructure but if there are plans underway for 1000 new homes in the next year … suddenly, it’s no longer such a good prospect.

“The basic equation that underlines everything is a low level of supply and a high level of demand,” says Kate Hill, founder and director of investment property buyers’ agency Adviseable.

“And you want that imbalance to be sustained, not just short-term in a volatile mining market, for instance, or for the demand to be extrinsic, like the quick blip in Brisbane when the Olympics come but then everyone moves on.

It has to be good, long-term demand to drive capital growth.”

You also need to judge the demand for the type of property. Don’t invest in a two-bedroom apartment if everyone wants four bedrooms.

Don’t be too entranced, either, by the promise of good capital growth in a spot where rents are low and there might be a high vacancy rate and too many days on market for property sales.

“It has to be good, long-term demand to drive capital growth.”

Uwe Jacobs, the founding director of Property Friends and author of the book, The 7 Secrets of Highly Successful Property Investors, says being enticed by the lure of negative gearing schemes is a common error made by people trying to build a property portfolio.

“The main driver for investment is the balance between the short-term income of rental income and the long-term prize of capital growth,” he says. “That rental money is what’s going to sustain you during periods of low, or no, capital growth so your investment doesn’t eat you out of house and home.

“The vast majority of people invest for financial independence, choices in retirement or leaving a legacy to children, so highly negatively geared properties aren’t the way to go. You need a more risk-averse strategy.”

That means not skipping essential research, he advises. Factors like vacancy rates, days on market, median prices, growth forecasts, any upcoming property developments, and whether there’s an influx of people – or they’re leaving – are all critical to calculations. “And you need to visit the area to check that it physically matches the research,” Jacobs says.

More than almost anything, the area where you’re considering investing should also be liveable and desirable. “It should have amenity close by,” says Lachlan Vidler, director of the Atlas Property Group.

“That means transport options for people to get to work easily, shops, cafes, restaurants and parks, so there’s plenty to do when family or friends visit. Don’t be too caught up in promises of infrastructure to come, either. How many promises of infrastructure have there been that take decades to arrive – if ever?”

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Artist Impression

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Disclaimer: All information is believed to be correct but is not guaranteed. Changes may be made during construction and dimensions, areas, fittings and specifications are subject to change without notice in accordance with the provisions of the contract for sale.