Prestige Report - Edition 2/22

PRESTIGE REPORT

Cover and above photo credit: Timothy Kaye

2021/22 At a Glance

A snapshot of how Marshall White performed throughout the 2021/22 Financial Year.

6.

Market Review & Outlook

Marshall White Director John Bongiorno reports on an extremely strong financial year and Marshall White’s plans for expansion.

Our Offices

Each of Marshall White’s seven offices reports on their particular markets and results for 2021/22.

The Art of Creating Communities

Architect David Carabott talks about his extraordinary career and his newest project, Society

The Property Forecast

Domain’s Chief of Economics & Research, Dr Nicola Powell, weighs in on Melbourne’s cyclical property market.

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Our Prestige Property Collection

A celebration of some of Melbourne’s finest properties, all sold by Marshall White during the 2021/22 financial year.

5. 14.

The Case for Space

New York, London, Melbourne. Why Toorak’s grand residences trump those in Manhattan and Knightsbridge.

Projects

Buying off-the-plan continues to experience high growth, particularly in the premium market.

Property Management

Marshall White’s expanding premium property management portfolio has achieved outstanding results.

Making Waves on the Peninsula

From couta boats to super yachts, Gary Walsh looks at the best ways to explore our magnificent coastline.

30. 32. 34. 36. 38.

Our Foundation

This year’s Ball raised a record amount to help support those in need.

Prestige Unlike Any Other

We represent Victoria’s most remarkable properties and offer a comprehensive service experience, curated to meet the highest standards in real estate.

John Bongiorno Sales Director, Auctioneer

AGENTS STRONG

SUBURBS

Market Review & Outlook Financial Year 2021/22

By John Bongiorno Sales Director, Auctioneer

Welcome to Marshall White’s premium annual publication, The Prestige Report

Overall, the 2021/22 Financial Year proved to be an extremely strong one for Melbourne’s property sector, with excellent gains made across the entire market. After the extraordinary growth, fuelled by the post-lockdown bounceback we saw throughout 2021, the market peaked at the end of last year.

The first half of 2022 has seen a slowdown with lower volumes of property on the market caused by a range of factors including the Federal Election in May, interest rate hikes and

rising inflation. These conditions contributed to a level of uncertainty in the marketplace as vendors took a step back to consider their options, which then coincided with the natural slowdown for the winter months.

Moving forward, the market in general will hinge on the effects of interest rate rises. However, so far, it seems to be largely absorbing the impact. People simply want to move on with their lives and good properties, particularly at the prestige price point, continue to sell extremely well.

Marshall White’s confidence in the premium property sector is reflected in our company expansion which saw the opening of our Manningham office earlier in the year and plans for a further three offices to open before the end of 2022. Our newest offices will be located in the key areas of Sandringham, Flinders and Sorrento.

Marshall White is wholly privately owned and is one united company, not a franchised

model, and we are proud to hold the State’s most prestigious single owned database.

This comprehensive client database, along with our soon to be 10 office network, will enable us to continue to provide far reaching and exceptional service to our clients in more of the best suburbs in Melbourne.

MARKET REVIEW & OUTLOOK

John Bongiorno Sales Director, Auctioneer, Marshall White

“Marshall White’s confidence in the premium property sector is reflected in our company expansion which saw the opening of our Manningham office earlier in the year and plans for a further three offices to open before the end of 2022.”

The Property Forecast

A rise always comes after a fall

By Dr Nicola Powell, Chief of Economics and Research, Domain

Melbourne is renowned for its roller-coaster property price cycles. In the scheme of upswings, the 2020-21 growth phase was a stand-out compared to most others in the past.

House prices rose 24.2% from the trough in June 2020 through to the December 2021 price peak. This provided the third steepest upswing on record, only behind 2000-03 and almost mirroring 2008-10. Technically, previous upswings have seen more pronounced house price growth over a longer period of time. However, the most recent one provided one of the quickest and sharpest equity boosts Melbourne has ever experienced.

Melbourne’s housing market is now in the next stage of the property cycle – a downturn. As per historical standards, the premium price point is leading the price cycle direction. It’s clearly evident in the most expensive areas of Melbourne with the median house price falling 6.4% in the Inner South from its peak in December 2021. While this has wiped $109,500 off the median house price, it is shadowed by the $400,000 gained in the 18 months leading up to its price peak. Premium priced areas tend to lead Melbourne price cycles and while this may appear as if they are more vulnerable during a downturn, they see greater rates of price growth during the upward growth phase. This also means that, when Melbourne moves into a recovery phase, it will be evident first with premium properties.

It is important to place market performance into context, as we can learn from previous price cycles to help shape our understanding of what could lie ahead.

Over the past almost three decades, there have been only four periods of time in which Melbourne house prices have declined annually, occurring in 1995-96, 2008-09, 2011-12 and 2018-19. The instant observation from the historical performance reveals that all downturns had a peak rate of annual decline of less than 10%, which had been preceded by a higher rate of incline. Although the depth of the downturn has become greater in more recent years, the annual rate of decline peaked at 9.7% during the 20182019 period of negative annual growth.

Melbourne has experienced eight house price cycles since 1993, inclusive of the current one. On average, the upswings have notched 38.1% growth from trough to peak and have lasted 2.75 years, while on average the downturns have lost 4.4% from peak to trough with an average duration of just under a year.

Comparing an upswing and a subsequent downturn reveals some interesting points:

• The duration of an upswing tends to be longer than the subsequent downturn. Downturns have roughly been one-third the duration of the preceding upswing.

• There is a greater increase in price relative to the subsequent decline so it is unlikely we will see a return to pre-pandemic prices.

• Historically, downturns have been shorter and less severe compared to the preceding upswing.

This time, interest rates are rising, increasing the cost of a home loan and reducing borrowing capacity at a time when living costs are soaring. The speed and scale at which Melbourne prices soften depend upon many factors, however the downturn will be somewhat shaped by how high and quickly interest rates go up and how high inflation reaches.

Although interest rates are important, they are not the only factor influencing housing prices. Tax settings, banking regulation, population and income growth and the responsiveness of new housing supply to growing demand all play their part.

Australian households are likely to be much more sensitive to rising interest rates and strong inflation levels due to the high level of debt being carried, ultimately eroding savings. However, there are a number of factors that suggest households could be resilient to rising interest rates: asset balance sheets are in a good position due to strong growth in dwelling prices, household savings are also strong and many mortgage holders are ahead of their repayments.

The last significant downturn was during 2017-19 when Melbourne house prices fell 10% from peak to trough. Interest rates weren’t rising at the time but it became harder to get a loan and less credit was available for borrowers, plus add a banking Royal Commission to weigh down sentiment.

Our Prestige Property Collection

Best Cellar

62B HOPETOUN ROAD, TOORAK

Reflecting the relaxed Hampton’s style luxury that is a design signature of acclaimed architect Stephen Akehurst, this outstanding residence is set within a breathtaking estate with garden and pool making it entirely in a class of its own.

Best Mansion

39 SACKVILLE STREET, KEW

A landmark Victorian residence built in 1888, “La Verna” is the crown jewel of the prestigious Sackville Estate. Magnificently positioned within breathtaking landscaped gardens with pool and tennis court, the balconied residence displays a spectacular blend of exquisite original elegance and inspired designer style.

Best Outdoor Entertaining Paradise

A CELEBRATION OF SOME OF MELBOURNE’S MOST OUTSTANDING

Best Hamptons-style Manor

105 BADEN POWELL DRIVE, MOUNT ELIZA

Observing time-honoured mansion traditions of scale and sophistication, this elegant six-bedroom, three-bathroom Mount Eliza manor presents impressive Hamptons-inspired styling, complete with swimming pool, spa and gazebo to provide a private sanctuary for outdoor entertaining.

Best Architectural Design

380 MONTAGUE STREET, ALBERT PARK

Architecturally designed by Robson Rak and built by Krongold Constructions, this sensational four-bedroom residence boasts impressive proportions, sophisticated style and state-of-theart contemporary design.

Best Renovation

3 PARKSIDE STREET, MALVERN

The glorious original elegance of this captivating c1930’s Spanish Revival residence was spectacularly reimagined with a breathtaking renovation and extension.

Best Lifestyle Property

29 CALLANANS ROAD, RED HILL SOUTH

Showcasing the epitome of grand-scale opulence and refined luxury, this ultimate lifestyle property offered a once in a lifetime chance to secure one of the Mornington Peninsula’s most exclusive homes.

Best Warehouse Conversion

66 DOW STREET, SOUTH MELBOURNE

This achitecturally inspired conversion of this former bottle warehouse created a spectacular family residence where evocative original history is paired brilliantly with stunning contemporary style.

Best Victorian

52 SACKVILLE STREET, KEW

“Prague House” is a landmark Victorian slate roofed residence, arguably one of the finest period residences in the immediate vicinity, and graces a prominent position set back from Sackville Street in lush gardens with beautiful mature trees.

Best mid1990s Architecture

18 SPENCER ROAD, CAMBERWELL

This unique house was designed in the mid1990s by award-winning architect Sean Godsell, and is an excellent example of the new innovative building designs of that time with its linear profile and north-facing glass walls and doors.

Best Country Retreat

335 COLWELLS ROAD, HESKET

Akehurst-designed

The Case for Space Our most prestigious suburbs share a rare gift

By Gary Walsh

The world’s great cities have much in common — rich history and culture, the finest of cafes and restaurants, great shopping, memorable architecture and urban areas that are simply irresistible. Yet, inevitably there is also something that defines them as individual. This is the great selling point for residents and the thing that makes these places uniquely appealing.

Take New York’s Upper East Side, that prestigious swathe of brownstone apartments and townhouses, museums, ritzy hotels and upscale retail establishments bordered by Central Park and the East River and running north on Manhattan Island from 59th Street to 96th Street. This is quintessential New York luxury — think Madison, Fifth and Park avenues, streets synonymous with fashion, style and opulence. It’s a district which rightly celebrates its worldclass museums including the Metropolitan Museum of Art, the Guggenheim and the Frick Collection.

London’s closest equivalent is the Knightsbridge and Kensington area. Like the Upper East Side, the main architectural style is townhouses and apartments set within sweeping rows of elegant terraces. Residents share these streets with an array of foreign embassies, high-end hotels and restaurants, and famous stores such as Harrods. Here, too, are the Victoria and Albert Museum, the Natural History Museum and the Science Museum, as well as the timeless splendour of Kensington Palace.

However, there are less appealing aspects of life that residents of Manhattan’s Upper East Side and London’s most exclusive neighbourhoods also share. Try parking a car anywhere in the Upper East Side’s tight grid of avenues and streets or on the narrow sinuous roadways of inner London. Spaces are jealously protected by residents as the treasures they are, in places where on property parking is relatively rare.

Try finding in these areas true individuality of architecture — as magnificent as the classic New York brownstones and the Georgian, Victorian and Edwardian terraces of London are, there is a regimentation about them; a sameness about their facades that can somehow become overly familiar, no matter how sumptuous and unique their interiors may be.

Regent’s Park London, photo by Timea Kadar

Classic New York architecture, photo by Gerda Mostonaite

The great homes of Manhattan and London also tend to be of the streets in which they reside. Few have gardens or front yards to speak of — many don’t even have fences — and their façades are boldly set right on the sidewalks and footpaths just a few steps from the street to the front door, bringing all the attendant issues with privacy and noise.

And that brings us to Melbourne’s finest neighbourhoods. The first thing that strikes you about the homes of Toorak and South Yarra, for example, is their sense of space and airiness. This is not a world of multi-storey apartments pressed cheek-by-jowl against each other but a place predominantly of freestanding homes with lush gardens and a palpable feeling of sanctuary. The market here remains strong, with 75% of homes sold in Toorak in the last financial year achieving more than $20 million.

Marshall White is intimately associated with these exclusive suburbs, having sold 13 of Toorak’s 17 most expensive homes — the fruit of a symbiotic relationship with this rare generosity of space and wealth of natural appeal. Greenery is everywhere — the streets are lined with beautiful mature trees and boast wide nature strips and so many homes have room for outdoor swimming pools and tennis courts, as well as extensive gardens. These green spaces also guarantee cleaner air — Melbourne has not been forced into an expensive motor vehicle congestion tax such as that imposed in central London.

Apart from the private expanses enjoyed by local residents, you have magnificent public spaces virtually on the doorstep, such as the Royal Botanic Gardens. Here you can stroll under splendid, century-old trees and across rolling green lawns, take in a Shakespeare comedy or watch a movie under the stars, gaze in awe at the winter Lightscape installation, enjoy a coffee and cake, set up a picnic under a stylish rotunda and drink in views across the city’s ever evolving skyline.

The charms of the Yarra River; the extensive sporting precinct that takes in the MCG, Rod Laver Arena and AAMI Park; historic and lovely Como Park — all are nearby to add to the amenity for fortunate local residents. Many of Melbourne’s most renowned bars, cafes and restaurants are also in the neighbourhood, as well as luxury shopping along Toorak Road, Chapel Street and other major thoroughfares. Perhaps the real treasure is the enduring benefits of fresh air and open spaces, found in rare abundance along the leafy avenues of Melbourne’s inner east.

“The first thing that strikes you about the homes of Toorak and South Yarra, for example, is their sense of space and airiness.”

THE CASE FOR SPACE

established as the epicentre of Melbourne’s prestige property market, Stonnington is home to some of the country’s grandest estates and most luxurious abodes. With other celebrated drawcards including high-end boutique shopping strips and exclusive private schools, the area is undeniably bluechip. Marshall White’s flagship Stonnington office proudly sells some of Melbourne’s most valuable real estate covering Armadale, Toorak, South Yarra, Kooyong, Glen Iris, Malvern, Malvern East, Prahran and Windsor.

Market Insights

Throughout 2021/22 the prestige Stonnington property market continued to perform well compared to the Melbourne-wide market, achieving record sales, a high auction success rate and low days on the market. An outstanding (undisclosed) result was achieved for 47 Lansell Road, Toorak which sold after auction at the ‘upper end’ of its $40-44 million price guide. The highest reported sale was $15.5 million for 62b Hopetoun Road, Toorak. Both properties were sold under the Marshall White flag.

Marshall White Stonnington sold 225 properties valued more than $3 million, including 76 above $5 million. 397 auctions were performed during the 2021/22 financial year, comprising 372 houses. The median sale price for houses sold by Marshall White in Stonnington was $2.86 million, which is above the REIV reported Stonnington median of $2.42 million. Marshall White Stonnington are leading the way in market share in ultra-luxury properties, with approximately 30% of the market share for properties valued at more than $3 million.

Highlight Sale

27 WHEATLAND ROAD, MALVERN Sold for $6,735,000

Beautifully framed by lush, landscaped gardens, this recently renovated Edwardian beauty boasts a grand arched entrance hall, wide oak floors, two marble fireplaces and a dramatic formal dining room leading to a tranquil courtyard.

To achieve the optimum result for prestige properties, presentation and marketing are crucial. Our results and data analysis also show that print advertising is key, particularly at the ultra-high end of the market. No matter what the general sentiment is toward print media, an extra buyer derived from print will consistently be stronger than the purely internetbased buyer. Domain’s statistics support the claim that we get more internet traffic when print is used.

Property ‘must haves’ or advantages in the Stonnington market include multiple living areas, dedicated home offices/studies, indoor/outdoor living spaces and integrated energy efficiencies. Due to rising building/trades costs, renovated homes are selling better than ever.

Highlight Sale

35 CLENDON ROAD, TOORAK Sold in excess of $22,000,000

This Michael Munckton-designed home is classically refined and framed by Europeaninspired gardens with north-south tennis court and picturesque pool.

Source: APM PriceFinder FY2021/22

1 Refers to number of house sales in each suburb for FY 2021/22;

2 Median Price for a house in each suburb as recorded by REIV/Property Data FY2021/22

3 Percentage change in house price in each suburb from FY2020/21 to FY2021/22 as recorded by REIV/Property Data

Boroondara

IN REVIEW

Epitomising our celebrated inner-suburban lifestyle, with its established leafy streets, abundance of leading schools, excellent public transport and plenty of sports and leisure facilities, Boroondara has long held the crown as Melbourne’s most aspirational location for growing families and young professionals. From grand heritage domains to contemporary multi-level apartment buildings and a wide range of classic and modern family homes, there is rich diversity in the established neighbourhoods of Hawthorn, Hawthorn East, Kew, Kew East, Camberwell, Canterbury, Balwyn, Balwyn North, Deepdene, Glen Iris, Ashburton, Mont Albert and Surrey Hills.

Market Insights

Marshall White Boroondara recorded in excess of 700 property sales in the 2021/22 financial year. The highest recorded sale was 52 Sackville Street, Kew which sold by private sale for $16 million. Other notable multi-milliondollar sales include 52 Hopetoun Avenue, Canterbury (price undisclosed) and 10 Lytton Street, Kew which sold at auction for $7,575,000. The outstanding results show the Boroondara property market continues to be resilient despite last year’s pandemic-induced lockdowns and the increase in interest rates this year. Nearly 400 properties were sold in the $2 million plus prestige price bracket, with 77 of them priced at more than $4 million.

Auction continues to be the preferred method of sale in Boroondara. The Marshall White Boroondara team sold 454 properties at or prior to auction, comprising 432 houses. The auction median house price of $2,664,440 is above the Boroondara area median of $2,550,000. Marshall White Boroondara has increased its market share at the high end of the market, with the team selling around one third of all properties in the $3 million to $5 million range.

Suburb Sales 1 Median Price 2 % Change3 Median DOM Ashburton 125 $2,145,000 +20 25 Camberwell 311 $2,700,000 +16 27 Canterbury 102 $3,355,000 +8 26 Deepdene 28 $2,788,000 +1 24 Glen Iris 302 $2,510,000 +10 25 Hawthorn 199 $2,715,000 +11 28 Hawthorn East 135 $2,450,000 +10 27 Kew 321 $2,700,000 +4 26 Kew East 72 $2,195,000 +10 24 Mont Albert 72 $2,380,000 +5 25 Surrey Hills 166 $2,276,500 +8 27

High buyer demand and a relatively low number of properties on the market continue to be the main drivers of the market in Boroondara. Potential vendors should seriously consider the way their property is marketed from the outset of their sales’ campaign, as the results show that outstanding properties which are beautifully presented will always do well.

Highlight Sale

56 MOLESWORTH STREET, KEW

Sold for $4,555,000

Comprehensively renovated contemporary residence, originally designed by a renowned architect and interior design duo, nestled on a generous allotment in a prestigious neighbourhood.

Highlight Sale

51 MIDDLESEX ROAD, SURREY HILLS

Sold for $3,911,000

Reflecting the grandeur and elegance of Victorian architecture, this classically inspired solid brick balconied residence’s substantial dimensions and beautiful landscaped garden and pool surrounds respond effortlessly to every modern family requirement.

Balwyn

REVIEW

Just 10 kilometres from the CBD and characterised by an elevated landscape with views from the city skyline to the Dandenong Ranges, Balwyn and Balwyn North are highly desirable inner-urban residential areas, popular with families and young professionals. Residents enjoy a mix of prestigious public and private schools, fabulous public transport including the tram, an abundance of lush parkland and a wide diversity of housing styles on wide leafy streets, from grand heritage listed residences, to modernist and contemporary homes, a vast array of post-war era homes and luxury apartment developments.

Highlight Sale

25 CORBY STREET, BALWYN NORTH Sold for $4,500,000

A refined expression of sunlit proportions and irresistible poolside splendour, in a beautiful setting, this spectacular five bedroom residence has been comprehensively renovated for fresh, alfresco living that leaves a lasting impression.

Market Insights

The Balwyn area’s highest selling property was 4 Boston Road, Balwyn, a magnificent five bedroom property which sold for $8,050,000.

For the Balwyn and Balwyn North prestige market, auction continues to be the most successful method of selling, with 76 of the 107 listed properties selling under the hammer. Auctions give the vendor and buyers a firm closing date and provide a very clear indication of market activity.

The best way to ensure the property stands out in the market is presentation. Most potential buyers view the property online initially and if the photos and styling are not appealing, it won’t encourage them to view the property. Home offices/studies are still very much desired but mostly it is the option of having multiple living zones for families that buyers in the prestige market are looking for.

AVERAGE DAYS ON MARKET FY21/22

MARSHALL WHITE SALES

MARSHALL WHITE

ABOVE $2 MILLION

Balwyn continues to experience exceptional demand and limited supply which is driving the high growth in property values. Marshall White’s median sale price in Balwyn of $2,564,000 in 2021/22 increased by 14% from the previous year.

Source: APM PriceFinder FY2021/22

Refers to number of house sales in each suburb for FY 2021/22; 2 Median Price for a house in each suburb as recorded by REIV/Property Data FY2021/22;

Percentage change in house price in each suburb from FY2020/21 to FY2021/22 as recorded by REIV/Property Data

Highlight Sale

3 VEGA STREET, BALWYN NORTH Sold for $4,050,000

A brand new architectural masterpiece, boldly finished to the highest standard, this palatial five bedroom family home delivers a five star luxury experience for the modern and growing family.

Port Phillip

Flanked by the shores of Port Phillip Bay and home to some of Melbourne’s most iconic leisure and tourism attractions, real estate in the ever fashionable suburbs of Albert Park, Middle Park, South Melbourne, Port Melbourne, Elwood, Southbank, St Kilda, St Kilda East and St Kilda West is always highly sought after. So close to the CBD, with excellent public transport and plenty of village-style shops, there is something for everyone in Port Phillip with property styles ranging from contemporary apartments to historic terraces, ornate Victorian and art deco mansions.

Highlight Sale

88 ST VINCENT PLACE NORTH, ALBERT PARK

in excess of $11,000,000

This illustrious c1875 French Victorian residence’s magnificent proportions are set within breathtaking northwest gardens.

Market Insights

The Marshall White Port Phillip team sold in excess of 250 properties in Port Phillip during the 2021/22 financial year. The highest listed sale was for 88 St Vincent Place, Albert Park which sold at auction for more than $11 million. Other notable sales include 15 Loch Street, St Kilda West, 15 Merton Street, Albert Park and 380 Montague Street, Albert Park, all which sold for more than $7 million. The Port Phillip office recorded 136 sales above $2 million, including 30 properties that achieved in excess of $4 million. Auction continues to be the most successful sale method for high-end properties. The impressive auction data reveals a 100% success rate for 161 properties, comprising 146 houses (median auction price $2,240,000) and 15 apartments (median auction price $863,500).

Marshall White continues to dominate the prestige market share in Port Phillip, recording the area’s greatest number of sales for properties over $2 million. Demand in the high-performing inner suburbs of Port Melbourne, South Melbourne, Middle Park and Albert Park continues to be exceptionally strong and we are seeing multiple bidders and a high amount of traffic at our open for inspections for quality properties in these areas. The demand has also stretched to St Kilda and Elwood and consequently we are seeing high increases in median prices in these areas.

Highlight Sale

15 LOCH STREET, ST KILDA WEST Sold for $7,750,000

The spectacular renovation of this illustrious double fronted, c1890’s Victorian residence by Tom Robertson Architects, has resulted in an utterly breathtaking family home.

sized

that are ‘ready to move into’ are in strong demand in Port Phillip. We are continuing to see some outstanding representations of architecturally renovated and interior designed heritage homes that are achieving record breaking prices.

Bayside

IN REVIEW

Beautiful beaches, excellent schools, boutique shopping, fine dining, the Bay Trail, golf courses and parkland, it’s no wonder Bayside is such a popular place to live. Homeowners are spoiled for choice with a range of property styles including some of Melbourne’s grandest estates and opulent sea-facing mansions, to sprawling modernist homes, new apartments and fabulous family homes on large leafy blocks. Our Bayside office looks after the suburbs of Beaumaris, Black Rock, Brighton, Brighton East, Cheltenham, Hampton, Hampton East, Highett and Sandringham.

Market Insights

Throughout 2021/22 the Bayside real estate market continued to perform well due to its large number of family size properties, offering ‘resort-style’ amenities with plenty of space for growing families to live, play, work and study. There has also been a growing demand for single level properties for downsizers as well as entry level properties for firsthome buyers and investors.

The highest disclosed sale price was $15 million for 15 Park Street, Brighton which was sold through an Expressions of Interest campaign. Other notable high-end sales (with prices undisclosed) were 12 Birdwood Avenue, Brighton, 9 Keith Court, Brighton and 49 Were Street, Brighton, all selling for more than $8 million.

Suburb Sales 1 Median Price 2 % Change3 Median DOM Beaumaris 207 $2,250,000 +23 24 Black Rock 79 $2,725,000 +24 24 Brighton 301 $3,500,000 +9 25 Brighton East 208 $2,380,000 +9 24 Cheltenham 235 $1,385,000 +14 24 Hampton 174 $2,585,000 +12 24 Hampton East 44 $1,500,000 -2 25 Highett 113 $1,535,000 +5 24 Sandringham 130 $2,412,500 +18 24

Auction was the most successful sale method with 161 of the 363 properties sold by Marshall White in the 2021/22 financial year selling by auction. At the ultra-premium end of the market, the team sold 236 Bayside properties valued at more than $2 million including 64 properties for more than $4 million.

All Bayside suburbs performed well in the 2021/22 financial year, with median house price increases across the board. The southern Bayside suburbs of Sandringham, Black Rock and Beaumaris performed particularly well, especially for large family homes close to the beach.

Source: APM PriceFinder FY2021/22: Refers to number of house sales in each suburb for FY 2021/22; 2 Median Price for a house in each suburb as recorded by REIV/Property Data FY2021/22

Highlight Sale

12 BIRDWOOD AVENUE, BRIGHTON Price confidential

The perfect lifestyle home brings outstanding design, a no expense spared interior and state-of-the-art home automation to one of Brighton’s finest beachside streets.

Highlight Sale

9 KEITH COURT, BRIGHTON Price confidential

Striking, double storey contemporary residence, designed by renowned Bayside builders Lowe, with sweeping bay views and positioned close to Brighton Beach.

Mornington Peninsula

IN REVIEW

Surrounded by spectacular coastlines and rich in captivating landscapes, the Mornington Peninsula is known for its abundance of attractions including wineries, golf courses, galleries, fine-dining restaurants, boutique shopping strips and more. The Peninsula offers a wide variety of properties to suit a broad range of buyers, ranging from new apartments to established family homes, acreages and lifestyle properties. Real estate on the northern end of the Peninsula, defined by Mount Martha, Mount Eliza, Mornington and Frankston South, offers all the benefits of city living with leading private schools, excellent shopping and services, whilst enjoying the relaxed beachy vibe, with spacious homes on large blocks in tranquil neighbourhoods.

Market Insights

The Mornington Peninsula office sold 207 properties during the 2021/22 financial year, with 56 properties achieving more than $2 million. Thirteen properties were sold at auction (100% success rate). The median auction price was $2,785,000.

The Peninsula premium property market continues to perform strongly, with some record-breaking results proving that buyers are prepared to pay a premium for an exclusive coastal address. The highlight was the world-class lifestyle property 29 Callanans Road, Red Hill South which sold after an international marketing campaign in the vicinity of $26 million. Another high achiever, selling post auction after 35 days on the market (price undisclosed), was 1950 MorningtonFlinders Road, Flinders. This unique coastal property, which consisted of around 85 acres of stunning land plus a small cottage, was listed in the $7.3 - $7.9 million price bracket.

Structured auction and Expressions of Interest campaigns remain the most successful selling method, particularly for high-end Peninsula properties because they generate competitive tension which results in a genuine, market driven contest amongst the prospective buyers.

As always, professional styling and presentation are critical to achieving the best results, even more so in the current market. Beautifully renovated properties on large blocks continue to be in high demand as we are seeing a lot of families moving to the Peninsula seeking more space and land.

Highlight Sale

15 THE RIDGE, MOUNT ELIZA Sold for $3,400,000

Boasting privacy delivered by surrounding treetop aspects, neighbouring pine forest and a discrete street frontage, this residence presents European elegance in a distinguished setting.

Highlight Sale

3 GRANYA GROVE, MOUNT ELIZA Sold for $3,300,000

This exquisite four bedroom, double storey Mount Eliza home epitomises the essence of sophisticated beachside living.

PENINSULA

Manningham IN REVIEW

With its wide open spaces, bushland reserves and high vantage points with scenic outlooks from the CBD to the hills, plus some of the state’s top rated schools, quality shopping and sports and leisure facilities, Manningham is a highly soughtafter area for growing families. From Marshall White’s new Manningham office, we cover the suburbs of Doncaster, Doncaster East, Donvale, Templestowe, Templestowe Lower, Bulleen, Warrandyte, Warrandyte South, Wonga Park and Park Orchards. Offering a range of property options from lifestyle estates, acreages, to new and established family homes, townhouses and modern high-rise apartments, the growing Manningham property market boasts a diverse range of real estate.

Highlight Sale

15 LAKESIDE DRIVE, LOWER PLENTY Sold in excess of $4,400,000

Master-built and beautifully enhanced, this spectacular family residence marries modern luxury with bucolic natural beauty in the prestigious Cleveland Estate amidst 4003sqm (approx.) of Nathan Burkett designed gardens.

Market Insights

Strong and consistent results, including some record breaking sales, have proven that the local prestige property market, particularly for lifestyle properties on large allotments, is continuing to defy industry-wide trends. The highest sale was 29 Dirlton Crescent, Park Orchards which sold for a suburb record of more than $6 million (price undisclosed). This property was on the market with another agent for around six months and was sold within three weeks of it being listed by Marshall White.

Auctions are becoming an increasingly popular method of sale in Manningham, particularly in wellestablished areas where the demand is high and competition strong. Presentation is always key to making sure your property stands out and effective marketing without cutting corners will always result in a higher price. It is important for vendors to complete all those odd jobs, tidy up the garden and style the home accordingly. Homes that sell well are ‘ready to move in’ with all the work already done. Popular in Manningham are homes with a range of ‘lifestyle perks’ such as pools, tennis courts, outdoor living options and multiple living areas.

$1.55m +10%

MANNINGHAM –MEDIAN PRICE % CHANGE ON PREVIOUS YEAR 26

AVERAGE DAYS ON MARKET FY21/22

Highlight Sale

36-38 SOUTH VALLEY ROAD, PARK ORCHARDS | Sold in excess of $5,000,000

A bold and beautiful vision of luxurious lifestyle living from award-winning architects Pleysier Perkins, ‘Terra Murus’ creates a new category of high-end Park Orchards living.

Source: APM PriceFinder FY2021/22

Refers to number of house sales in each suburb for FY 2021/22;

Median Price for a house in each suburb as recorded by REIV/Property Data FY2021/22;

Percentage change in house price in each suburb from FY2020/21 to FY2021/22 as recorded by REIV/Property Data

The Art of Creating Communities

For David Carabott, architecture has come full circle

By Gary Walsh

For David Carabott, successful architecture is much more than simply meeting the needs of clients for a roof over their heads — it’s about meeting their emotional requirements as well. This holistic philosophy of community and connectivity, developed more than three decades ago on his first job, still underpins the designs he and his firm CHT Architects create.

At the age of 10 he set his sights on becoming an architect, entranced and inspired by buildings he saw on a family holiday in Europe. When he graduated from Melbourne University in 1991 in the midst of a recession, jobs for architects were impossible to come by. It took a strong measure of confidence to knock on the door of every architecture practice he could find, offering his services free of charge just to gain some experience. Eventually, Carabott’s persistence paid off and he found the firm where he would spend the next 10 years honing his craft.

Carabott remembers fondly the first project he worked on, a social housing development in Williamstown. “I was going to change the world with it,” he says. “And I think I did.”

The development was for the Victorian Department of Housing, which Carabott says was primarily concerned about providing accommodation, not about the quality of environment. “I’ve always used the term ‘environmental functionalism’,” he says. “Architecture has to deal with you on many levels — not only look after your physical needs but your emotional needs too.”

More than 20 years after establishing CHT Architects, Carabott’s firm has a team of more than 80 people and offices in Melbourne and Penang in Malaysia, where the firm is developing one of that country’s most prestigious apartment complexes. There are plans, too, for a Hong Kong presence.

One of the firm’s most recent projects at home is Society Armadale, for which Marshall White Projects will be the selling agents. Carabott’s firm and Marshall White Projects previously worked together on the exclusive park front residences at 1a Yarra Street, Hawthorn, which set a price record for apartments in that suburb.

“This is one of a new breed of projects which is designed specifically for the owner occupier,” Carabott says of Society Armadale. It aims to impress from the complex’s front door onwards. There is a concierge — a first for an apartment building in Armadale — as well as a generous entrance and foyer space that leads to the individual apartments.

Photo: Society Armadale - interior rendering

The focus is on sustainability — an essential in modern design — with solar panels, water-saving tapware and induction cooktops, as well as electric vehicle charging stations incorporated in the build. Gaggenau cooktops, Liebherr fridges and freezers and Astra Walker tapware are included. Significantly, the complex is a first apartment building for Krongold, a builder synonymous with $10 million-plus new home builds and the firm behind a new Toorak mansion that cost more than $50 million to construct.

“The whole experience happens at the front desk when you invite someone to your apartment, not at the front door to your apartment,” Carabott says. “If you want an aspirational building, you want a whole experience from when you get to the front door of the apartment building, to when you get to the front door of the apartment, to when you look inside and see something that is more like a home than an apartment.”

Increasingly, Carabott says, apartments are about communities. “It’s not about people driving into their basements, jumping in their lifts, going into their box and never communicating with anyone. It’s about putting in architecture that allows that connectivity of people living in a building and a sense of community.”

To that end, CHT has designed properties with private dining and wine rooms, communal gardens, theatres, co-working spaces for people working from home, saunas and day-spas. “One of the problems with urban living is we tend to be anonymous and we want to be anonymous,” he says. Having a family farm in rural Victoria has taught him the value of being friends with your neighbours and being able to rely on them. “Our philosophy is to try and break those urban barriers down and give people the chance to create these friendships.”

“And that’s something we really try and reinforce with our buildings, creating a sense of community. Not just in the apartment buildings we do, but in the office buildings we design — not having people work in their little box and not connecting with other people.”

Ultimately, that modest social housing development in Williamstown 30 years ago has continued to inform Carabott’s work in more exclusive fields. A passionately held philosophy has never changed. “It’s where I did start,” he says, “with that idea of creating a sense of community through urban design.” Now the luxury prestige market is reaping the benefits.

“Architecture has to deal with you on many levels — not only look after your physical needs but your emotional needs too.”

Above: Society Armadale - façade rendering; Right: David Carabott

Projects

Marshall White Projects (MWP) had the privilege of helping hundreds of purchasers own an off-the-plan property during the 2021/22 financial year, with an average sale price in excess of $1,250,000. Throughout the 2021/2022 year MWP continued to lead the way in premium off-the-plan developments in and around our inner-metropolitan network areas of Stonnington, Boroondara, Whitehorse, Bayside and Port Phillip. Market demand, however, has determined we continue to expand into suburbs along growth corridors where townhouses or house and land packages continue to be increasingly popular.

These have been locations where typically the ‘front of mind’ recognition of our brand has been limited (or non-existent), however the quality of our clients’ products and supporting high-quality marketing collateral, has allowed owner occupiers and investors alike to confidently secure a brand new off-the-plan property.

Highlight Project

SOLIGO – BALWYN

Soligo is an expression of enduring elegance envisioned by Paul Conrad Architects and Lisa Ellis Gardens. Inspired by the eternal beauty of the renowned northern Italian river and the sheer purity of Italian marble, these immaculate apartments will deliver a new calibre of artistry to the heart of Balwyn.

Embracing a sophisticated and monochromatic palette, the materiality is both robust and timeless – designed to stand the test of time both physically and aesthetically. Grounded by a podium, the upper level has intentionally been set back from the street to reduce the bulk of the building. The materiality and form is offset by a diversity of lush vegetation, creating a harmonious blend of natural and architectural elements.

Address 487 Whitehorse Road, Balwyn No. of apartments 34

Price range $749,000 - $2,595,000

Leonard Teplin, Director, Marshall White Projects

Market Insights

Right now, market commentary on the state of the property market seems to be all consuming. Whilst it’s click bait for many, for those starting their buying journey today it can be daunting to know the right time to act.

Despite the announcement from the RBA to again raise the cash rate, money still remains relatively affordable. Whilst most lenders’ appetite for residential loans seems to have remained unabated, we know there’s a temptation for purchasers to wait if the property pundits tell you that you can ‘buy better’ in 12 months’ time. However, other factors will come into consideration.

In the short term ‘off-the-plan’ property market, construction costs will continue to rise, causing some developers to shelve previously planned projects, which in turn diminishes supply. In a balanced economic climate, the old adage of a reduced supply (both off-the-plan and for established property) and ever-increasing demand for property will always prevail.

Highlight Project

GLENARM SQUARE - GLEN IRIS

Immaculate one, two and three bedroom luxury apartments, beautifully appointed and finished, featuring a suite of exclusive residents’ facilities — in the spectacularly well connected heart of Melbourne’s leafy East.

Designed in partnership between award-winning firm Plus Architecture and renowned interior designers Hecker Guthrie, Glenarm Square introduces a bold and striking visual presence to a uniquely connected location. Uniting the residential homes of Glenarm Road with the civic spaces of the plaza and Gardiner Railway Station, an eye-catching architectural form combines dual facade languages. Set in a landscaped public realm that prioritises pedestrian traffic and a strong visual relationship with the adjacent station.

1 Glenarm Road, Glen Iris

“Despite the announcement from the RBA to again raise the cash rate, money still remains relatively affordable.”

Leonard Teplin

Property Management

Marshall White Property Management has nearly 3,000 properties under management across the seven Marshall White offices in Stonnington, Boroondara, Port Phillip, Bayside, Manningham and on the Mornington Peninsula. Leading the way in the premium property sector, in 2021/22 our average rental was $770 per week across all seven offices, which is more than 25% higher than the Melbourne metropolitan median rent (houses) of $500 per week.

Despite the challenges brought on by the pandemic and compliancy laws coming into play, Marshall White Property Management consistently achieved higher rents for Residential Rental Providers across all office areas. Leased for $9,500 per week, a beautiful five bedroom family home with swimming pool and tennis court in Toorak was the highest rental for the first six months of 2022.

Marshall White Property Management is committed to working together with the sales team to achieve the best outcomes for our common clients. This allows us to foster and maintain strong client relationships across both key areas of the business. During the 2021/22 financial year, 638 new listings were added to our portfolio, with half of those successful referrals from our sales agents.

Highlight Premium Rental

18 BENTON GRANGE DRIVE, MORNINGTON

Encapsulating the serenity of rural living on three acres, this breathtaking contemporary country farmhouse delivers a glorious lifestyle package with grand dimensions and divine alfresco zones overlooking the swimming pool and spa.

Market Insights

Six months on from lockdowns, the Property Management sector is continuing to feel the pinch of the pandemic. Increased financial pressures have seen many investors leaving the market and there has been no upward trend in demand. Added to this, the compliancy laws that have come into play have further impacted the amount of quality properties available to lease.

The unit and apartment market is also slowly improving after a difficult couple of years. First time renters, students and workers are coming back into the inner city and with these renters occupying the properties, the supply of apartments is not as high as it was during the lockdown years. This in turn means prices are slowly increasing to pre-Covid numbers, but that this will take some time.

In the premium family home market, the demand is excellent due to diminished supply as executive expats return to take up residence of their homes. However, all markets remain price sensitive and rent increases in line with interest rate rises and other increased costs are largely unsupported.

Property Management forecast

Throughout the pandemic the rental market has remained seasonally consistent with most renter demand occurring during the summer months. We expect renter activity to improve as we move out of winter and into the warmer months. In this current, highly competitive market it is important for owners to ensure their properties meet all compliancy standards and are professionally marketed and presented to stand out from the crowd.

Highlight Premium Rental

201/6 FERNHILL ROAD, SANDRINGHAM

This stunning three bedroom plus study penthouse apartment designed by Martin Friedrich sits high just above Sandringham Village, further enhanced by beautiful views.

Paula Matlock, Director, Property Management

Making Waves on the Peninsula

Melbourne’s aquatic playground is a mecca for boating

By Gary Walsh

The western arm of the Mornington Peninsula hooks around as if embracing the calm waters of Port Phillip Bay, with Port Nepean National Park — the stunning backdrop to glorious Portsea — stretching out a finger almost to touch Point Lonsdale on the other side of the Bay. That fond embrace is returned by the people of Melbourne, whose long love affair with the Peninsula has made it both a valued playground and one of Victoria’s most desirable places to live.

Marshall White is already represented in Mt Eliza and will soon be opening offices in Sorrento and Flinders in recognition of the strength and exciting future of the real estate market on the Peninsula. It is a statement of confidence in a region as renowned for its food and wine — in particular, luscious pinot noir that is perfectly suited to the soil and the climate — as it is for its natural beauty. The opportunity to swim at protected bay beaches ideal for families and within minutes to be gazing in awe at mighty ocean breakers rolling in from Bass Strait onto the Peninsula’s famed back beaches, is a rare treat.

There is so much to see and to do on the Peninsula itself: discover the famous Red Hill Community Market, a monthly fixture for almost 50 years; wander among the vineyards at Point Leo Estate and explore more than 60 open-air sculptures created by Australian and international artists; take to the tees of some of Australia’s finest golf courses; relax in the therapeutic waters of the Peninsula Hot Springs; stretch your legs on one of many fine walking trails and much more.

However, what beckons many is beyond the shores of the Peninsula, on the welcoming expanses of Port Phillip and Western Port bays. Boating and yachting is a massive lure for residents and visitors alike. There is fascinating history associated with fishing and sailing in the area, with the town of Sorrento contributing a unique vessel to the range of craft operating around the Peninsula.

The fast and highly manoeuvrable couta boat was designed in the 1870s as a fishing vessel and held this role until the 1930s. Now it is a classic sailing yacht, its distinctive wineglass hull and gaff rig regularly seen on Victorian waters whether racing or being used for recreation. These days, it is still possible to buy a historic vessel or to have a custom-built couta boat made by Corsair Boats in Rosebud.

For some, the real appeal of boating is to sail aboard a luxury vessel, whether fully crewed or self captained. The fine marinas of the Mornington Peninsula are testament to the range of craft that ply the waters hereabouts, from the humblest dingy to magnificent superyachts of the kind usually associated with Monte Carlo or Portofino. Many millions of dollars can be spent on buying a yacht from the likes of Benetti, an Italian company that has specialised in luxury vessels for almost 50 years. The ‘basic’ Benetti is a 37-metre custom-built yacht which can accommodate 10 guests (and seven crew), but if you really want to spend, the 107-metre Luminosity can cruise for 8000 kilometres with 27 guests aboard being looked after by 37 crew.

An option is to look at chartering a luxury yacht, which is where booming Australian company Ahoy Club comes in.

It was established in Sydney in 2018 by the Malouf family, seasoned yacht owners and charterers who decided after working with traditional yacht agents that there must be a better way for customers to charter a private yacht.

The family felt that people looking to charter expected a premium and “high-touch” customer experience. Ahoy Club created the world’s first digital marketplace for superyachts, a platform that provides its clients with unrivalled choice and purpose-built technology.

“Today, I can proudly say Ahoy Club has the world’s largest online selection of over 4,000 yachts, the industry’s best chartering technology and sevenstar customer service,” says CEO Ellie Malouf. “We’re set to become the fastest-growing yacht charter company in the world.”

Ahoy Club offers private yachts all around the world, with week-long charters in Europe the company’s core business. “The charter market continued to grow during Covid, just with different consumer demands and trends,” says Ellie Malouf. “In Australia, we saw an exponential increase in guests wanting to charter boats for the day with family and friends.”

So when you’re exploring the Mornington Peninsula, perhaps investigating its yacht clubs and excellent marinas, know that luxury sailing is potentially just a click of the mouse away — and all those stunning anchorages, hidden coves, remote beaches and wild landscapes can be yours to savour.

MAKING WAVES ON THE PENINSULA

“What beckons many is beyond the shores of the Peninsula – boating and yachting is a massive lure for residents and visitors alike.”

Millionaires Walk, Sorrento, Mornington Peninsula, photo by Julia Kuleshova

Superyacht upper deck, photo by Lucia Pinto

Our Foundation

Established in 2015, the Marshall White Foundation is committed to making a lasting and significant difference to people experiencing hardship, with a particular focus on homelessness, crisis housing and mental health.

The Foundation’s core goal has been to grow a beneficial corpus of money to invest, where the income from this investment would be used on an ongoing basis to help where help is needed. Since our initial investment of $100,000 the Marshall White Foundation has now generated over $2,500,000 to ensure the longevity of this amazing initiative.

2022 Marshall White Foundation Ball

The 2022 Marshall White Foundation Ball was held at Crown Palladium in May. After postponing in 2020 & 2021 due to Covid restrictions, we had a wonderful time welcoming our guests to a fun-filled evening of dining and entertainment, whilst supporting a variety of charities including Love Me Love You, You Matter and Launch Housing.

The entire team at Marshall White would like to express a heartfelt thank you to everyone who donated and contributed to this successful event, which helped raise a further $268,000 to help progress the charitable goals of the Foundation.

This year’s Marshall White Foundation Ball raised a further $268,000 to support Launch Housing, Love Me Love You and You Matter.

Andrew Hayne as Auctioneer at the Foundation Ball, 2022

To view the Foundation Ball 2022 video, scan here:

Some of the amazing charities we support:

LAUNCH HOUSING

Launch Housing is a Melbourne-based community organisation that delivers homelessness services and lifechanging housing support to disadvantaged Victorians.

Launch Housing’s aim is to end homelessness and is passionately committed to creating lasting societal change to help those most in need in our community.

LOVE ME LOVE YOU

‘Love Me Love You’ is a grassroots non-profit organisation that strives to empower and build resilience in young adults so that they may overcome the stigma surrounding mental health and other life hardships.

They are making a real difference to people’s lives and mental health by injecting prevention programmes into schools and community sporting organisations.

Our Commitment

The Marshall White Foundation is committed to our ongoing support of causes in need and would like to again thank the many wonderful people that have and continued to make our mission a reality.

For more information about the Marshall White Foundation, or to donate, visit: marshallwhite.com.au/marshall-white-foundation/

YOU MATTER

You Matter supports women and families who have experienced family violence through the provision of furniture and other household items necessary to run a functional home.

Our purpose is to aid in the recovery process of survivors of family violence by providing a haven from which families can launch their new life in a stable environment.

Auction items - Foundation Ball, 2022