Discover a wealth of insights, lifestyle content, and news in our most comprehensive issue yet. Creativity, family traditions & visionary design intertwine in Marcello’s captivating home and life.
Dom Wilton, shares his cult -classic Egg Salad Sandwich recipe—experience Hector’s Deli’s magic in your kitchen.
An update from our Charitable Foundation - supporting local initiatives for communities in need.
Marcus Godinho - CEO at FareShare, discusses their partnership with Nelson Alexander’s Foundation Day.
Bonnie Ashley, co-founder of textile brand Bonnie & Neil, guides us in crafting the perfect tablescape.
Win a $1,000 voucher to update your home with Bonnie and Neil! Enter for a chance to win.
Janine Ballantyne - Property Consultant & Partner at Nelson Alexander, offers valuable market insights from an expert perspective.
Andrew Stone - Property Data Analyst explores past, present, and future market trends and predictions.
Discover suburb-by-suburb insights,independent market performance and the latest data analysis by Property Analytics.
Explore the latest sold results in your area to stay informed about the local property and values.
Explore valuable insights and trends in your local
market.
Welcome to the Fifth Edition of [In]Residence
We're genuinely excited to present this latest edition, brimming with content thoughtfully curated to cater to a range of interests–including lifestyle, community and data insights across our communities.
Embark on a tour of architect and artisan Marcello Donati’s exquisite Whitlam Place penthouse apartment and hear his story. Or, for a dose of culinary nostalgia, dive into Dom Wilton’s perfect egg salad sandwich recipe from Hector’s Deli – a delightful treat bound to captivate your taste buds.
At Nelson Alexander, we find immense joy in drawing inspiration from and supporting the thriving creative minds in inner Melbourne. Immerse yourself in the expertise of Bonnie Ashley from the iconic Melbourne textiles brand, Bonnie and Neil, as she guides us through the art of elevating your dinner table’s style with colour, layers and more. And, don’t miss out on the chance to win a $1,000 Bonnie and Neil voucher to infuse their latest collection into your space. For details on how to enter, just flip to page 19
Our Charitable Foundation remains dedicated to its mission to contribute to the communities we proudly call home. Our commitment to local causes is deeply ingrained in our values, with Foundation Day holding a special place in our hearts as a testament to this dedication. This year, on Foundation Day, each of our offices will donate the professional fee from one of their auctions to support local food relief initiatives. For an in-depth exploration of our Charitable Foundation’s profound impact, insights into Foundation Day, and details about our partnership with FareShare, turn to page 22
Delve into market analysis on page 30 courtesy of independent data analyst, Andrew Stone and gain insights into our local neighbourhoods’ performance against the broader Melbourne market. Andrew’s analysis spans recent market trends, its current status, and future projections. A prevailing consensus suggests that the present low-volume market has found stability through limited supply, hinting that the market’s bottom might well be behind us.
With a history spanning more than 50 years, we recognise the uniqueness of each suburb’s narrative, with no two being alike, so we have tailored a comprehensive digital suburb-by-suburb report for those who seek an in-depth data dive. This resource allows you to explore your specific suburb’s report, gaining a clearer understanding of the prevailing market conditions and trends. Simply visit nelsonalexander.com.au/suburbreport to access this invaluable tool.
On a more personal note, recently, the real estate market has undergone considerable change, creating a new and somewhat unseen environment for customers and businesses alike. We recognise the obstacles that have emerged and remain dedicated to improving processes and technology to remain a trusted agency. The effects of rental legislation changes have been noteworthy, leading to a transformation in our operations. In our sales side, we are constantly upskilling our team to ensure you have current and easy-to-understand information for you to make the best decision for your circumstance.
Over the last three years, we have been actively working to transform our business to meet the expectations and standards of all our customers, and whilst we aren’t finished, we are constantly guided by the ethos of ensuring all our customer types are treated with the same level of service.
As industry changes continue and our business continues to evolve, we’re ready to adapt and meet those challenges and we welcome your feedback through this phase.
We invite you to turn to the page of content that resonates with you most and share this edition with your family or friends. Our intention is for it to offer you insights, inspiration, and a well-deserved screen-time break. When it comes to ascertaining your home’s true value, we understand that numbers and graphs only tell part of the story.
If you’re contemplating selling or leasing now or in the future, take comfort in the knowledge that your local Nelson Alexander property expert is equipped to provide authentic insights into your property’s potential. Feel free to reach out to our team for a confidential discussion – we’re here to assist every step of the way.
From us to you, enjoy.
We Live Here Too.
nelsonalexander.com.au
As community members who live, work, and shop in your area, we bring a wealth of local expertise to the table. We know the neighbourhoods inside and out, and can provide you with the best possible advice to help you achieve your real estate goals.
We offer local expertise in both; sales and property management, so you can trust us to handle every aspect of the process with care. Contact us today to experience the Nelson Alexander difference.
From left to right: Tom Roberts (Partner), Duncan McPherson (Chairman), Nick West (Director), David Sheehy (Head of People & Finance), Victoria Wycherley (Head of Marketing), James Keenan (CEO) and Jamie Owen (COO).
In Their Residence With
Marcello Donati of Anon Studio
Marcello Donati, the visionary behind Fitzroy’s Whitlam apartments, defies expectations with his dual passions as a skilled butcher and accomplished architect. This unexpected fusion has captivated the local community and industry alike.
Immersing ourselves in Marcello’s world, we’re enveloped by his unwavering love for creativity and deep-rooted family tradition. Whitlam Place apartments, nestled in the heart of Fitzroy, beckon with their magical charm, yet blend seamlessly into the locale.
Step through the neon-lined terrazzo-paved entrance and enter Marcello Donati’s Penthouse, where he warmly welcomes us. Inside, his beautiful art and furniture collection are framed by expansive glass windows that seamlessly merge the interior with nature’s embrace and a magic-like oculus reminiscent of a James Turrell installation.
It’s a transformative atmosphere, with the sounds of rainbow lorikeets and swaying silver bark trees – transporting us far from the bustling streets of Fitzroy.
Our conversation with Marcello delves into his experiences, revealing unique insights into his cross-disciplinary pursuits. We explore pivotal moments, gaining a deeper understanding of his astute observations on design trends that shape his visionary approach.
Marcello, thank you for taking the time to chat with us. Please introduce yourself to our readers by sharing a bit about your background, family and journey that led you to where you are today.
I grew up in a classic terrace house in North Carlton; we had a great childhood roaming the streets and coming home just in time for one of mum’s incredible dinners. We then moved to a more grandiose residence in North Fitzroy, and I have spent the past 17 years in Fitzroy - firstly at 200 Napier Street, a tiny but magical workers’ cottage opposite the town hall and just a stone’s throw from my current abode.
This little house was my first project, an anti-renovation of sorts that resulted in more of an undoing than a typical addition. The few existing walls were removed to allow the house to open itself to the garden and utilise every millimetre (laughs). This house was the base for an ongoing series of pop-up dinners that Joe Rubbo (of Readings Bookstores) and I have been doing for years in numerous guises and locations. It is a very special place for me and is full of wonderful memories of all persuasions!
My family have run Donati’s Fine Meats for over 50 years, and I have been a part of that shop since I can remember. I would work after school, weekends, and school holidays. I then studied architecture at RMIT and would probably be in the shop more than I should have, but I loved it and found it rewarding and engaging.
It has been and always will be a big part of my life. It just feels natural and right - like only a family business can.
How do you skilfully blend the art of butchery with the world of architecture? How has your intriguing background influenced your approach to design, and how do these influence each other?
It’s funny because the two are more interconnected than you imagine. The clientele at the shop come from all walks of life, but many are interested or work in the art, design and music fields, leading to robust discussions chaired and directed by my dad, Leo. This ‘education’ has further propelled my ideas and interests to areas I may not have otherwise investigated. Donati’s is one of the last bastions of unfiltered debate, which is all too rare nowadays.
Can you recall a significant moment or experience in your career that has profoundly impacted your growth as an architect?
There are many, but one that continues to inspire me is Achille Castiglioni’s studio in Milan. The playful way that Castiglioni combined existing forms, objects, and ideas by putting them together to work in a new way. He understood each element and exposed the magic of how these parts worked together to achieve the unique, surprising, combined effect. There is no part of any of his designs that is superfluous, yet they are seductive and incredibly beautiful.
This is the pinnacle of design and what separates fashion and trends from timeless quality. Ideas last longer than finishes.
“The two contradicting professions allow me the space and time to develop and critically analyse the decisions and thought processes behind architectural work.”
What is it like working on something you, too, will live in? Does it change anything about the design process?
When things become personal, it’s a whole different thing (laughs); however, in saying that I would never consider doing anything I wouldn’t want or think myself living in.
Photography by Joel Noon.
“The oculus in my
penthouse–with a polished plaster interior, registers the sun as it travels across the sky and creates a broad spectrum of colour.”
A curated collection sparks moments of whimsy and playful gestures dotted through the building that make for surprising moments.
Photography by Joel Noon.
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Read the full article by scanning the QR code or visit our website at: nelsonalexander .com.au/news
We are in awe of your personal collection of artworks and furniture, could you delve into the process of curating it?
This is a passion of mine and has developed over many years; I bought my first piece when I was 14 and have continued to collect art and furniture ever since. Some parts were chosen for this current space–but many were already owned. They form a quirky family of elements that sit well together but independently hold themselves. Most of the pieces are bought second-hand through auctions. I think the story behind these pieces is essential, and the mix of found items, personal memories and new designer things is much richer than a showroom floor - yuck!
Photography by Joel Noon.
What is your absolute favourite part of your home?
The natural light and volume of the space are constantly in flux. The space is illuminated and animated by the surrounding natural environment. The giant iron bark trees are constantly in motion, the rainbow lorikeets cheekily play in them, and my balcony is full of terracotta pots accompanying the seasons.
The kitchen is a critical focal point as I’m obsessed with cooking and entertaining, as evidenced by the floorboards’ patina in this most trafficked zone (laughs). Every surface of this huge marble kitchen surface is typically covered with food, plates and glasses when entertaining.
We’d love to learn more about the inspiration behind the design and architectural detailing of the Whitlam Place apartments in Fitzroy. What influenced your creative vision for this project?
There were many influences behind the design of Whitlam Place, some direct and others more subconscious. I’m attracted to strong, masculine, concrete forms that enclose spaces, curate views, and create privacy.
There are many classical elements, such as the tripartite composition of the plinth (upturned arches), semi-transparent, middle (solidity with carved openings) and top (delicate steel and glass containers wrapping around courtyards).
The fluted form of the concrete panels is a direct reference to the neighbouring town. Hall columns and the patinated copper oxide finish sit beautifully against the tones of the red gum eucalypts that stand proudly in front.
This finish will continually evolve and age with the building. This is a concept that I wanted to embrace wholeheartedly, a structure that will continue to change and develop its own patina over time.
Outside of the architectural realm, where do you find inspiration? What are your top four resources for finding inspiration and nurturing your creativity?
Travel - I travelled far and wide last year, spending most of my time in Mexico and Brazil. The energy in Brazil was infectious, and I fell in love with their raw enthusiasm and cheeky passion. I saw incredible architecture, from Pualo Mendes da Rocha to Oscar Niemeyer and Luis Barragan’s houses.
Art - I am forever obsessing over artists and continually looking for new works to acquire.
Music - I just went deep and bought myself a serious sound system, leading to a new enthusiasm for listening to things I haven’t heard before.
Food - I think daily about what I cook for dinner and who to share it with. What a pleasure it is to spend time with someone over a simple but considered meal and a martini - frozen gin bone dry with a twist à la Dukes Bar London.
The Heart of Marcello’s Home | Even though I try to keep my cooking very simple, I’m not afraid to make a mess or stain the marble (it’s all a part of having natural materials that show how they’ve been used).
SANDWICHES SANDWICHES
Photography by Jana Longhurst.
Dom Wilton of
Hector’s Deli Recipe
Whether we’re craving a crispy toastie, fresh sandwich or perfectly seasoned fries – our first thought is always – ‘Hector’s’.
With locations in Fitzroy, South Yarra & Richmond, this iconic sandwich shop was born in 2017 when Dom Wilton transformed a former milk bar into a local gem.
Dom Wilton created Hector’s Deli in the back streets of Richmond. A milk bar turned neighbourhood sandwich shop that would quickly gain cult status.
For Dom, the challenge of applying his fine dining background to something that appeals to the masses is what motivated him to move to a more approachable offering. Their desire to connect with people, and for those people to connect with each other, over simple, relatable food is why Hector’s Deli was created. Now a Melbourne sensation, Hector’s Deli brings people together over simple, yet delectable lunch time delights.
Dom shared his classic Egg Salad Sandwich recipe with us for the 5th edition of [In]Residence. Get ready to experience the magic of Hector’s Deli in your own kitchen and be transported to comfort food heaven.
Hector’s Deli
Recipe by Dom Wilton.
Ingredients
Soft white bread
Bakers Delight – high GI, low fibre
– unsliced so you can cut it extra thick
6 eggs
1 head of green oak lettuce
70g Kewpie mayo
1/4 white onion
1 Lebanese cucumber
Unsalted butter
5g white pepper
1 lemon
Salt, to season
An Egg Salad Sandwich is a timeless and cherished classic, evoking a wonderful and nostalgic charm.
However, not all egg salad sandwiches are created equal, and that’s where Dom Wilton’s expertise shines. The magic lies in perfectly cooked gel-yolk eggs, the addition of Kewpie mayonnaise (it truly makes all the difference!), and the use of the softest white bread.
The excellence of Dom Wilton’s Egg-Salad Sandwich is evident in the long lines of eager locals gathered around the corner at Hector’s Deli whenever it graces the specials menu.
Method
For The Egg Mix
Boil the eggs in water for 7 minutes (you want to achieve gel-like yolks). Peel the eggs under cold water and dice them into large chunks. Be careful not to make the chunks too small to preserve the silky texture. Transfer the diced eggs to a bowl.
Add the finely diced white onion, Kewpie mayo (Kewpie is key here), white pepper, a pinch of salt, and a squeeze of lemon to the bowl with the eggs.
Gently fold the mixture together, being careful not to break up the egg pieces.
To Assemble
Peel 3 nice green oak leaves from the head.
Slice the Lebanese cucumber into 1cm thick rounds.
Liberally butter the insides of each slice of bread.
Place the egg mixture on one slice of each sandwich. Layer 8 cucumber slices on top of the egg mixture. Season the oak lettuce with lemon juice and salt, then place it on top of the cucumbers.
Close up the sandwich and wrap it tightly in greaseproof paper. Cutting through the middle of the sandwich can help prevent the ingredients from spilling out.
Photography by Jana Longhurst.
Bonnie Ashley Creative Director at Bonnie & Neil
Five Ways to Elevate Your Tablescape
Bonnie and Neil are an independent textile brand based in Melbourne, renowned for their vibrant collections celebrating colour and pattern.
Bonnie & Neil | Founded by Bonnie Ashley and Neil Downie. From humble beginnings as a small studio dedicated to crafting exquisite cushions and napery, their product lineup has expanded significantly. Today, it includes soft linen bedding, quilted kitchenware, glazed ceramics, handmade glassware, hand-loomed cotton textiles, tufted cotton bathmats, and patterned coir door mats.
Bonnie and Neil’s original designs showcase Bonnie’s paintings and hand drawings, creating timeless and captivating homewares. As a result, they have earned a reputation as one of Australia’s most beloved independent lifestyle brands.
1. Establish a Colour Palette
First things first, choose a general colour palette and get creative! Decide on either a cool (blues, greens, purples) or warm (oranges, reds, yellows, pinks) mood for the table to guide your styling and decor.
Mix and match different prints for your setting, aiming for a luxe feel by selecting tablecloths and napery in patterns that complement each other without looking too ‘matchy’ or overly considered.
For instance, during the warmer, entertaining weather, we’ll be styling our striking ‘Hibiscus Red’ tablecloth with bold ‘Loop Red and Pink’ napkins for maximum impact.
Play around with different heights and dimensions by adorning the table.” “
2. Make it Functional
Although large floral arrangements in the centre of the table can be beautiful, they can sometimes hinder guests from chatting across from each other. Instead, play around with different heights and dimensions by adorning the table with ceramics, small vases with simple florals, and staggered candles. Ensure enough space for the meal to be served and the bottles that will gradually fill the table.
3. Always use Cloth Napkins
Linen or cotton napkins are an absolute must in our books! They provide a simple yet effective way to elevate the dining experience for your guests. Don’t worry about ironing them; a relaxed look can make any tablescape appear effortless. Experiment with different napkin styles, such as loose, knotted, folded, or a mixture of all. Try combining different prints to create an eclectic yet cohesive feel for your table.
Photography by Martina Gemmola and styling by Nat Turnbull.
Bonnie & Neil
4. Layer It Up
Add depth & interest to your setting by layering a selection of different tableware elements.
Create a fun play of colour and textures by combining a printed tablecloth with quilted placemats, bold napkins, vibrant glassware, and fun cutlery. If dining outdoors, complete the space with some colourful cushions or seat pads. Ensuring a mix of textures and layers is sure to create an instant wow factor and a memorable evening for your guests. Quilted placemats have made a comeback this season, serving as the perfect way to add extra layers in complementing prints.’ Top it off with some of our hand-blown ‘Dots Pink’ glass tumblers or a carafe.
5. Include a Personal Touch
To make a tablescape feel more intimate, consider preparing hand-written name cards or personalised menus. This is a gorgeous way to make your table feel more welcoming, and it’s these little considerations that leave a memorable impact on your guests long after the night is over.
Whether you’re hosting Saturday brunch, a lunch for the extended family, or a candlelit dinner, the key to entertaining in style lies in the art of table setting.
Once you have the perfect set of tableware, linen, and accessories – there are endless possibilities. With these tips, you’ll embark on a journey towards an elevated experience for both yourself and your guests. So, curate your Pinterest board, set the mood with your favourite Spotify playlist, and don’t forget to pour yourself a spritz to celebrate the occasion.
Cheers to an unforgettable gathering!
Photography by Martina Gemmola and styling by Nat Turnbull.
Kerryn Donchi Foundation Coordinator
A Charitable Foundation Update
Foundation Day on this day, each of our offices donates the professional fee from one of their auctions to support a local community organisation or charity.
At Nelson Alexander, we believe that strong communities offer individuals a sense of place and belonging. Since the inception of the Nelson Alexander Charitable Foundation in 2005, we have remained committed to supporting individuals, local community groups, and charities within our business footprint – and through our small grants and Foundation Day initiatives, we have disbursed over 4.3 million dollars thus far.
This year has once again been a dynamic and productive one for the Foundation. To date, we have provided support to a diverse array of organisations, operating within our business footprint, all of whom closely align with our Foundation’s core pillars:
• Youth
• Education
• Alleviating Disadvantage
In addition to our financial contributions, we actively foster community engagement through our corporate volunteering program. Our staff members have access to various volunteering opportunities, with two days volunteering leave per year available to them. We have dedicated our time to supporting initiatives such as FareShare, Big Group Hug, St. Mary’s House of Welcome, Pets of the Homeless, and more.
During winter, a team of our staff members, including our CEO and Chairman, participated in Melbourne City Mission’s ‘Sleep at the G’. The aim of this event was to raise awareness and vital funds to support the over 6,000 young Victorians who lack a safe place to call home – our team proudly raised $10,000.
Across our office-network – we have run the ‘Coats for Kids’ campaign for the Big Group Hug and participated in Share the Dignity’s drive as a registered drop-off point.
As we reflect on the cost-of-living pressures our community currently faces, this year’s focus for our major annual fundraiser, Foundation Day, to be held on Saturday September 9th, is to provide direct support to local food relief initiatives. For more information, please see the following page.
Our vision for future impact remains unwavering, a reflection of our steadfast commitment to assisting our local community.
Foundation Day | Since 2005, Nelson Alexander has been dedicated to giving back to the communities we proudly call home.
Foundation Day
Supporting Our Community To Provide Food Relief
SATURDAY 9TH SEPTEMBER 2023
Since 2005, Nelson Alexander’s Charitable Foundation has been dedicated to giving back to the communities we proudly call home.
Foundation Day holds a special place in the heart of Nelson Alexander, as it embodies our commitment to giving back to our local community. On this day, each of our offices donates the professional fee from one of their auctions to support a local community organisation or charity.
This year, we are taking our commitment to a new level by addressing a specific pressing community issue: food insecurity.
Together, we can make a difference.
An Interview with Marcus Godinho
Fighting Food Insecurity Together
Foundation Day will be supporting local community groups, not-for-profits and organisations working within our footprint to alleviate the community need for access to wholesome and nutritious food.
One of the deserving recipients of the generated funding will be FareShare, a charitable organisation with a vision to ensure that every person has access to a nutritious meal every day.
We had the opportunity to sit down with Marcus to discuss the profound impact of FareShare in the community, the pressing demand for food assistance, and the vital role of funds from Nelson Alexander’s Charitable Foundation Day in supporting FareShare’s mission.
Marcus Godinho’s journey is an inspiring one. He started volunteering with FareShare in its early days and, within a couple of years, became its first CEO. Coming from varied roles in the corporate sector and heading up Environment Victoria, he led FareShare from baking pies in a small, rented kitchen using surplus food to cooking millions of free, nutritious meals every year in Australia’s largest charity kitchens.
The Reality of Hunger in Australia
The impact of food insecurity in our country is stark:
• One in five adults in Australia haven’t had enough to eat in the last year.
• One in three people struggling to meet their food needs are new to the situation.
• 1.2 million children have gone hungry in the last year.
• More than half of people severely impacted by food insecurity go a whole day every week without eating.
Marcus, thank you for taking the time to speak with us. Could you please share some insights into FareShare’s impact on our community?
FareShare is making a difference by transforming rescued, donated, and grown food into millions of delicious, nutritious meals in Australia’s largest charity kitchens. Over two million meals each year are given away for free to hundreds of frontline charities, including soup vans, homeless shelters, women’s refuges, First Nations organisations, and disaster relief groups, spanning from Gippsland to Cape York Peninsula.
The demand for FareShare free meals is at a 20-year high, exacerbated by cost-of-living increases and natural disasters like floods, which have restricted access to food for many vulnerable individuals and families.
Food insecurity now affects people in a wide variety of situations, reaching beyond the obvious vulnerable groups such as those experiencing homelessness and unemployment.
Marcus Godinho - CEO of FareShare.
In what ways will the funds from Foundation Day enhance FareShare’s capacity to address food insecurity within our community?
The need for food relief has never been greater, and FareShare currently has a wait list of over 70 charities wanting to receive our meals. Foundation Day funds will play a crucial role in enhancing FareShare’s ability to combat food insecurity within our community.
By providing additional funding, Foundation Day will enable FareShare to cook more meals for frontline charities operating in the Nelson Alexander footprint. Additionally, these funds will support the expansion of FareShare’s facilities, ensuring we can meet the growing future need for nutritious meals.
In the current economic environment, our ability to raise funds to support our vital work is inhibited by cost of living pressures, making Foundation Day funds even more valuable.
How has the long-standing relationship with the Nelson Alexander Charitable Foundation impacted FareShare’s initiatives?
For many years, the Nelson Alexander Charitable Foundation has been a strong supporter of FareShare. Not only have they raised FareShare’s profile within their community, but they have also provided direct funding, participated in fundraising walks, and regularly sent teams of staff to volunteer in FareShare’s Abbotsford kitchen.
This support has had a profound impact, allowing FareShare to produce more meals for distribution within Nelson Alexander’s business footprint across the inner suburbs of Melbourne.
For more information and to get involved, visit FareShare’s website: www.fareshare.net.au
FareShare’s Mission | To mobilise volunteers to cook delicious, free meals using rescued, donated, and locally grown ingredients, ultimately improving the lives of Australians facing hardship.
On a substantial high-side block in the prize Strathmore Secondary College zone, this stunning family home comprises four large bedrooms (all with WIRs), two deluxe bathrooms and powder room, home office, central lounge, rumpus (upstairs), expansive open living/dining area and gourmet kitchen.
292 Gaffney Street, Pascoe Vale
17 Ashmore Street, Brunswick
Nestled in peaceful surrounds this renovated & extended Victorian home is a warm & welcoming family haven. From the street, traditional & timeless, but step inside & discover an impressive contemporary transformation. Featuring 4 BRs (main with ens), central bathroom, living (OFP), study, quality kitchen.
13 Parker Street, Pascoe Vale
An exemplary family lifestyle in a secluded Strathmore-edge neighbourhood, this stunning home comprises four bedrooms (master with dual WIRs), two deluxe bathrooms and guest powder room, study with integrated desk, rumpus/lounge, open living/dining area and gourmet kitchen with butler’s pantry.
25 Station Street, Coburg
“Rosedew” – renovated to perfection, this extended Victorian (c1886) showcases three large bedrooms (master with deluxe ensuite), equally-stylish main bathroom and guest powder room, upstairs retreat, study with workstation, outdoor living room with gas-log fireplace, spacious open living/dining area.
Sold For $1,875,000
On a high-side block (approx 551sqm) in a secluded cul-de-sac location, this owner-built 5BR modern masterpiece delivers an exceptional family lifestyle with its vast and versatile design.
Behind the quintessential Edwardian period facade this gracious family home with return verandah has been lovingly restored and extended, including bespoke touches, effortlessly fusing impressive proportions.
Conveniently located this eye-catching home with a clear focus on design, functionality & sustainability. Featuring 3 BRs (BIRs), central bathroom, designer kitchen, dining, living, deck, landscaped garden & studio/4th BR.
This remarkable boutique-built home showcases four or five bedrooms, three stylish bathrooms and two powder rooms, multiple living zones and kitchen with large walk-in pantry and Smeg/Asko appliances.
Occupying an enormous block of land (approx 824sqm) with potential to renovate and extend (STCA), this grand Victorian home comprises three large bedrooms and two functional bathrooms, formal dining/4BR, and open living area.
11 Vimy Court, Pascoe Vale South
Janine Ballantyne Partner & Property Consultant at Nelson Alexander
Embracing Opportunities in Melbourne’s ‘New’ Market
As we venture into the warmer months, it is imperative to examine the Melbourne property market with a discerning eye.
The Melbourne property market has undergone significant change over the past couple of years, experiencing both remarkable growth and a temporary slowdown. However, the tides have turned, and the market is once again showing signs of strength and resilience. As an experienced property consultant here at Nelson Alexander, I am pleased to share my insights on the current trends and opportunities that are shaping the Melbourne property landscape.
Buyer demand remains robust, and the scarcity of available properties has intensified competition at auctions, leading to outstanding results for sellers. In particular, renovated homes have garnered significant interest from buyers who appreciate the value and convenience of a move-in-ready property.
However, concerns surrounding building costs and sourcing trades have led some buyers to shy away from large-scale renovations. Instead, well-maintained or ‘turn-key’ renovated homes, especially on bigger blocks, are becoming highly sought-after gems, making them a challenge to find in the current market.
First-home buyers are playing a crucial role in driving the demand for apartments and townhouses.
Interest rate rises have posed challenges for their borrowing capacity,making the typical first home purchase of a single-fronted Terrace further from reach–as a more affordable alternative, apartments and townhouses offer an enticing opportunity to enter the market and build equity. Over time, this can be a stepping stone to leverage towards their next property. It is true that entering the property market can be a daunting task for first home buyers, but they are now recognising the attractiveness of apartments and townhouses as more accessible and viable options.
Reflecting on the recent past, the market experienced solid growth during the Covid period, peaking towards the end of 2021. However, concerns about interest rate rises prompted a temporary slowdown in 2022.
Nevertheless, as interest rates settle and uncertainty regarding fluctuating repayments diminishes, market confidence is on the rise. This sentiment is expected to lead to a more balanced and predictable market in the short to medium term.
Considering these factors, prospective buyers and investors can capitalise on the current opportunities in the Melbourne property market.
With buyer demand remaining strong and limited supply, well-maintained or renovated homes present a chance to secure a prized property that is likely to appreciate in value over time. As a property consultant, my advice is to take a long-term view of the market and assess your own financial situation and readiness. Rather than attempting to time the market perfectly, embrace the opportunities available now.
If the time is right for you and you are in the position to–don’t hesitate to make your move into the resurgent Melbourne property market.
In conclusion, Melbourne’s property market is once again on the rise and as we see a ‘new market’ emerge, it creates a favourable environment for both buyers and sellers. As the city continues to attract a growing population and offers a unique lifestyle, real estate in Melbourne presents a wealth of opportunity.
Take advantage of the current market conditions, seek professional advice, and make informed decisions to secure your position in our thriving city.
Contact your local Nelson Alexander office today.
Andrew Stone Independent Property Analyst
How Has the Market Performed in Recent Times
Where the Melbourne property market is now and where the market is likely headed.
Few would have expected the property price boom of 2020-2021. I still find it difficult to rationalise how house prices jumped over 30% during a time when the population was largely immobile and static (overseas and interstate immigration basically stopped).
The high inflation that we’re now living through, however, was much more predictable. Extraordinary government spending, systemic labour shortages, and global supply chain ructions have all contributed to more expensive goods and services.
Everybody is feeling it. Consumer Prices rose 5.6% annually in May. This level of inflation is thankfully down from 6.8% in April, but remains considerably higher than normal.
The Reserve Bank of Australia is mandated to try to keep inflation in the range of 2-3%, and it changes Interest Rates to achieve this. The Cash Rate has lifted from 0.10% in April 2022 to 4.10% in June 2023. While the pace of these rises is unprecedented, the current level of Interest Rate is still below the long-term average.
No Melbourne home owner was happy about the -12% fall in house prices through 2022. The correction is understandable though - values rose so sharply in the previous two years, and debt finance has become so much dearer.
Where is the Market Now?
When the market softens, fewer vendors put their properties up for sale. About 12% fewer properties were advertised for sale in Melbourne over the last 12 months. This is consistent with what we’ve seen across Nelson Alexander’s network, where 10% fewer properties have sold in 2023 year to date.
We remain in a low volume market. In many ways, this lack of supply has acted as a stabilising force.
Auction clearance rates are useful for assessing the balance of the market. When they are low, say under 70%, the buyers in the market hold the leverage. When they are high, say over 80%, the sellers call the shots. When they sit between 70-80%, the market feels reasonably balanced.
Furthermore, we are seeing more online enquiry for properties, more attendees at inspections, and greater competition between buyers at auction and via private sale. Prices have responded inkind and have gradually improved throughout the year.
It looks like the bottom of the market is behind us.
I always talk about supply versus demand. This simple equation is fundamental to understanding market conditions now and into the future.
Construction Material costs have risen by more than 30% since 2020. The turmoil these escalations have caused in the Construction Industry has been significant and well documented.
A shortage of skilled labour (Carpenters, Bricklayers, Site Managers, etc) has become a big problem as well and, of course, we all have much higher debt finance costs to contend with.
The result of these three factors is that far fewer residential development projects are being planned and executed. Many projects are no longer commercially viable.
What this means for the medium-term housing market is pretty clear.
The rental market has already been impacted greatly. Across Australia, rent prices are up 6.3% in the twelve months to May. Vacancy Rates in Melbourne are below 1%.
I rarely provide forecasts, but the weight of evidence points towards property value appreciation over the medium term. If the bottom of the market is behind us, as I believe it is, then a very interesting period for Melbourne real estate is emerging.
This graph below shows how low Planning Applications for Residential Projects in Metropolitan Melbourne have trended in recent times. Counter this trend with renewed migration into the state, and a systemic under supply of residential property is emerging.
Merri-Bek Market Insight
How Has Your Area Performed?
An in-depth analysis of your local area in a simple and informative way.
From January 2020 to early 2022, median house prices across all of Metropolitan Melbourne increased by over 30%. Since then, they have decreased by about 12%. Compare these overall trends to those of Merri-Bek in the graph below.
House prices in Merri-Bek are shown in the black bars. They rose from about $0.850m in January 2020 to $1.160m in mid 2022. Since that peak they’ve dipped a bit and then picked back up to $1.050m today.
Price Index 2020 to 2023
The grey columns above show how unit/ townhouse prices in Merri-Bek have fluctuated over the same period. They’ve followed broadly the same trend as house prices have over recent years.
The price gap between unit/townhouses and houses in Merri-Bek has widened slightly from $1.53m in early 2020 to $1.86m now. What this means is that houses have become more expensive relative to units/townhouses.
Auction Rates
3 Months
This graph above shows how auction clearance rates in Merri-Bek have compared to those across Nelson Alexander’s total trade area. Merri-Bek is an area that performs remarkably similar to the overall area across several metrics. Competition between bidders steadily increased in recent months.
Auction Clearance Rates 2023 vs 2022
You can approach Melbourne auctions confidently and strategically by conducting thorough research, practising, and managing your finances wisely. Understanding the rules and staying composed during bidding are vital elements for auction success. If you want to know more about the auction process, please get in touch with your local Nelson Alexander office.
In Melbourne, we expect to see an upward momentum in listing volume toward the tail end of Spring, marking a clear transition into the recovery phase of the property cycle within this emerging new market.
*Days on market for houses, data current as at June 2023.
This persists even in the face of a series of interest rate hikes by the Reserve Bank of Australia, culminating in a 4 per cent increase in official rates over the past year. The property market’s resilience continues to defy expectations, and while some property investors are expected to divest certain apartments/units, this presents an opportunity for first-home buyers to enter into the property market.
Within the Merri-Bek area, properties spend 30 days * on the market, a reflection of the demand for quality property within the area.
With inflation likely reaching its end, the era of rising interest rates appears to be approaching its conclusion. Historical patterns suggest that renewed confidence will fuel market growth once again.
In this ‘new’ market landscape, the presence of an experienced team becomes paramount no matter whether you are buying to selling.
A team adept at guiding both vendors and purchasers, grasping the subtleties of the market, and fostering trust. Nelson Alexander offers unparalleled insights to help you thrive in this dynamic environment.
Reach out to us for helpful advice.
Private Sale & Days On Market YOY Comparison
In order to keep the data accurate, where a suburb falls across multiple municipalities, we have represented that suburb under the municipality that has the greater representation. Where a suburb sits outside of the stated municipality, we have included it for commentary purposes.
Merri-Bek Rent Insight
Median House Weekly Asking Rent YOY Comparison
In our evolving rental market, recent data reveals impactful trends and investment opportunities.
Across the Nelson Alexander network, we’ve observed a dynamic interplay between a scarcity of available properties and an upsurge in demand from eager prospective renters. This synergy has made for busy open for inspections and a discernible upswing in applications for great properties.
Analysing the data underscores the repercussions of the Covid pandemic on rental yields. Throughout 2021 and 2022, weekly rents for units in Melbourne saw substantial declines. However, there has been a remarkable resurgence, as evidenced by Merri-Bek’s 8 percent uptick in the past year for both houses and units.
Contemplating an entry into the realm of real estate investment in the current market could be a smart financial move, provided it’s executed with care. Whether you’re a seasoned investor or embarking on your first investment, ensuring a well-informed decision and a solid foundation necessitates meticulous consideration of the following factors (right).
Location
Property value and rental income hinge on location. Merri-Bek’s robust growth cements it as a prime investment choice.
Holding Costs
Many overlook ownership expenses, impacting returns.
Demand Awareness
Grasp rental market demand to choose wisely.
Value-Adding
Opt for properties with growth potential, prioritising unchangeable features.
In today’s market, professional advice is invaluable. Contact your local Nelson Alexander office now for deep insights into the data. By grasping the mentioned factors and seeking expert guidance, you can capitalise on a prosperous future.
