RT Edgar | Real Talk | Autumn Edition 2023

by RT Edgar

Radiate. Timeless. Elegance.

anotefrom JeremyFox

There’s been a lot of negativity circulating in the media with reports of a market downturn

Now whilst it can be true in some suburbs, for inner city Melbourne, there’s nowhere near the doom and gloom that’s been predicted Taking a look at our top end sales, and even those of our competitors, its quite extraordinary to see buyers snapping up premium homes over the past 12 months. What’s driving these premium sales?

Drivenbyaphilosophythatsuccessfulsellingrequires astrongconnectiontothecommunity,thebest possiblepresentation,aneyefordetail,theabilityto correctlytargetapropertytotherightbuyerand experience.

It’s a combination of a shortage of supply, unfortunately driven by increased stamp duty rates, which is paralysing the market. Coupled with enormous land tax increases for investment properties, ultimately diverting money to the family home. In addition, the recent government announcement that there will not be any changes to the capital gains tax free status on the family house. This is very positive for all the key houses in the key suburbs of inner-city Melbourne.

06

QUARTERLYSALESWRAPANDFORECAST

Fineautumn outlookasbuyers returnandtop pricesachieved

An exceptional summer selling season is set to deliver momentum, buyers, and top results for property sellers this autumn International and returning Australian expatriate buyers have given a boost to the market in Melbourne’s bluechip suburbs Strong inspection numbers and resulting sales across Stonnington and Boroondara over summer are expected to flow into autumn, according to RT Edgar Toorak director Sarah Case.

“These buyers are out in force and have contributed to the doubling of inspection numbers in recent weeks” An estimated 50 per cent of interest for the Toorak agency’s listings is from international and expatriate buyers

“Buyer confidence appears to have been restored with people also feeling more reassured to buy and sell in the same market,” Ms Case said.

“The lack of stock and ready-to-go buyers have also helped to maintain a higher level of pricing than previously expected.”

She cited Toorak as an example, with the suburb maintaining its spot as Victoria’s top suburb and properties delivering consistently strong prices.

“Some buyers will pay beyond the asking price for fully renovated or new homes, because of the hesitation around undergoing their own renovation due to increased building costs,” Ms Case added.

Buyerinspectionnumbers liftasconfidencereturns

“The continued lack of stock has seen 2-3 buyers expressing interest for the same property, and more recently we are converting these expression of interest campaigns to private boardroom auctions, which is exceeding vendor expectations”

With Stonnington and Boroondara suburbs blessed with top private and public schools, families who are moving for their children’s educational needs are driving a significant segment of the market.

The publication of Melbourne’s best schools list also impacts a family’s decision about which suburb to buy into after selling up.

“Downsizers also continue to drive this market as locals are usually relocating from larger properties to smaller homes, making for a seamless changeover within the same market,” Ms Case added.

“Thelackofstock hasseen2-3buyers expressinginterest onthesame property.”

Exceptionalsalesand off-marketdeals

Among the city’s top sales so far in 2023 was an off-theplan East Melbourne penthouse that was sold by Ms Case for $19 million. Located in a premier inner-city locale, a local family set a new apartment benchmark with the purchase at the 380 Albert Street development. A three-bedroom home at 33 Hawksburn Road, South Yarra, attracted three buyers and sold via expression of interest for more than $7 million “An unrenovated home around the corner at 4 Cassell Street also achieved a very good price in an off-market deal,” Ms Case said.

A Provincial-style home at 17 Avalon Road, Armadale took to a boardroom auction and sold for an undisclosed amount, within the quoted range, leaving threeunderbidders eager to buy 40 Head Street, Brighton, also went under offer, it drew seven offers. With a notable list of buyers on its database, RT Edgar took a buyer through 43 Finch Street, Malvern East, which had been unsuccessfully listed with another agency

It achieved an exceptional price in the $5 million range in an off-market sale.

And in Balwyn, a four-bidder contest gave the vendor a $400,000 windfall above their reserve, with the 2 Alandale Avenue home selling for $351 million With scores of underbidders still hunting for properties, there are many opportunities for owners to list and snap up strong prices.

While larger luxury homes have notched sterling prices, smaller homes have also surprised with excellent sales “There are sellers who are reluctant to go to campaign and prefer an off-market transaction, however, based on previous results, going to market is creating competition and drawing multiple buyers vying for the same property.”

In Toorak, a property at 3 Nareeb Court also returned a great result when it fetched just below $7 million.

And a ` next gen’ buyer also splashed a high seven-figure sum on a property in need of a renovation at 21 Montalto Avenue in the same suburb

For an updated appraisal on your property, please get in touch with a member of our sales team or visit www.rtedgar.com/property-appraisal

Opportunity knocksfor Stonnington investors

Investors are reaping rewards in Melbourne’s inner-southeast suburbs where the rental market is flourishing.

The City of Stonnington offers huge opportunities for investors and rental providers who are taking advantage of the region’s high rental yield and robust capital growth prospects.

High demand and low supply of properties are driving up rents, and investors are securing quality renters, longer leases and favourable returns. The availability of homes to rent is at a record low across all Stonnington suburbs, according to RT Edgar Toorak Business Development and Leasing Manager Taylah Cagalj.

Vacancy rates have plummeted to 1 per cent, the lowest in 16 years for the office, and the rate across Metro Melbourne has dived to 2.4 per cent, according to the Real Estate Institute of Victoria.

Vacancyratesplummetto1%

"This is a significant drop for the Stonnington area,” Ms Cagalj said. Homes are attracting large groups at open inspections and many are er the first visit, Ms Cagalj said.

dian rent price has seen a 177 per cent rise to $644 for .7 per cent rise to $501 for units in the months since ccording to SQM Research Modern and well-maintained hly sought after, particularly those priced from $350 to are drawing multiple offers and snapped up within days

demand for larger updated family homes priced from per week, especially in Toorak, Armadale and South y are in low supply.

are benefitting from continued tenancies and with rent negotiating new leases at higher rates further reducing . To ensure the maximum return on investment, Ms Cagalj oviders to ensure their properties are well presented and larly the fittings, appliances, floor and window coverings, arden landscaping

“Renters are paying a premium for homes that are renovated, low-maintenance and near amenities,” she said.

Ms Cagalj’s advice to those wanting to rent in this highly competitive market is to do their homework and consider adjusting their expectations

“To increase your chances, you may have to compromise on location or extend your search to surrounding suburbs,” she said.

“You need to be flexible in all areas, including the features of the home, such as a study, second bathroom or garage.”

To successfully secure a property and avoid delays, application forms have to be fully completed and up to date, ID checks done, references in order and work emails provided TaylahCagalj

Anything extra that you can give us will help, including telling us why you are looking to rent and why you would make a great tenant,” Ms Cagalj said.

“Put your best foot forward, introduce yourselves to agents at opens and make yourselves known” The team at RT Edgar offers landlords and tenants vast industry knowledge and experience, according to Head of Property Management Darren Pearce. “We understand the market and can assist with all aspects of rental management, including new legislation.”

Mr Pearce expects the buoyant rental market across Stonnington to power through the coming months, while there is a limited supply of rental properties in the area.

Taylah is an area specialist in property management and can provide valuable information to both investors and renters.

Rentersarepayingapremiumfor

Styletrends withLauren Tarrant

Soft curves and organic shapes are trending this year as the 1980s archway is reimagined in the contemporary home.

Influenced by Mediterranean architecture, Melbourne-based designer Lauren Tarrant says arches and soft edges are all the craze for 2023 style trends.

“Think Tuscan villas or the beautiful curves that we see in French, Italian and Spanish architecture,” she said. “We have definitely seen these design styles before, as this soft, organic trend has been used over the years

A beautiful mesh of traditional curves and sharp, contemporary edges is a statement that is making waves this season, according to Ms Tarrant

“Soft arches alongside modern architecture is a spin on the trends we’ve been experiencing over the years as curves came back in fashion,” she said

Theinteriordesignershareshertop threetipsonstylingfortheseasons.

1.Pickasideandsticktoit

Choose either a cool or warm colour palette, and stay in that lane. Like a travertine, choose warm timber and furnishings to suit Or if you prefer a grey marble style, stick with cool blue and greens

2.Echoonecolour

Colours are self-expression. Once you've chosen your colour, echo it throughout the home with pieces of décor like accent cushions, throws and ornaments

I’m using a lot of Emerald green currently, it’s bold and makes a statement but really ties in with an earthy palette

3.Décorwisely

You can never have enough candles and bright coffee table books add the perfect pop of colour to a space

"Mediterraneanarchitectureis emergingwithamodernspin.”

Step inside the reimagined heritage home at 784 Orrong Road, Toorak, that showcases architecture steeped in Californian influence.

Given a new lease on life, the circa1930s marvel focuses on light, space and raw elements. Displaying minimal modernism at its finest, every square encapsulates high-end luxury with the use of marble, travertine and venetian plaster.

“It was an exciting project to be a part of, and a different style than I’ve become involved with in the past,” Ms Tarrant said.

“Being north facing, it was beautiful to get lots of light in, and as a designer it’s always great to work with natural light from all angles”

When styling a home for sale, Ms Tarrant always suggests using a lighter colour palette.

“Then choose one accent colour and echo it through the design to really tie it all in.”

When styling for yourself, focus on what makes you happy, the designer adds

“Choose your favourite colour, something that lifts your mood, and you enjoy being around Echo this colour throughout the home with pieces of décor like accent cushions, throws and ornaments,” she said

“It’s nice to reflect the season and make it more cosy, depending on the weather, but I do quite like keeping it neutral and seasonal throughout the home.”

Lightaccentuatesspace, andallowsinmorelight whichcanalsoaffect moodandplayaroleinthe sale,”

784OrrongRoad Toorak

At Orrong Road’s premium river end with Melbourne CBD views, this breathtaking contemporary home celebrates light, space and the beauty of natural materials in a sumptuous design dedicated to indoor/outdoor living and entertaining Custom designed and completed for its current owners by Lauren Tarrant Design, its five-bedroom four bathroom accommodation brings together statement proportions with a carefully curated suite of finishes that convey a sense of effortless luxury throughout

MaxRuttner

mruttner@rtedgar.com.au 0429799942

MandyZhu

mzhu@rtedgar.com.au 0411893168

This stylish beautifully renovated four bedroom plus study family home enjoys seamless indoor outdoor entertainment featuring enormous amounts of northern light Incorporating a sophisticated blend of natural timber floorboards and marble kitchen is positioned in a quiet cul de sac located walking distance to St Catherines, St Kevins, Scotch College and the Toorak and Kooyong villages on 443SQM (Approx) of land

33LansellRoad Toorak

Superbly positioned on Toorak’s premier tree lined boulevard surrounded by Melbourne’s finest and grandest estates is a rare land parcel of 983sm2 (approx ) with broad 19 5 frontage with preferred north westerly rear orientation, no covenants, easements or overlays and a 12m height limit Current improvements include two delightful 1930s three bedroom solid brick residences on separate titles both with vehicle crossovers AntoinetteNido anido@rtedgar.com.au

0425799942

Wayne Gillespie excellence is exquisitely enhanced by sophisticated Hecker Guthrie interiors and beautiful Paul Bangay gardens in this stunning six bedroom plus study family home occupying an impressive 1,155sqm approx at the top of the prestigious Como House Showcasing the master architect’s dedication to crisp, clean lines, abundant natural light and wonderfully expansive proportions feature multiple living and indoor/outdoor entertaining domains, a gym or sixth bedroom with ensuite, lap size swimming pool and spa SarahCase

Malvern

Spectacular brand new luxury residence of substantial proportions offering four bedrooms all with ensuites and separate home office, expansive open design living and dining space with secure basement garaging with turntable for four vehicles

5&7StGeorgesRoad, Toorak

Superbly positioned on Toorak’s premier tree lined boulevard surrounded by Melbourne’s finest and grandest estates is a rare land parcel of land with broad broad frontage with preferred north westerly rear orientation, no covenants, easements or overlays and a 12m height limit Current improvements include two delightful 1930s three bedroom solid brick residences on separate titles both with vehicle crossovers

MadelineMoroney

5/753MalvernRoad, Toorak

Sensational whole floor penthouse apartment with large outdoor entertaining terrace and treed outlook in exclusive group of only 5 Features include security entrance, lift, powder room, generous living/dining room, granite kitchen with Smeg appliances, casual meals area, main bedroom with walk-in dressing room and full marble ensuite, 2 further double bedrooms each with built-in robes, family bathroom and separate laundry MichaelEbeling

Malvern

Stunning brand new family home built to the highest standards by luxury building specialists RK Developers showcases spectacular four bedroom, five bathroom accommodation full of Northern light with multiple living areas, seamless indoor/outdoor entertaining with pool, home office, gym, theatre room, high ceilings, private lift, excellent storage, sustainable technologies, smart control and basement garage for five cars

2/4StGeorgesRoad, Toorak

Elegant Marcus Martin Maisonette located in one of Toorak’s finest courts

Grand entrance hall opens to sweeping circular staircase, north facing living room with OFP connects to formal dining, stunning sitting room/study or fourth bedroom with OFP and bar overlooking garden

Renovated kitchen with casual meals area opens via French doors to private leafy courtyard Upstairs comprises large master bedroom with verdant outlook, two additional bedrooms and large family bathroom

AntoinetteNido

87aChatsworthRoad

Prahran

0419833768

This beautifully designed ground-floor terraced apartment with excellent indoor/outdoor entertainment via floor to ceiling glass doors, and one of only 2 units with house like proportions is set in verdant garden surrounds With all main rooms facing north/west all within a short walk to the Hawksburn village shops and restaurants Blends fashionable materials like natural floorboards, marble benchtops and natural stone tiles internally and Danish handmade bricks on the façade Features fully automated smart lights, curtains, and climate system in the three meter high ceilings

34MiddleCrescent Brighton

Set behind a broad 18 5m frontage, this breath-taking Martin Friedrich residence beautifully encapsulates Brighton luxury and lifestyle in the prestigious private school's precinct Grand five-bedroom, five-bathroom accommodation is delivered over three lift accessed levels with multiple living and entertaining areas, gold class cinema, wine cellar, gym, stunning north facing pool, putting green and remarkable twelve car basement garage SarahCase

Setting a new benchmark in one of Melbourne’s most desirable locations, 10 Lilydale Grove brings a smart, sustainable, future focussed approach to luxury and lifestyle Built to the highest standards with panoramic, never to be built out CBD or neighbourhood views, each individual living environment has been designed to provide the ultimate in contemporary comfort alongside a suite of resident amenities for complete convenience and future proof technological inclusions that not only deliver energy efficiencies but minimise the impact on our environment

MarkWridgway markw@rtedgar.com.au

0419510777

YvetteLaws ylaws@rtedgar.com.au

0448166872

magnificent “Stawell” is an exquisite Italianate Victorian whose classical elegance and premium modern spaces form an environment of the utmost refinement just minutes from Kew Junction, elite private schools and the Yarra River One of only a handful of Italianate Victorian Terrace residences in Kew, its unique provenance is equally matched by its 14ft high ceilings, multiple living and reception rooms, idyllic indoor/outdoor entertaining, a separate studio apartment and remote double garage complete with extensive storage

0439431020

Set behind a high private fence on a prime Studley Park precinct corner,

SarahCase scase@rtedgar.com.au

RachelFabbro rfabbro@rtedgar.com.au 0412547690

This is your chance to own a Nicholas Day designed contemporary residence (60sq's approx.) that has been cleverly orientated to take advantage of the northerly aspect From the moment you walk in, you will be impressed by the elegant formal living room with gas open fireplace, its high ceilings, abundance of natural light and beautiful parquetry floors and powder room If you are looking for a home with lift access throughout, this is it!

MichaelEbeling

mebeling@rtedgar.com.au

ccargill@rtedgar.com.au

0404561988

327sqm

In the one family’s ownership since 1961, this home provides move-in ready comfort with exceptional scope to further renovate, build a brand new home or develop (no heritage overlay) in a premier Toorak location (STCA) A generational home of grace and grandeur, this circa 1890’s slate roof double brick Victorian residence provides for five-bedroom, single level accommodation on a magnificent allotment

96SutherlandRoad Armadale

Brand new 3 level light filled executive residence architect designed by Nicholas Day Spacious separately zoned living spaces, 3 bedrooms all with ensuites, basement garaging for 3 cars, landscaped low maintenance paved courtyard garden, lift access to all levels, reverse cycle zoned heating and refrigerated cooling, intercom, and security alarm Perfectly positioned in the heart of Armadale only a short stroll to Armadale station with High Street shops, restaurants and cafes all walking distance away

AnthonyGrimwade

agrimwade@rtedgar.com.au

0418382226

WillHocking whocking@rtedgar.com.au

0451065565

29MacfarlanStreet SouthYarra

This stunning 1960's limestone home, originally designed by iconic architects Chancellor and Patrick, has been meticulously renovated to offer the very best in contemporary living Impeccable attention to detail and an abundance of natural light combine to create a bright and inviting space The front entrance boasts an East facing courtyard leading into a beautifully appointed entry foyer with wide limed oak floorboards A spacious living room with a cosy fireplace opens up to a stunning North facing courtyard, ideal for entertaining

WillHocking whocking@rtedgar.com.au

0451065565

WarwickAnderson

wanderson@rtedgar.com.au

0418320873

This stunning first floor apartment designed by Demaine partnership combines classic elegance with a contemporary finish throughout Sitting high on Toorak Hill only a short stroll to Toorak village shops, restaurants, and transport Luxuriously appointed throughout with high ceilings and American oak floors Generous open plan living/dining spaces open to a beautiful Miele equipped kitchen with breakfast bar that flows through to a large terrace with leafy vistas ideal for year-round entertaining AnthonyGrimwade

rnowak@rtedgar.com.au 0418383774

Two Private Single-Level Residences on one title set in stunning garden surrounds ideally suited to a large or extended family with future development potential Situated in a quiet cul-de-sac off Irving Road, and backing onto the Myer Estate, the main residence comprises formal sitting room, library, kitchen with walk in pantry, dining and large lounge leading to west-facing terrace and garden There are two master bedrooms (one with its own study) with both having ensuite bathrooms and walk in robes JeremyFox jfox@rtedgar.com.au 0418339650

LachieFox lfox@rtedgar.com.au

0419833768

40FawknerStreet SouthYarra

This classic solid-brick free-standing villa on 359m2 approx , is situated in a tree-lined street of fine period homes, close to leading schools and transport and offers well-presented family living with enormous potential to further update with approved plans and permits With a gorgeous front garden entrance, this light-filled residence opens to a wide arched hallway with four bedrooms – two with marble fireplaces, or three double bedrooms plus study, a central bathroom with spa bath and separate toilet

rnowak@rtedgar.com.au

0418383774

AnthonyGrimwade

agrimwade@rtedgar.com.au

0418382226

RichardNowak

Renovate or rebuild this fabulous elevated site with 2 street frontages off Vista Grove and Cloverdale avenue. A new home would have uninterrupted views of the city to the north and the west and east, from the second floor situated in this quiet enclave surrounded by main houses, the home is a double fronted Victorian comprising an entrance hall formal lounge, and kitchen meals area, 3 generous bedrooms As well as Complete plans and permits to build 2 townhouses, one-off Cloverdale Avenue and one-off vista grove

jfox@rtedgar.com.au

0418339650

lfox@rtedgar.com.au

0419833768

JeremyFox

LachieFox

400sqm

2WrexhamRoad Prahran

Renovate or rebuild this fabulous elevated site with 2 street frontages off Vista Grove and Cloverdale avenue. A new home would have uninterrupted views of the city to the north and the west and east, from the second floor situated in this quiet enclave surrounded by main houses, the home is a double fronted Victorian comprising an entrance hall formal lounge, and kitchen meals area, 3 generous bedrooms As well as Complete plans and permits to build 2 townhouses, one-off Cloverdale Avenue and one-off vista grove

LachieFox

lfox@rtedgar.com.au

0419833768

SarahCase

Tucked away in a peaceful pocket by The Yarra, the superb renovation of this Art Deco residence has created a beautifully elegant, character filled home set in its own low maintenance garden oasis Behind its high fenced frontage, leafy Birch Trees frame its rich red brick façade beyond which a generous north facing sitting room enjoys a period style gas fireplace and pretty garden views TimBrown

AnthonyGrimwade0418382226

RichardNowak0418383774

MichaelEbeling 0418338811

JackEdgar 0428222430