albert park | armadale | brighton | Hawthorn
ISSUE 05 | 2013
PREFABRICATED MODULES SHAPING NEW DEVELOPMENTS KLIK – PAGE 4
SALES HIGHLIGHTS A WRAP OF THE MARKET'S BEST RESULTS
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Copyright © 2013 Marshall White & Co Pty Ltd ACN 071 266 156 Views expressed by contributors in this publication are not necessarily endorsed by Marshall White & Co Pty Ltd. No responsibility is accepted by Marshall White & Co or the editor for the accuracy of the information contained in the text and/or advertisements. The information contained herein is general in nature only. Specific professional advice should be sought if the reader intends to rely on same. No reproduction, distribution or transmission is permitted without the prior written permission of Marshall White & Co. If your property is listed exclusively with another agent, please disregard this communication. (1/13)
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CONTENTS 03 04 06 06 07 07
| EDITOR'S NOTE | klik - shaping new developments | under $1M market stays busy | requiring a fine balance | downsizers luxury | inner city resiliEnce
08 09 10 12 13 14
| melbourne snapshot | nab quarterly survey | meet our people | julian gerner - life in St kilda | benefits of the peninsula link | marshall white sales highlights
EDITOR'S NOTE Whilst 2012 was undoubtedly a challenging time in real estate, successive interest rate cuts positively impacted on consumer sentiment in the last couple of months of the year, which was reflected in higher median prices in the December quarter. That optimism looks likely to continue in 2013 with the prospect of a resolution in the European financial crisis and further interest-rate reductions expected in the first half of the year. The first few months of this year are a vital time for buyers and sellers to be aware of and act on the significant opportunities presented by the current property market conditions. It is now the ideal time for homeowners considering upgrading, particularly as prices are likely to begin rising again in the second half of the year. In the first half of 2012, there was reluctance by some buyers and sellers to commit to a decision. This was exacerbated by some negative media coverage about the property market. A number of journalists had a focus on any negative real estate results while underplaying any positive news. That did change late last year, hopefully this year the media continue to adopt a more even-handed approach to reporting real estate results so that consumers can gain an accurate assessment of the property market and act accordingly. This year is about both consolidation and further growth for Marshall White. Our bayside offices in Albert Park and Brighton are continuing to prosper, extending the reach and coverage of our brand and the service we offer. We are also excited to be celebrating the success of our Marshall White One brand, which specialise in the sub million-dollar market. Our team now covers all parts of the property spectrum throughout Melbourne. We look forward to an exciting year in real estate and to helping you realise your property goals in 2013.
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klik here to save
hen the revolutionary KLIK system of construction is analysed in years to come, 1 you can proudly say you were living in Melbourne – where it was designed and is being built – when it was first launched. KLIK combines the ease and simplicity of prefabricated, modular construction with the flexibility and quality expected of designers and customers looking for bespoke individuality. It also offers huge savings in terms of time and materials, reducing the amount of building waste created. The brainchild of Unitised Building Australia and architecture firm Elenberg Fraser, it was launched in October 2012 and builds on the technical innovations in modular building technology pioneered by UB Australia. Using this, Elenberg Fraser has developed a range of set modules, façades and configurations. Flooring and wall panels use standard measurements, reducing cut-offs and waste – following UB Australia’s motto of "Waste Not" – and removing the need to engineer a new design for each new building. So as soon as permits and plans are approved, construction can begin. Callum Fraser, director of Elenberg Fraser, says KLIK is a great tool for all architects looking for a prefabricated option to deliver multi-storey buildings. “It offers enhanced quality and efficiencies in construction with predefined costs. KLIK is a process that will minimise financial risk to the developer, deliver higher-
quality buildings faster and potentially deliver larger spaces for occupiers.” However, the system can be used in virtually any type of development, from one- and two-storey homes to lowand mid-rise residential buildings through to hotels and the tallest of super towers. UB Australian managing director Michael Argyrou highlighted the time the system saves: “We’ve already seen how the Unitised Building System delivers more than 50 per cent of time off the construction duration,” he said. “KLIK takes the back-end system we’ve developed and creates an architecturally designed front-end product that will see the emergence of modular, prefabricated housing as an even more desirable option for developers and end-users alike.” While the KLIK modules have yet to be used in a finished building, there are a couple of projects being worked up to planning that will incorporate the system. The modules come in two widths - 3.5 metres and 4.25 metres - and the designers work to a standard length of 16 metres. Each individual apartment can be made up of any combination of the two sizes, offering a range of different floor plans and configurations. “This means all the machinery can be set on the same width and depth and everything is predesigned to fit these sizes,” explained Kim Lai of Elenberg Fraser.“So the floorboards are all 150mm wide and fit across the module and the kitchen bench sits in a set position so it doesn’t cut halfway across a flooring panel, and the tiles in the bathroom are designed so they don’t need to be cut.”
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Lai described the modules as resembling a matchbox without the inner tray: “The outer box structure is made of steel and everything within that structure line has been taken on by Elenberg Fraser,” she said. “The two companies work together to find modular products that are already out there and require less adjustment and fiddling around.” The modules come fully fitted with “everything except the furniture”, Lai added. Plumbing and other connections are made once the modules are in place, with the strategic link points hidden behind one of the wall panels, which can easily be removed then replaced to become part of the wall again. A range of different finishes is offered and bathrooms are also modular; each comes fully finished and is dropped into the main shell with “everything else built around it”. The idea is that it all clicks together and fits perfectly. While the system has not yet been star rated for heating efficiency, it should already score highly on its no-waste construction ideals. “We [Elenberg Fraser] did a housing range for them and both parties decided there was an opportunity we couldn’t walk away from,” said Lai on how the project began. “KLIK won’t take over either company as a whole but it’s another way of using UB’s technology.”
Michael Argyrou – UB Australia, Managing Director Callum Fraser – Elenberg Fraser
This page: Contemporary interiors designed by Elenberg Fraser allow for an easy selection process. Cover: Proposed external residential building.
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Specialist under $1 million market stays busy The questions real estate agents are most often asked when out and about are “How is the market?” or “What is my property worth?” Despite some of the doomsayers and media coverage, at Marshall White One we feel the market is definitely improving. October was the busiest month the specialist division, working solely in property up to $1million, has had in the 29 months it has been operating. The figures speak for themselves. Twenty-two properties were sold, with seven of these selling in just one week. Of the 17 properties sold at or before auction, 13 had multiple bidders. Well located apartments with parking and quality features and fittings attracted the highest prices. Older style apartments, in particular of the art deco vintage, continued to be the most popular. Purchasers for these type of apartments were predominantly firsthome buyers, which was expected given the low interest rates that look set to continue for some time. This is a very dynamic segment of the property market, as highlighted
by a recent RP Data statistic that stated “almost four in five home sales were below $600,000 over the year; in fact to August 2012, nearly half of all Australian home sales in the past year were transacted at prices less than $400,000 while only 5.4 percent sold for more than $1 million.” The great news for vendors is that in all inner-city suburbs property has sold strongly providing it is realistically priced and well positioned. Vendors who are there to sell rather than test the interest for their property have experienced competition and healthy numbers attending opens and auctions. On the other hand buyers, especially first-home buyers, have still been able to enter the market as there are good opportunities available for them at the more sensitive price points. They have had the added benefit of recent reductions in interest rates that may drop even further. The team at Marshall White One has an excellent market-product knowledge of the sub $1 million market in terms of prices, property types, what is currently for sale,
recently sold and more importantly, who are the buyers and what they want and can afford. Our team of 9 agents (intending to expand further in 2013) are of the same age, background and share many of the same interests with the buyers so can easily build rapport and trust. For a vendor there is the security of knowing that the power and recognition of the Marshall White brand sits alongside the team, combined with excellent training, mentoring and full access to the resources and database of the Marshall White group. Working together to establish the Marshall White One identity makes them committed, passionate, highly energetic and determined to see the business flourish.
Prestige Property Management requires fine balance Just as properties on the Marshall White rental books are slightly different to what is on offer elsewhere, so the relationship between the agents and the clients is also distinctive. “The type of clientele we deal with isn’t renting out investment apartments or units; most of the homes we look after are people’s family homes while they may be overseas or interstate with work, so they have a strong emotional attachment,” head of property management Paula Matlock says.“Some of our tenants are clients, too, because they have just sold their home with us and are renting temporarily. So we’re very aware of the different expectations people have and try to balance the two.” Canterbury residents Margaret and Harry Watson found themselves in that position last year when they decided to demolish and build two new homes on their block. In the interim they rented a house through Marshall White.“We were very happy with the service we received – it was very attentive and they were very responsive if there was a problem” Margaret said. "When issues arose, they were dealt with swiftly". Now the Watsons are living in one property and plan to rent out the other – using Marshall White as their agent.“I guess we had a good experience as a tenant so that’s why we chose to use them.” While there may be a perception in some areas that tenants are treated as second-class citizens, it is something Marshall White’s team goes out of its way
to avoid. That’s not to say that, because people are paying $1000 to $3000 a week in rent, there will be no issues to deal with. “Sometimes the expectations of an owner are that when they come back things will be exactly the same, but there’s an element of fair wear and tear that comes into play, especially when families are renting and some live harder than others,” Matlock says. To make things more complicated, many of Marshall White’s tenants and landlords mix in the same circles, which can sometimes be a little tricky.“At the end of the day we must always protect the landlords’ best interests, but we naturally try to stay impartial, show empathy and treat both parties with respect. The sign of a good agent is when tenants recommend us to manage properties for their friends or family or better still, they become landlord clients themselves, – and that happens frequently.”
Downsizers seek luxury nests We take this opportunity to look back over the previous six months at current and past projects. With the renewed confidence in the residential market, the empty nester re-emerged and is now actively seeking million dollar-plus penthouses and garden apartments (generally around 120-150 square metres) that offer views or enough garden to keep busy (about 50-100sqm). An increasing number of our 70-strong residential sales team are having discussions with people who have often been in their current home for decades, but are now ready to look for a single level, low maintenance alternative, often within a 2-kilometre radius of where they currently live. For the benefit of these buyers, a number of our current developments have seen sales by consolidating two smaller apartments into one and attaching the two car parks required for these ‘downsizers’. The activity from first homebuyers has slowed, with the modification of the first home buyers grant and the benefits of easing stamp duty payable having little consequence.
It’s a trend we expect to continue into 2013, in which the most of the sales within the $400,000 – $550,000 range are moved through our investor and referral channels, rather than on a retail front. A number of existing projects are set to launch in Boroondara, Stonnington and Bayside in early 2013, however we invite you to register your details with us now by emailing Melissa Campbell, email@example.com,and one of our project sales team will be only too happy to assist you with your next investment or new place to live.
Inner city area shows its resilience Last year proved to be one of the most interesting real estate years in the inner city area for some time. (Clifton Hill, Carlton & Fitzroy) There were many doom and gloom predictions but what we saw was how resilient the inner-city market is. Our 2012 auction success rate finished at the 87 per cent mark, which compares very favourably with previous year’s results. It demonstrated the buyers’ strong appetite for quality properties in all price brackets; the popularity of genuine family homes has never been stronger. Most vendors listed their properties on the market with realistic expectations and buyers responded by engaging with the market through their bidding and negotiations. A long term approach to real estate ownership has returned to the market while the short term, quick turnover approach that we occassionally see in a rapidly rising market has largely disappeared.
As already mentioned, the auction system has still proved to be still the most effective method of selling inner-city real estate. Whilst not all auctions attracted sufficient bidding to sell under the hammer, it did provide the perfect platform to negotiate a sale immediately after the auction. Accordingly, we scheduled more time for our agents to spend at each auction to ensure we were able to negotiate an excellent sale on behalf of our vendors. We are very fortunate to have such an experienced sales team at Collins Simms. Our team of 12 has more than 220 years of combined real estate experience, which is an average of 18 years per sales person. What does the year ahead hold for us? Well, if we look into our crystal ball we believe 2013 will continue in much the same way as 2012. The balance of power between buyers and vendors will continue to be evenly placed,
with properties needing to be market relevant in order for buyers to engage. Our e-marketing strategies will continue to evolve and accommodate the way the modern buyers access property information. For example, in the past year there has been a huge growth in buyers accessing our website from mobile devices. Collins Simms also looks forward to offering full property management services to our clients from our inner-city office in 2013. We wish everyone an enjoyable and successful year ahead.
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The City of Stonnington is home to 100 parks million was the highest sale price in Hawthorn Suburbs to Watch in 2012 By Marshall White (Source: PDOL)
Interest Rates Down to 3%
In the past 12 months the RBA has cut the cash rate four times, bringing the official interest rate down from 4.25 percent in December 2011 to 3 percent in December 2012. Official interest rates are now at their lowest level since 2009.
in 2012 for
in 2012 for
chef’s hats in St Kilda
Among the suburbs that have shown the highest growth in 2012 are: Brighton Glen Iris Port Melbourne
There were five $5 million + sales in Brighton in 2012 South Yarra is Melbourne’s most liveable suburb
22.9% of people in Hawthorn did voluntary work
FOR EVERY HOUSE FOR SALE IN PEOPLE ARE MALVERN LOOKING
of people in Hawthorn have a
NAB QUARTERLY AUSTRALIAN PROPERTY SURVEY RESULTS SHOWS MARKET EXPECTED TO RECOVER IN 2013 By Greg Johnson, General Manager, NAB Private Wealth
of houses in Hawthorn have more than four bedrooms
There were eighteen $2 million + sales in Albert Park in 2012
of people in Toorak are couples without children
There were ONLY nine $5 million + sales in Toorak in 2012
Chadstone is the biggest
shopping centre in the southern hemishphere
Median house price in 2012 for Camberwell is
bars in St Kilda
Top Median Prices 38 suburbs in Melbourne have a median price above $1 million. The top five suburbs are:
Deepdene Canterbury Brighton $1.2 $1.4 $1.6 $1.8 $2.0 $2.2 $2.4
playgrounds in STONNINGTON
primary schools in the City of Boroondara
different sports are represented by clubs in Boroondara
There are 16 kindergartens in City
of Port Phillip For every house for sale in Camberwell 50 people are looking
4 golf courses
in city of
bayside Information sourced from local council websites.
he Q3 NAB Quarterly Australian Residential Property Survey predicts a modest property price recovery nationwide over the next 12 months. Rents are also set to increase, which bodes well for savvy property investors. For smart buyers with a long-term outlook, the very low interest rates do create the opportunity to build your existing investment property portfolio through appropriate finance and structuring, with advice from your financial advisor. Purchases could potentially add a positive or negative gearing component to an existing property portfolio, or be made as an asset purchase for a Self Managed Superannuation Fund (SMSF) or a family trust. If you are considering a purchase through a SMSF, please seek specialist advice as the rules governing such purchases are quite strict, and the upfront deposit required is greater than for a conventional purchase.
According to the NAB Quarterly Australian Residential Property Survey, property prices are tipped to rise 0.4 per cent nationally over the coming year. Over the next two years, survey respondents forecast a 1.7 per cent property price rise, with expectations slightly higher than the 1 per cent forecast in Q2 2012.
In the rental market, the prediction is for a 2.1per cent rent rise nationally over the next year and 3.4 per cent over the next two years. Expectations for rental increases have strengthened in Victoria where 2.4 per cent increases are forecast over the next two years, up from 1.4 per cent previously.
In Victoria, lower interest rates and affordability are expected to contribute to improved housing sentiment Significantly, the survey results are broadly in line with NABâ€™s own view of national house prices. NAB is forecasting a 2 per cent increase in 2013.
Boom mining state Western Australia led the optimists for price growth over the next year (1.4 per cent predicted), followed by South Australia/Northern Territory (0.8 per cent) and Queensland (0.6 per cent). Expectations for price growth are even greater over the next two years, with Western Australia leading with 2.4 per cent price growth forecast and Victoria with 0.9 per cent. In Victoria, lower interest rates and affordability are expected to contribute to improved housing sentiment. Inner-city houses, low-rise apartments and townhouses are the most preferred property type overall for local investors, and this trend is set to continue. Of course, lower interest rates and rental growth continue to boost local investor demand for property. In Victoria, the locations expected to grow fastest in terms of capital value are the established inner-city suburbs of Albert Park, St Kilda and Richmond as buyers begin to see value in traditionally sought-after prime inner-city locations. If you would like more specific financial advice regarding your property portfolio or to learn how NAB Private Wealth could help you, contact Greg Johnson, general manager, NAB Private Wealth on 0405 509 746.
Important Information The advice contained in this document is of a general nature and does not take into account any personâ€™s particular objectives, needs or financial situation. Before making any financial decision persons should assess whether the advice is appropriate to their objectives, needs or financial situation. Persons may wish to seek the help of an advisor. No responsibility is taken for persons acting on the information provided. Persons doing so, do so at their own risk. This document was prepared by the National Australia Bank Limited ABN 12 004 044 937, AFSL and Australian Credit Licence 230686. Registered office at 800 Bourke Street, Melbourne VIC.
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gerry gordon |
0418 144 000
SALES BAYSIDE I specialise in Brighton East’s upper-end market. I love the difficult negotiations. Name your favourite beach? St Tropez! What do you love most about summer? Attitudes soften, spirits rise. Top tip for selling in 2013? Stand apart, listen to your agent on presentation, makes $$$ in the outcome. Where did you grow up? St Andrews, Scotland, but my adolescence was in Brighton. Where do you live now? Richmond. Best-kept secret about your area? Brighton’s affordability, compared to our northern neighbours, Elwood, St Kilda, Middle Park and Albert Park, Brighton offers so much more value.
MEET SOME OF OUR PEOPLE
kim menzies |
0439 390 509 PROPERTY MANAGEMENT
Name your favourite beach? Mornington Peninsula. I spend a lot of time down there. What do you love most about summer? The fact the sun is shining. Makes everyone happy! Top tip for leasing in 2013? It is important that when any prospective tenant applies for a property that the application is submitted in full with all of the relevant details filled out. What new year's resolution have you already broken? I actually didn’t make any! I specialise in…Looking after the best interests of my landlord. Where did you grow up? I grew up on the Gold Coast.
hamish tostevin |
0408 004 766
DIRECTOR What new year's resolution have you already broken? Doing more exercise. I specialise in My local knowledge of all amenities in the City of Boroondara and City of Whitehorse Name your favourite beach? Noosa front beach What do you love most about summer? Holidaying with my family and barbecues with family and friends in my back garden. Top tip for selling 2013? Sell first to know what you then have to spend! Where did you grow up? North Balwyn. Where do you live now? East Malvern. Best-kept secret about your area? The best coffee going around! Coffee and Soul, Burke Road, Malvern East
Duane Wolowiec |
0418 567 581
SALES BOROONDARA I specialise in family home market in the city of Boroondara. Favourite beach? Point Roadknight Anglesea. Most love about summer? Barbecues with family and friends / surfing Top tips for selling? Focus on presentation. A wellpresented home can create emotion with buyersencouraging greater buyer competition. Small improvements with presentation can make a huge difference to your end selling price. New year's resolution already broken? Phone my parents once a week just to check in. Where I live now? Glen Iris. Best-kept secret in your area? Leo’s supermarket.
lisa jarrett |
0408 053 623
SALES PORT PHILLIP Most love about summer? Everything. Sunshine, warm weather, daylight savings….. I specialise in selling prestige homes in the Port Phillip area. Favourite beach? My favourite beach would have to be Whitehaven Beach in the Whitsundys in Queensland, but when I am in Melbourne, Albert Park Beach is my favourite. Top tip for selling in 2013? Presentation is crucial, as is having realistic expectations for both buying and selling. What new year's resolution have you already broken? If I had made a new year's resolution, I’m sure it would have been broken already…. Where do you live now? Albert Park. Best-kept secret? Mart in Middle Park.
ASHLEE POON |
0439 390 037
PROPERTY MANAGEMENT Favourite beach? Favourite beach is Waikiki Beach in Hawaii. I have done a lot of travel over the years and Hawaii is my favourite by far. Most love about summer? I love not having to wear 50 layers of clothing in summer and having the chance to see some sun. I specialise in investment properties- mainly apartments, townhouses and units up to $600 per week in the Stonnington and Boroondara areas. Top tips for leasing? Tenants are quite discerning. They tend to overlook properties that are tired and run down. Where do you live now? Box Hill South. Best kept secret about Box Hill South? The cheap eatsdumpling place next to China Bar is amazing.
dean gilbert |
0418 994 939
rob strickland |
I specialise in homes in Prahran, South Yarra, Toorak, Armadale in $1 million to $3 million range. What do you love most about summer? The long twilight evenings for eating dinner and drinking outside. Top tip for selling in 2013? Don’t hold back, because adding value to a capital asset will be the last tax haven for the future. What new year's resolution have you already broken? Not enough exercise! Where did you grow up? Bayside. Where do you live now? St Kilda. Best-kept secret about your area? Everyone still remembers St Kilda as the rough end of town from the '70s, and it's still relatively inexpensive compared to it's neighbouring suburbs.
Robert ding |
0418 858 393
SALES BOROONDARA Where do you live? Surrey Hills. Best kept secret about your area? Old Kingdom restaurant in Surrey Hills – fantastic Peking duck. I specialise in the bilingual auction – as far as I know, I am the only agent in Melbourne with the ability to conduct auctions in both Chinese and English. Top tip for selling in 2013? Allow adequate time to prepare your home for the market. A fresh coat of paint, professional cleaning and, if needed, new carpets and furniture hire could potentially add thousands to your sale price. Name your favourite beach? Out the front of the Blairgowrie Yacht Club, It’s like a big swimming pool. What do you love most about summer? Bringing out the shorts and T-shirts, having barbecues with friends and taking the kids to Lake Eildon for a water ski.
HEATHER ELDER |
adrian wood | 0413 273 079
SALES STONNINGTON I specialise in listing and selling family homes in the Malvern, Malvern East and Armadale areas - great homes and great people! Favourite beach? Lorne. Love most about summer? Time out with family. Top tip for selling in 2013? Buy and sell on the same market, good property always sells well relative to the market. What new year resolution have you already broken? Missed going to the gym- really trying to get there three times per week this year. Where did you grow up? Brighton. Where do you live now? Armadale.
0404 861 508
SALES PORT PHILLIP New year's resolution already broken? Exercising. Where I grew up? East Kew and Mount Waverley. Where I live now? Middle Park. I specialise in selling period and family homes in Albert Park, Middle Park, South Melbourne and Port Melbourne. Favourite beach? Middle Park. Most love about summer? Barbecues with friends and the beach. Top tips for selling? Planning ahead of time and preparing your home for market with all odds and ends, such as painting, gardens and investing in a first-class and encompassing marketing program to ensure your home is an attraction property that stands out from its competition.
0437 076 069
SALES BAYSIDE What new year's resolution have you already broken? Eating out too many nights a week…there are too many great restaurants in Bayside! Name your favourite beach? Dendy Beach. Where did you grow up? Frostproof, Florida. I specialise in selling 1 million-plus homes from Brighton to Beaumaris. What do you love most about summer? Well…I love cycling, so I would have to say being able to ride in better weather! Top tip for selling in 2013? Commit to the process of selling by advertising to the broader market and not just to local buyers. Presentation is also key because buyers are looking for the complete package.
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LIFE IN st kilda
julian gerner H
aving cut his teeth working in the local nightclub scene at places such as Silvers, Chasers, Chevron and Redhead, to name a few, Julian Gerner was able to fund his commerce degree at Melbourne University during the 90s. As the owner of some of Melbourne’s most popular hotels, pubs and restaurants, it is fair to say that Gerner’s love of hospitality was borne from a young age, having gained much first-hand experience, in front of and behind the counter. After purchasing his first pub, the Golden Gate Hotel in Clarendon Street South Melbourne, in 1997, Gerner has gone on to redevelop the local pub scene in and around the South Melbourne, Albert Park and St Kilda areas. The Newmarket Hotel in Inkerman Steet, St Kilda was bought and refurbished by Gerner’s Melbourne Pub Group in 2010 and is almost single-handedly responsible for starting the current love affair seen across the city today for the Californian-Mexican cuisine phenomenon. Choosing to live and conduct business in the St Kilda area is no coincidence for the hospitality doyen, who shares an affinity with the water and village life.“I have lived in the Bayside area for most of my life” says Gerner, “and have lived in St Kilda West for the last seven years”.
As one of the most densely populated areas in Victoria, St Kilda plays a pivotal role as the scene of Melbourne’s playground with a vibrant young community. When pressed to name his favourite building in St Kilda, Gerner is quick to name the Prince of Wales Hotel. “On the day that John Van Haandel rang me regarding the purchase, I was walking with my wife as the sun was rising and I stopped to admire the majesty as the light hit the façade. Perhaps it was fate.” he explains. Whether it is the regular walks through Catani Gardens or sitting on the Circa balcony at sunset with glimpses of boats, water and palms, it is fair to say that St Kilda certainly captures many an imagination. For a bite to eat, Gerner enjoys St Kilda institution Di Stasio, which has recently undergone a major renovation.“The new bar is perfect for a pasta and glass of wine for one” says Gerner when looking for a change from one of his own venues. For coffee, however, Gerner insists that Acland St Cantina is the place to go for a morning shot.“We have sourced a single origin-bean from South America, roasted it in Italy and use a new La Marzocca Linea machine”, says Gerner. With a passion like that for the product, who are we to argue?
Bypass brings benEfits
pened in January, the 27-kilometre Peninsula Link is promises to slice an amazing 40 minutes off a peak-hour drive between Mount Martha and EastLink at Carrum Downs. Bravely, the Linking Melbourne website even has a travel time calculator to estimate the length of your journey once the $759 million project is completed. There is so much interest in the project that 10,000 people attended an open day held in late November. However, the knock-on effects for business and real estate could be greater still. While the phenomenon of increased housing demand following transport arteries is evident already in Melbourne – with more people commuting from Gippsland after the Pakenham bypass opened, and communities expanding rapidly along the Hume Highway once the northern suburbs were bypassed – the Peninsula Link is likely to have a double whammy. The area was already in high demand due to its natural beauty and the lure of the beach; reducing the travel time to an acceptable commuting level will double the attraction. Added to that is the limit to the amount of development that local councils are likely to allow in the area and you have a perfect storm for rising house prices.
Marshall White director, James Connell who owns a property on the peninsula, believes the impact will be the greatest in those townships close to Mount Martha, where the Link ends. “Property prices in the area were positively impacted when the initial announcement was made and there is likely to be a further upward movement in prices once the project is completed,” he said. “The biggest beneficiaries will be people who regularly drive through Frankston, but anyone who lives close to EastLink will see an improvement in travel times. “The reduced travel time will make the prospect of living on and commuting from the peninsula more attractive. That can only have a positive impact on property prices. Especially now that more people can arrange to work part of the week from home. The lifestyle benefits of living permanently on the peninsula are enormous. ” There could also be a flow-on effect for small businesses on the peninsula experiencing an increase in tourists visiting the area and for developers an increase in the construction of apartments. For those that travel to Melbourne every day, looking after a garden and pool can be seen as a burden. Apartment living would give them more leisure time to enjoy their surroundings.
Cliff-top mansions in Portsea aside, property prices are far more affordable on the peninsula. For under $600,000 you can buy a three-bedroom, three-bathroom family house on a quarter-acre block in Mount Martha with large deck and views from every room. And once you’re past $700,000, you can start negotiating for a four-bedroom home with bay views, from where you can look across at the city skyline and wonder why you waited so long to move.
The reduced travel time will make the prospect of living on and commuting from the peninsula more attractive.
31 coppin gRV, hawthornMark Sutherland 0418 691 585 4 2 in the vicinity of $3.2 million | 4
41 embling rd, malvern Marcus Chiminello 0411 411 271 2 3 in the vicinity of $2.6 million | 3
9 SCOTSBURN GRV, toorak IN THE VICINITY OF $4.2 million | 4
Justin Long 0418 537 973 3
August 2012 december 2012
1/10 black St, brighton Kate Strickland 0400 125 946 5 4 in the vicinity of $2.7 million | 4
1/103 mathoura rd, toorak in the vicinity of $2.8 million | 3
Marcus Chiminello 0411 411 271 3
9 Wellesley rd, hawthorn Heather Elder 0413 273 079 2 3 in the vicinity of $2.5 million | 4
14 deepdene rd, deepdene Madeline Kennedy 0411 873 913 3 2 in the vicinity of $2.7 million | 5
12 stewart St, brighton Kate Strickland 0400 125 946 3 2 in the vicinity of $2.5 million | 4
26 irving rd, toorak in the vicinity of $5.8 million | 5
Susan McGlashan 0417 554 224 4
3 Leicester sq, toorak Justin Long 0418 537 973 3 2 in the vicinity of $3.6 million | 4
29 Deepdene rd, balwyn in the vicinity of $4.5 million | 5
James Tostevin 0417 003 333 3
27-29 Washington St, toorak
in the vicinity of $6.2 million
17 Victoria rd, camberwell Nick Ptak 0413 370 442 3 2 in the vicinity of $3.8 million | 5
Marcus Chiminello 0411 411 271
11a elmie st, hawthorn Stuart Evans 0402 067 710 3 4 in the vicinity of $3.3 million | 5
4 Stawell St, kew James Totsevin 0417 003 333 5 2 in the vicinity of $3 million | 4
57 alexandra ave, canterbury in the vicinity of $2.5 million | 4
James Totsevin 0417 003 333 2
Guarantee the future value of + your vehicle.
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• New Mercedes-Benz
• Length of agreement
• Monthly payments
To find out more about the Mercedes-Benz Agility Finance Programme visit Mercedes-Benz Toorak www.mbtoorak.com.au today.
+ Guaranteed Future Value (GFV) is subject to vehicle return conditions and kilometre restrictions. Agility Finance is restricted to approved customers of Mercedes-Benz Financial Services Australia Pty Ltd ABN 73 074 134 517, Australian credit licence 247271 and is subject to standard credit assessment and lending criteria. Please contact an authorised Mercedes-Benz dealer for further details (including vehicle eligibility).
11 Carters Avenue, Toorak, 03 8825 5000. www.mbtoorak.com.au LMCT 6776 29 Madden Grove, Richmond, 03 8199 7100.