Property Of The Week: 56 Power Street, Hawthorn, VIC
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Property Of The Week: 56 Power Street, Hawthorn, VIC

An enviable lifestyle awaits with this modernised Victorian entertainer.

By Richard Clune
Wed, Mar 24, 2021 12:15pmGrey Clock 2 min

A grand double-storey Victorian entertainer tucked neatly into one of Melbourne’s prized inner suburbs, ‘Girraween’ proves an enviable study in classic elegance and updated functionality for luxurious contemporary living.

Set well back from the street, enter the approx. 1190 sqm plot via a private and walled front garden and embrace an immediate sense of calm. Off the inviting, arched hallway sits the exquisite formal dining, sumptuous library, secondary living area and kitchen.

The latter delivers Smeg and ASKO appliances as well as HeatnGlo fireplace and contemporary cabinetry across a neutral white palette and continuation of Japanned floorboards.

Of the four well-appointed upstairs bedrooms, the master suite boasts WIR/dresser and luxurious modern ensuite with city views. A further bathroom and powder room can be found upstairs, with additional powder room on the ground floor.

Dating to c1883, classical ceilings abound here, so too marble gas fireplaces across the library, formal living and dining rooms as well as further modern musts such as hydronic heating, air-conditioning, alarm, video intercom and double-glazed windows.

The exemplary elegance of ‘Girraween’ extends across the rear and what is a delightful entertainer’s garden as lifted from the British countryside. The sun-soaked rear holds a huge deck, large grassed area and what is an established kitchen garden alongside a potager shed and remote-control garage with abundant storage.

Situated just 5km from the CBD, the property rests on the edge of the Grace Park Estate and within easy access to the elevated shopping and dining of Glenferrie Road and Kew Junction.

Nearby to trams and Hawthorn train station, so too parklands, the Yarra River and some of Melbourne’s finest schools, including Xavier, MLC, Trinity and more.

‘Girraween’ is a rare opportunity to own a property that affords not only an enviable lifestyle, but an updated slice of history that holds a tremendous sense of self.

EOI closing April 10, the property is with Kay & Burton’s Sam Wilkinson (0400 169 148) and Xavier Karagiannis (0427 367 330); kayburton.com.au/



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Property values have experienced strong growth around the country, but there are two highly desirable areas where oversupply is putting downward pressure on sales

By Bronwyn Allen
Tue, Jun 18, 2024 2 min

While property values are rising strongly in most markets across Australia, it’s a vastly different story in Victoria and Tasmania, new data from CoreLogic shows. Over the 12 months to May 31, the median house price lifted just 1.8 percent in Melbourne and fell 0.6 percent in regional Victoria. The median dipped 0.1 percent in Hobart and ticked 0.4 percent higher in regional Tasmania. This is in stark contrast to Perth, where values are up 22 percent, and regional Western Australia, up 14.8 percent; as well as Brisbane, up 16.3 percent, and regional Queensland, up 11.8 percent.

CoreLogic Head of Research, Eliza Owen says an oversupply of homes for sale has weakened prices in Victoria and Tasmania, creating buyers’ markets.

On the supply side, there has been more of a build-up in new listings than usual across Victoria, even where home value performance has been relatively soft,” Ms Owen said. Victoria has also had more dwellings completed than any other state and territory in the past 10 years, keeping a lid on price growth. The additional choice in stock means vendors have to bring down their price expectations, and that brings values down.”

Melbourne dwelling values are now four percent below their record high and Hobart dwelling values are 11.5 percent below their record high. Both records were set more than two years ago in March 2022. The oversupply has also affected how long it takes to sell a property. The median days on market is currently 36 in Melbourne and 45 in Hobart compared to a combined capitals median of 27. It takes 55 days to sell in regional Victoria and 64 days in regional Tasmania compared to a combined regional median of 42 days.

Changes in population patterns have also contributed to higher numbers of homes for sale in recent years. Since COVID began in early 2020, thousands of families have left Melbourne because working from home meant they could buy a bigger property in more affordable areas. While many relocated to regional Victoria, a significant proportion left the state altogether, with South-East Queensland a favoured destination. Meantime, Tasmania’s surge in interstate migration during FY21 was short-lived. Data from the Australian Bureau of Statistics shows the island state has recorded a net loss of residents to other states and territories every quarter since June 2022.

Record overseas migration has more than offset interstate migration losses, thereby keeping Victoria’s and Tasmania’s populations growing. However, the impact of migrants on housing is largely seen in the rental market, so this segment of population gain has done little to support values. Growth in weekly rents has been far stronger than growth in home values over the past year, with rents up 9 percent in Melbourne and 4.8 percent in regional Victoria, and up 1 percent in Hobart and 2.7 percent in regional Tasmania.

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