Property Of The Week: 99 Fernberg Road, Paddington, QLD
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Property Of The Week: 99 Fernberg Road, Paddington, QLD

Classic charm and contemporary living in a hot Brisbane suburb.

By Terry Christodoulou
Wed, May 19, 2021 2:50pmGrey Clock < 1 min

Located in the desirable suburb of Paddington comes this modern family home combining traditional cottage features with contemporary, free-flowing design.

The two-storey 4-bedroom, 2-bathroom, 1-car parking home sees an open plan living design on the first level. It’s here that the living, dining and kitchen area opens out – through bi-fold doors – to a large deck that is ideal for entertaining.

The opening of the bi-fold doors allows for streams of light, giving the home an airy presentation. Once outside, one finds the pool and beautifully landscaped gardens.

Timber, in the form of panelled walls and warm-toned flooring, dominates the aesthetic of the home, and helps keep some of its cottage charm. The use of timber is showcased heavily throughout the major living zones.

Other traditional features, such as the French doors and Venetian shutters all help the home retain some of its period look.

Upstairs sees a large master suite with lush outlook, views over Paddington and a large en-suite. An additional bedroom on the upper level is perfect for a nursery or study.

A further two bedrooms are found on the lower-level.

Paddington is a highly desirable Brisbane locale, with the home nearby to Rosalie Village, Paddington Woolworth’s, University of Queensland, Suncorp Stadium and the CBD via public transport.

The listing is headed to auction on June 5 and is managed by Glynis Austin (+61 403 333 013) of Glynis Austin Properties. Glynisaustin.com

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House values continued to fall last month, but the pace of decline has slowed, CoreLogic reports.

In signs that the RBA’s aggressive approach to monetary policy is making an impact, CoreLogic’s Home Value Index reveals national dwelling values fell -1.0 percent in November, marking the smallest monthly decline since June.

The drop represents a -7.0 percent decline – or about $53,400 –  since the peak value recorded in April 2022. Research director at CoreLogic, Tim Lawless, said the Sydney and Melbourne markets are leading the way, with the capital cities experiencing the most significant falls. But it’s not all bad news for homeowners.

“Three months ago, Sydney housing values were falling at the monthly rate of -2.3 percent,” he said. “That has now reduced by a full percentage point to a decline of -1.3 percent in November.  In July, Melbourne home values were down -1.5 percent over the month, with the monthly decline almost halving last month to -0.8%.”

The rate of decline has also slowed in the smaller capitals, he said.  

“Potentially we are seeing the initial uncertainty around buying in a higher interest rate environment wearing off, while persistently low advertised stock levels have likely contributed to this trend towards smaller value falls,” Mr Lawless said. “However, it’s fair to say housing risk remains skewed to the downside while interest rates are still rising and household balance sheets become more thinly stretched.” 

The RBA has raised the cash rate from 0.10 in April  to 2.85 in November. The board is due to meet again next week, with most experts still predicting a further increase in the cash rate of 25 basis points despite the fall in house values.

Mr Lawless said if interest rates continue to increase, there is potential for declines to ‘reaccelerate’.

“Next year will be a particular test of serviceability and housing market stability, as the record-low fixed rate terms secured in 2021 start to expire,” Mr Lawless said.

Statistics released by the Australian Bureau of Statistics this week also reveal a slowdown in the rate of inflation last month, as higher mortgage repayments and cost of living pressures bite into household budgets.

However, ABS data reveals ongoing labour shortages and high levels of construction continues to fuel higher prices for new housing, although the rate of price growth eased in September and October. 

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