Australian Dream Drives House Prices Up
The RBA concedes interest rates and market choices are resulting in suburban sprawl.
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The concept of the Australian dream, to live in a house, is driving people further from city centres according to the Reserve Bank of Australia.
In a housing affordability inquiry, the central bank told a parliamentary committee looking at supply and pricing that “as populations increase and cities expand, some households will need to live further away from the centre of major cities and/or accept further increases in higher-density housing.”
It comes as last week the RBA told the inquiry that low interest rates are the primary driver of Australia’s property boom over dwelling supply issues.
Further, the RBA noted that buyers preferring houses over apartments and over the course of the pandemic regions over cities increases the difficulty of policy-making.
“The experience of lockdowns may also have made apartment living less attractive for some households, said the RBA.
“Some elements of the response to the pandemic could affect preferences between these choices, though it’s unclear how lasting these responses will be.
While the post-covid property market response is still unclear, the great Australian dream of a home in the suburbs remains the goal for many.
“Australia’s dwelling stock remains dominated by large, detached housing, and around one million detached houses have been completed over the past decade,” the RBA says.
The RBA has also noted the importance of rental affordability, noting that over the last 30 years the amount of households that are leasing has increased from one-quarter to at least one third. Home ownership rates have fallen across most age groups, with the most significant drop found in the 25-49 demographic.
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Former Google CEO Eric Schmidt is selling his Northern California estate, which was listed Monday for $24.5 million.
Located in Atherton, an extremely affluent town northwest of Palo Alto and about 30 miles south of San Francisco, the 3.36-acre property is made up of three parcels that Schmidt acquired over the years, according to public records and Compass, who has the listing.
Schmidt, 69, and his wife, businesswoman Wendy Schmidt, purchased the main home in 1990 for $2 million, according to public records accessed via PropertyShark. They remodelled the 1969 home in 2007, and at that time, bought a neighbouring parcel of land, allowing an expansion of the main house and the addition of a guest house, according to Compass, who holds the listing. A third parcel was later acquired, on which the Schmidts added an English garden house and landscaped grounds overlooking the Eastern Hills.
“Finding three contiguous parcels in Atherton is rare. Even rarer are those with views of the Eastern hills,” said listing agent Katharine Carroll of the reSolve Group at Compass. “The location of this residence is ultra private, at the back of a cul-de-sac with the main house built into a hillside that provides privacy and very good security.”
Across the estate, there are five bedrooms, five full bathrooms and six half bathrooms.
The 5,265-square-foot main house also offers a number of private outdoor spaces on its upper level, including a large terrace off the primary suite, another large terrace off a secondary bedroom, plus a third smaller terrace and two balconies.
Behind the main house is a patio with a pool and spa. For even more outdoor space, there’s an entertaining pavilion, an open lawn and an outdoor fireplace area near the guest quarters.
The grounds themselves are also a standout feature, with an array of mature plants and specimen trees. The upper portion of the property’s landscaping is designed around an Amdega-designed conservatory, which was imported from the U.K. Around the greenhouse, there is a garden of raised beds and fruit trees, Carroll said.
“From the moment you step onto the grounds, it feels as if you’ve been transported to a private botanical sanctuary,” she said.
Schmidt served as Google’s CEO from 2001 to 2011, and then became the company’s executive chairman until 2015. He could not be reached for comment.
This article first appeared on Mansion Global
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
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