The 19th century Victorian home perfectly suited to post pandemic living
Careful restoration and extension of this historic Geelong home combines the best of traditional and contemporary living
Careful restoration and extension of this historic Geelong home combines the best of traditional and contemporary living
Hot on the heels of their AFL grand final win, there’s more than one reason to look at Geelong as the next property hot spot, with the release of this historic property onto the market.
Originally constructed for Geelong businessman Robert Scott in 1891, ‘Tooroonga’ opposite Pevensey Park is an impressive three-storey home set on 1,136sqm of beautiful gardens. It has six bedrooms and six bathrooms, as well as three car spaces and has been carefully restored to retain its historic charm while still allowing for contemporary convenience.
Original features in the Federation Queen Ann home include stained glass windows and doors, mahogany staircase, fireplaces, traditional architraves and gabled verandas. A charming octagonal tower leads onto the veranda and balcony on the ground and first floor respectively, with a crow’s nest bedroom on the top floor.
The property has been extended to include an open plan kitchen with marble benchtops and top line appliances leading onto an alfresco dining space and outdoor kitchen. In spite of its age, the house is perfectly suited to modern living, with multiple living spaces for communal or semi private use, as well as room for a spacious study or two. There’s even a lift to the main bedroom suite on the first floor.
A pool and self-contained cottage ideal for visiting family and friends rounds out the features of this beautiful home.
Address: “Tooronga” 17 Pevensey Crescent, Geelong
For Sale: by Expressions of Interest by November 4
Price Guide: $5.9 million – $6.49 million
Last traded: for $1.9 million in 2007
Agent: McGrath Geelong – David Cortous, 0416 164 336
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
This may be contributing to continually rising weekly rents
There has been a substantial increase in the number of Australians earning high incomes who are renting their homes instead of owning them, and this may be another element contributing to higher market demand and continually rising rents, according to new research.
The portion of households with an annual income of $140,000 per year (in 2021 dollars), went from 8 percent of the private rental market in 1996 to 24 percent in 2021, according to research by the Australian Housing and Urban Research Institute (AHURI). The AHURI study highlights that longer-term declines in the rate of home ownership in Australia are likely the cause of this trend.
The biggest challenge this creates is the flow-on effect on lower-income households because they may face stronger competition for a limited supply of rental stock, and they also have less capacity to cope with rising rents that look likely to keep going up due to the entrenched undersupply.
The 2024 ANZ CoreLogic Housing Affordability Report notes that weekly rents have been rising strongly since the pandemic and are currently re-accelerating. “Nationally, annual rent growth has lifted from a recent low of 8.1 percent year-on-year in October 2023, to 8.6 percent year-on-year in March 2024,” according to the report. “The re-acceleration was particularly evident in house rents, where annual growth bottomed out at 6.8 percent in the year to September, and rose to 8.4 percent in the year to March 2024.”
Rents are also rising in markets that have experienced recent declines. “In Hobart, rent values saw a downturn of -6 percent between March and October 2023. Since bottoming out in October, rents have now moved 5 percent higher to the end of March, and are just 1 percent off the record highs in March 2023. The Canberra rental market was the only other capital city to see a decline in rents in recent years, where rent values fell -3.8 percent between June 2022 and September 2023. Since then, Canberra rents have risen 3.5 percent, and are 1 percent from the record high.”
The Productivity Commission’s review of the National Housing and Homelessness Agreement points out that high-income earners also have more capacity to relocate to cheaper markets when rents rise, which creates more competition for lower-income households competing for homes in those same areas.
ANZ CoreLogic notes that rents in lower-cost markets have risen the most in recent years, so much so that the portion of earnings that lower-income households have to dedicate to rent has reached a record high 54.3 percent. For middle-income households, it’s 32.2 percent and for high-income households, it’s just 22.9 percent. ‘Housing stress’ has long been defined as requiring more than 30 percent of income to put a roof over your head.
While some high-income households may aspire to own their own homes, rising property values have made that a difficult and long process given the years it takes to save a deposit. ANZ CoreLogic data shows it now takes a median 10.1 years in the capital cities and 9.9 years in regional areas to save a 20 percent deposit to buy a property.
It also takes 48.3 percent of income in the cities and 47.1 percent in the regions to cover mortgage repayments at today’s home loan interest rates, which is far greater than the portion of income required to service rents at a median 30.4 percent in cities and 33.3 percent in the regions.
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This stylish family home combines a classic palette and finishes with a flexible floorplan