A Cliffside Manor With A Modern Refresh | Kanebridge News
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A Cliffside Manor With A Modern Refresh

An updated slice of history with a luxury French twist and unique water views.

By Terry Christodoulou
Thu, Dec 10, 2020 2:43amGrey Clock 2 min

Privately positioned cliffside 8 Gap Road, Watsons Bay offers expansive views of the city’s twinkling harbour, via a former 1920s Masonic Lodge that has been reimagined and delivered to luxurious modern standards by renowned architects Weir Phillips.

Dream living all year — through arguably the perfect new year’s eve party pad — the 5-bedroom, 5-bathroom home boasts a tangible sense of airiness and ease as driven by stately proportions and 5-metre ceilings across open plan living areas, bespoke arched windows connecting not only to history but the literal inside to outflow.

The finishes throughout are impeccable and unique, with 200-year-old French parquetry flooring paired to a Calacatta marble kitchen that’s fitted with Gaggenau appliances and an elongated, showpiece, marble benchtop for dining.

The upper level, accessible by private lift, sees the five large bedrooms each fitted with under-floor heating and Perrin & Rowe marble ensuites in each as well as a separate self-contained guest level.

The master suite comprises a dressing room larger than most Paddington boutiques (what’s left of them) and more views over Sydney Harbour.

Outdoors feature a covered entertaining area as well as a separate balcony space with in-built outdoor kitchen. There’s also a rebuilt Egyptian limestone pool with William Dangar designed gardens completing the space.

8 Gap Road Watsons Bay

Parking for two cars is secured by an electronic gate, security and camera system. The house sits within a two-minute stroll of Watson’s Bay Boutique Hotel, Robertson Park and known restaurants such as Doyle’s and Dunbar House.

The listing is with Michael Pallier of Sotheby’s Sydney, +61 417 371 544; POA.

sydneysothebysrealty.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.

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