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A Double Waterfront Block At Whale Beach

30 metres of water frontage across a 1733sqm block.

By Kanebridge News
Fri, Jun 24, 2022Grey Clock < 1 min

With views up the coastline to the NSW central coast comes this magnificent double oceanfront block — a rare setting for the ultimate family holiday retreat.

Boasting level lawns that spill down to 30-metre of ocean frontage, the 1733sqm plot plays host to a three-level 5-bedroom, 4-bathroom, 2-car garage home in one of Whale Beach’s most tightly held cul-de-sacs.

A contemporary masterclass in style, the home showcases free-flowing spaces with glass-wrapped interiors in a layout that accommodates family and friends.

Within the main living spaces comes a state-of-the-art kitchen with Calacatta marble and stainless-steel benchtops accompanied by a full suite of Gaggenau appliances and a separate walk-in cool room.

Other living zones found on the ground level include a games room and sun-drenched terrace with its own Miele appointed kitchen.

Outside sees a 15-metre resort style pool to soak up the sun and watery views, while the poolside studio is fully self-contained and perfect for extra weekend guests.

Accommodation is comprised of three luxurious ensuite bedrooms — of which several open directly to the terraces. The master bedroom has access to the home office, large walk-in-robe and cellar or store room.

Further luxurious additions to the home include a gym, jacuzzi, pizza oven, BBQ and Ecosmart fireplace.

The listing is with LJ Hooker Palm Beach’s David Edwards 0415 440 044 with the POA. palmbeach.ljhooker.com.au

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It comes as falling volumes and declining prices reflected a weakness likely to continue in the established homes market.

By Kanebridge News
Wed, Jun 22, 2022 < 1 min

The nation’s housing sales fell by $8 billion in the three months to March when compared to the previous quarter according to data provider CoreLogic’s quarterly Pain & Gain report.

It comes as falling volumes and declining prices reflected a weakness likely to continue in the established homes market.

The fall in nominal profits from $38 billion in December echoed the decline in loss-making sales to $261 million from $355 million. Declines in housing values only kicked in after the March quarter, with the extent of loss-making sales predicted to increase.

CoreLogic’s analysis of 106,000 establish home sales in the March quarter showed the proportion of profit-making sales fell to 92.7% from the December quarter’s 94% peak figure.

The March quarter saw the first time profitable housing sales fell in a year and a half — unit profitability declining faster than houses.

The pandemic was the last cause of such a decline, in the three months to August 2020.

The major markets of Sydney and Melbourne are the cities most at risk due to higher interest rates, and therefore made the biggest contribution to loss-making sales over the quarter — the rate of unprofitable sales in both cities rising to 4.8%.

 Hobart was the city with the highest proportion of profit-making sales for the 15th straight quarter. Just 1 per cent of the Tasmanian capital’s sales made a loss in the March quarter, down from 1.6 per cent in December. 

Further the report fleshes out the different pace of growth between houses and apartments that has made units more affordable into the March quarter. Between the onset of Covid-19 in March 20202 and this year’s March quarter, combined capital city house values rose 25.8% compared to units at 10.6%.

As part of the NSW government’s budget, changes have been made to the tax.

By Kanebridge News
Tue, Jun 21, 2022 2 min

NSW first home buyers will be given the choice to pay stamp duty or an annual land tax under a major reform by the Perrottet government in a test to move away from transfer duties.

In Dominic Perrottet’s first budget as the NSW premier, he has proposed an overhaul of property and housing taxes.

Under the new $730 million property tax plan — that sits at the core of the NSW Budget — first home buyers will have the option of paying the upfront cost of stamp duty, or an annual property tax payment of $400 plus 0.3% of the land value of the property. It will be available on homes valued at less than $1.5 million.

Ahead of the budget, Mr Perrottet said the initiative is aimed at aiding first-home buyers get into the market.

“We want to lower the barriers to owning a home for first home buyers seeking a place of their own,” Mr Perrottet said. “In the past two decades, the share of first home buyers under 35 years of age has declined from 67 per cent to 61 per cent.”

The scheme put forward by the Liberal state government is the second of its kind in the country, with the ACT halfway through a 20-year transition away from stamp duty. There, once a buyer accepts the land tax option it is permanently removed from the stamp duty system.

The NSW model will differ from the ACT scheme in that homes can revert to stamp duty once they are sold to a new owner.

Legislation for the new plan will be introduced into parliament in the second half of the yar, with eligible first home buyers to apply to opt into the program from January 16 in 2023. Any home buyers who purchase in between the laws being passed and the program coming into effect will be able to have their stamp duty payments refunded.

The city-fringe locale continues to boom with its prized mansions and natural amenities

By Sue Wallace
Mon, Jun 20, 2022 5 min

From stately historic mansions to expensive new builds with underground garage space for 20 cars, Medindie, the exclusive inner northern suburb of Adelaide,  has always been a well-heeled location with buyers lining up to own property bearing the blue-ribbon address.

Many keen buyers and investors are prepared to wait years for a grand Victorian mansion or a more contemporary sprawling home to come on the market in the area. Such properties tend to move fast. Stunning mansions with impressive facades, sweeping lawns, manicured gardens, tennis courts and swimming pools are located on expansive 1-acre landholdings that cannot be developed or subdivided, making them even more attractive to buyers.

The suburb is home to many historic dwellings including Willyama, built in 1883 by prospecter Charles Rasp, who discovered the rich ore deposits at Broken Hill in New South Wales, and The Briars, built in 1856 for George Hawker, which became a hospital.

Robe Terrace is the suburb’s star attraction, lined with attractive mansions including The Elysian, a modern residence which smashed the state’s residential sales record after selling in excess of $10 million last year. Pretty Victorian villas, contemporary terraces, townhouses and cottages are also sought after, but it’s those grand mansions that are the drawing card.

Medindie offers quality inventory at all levels and attracts families looking for a long-term hold and professionals after a “lock and leave” lifestyle seeking a comfortable base while in Adelaide.

It appeals to medical professionals wanting to be close to major hospitals as well as farmers based in the north of the state wanting a weekender close to the CBD, North Adelaide and Adelaide Oval, a sports and entertainment venue

Nature lovers and fitness fans enjoy the Adelaide Park Lands, known as Australia’s biggest backyard, while the River Torrens Linear Park Trail is a spectacular 30-kilometer nature walk.

It is also on the doorstep of vibrant cosmopolitan precincts including Prospect Road, Walkerville Terrace and O’Connell Street, which showcase charm and convenience.

There is direct access into the city centre, Adelaide Zoo and the Botanical Gardens, plus it’s an easy walk into Rundle Street precinct for shopping.

Adelaide real estate agent Stephanie Williams of Williams Luxury Real Estate said Medindie exudes glamour and prestige with some jaw-dropping homes.

“As well as stunning properties, there are some new properties with show off features such as underground accommodation for 15 to 20 cars and mind-blowing cellars,” she said.

The suburb is a 10-minute drive north from the city center and a 20-minute drive to Adelaide International Airport.

Boundaries

Medindie is adjacent to the Adelaide Park Lands, north of North Adelaide, and is bounded by Robe Terrace to the south, Northcote Terrace to the east, Nottage Terrace to the north and Main North Road to the northwest. It is close to Adelaide’s central business district and surrounded by parklands.

Price Range

According to Kaytlin Ezzy, CoreLogic research analyst, Medindie houses recorded a median value as of April of A$2 million with top-tier values ranging from $2.38 million to $3.47 million. Compared to the nearby Prospect-Walkerville, Medindie’s median value is 62.6% higher, equivalent to a value gap of approximately $771,863, and nearly double (91%) the median value of the greater Adelaide region ($1.05 million).

Ms. Ezzy said the trend in Medindie’s house values has been positive over the past few years, rising 30.1% over the year to April and 57.2% over the past five years. This has resulted in the median value rising from $1.27 million in April 2017 to $1.54 million in 2021 before rising $463,644 over the past year resulting in a current median value of just over $2 million.

Medindie continues to be one of South Australia’s most prestigious suburbs and is home to generations of families who have resided there for centuries as well as newly wealthy buyers, according to Ms. Williams.

“Once they buy there, they remain, as it is an extremely tightly held location, offering unsurpassable exclusivity and prestige—significant mansions and luxurious estates and properties with prominent land holdings have encouraged affluent families to invest in this area for generations,” she said.

Housing Stock

There is a very pronounced short supply of luxury properties on the market in Medindie, where there is a variety of architecture from historic Victorian styles to modern contemporary housing.

There are attractive villas, terraces, townhouses and cottages that are also sought after.

Ms. Williams said lifestyle estates and family homes always sell within their scheduled sales campaigns whether via expressions of interest, auction, or private treaty.

This six-bedroom, four-bathroom luxury home in Medindie is currently under contract.WILLIAMS LUXURY

“Covid has changed the buying patterns of the luxury market in particular with wealthy clients changing their priorities to more home-based activities, with health and wellness being a major priority,” Ms. Williams said. “The desire for swimming pools, tennis courts, beautiful established gardens, wellness retreats and home offices being more popular than ever before. Luxury homes have never been in greater demand.”

Statistics show Medindie has 394 residential homes for sale compared to the nearby suburbs of Norwood, which has 1,901 residential homes on the market, and St. Peters, which has 870 residential homes for sale.

What Makes It Unique

Buyers are attracted to Medindie for the magnificent adjacent parklands, its proximity to central Adelaide and larger-than-average block sizes.

It is also the only suburb within a short stroll of the exclusive girls-only Wilderness School.

Luxury Amenities

Medindie is surrounded by shopping locales, including the Rundle Mall and Rundle Street in the city, which offer a wide range of luxury boutiques, including the David Jones department store. It is also very close to fashion-forward Melbourne Street and cosmopolitan O’Connell Street, the North Adelaide Shopping Village, and the shops along super-trendy Prospect Road.

Grocery stores in North Adelaide include Cibo Espresso, The Flying Fig, Coffee Gods Café, Romeo’s Foodland and The North Adelaide Village.

Top restaurants include The Lion Hotel, a South Australian icon that is directly across the Parklands, and North Adelaide has the Gin Long Canteen, Ruby Red Flamingo and Marrakech. The nearby Adelaide CBD has a vast range of excellent restaurants including Soi 38 known for its Thai cuisine, Italio-American inspired Fugazzi Bar and Dining Room, Osteria Oggi, Japanese-inspired Erato Teppanyaki, Arkhe on The Parade where chef Jake Kellie from Michelin star Burnt Ends in Singapore stars, and Orso on Kensington Road that has a following for its seafood and pasta.

Private schools include the Wilderness School, St. Peters College, Prince Alfred College and St. Andrews School. Nearby public schools include the new Adelaide Botanic High School, North Adelaide Primary School, Walkerville Primary School and Prospect Primary School.

Who Lives There?

Property tycoons, farmers, bankers, medical specialists, successful IT professionals and socialites all call Medindie home.

Outlook

Ms. Williams said the market in Medindie continues to be incredibly strong, with buyer demand for this esteemed suburb at an all-time high and showing no signs of slowing down.

“We are continuing to experience a very high level of buyer inquiry for homes for sale in the area and some homes are selling off-market without reaching the paper or any online platforms,” she said.

“The suburb has always performed extremely well from a capital growth perspective and consistently features in the top 10 performing suburbs in South Australia. The average house price in Medindie over the past 12 months is A$2.68 million, which is an incredible growth of 82.4% during this time.”

Ms. Essy said while still reporting strong quarterly growth compared to the national trend (5.6%), capital appreciation across the Adelaide house market has started to ease.

“With the cash rate starting to rise and consumer confidence continuing to trending downwards, it’s likely the housing market is inching toward a downswing, with the higher end of the market typically showing more volatility both in the upwards and downwards phase of the cycle,” she said.

Reprinted by permission of The Wall Street Journal, Copyright 2021 Dow Jones & Company. Inc. All Rights Reserved Worldwide. Original date of publication: June 18, 2022.