Australian Home Values Exceed $10 Trillion
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Australian Home Values Exceed $10 Trillion

Across the country, the average price of a residential dwelling now stands at $941,900.

By Kanebridge News
Wed, Jun 15, 2022 11:05amGrey Clock < 1 min

The value of Australian homes has risen to 10.2 trillion for the first time ever in the March quarter, according to the Australian Bureau of Statistics.

NSW accounted for 40.1% of the overall amount — or $4.1 trillion, followed by Victoria with 26.9% ($2.7 trillion) and Queensland with 16.7% ($1.7 trillion).

By comparison, the nation’s 10.8 million homes were worth a combined 8.4 trillion in the same quarter last year — a $1.8 trillion jump in 12 months.

Across the country, the average price of a residential dwelling now stands at $941,900, up from the $925,300 in the December quarter of 2021.

The median house price in Sydney rose by 16.4% to $1,245,000, and by 9.4 %to $930,000 in Melbourne, over the 12 months to the March quarter 2022.

Regional Victoria’s median house price also lifted 17.4 % to $640,000, while regional NSW saw the median house price increase 29.1% to $800,300.

More recent estimates of Melbourne’s median house price up even high at $960,000 this month indicates the property market coupled already be worth more.

However, with rates expected to continue to rise and a market that is currently softening the future total values of the Australian market could fall as dwelling values fall.

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The 390-acre property has 2 miles of frontage on the Rogue River

By LIBERTINA BRANDT
Tue, Sep 27, 2022 8:47am 2 min

Former “Dallas” star Patrick Duffy is putting his roughly 390-acre Oregon ranch on the market for $14 million.

The property sits along the Rogue River outside the city of Medford in southern Oregon, according to Alan DeVries of Sotheby’s International Realty, who has the listing with colleague Matt Cook.

Mr. Duffy said he bought the first roughly 130 acres of the property in 1990 for roughly $1.5 million with his late wife, Carlyn Rosser. The couple spent roughly two decades and about $3 million buying surrounding properties when they went up for sale, said the actor, who has made the ranch his primary home since the early 2000s.

“My family always felt like we were stewards as opposed to owners,” said Mr. Duffy, 73. “We kept the boundaries sacred.”

Mr. Duffy said he first saw the property while fishing with a friend. The property contained a few structures, including what is now the main house, but was mostly wilderness, he said.

“It was pristine,” he said. “There was no paved road. There were some trails through the woods and about a mile—a little less than a mile—of river frontage.”

Mr. Duffy said he flew Ms. Rosser out to see the ranch, and they bought it. The main house has four bedrooms, and connects to a gallery where the couple displayed their art collection. They converted a caretaker’s cottage into a one-bedroom guesthouse with a loft. They also added a building that contains a hot tub overlooking the river, a structure for an indoor lap pool, and a wine cellar built into the side of a mountain, all within walking distance of each other.

As they purchased adjacent properties over the years, they acquired eight more houses and several pastures that are rented out to local ranchers. One of the homes was demolished, six are rented to tenants, and one is used as the ranch manager’s house, according to Mr. Duffy.

“We became a working ranch but not with our own animals,” he said. “It added the most beautiful, bucolic sense of the place.”

A homestead that dates back over 100 years still sits at the entrance to the property, he said. In it he found an old stove, which he restored and put in the main house. But the majority of the roughly 390 acres remains wilderness. The property now has approximately 2 miles of river frontage, according to Mr. DeVries.

For roughly a decade, Mr. Duffy and Ms. Rosser used the ranch as a family getaway from their primary home in Los Angeles. Then in the early 2000s, when their children went off to college, they decided to move there full time.

Ms. Rosser died in 2017, and Mr. Duffy said he plans to move full-time to either California or Colorado. He will keep a few parcels of land that aren’t attached to the main ranch, according to Mr. DeVries.

Mr. Duffy is well-known for his role as Bobby Ewing in the TV drama “Dallas,” which ran from 1978 to 1991. He also played Frank Lambert on the 1990s sitcom “Step By Step.” Today he runs an online sourdough business, called Duffy’s Dough, with his partner, Linda Purl.

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