Australian Housing Prices Forecast To Rise 20 Per Cent
One of Australia’s leading economists predicts the early makings of a property boom.
One of Australia’s leading economists predicts the early makings of a property boom.
One of Australia’s big four banks is forecasting 20 per cent gains in the housing market over the next two years.
The incredible figure comes out of Westpac’s first Housing Pulse report for 2021 and indicates Australian dwelling prices could be on the brink of a boom.
The banking institution’s chief economist Bill Evans stated in the report, released on Monday, that he was expecting dwelling prices to lift 10 per cent nationally in the next 12 months, with that pace continuing into 2022, citing strong economic growth as the cause.
“The upturn is being supported by record low-interest rates; the confident expectation among borrowers that these rates will remain low for years to come; ample credit supply; and an improving economic backdrop,” Evans said.
In the final quarter of 2020, dwelling approvals surged 22 per cent while lending for dwellings lifted by 16 per cent in the December quarter.
Smaller capital cities and regional towns were likely to capitalise on the forecast increases, however concerns linger around the Sydney and Melbourne high rise markets.
Further, Evans has foreshadowed good news for the labour markets with unemployment rates forecast to decline steadily to 6 per cent by end of 2021, and 5.3 per cent by the end of 2022.
Early indications from several big regional real-estate boards suggest March was overall another down month.
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A heritage-listed Federation estate with tennis court, pool and studio, Marika offers timeless elegance and modern family living in the heart of Hunters Hill.
A grand old dame who has stood the test of time, Marika is a slice of Hunters Hill heritage transformed for modern-day living.
Meticulously renovated between 1981 and 1983, with several updates since, Marika made it onto the heritage register in 1999 just in time to signal a new millennium. Today, the modernised mansion is on the market with an auction price guide of $7.5 million, marketed through BresicWhitney’s Nicholas McEvoy.
“The home is a fantastic opportunity for a discerning buyer to get a grand family estate-style property, with a pool, tennis court and grounds, for a price that’s much more affordable than expected,” McEvoy says.
Sitting pretty on the corner of Augustine St and Ryde Rd, the stately Federation residence occupies a sprawling 2472sq m block, which was once part of a 30-acre land grant handed to Frederick Augustus Hayne in 1835. In 1902, he sold it to Dr Leopold Augustus Carter, a local dentist. Two years later, Marika, then known as “Ryde”, appeared in the famed Sands Directory – the social media of its era – a symbol of its architectural significance.
Surrounded by manicured gardens with sculpted hedges, a pool and full tennis court, Marika is a prime example of Federation style with contemporary elements.
Inside, the single-level five-bedroom home showcases intricate craftsmanship, from its decorative gables, period archways and bay windows to the coloured glass panels on multiple doors and windows. Elegant formal rooms have high ornate ceilings that are a preserved nod to Marika’s past, while the more modern spaces are relaxed family-friendly zones.
Thanks to a pavilion-style addition, the L-shaped layout measures 450sq m internally and wraps around a central courtyard that plays host to the alfresco dining terrace and pool, while a wide veranda frames the original front rooms of the house.
Primary living spaces, including the dining area with integrated bar, open to the great outdoors via stacker doors and the 21st century kitchen has a large island bench and a butler’s pantry with hidden access to the triple lock up garage. There is also a dedicated media room, a library or home office, plus a separate family room with a beautiful bay window.
All bedrooms feature built-ins while the main retreat, and a second bedroom, have shower ensuites. The shared bathroom houses convenient twin vanities and a freestanding bathtub.
Beyond the interiors, Marika delivers resort amenities with a full-sized, floodlit tennis court, the pool, barbecue terrace and a self-contained studio apartment with the added bonus of Harbour Bridge glimpses.
Added extras include a converted loft storage space, a large laundry with side yard access, ducted air conditioning, multiple fireplaces, solar panels with a battery backup and modern insulation.
Accessed via Augustine St, Marika is close to St Joseph’s College, Boronia Park shops, local ovals and city transport.
Marika at 59 Augustine St, Hunters Hill is set to go under the hammer on April 26, on site at 9am with a price guide of $7.5 million. The listing is with Nicholas McEvoy and Narelle Scott of BresicWhitney Hunters Hill.
Architect Mark Rios and his husband, Dr. Guy Ringler, spent 18 months renovating the house, which was originally designed by John Elgin Woolf.
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