Brand-New Oceanfront Mansion On Victoria's Coast Is A ‘Modern-Day Masterpiece’
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Brand-New Oceanfront Mansion On Victoria’s Coast Is A ‘Modern-Day Masterpiece’

The house, which feels as though it’s suspended over the water, was built to withstand the conditions it faces being so close to the ocean.

By Catherine Mchugh
Thu, Feb 11, 2021 4:14amGrey Clock 3 min

LISTING OF THE DAY

Location: Flinders, Victoria, Australia

Price: $30 million

Dubbed “Horizon,” this recently completed five-bedroom mansion is perched on a dramatic cliff edge on Australia’s Mornington Peninsula near Flinders township, about 72 kilometres south of Melbourne.

In 2015, the family of legendary Australian rules football coach Jock McHale put the property, which includes a 1920s homestead called Pinnacle Park, up for sale. According to listing agent Rob Curtain of Peninsula Sotheby’s International Realty, developer Brooke Starbuck bought it, along with multiple adjoining titles.

“Unlike all of the other allotments offered, which have restrictive zoning regulations, the five-acre homestead did not fall into the same zoning,” Mr Curtain said. “So he saw an opportunity and subdivided the land into four separate plots while maintaining the original homestead.”

Built on a cliff’s edge, the monolithic home is made of concrete and glass.

Peninsula Sotheby’s International Realty

Starbuck enlisted local craftsmen Williams Group and commercial architect Bruce Henderson to build the home. The process took five years. “He wanted to do the unique position justice and build a generational home that would withstand the harsh environment of living so close to the ocean,” Mr. Curtain said. “He also hired interior designer Mim Design for the internal fit-out based on Miriam Fanning’s renowned coastal work. It’s truly a modern-day masterpiece.”

The interiors feature St. Croix stone complemented by American oak flooring. The home’s elevated first level contains five ocean bedrooms all with en-suite bathrooms and ocean views, as well as a central chef’s kitchen, a fully appointed scullery and three living spaces oriented to maximize the views.

“The main open-plan living, kitchen, dining area is simply spectacular,” Mr. Curtain said. “The 13-foot ceilings with floor-to-ceiling glass windows and a 180-degree ocean view create the most surreal feeling of being suspended over the water. It’s an architectural and engineering triumph set on a truly spectacular landholding with 335 feet of oceanfront and tremendous 270-degree ocean and rural views.”

Ample outdoor terraces provide plenty of room for al fresco dining.

Peninsula Sotheby’s International Realty

Stats

The 2000sqm home sits on a 1.25-acre lot and has five bedrooms and six full bathrooms.

Amenities

The home has the latest in technology with world-class kitchen appliances from Wolf and Sub-Zero, integrated audio-visual by Sonos, zoned hydronic floor heating and VRV heating and cooling throughout. A comprehensive security system includes keyless entry and all home technologies are controlled via Elan. The residence is also 6-star energy rated and includes a solar panel system.

An elevator connects the upper level to the lower one, which has a professional gymnasium, sauna, cinema room, wine room and a garage. There is also a second gourmet kitchen servicing an al fresco spa terrace, where a suspended 20-person spa overlooks the ocean.

Neighbourhood Notes

“The beauty of this location is the views are all water and rural surroundings as the area is better known for the farming environment,” Mr. Curtain said. “But this home is only a five-minute walk to the Flinders township, golf courses and the Flinders Bay Beach. It’s also only a 60-minute drive to Melbourne’s central business district.”

Listing Agent: Rob Curtain, Peninsula Sotheby’s International Realty



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Property values have experienced strong growth around the country, but there are two highly desirable areas where oversupply is putting downward pressure on sales

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While property values are rising strongly in most markets across Australia, it’s a vastly different story in Victoria and Tasmania, new data from CoreLogic shows. Over the 12 months to May 31, the median house price lifted just 1.8 percent in Melbourne and fell 0.6 percent in regional Victoria. The median dipped 0.1 percent in Hobart and ticked 0.4 percent higher in regional Tasmania. This is in stark contrast to Perth, where values are up 22 percent, and regional Western Australia, up 14.8 percent; as well as Brisbane, up 16.3 percent, and regional Queensland, up 11.8 percent.

CoreLogic Head of Research, Eliza Owen says an oversupply of homes for sale has weakened prices in Victoria and Tasmania, creating buyers’ markets.

On the supply side, there has been more of a build-up in new listings than usual across Victoria, even where home value performance has been relatively soft,” Ms Owen said. Victoria has also had more dwellings completed than any other state and territory in the past 10 years, keeping a lid on price growth. The additional choice in stock means vendors have to bring down their price expectations, and that brings values down.”

Melbourne dwelling values are now four percent below their record high and Hobart dwelling values are 11.5 percent below their record high. Both records were set more than two years ago in March 2022. The oversupply has also affected how long it takes to sell a property. The median days on market is currently 36 in Melbourne and 45 in Hobart compared to a combined capitals median of 27. It takes 55 days to sell in regional Victoria and 64 days in regional Tasmania compared to a combined regional median of 42 days.

Changes in population patterns have also contributed to higher numbers of homes for sale in recent years. Since COVID began in early 2020, thousands of families have left Melbourne because working from home meant they could buy a bigger property in more affordable areas. While many relocated to regional Victoria, a significant proportion left the state altogether, with South-East Queensland a favoured destination. Meantime, Tasmania’s surge in interstate migration during FY21 was short-lived. Data from the Australian Bureau of Statistics shows the island state has recorded a net loss of residents to other states and territories every quarter since June 2022.

Record overseas migration has more than offset interstate migration losses, thereby keeping Victoria’s and Tasmania’s populations growing. However, the impact of migrants on housing is largely seen in the rental market, so this segment of population gain has done little to support values. Growth in weekly rents has been far stronger than growth in home values over the past year, with rents up 9 percent in Melbourne and 4.8 percent in regional Victoria, and up 1 percent in Hobart and 2.7 percent in regional Tasmania.

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