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.
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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Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Philip Lowe’s comments come amid property industry concerns about pressures on mortgage holders and rising rents
2 min
Leaders in Australia’s property industry are calling on the RBA to hit the pause button on further interest rate rises following yesterday’s announcement to raise the cash rate to 4.1 percent.
CEO of the REINSW, Tim McKibbin, said it was time to let the 12 interest rate rises since May last year take effect.
“The REINSW would like to see the RBA hit pause and allow the 12 rate rises to date work their way through the economy. Property prices have rebounded because of supply and demand. I think that will continue with the rate rise,” said Mr McKibbin.
The Real Estate Institute of Australia today released its Housing Affordability Report for the March 2023 quarter which showed that in NSW, the proportion of family income required to meet the average loan repayments has risen to 55 percent, up from 44.5 percent a year ago.
Chief economist at Ray White, Nerida Conisbee, said while this latest increase would probably not push Australia into a recession, it had major implications for the housing market and the needs of ordinary Australians.
“As more countries head into recession, at this point, it does look like the RBA’s “narrow path” will get us through while taming inflation,” she said.
“In the meantime however, it is creating a headache for renters, buyers and new housing supply that is going to take many years to resolve.
“And every interest rate rise is extending that pain.”
In a speech to guests at Morgan Stanley’s Australia Summit released today, Governor Philip Lowe addressed the RBA board’s ‘narrow path’ approach, navigating continued economic growth while pushing inflation from its current level of 6.8 percent down to a more acceptable level of 2 to 3 percent.
“It is still possible to navigate this path and our ambition is to do so,” Mr Lowe said. “But it is a narrow path and likely to be a bumpy one, with risks on both sides.”
However, he said the alternative is persistent high inflation, which would do the national economy more damage in the longer term.
“If inflation stays high for too long, it will become ingrained in people’s expectations and high inflation will then be self-perpetuating,” he said. “As the historical experiences shows, the inevitable result of this would be even higher interest rates and, at some point, a larger increase in unemployment to get rid of the ingrained inflation.
“The Board’s priority is to do what it can to avoid this.”
While acknowledging that another rate rise would adversely affect many households, Mr Lowe said it was unavoidable if inflation was to be tamed.
“It is certainly true that if the Board had not lifted interest rates as it has done, some households would have avoided, for a short period, the financial pressures that come with higher mortgage rates,” he said.
“But this short-term gain would have been at a much higher medium-term cost. If we had not tightened monetary policy, the cost of living would be higher for longer. This would hurt all Australians and the functioning of our economy and would ultimately require even higher interest rates to bring inflation back down.
“So, as difficult as it is, the rise in interest rates is necessary to bring inflation back to target in a reasonable timeframe.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
