Rising Coastal Suburb Prices Predicted

Coastal suburb house prices in Sydney and the Gold Coast are tipped to climb over the next two years, a new report shows.

Data calculated by Select Residential Property predicts a rise of up to 23.05% in southern Sydney suburb Gymea Bay and 21.6% in northern beaches suburb Warriewood.

Based on housing supply and data indicators — which indicates a want for larger properties, close to the water and further from the CBD as driving factors – the median house price in Gymea Bay is set to rise by $311,711 to 1,664, 359 and in Warriewood by $360,310 to $2,025,330.

In determining the price trajectory for a suburb, Select Residential Property research director Jeremy Sheppard takes into account 17 demand and supply metrics, including auction clearance rates, vacancy rates, discounting levels, days on market and the number of properties available to arrive at a ‘suburb score’.

“The list of areas with the highest growth potential all have high demand relative to supply and all scored well above 80, which are historically reflective of double-digit growth rates,” said Mr Sheppard.

Across the country, house values in the Gold Coast’s Elanora and Worongary are also expected to grow over the next 24 months, indicating a potential 22% each. Elsewhere, Melbourne’s Keilor Park and Diamond Creek are to see 10% and Adelaide’s Cumberland Park is forecast to grow by 20.6%.

Queensland’s Airlie Beach and South Townsville are expected to see unit value drop by 8.5% and 8% respectively. Similarly, the report predicts South Bunbury and Bunbury in Western Australia is staring down an 8.6% and 7% drop respectively.

An imposing Scottish castle that has only had four owners in its more than 200-year existence has hit the market asking for offers above £8 million (US$10.45 million).

Seton Hall, as it’s known, was built in 1789 by architect Robert Adam using stone from Seton Palace, the since-demolished property that was considered to be Mary Queen of Scots’s preferred retreat, according to Savills, which brought the home to the market last month.

“Seton is an absolutely magical castle—from the moment you approach, to the inner courtyard, to the quality of interior design,” said listing agent Jessica Gwyn.

The castle—roughly 10 miles from Edinburgh—remained in the same family from the late 18th century until 2003, which “served to freeze Seton in a protective time warp,” according to the listing.

Castellated features such as slit windows and turrets can be seen from the outside, and inside “secret staircases, curved doors, curved walls, arched windows and hidden doors add to the charming sophistication of the architecture and design,” the listing said.

But the castle has since been refurbished to meet modern standards, and now also boasts a helipad, a full security system, a gym, a playroom, a silk-lined dining room and a billiards room.

The restoration project saw a team of expert stonemasons rebuild the castle’s many chimneys, turrets and rooftop parapets. Plus, ironwork was restored, the dumbwaiter reinstated and the 10,000-bottle wine cellar was brought back to life, Savills said.

Alongside the seven-bedroom home that forms the core of the castle, there are additional residences across the property, including Darnley Cottage and Bothwell Cottage—named after Mary Queen of Scots’s husbands.

The castle’s stables have been refurbished, too, and are adjacent to the “Stable Bar,” the castle’s private pub.

The owner—who Mansion Global couldn’t identify—“feels their time as custodian of this outstanding building has come to a natural conclusion and it is time for this historic home to be loved and cared for by someone else,” Gwyn said.

This article first appeared on Mansion Global

Rising Coastal Suburb Prices Predicted

Suburbs in Sydney are set for 23% growth in 24 months.