Gough Whitlam’s Home Sells Prior To Auction
Kanebridge News
Share Button

Gough Whitlam’s Home Sells Prior To Auction

The former Australian Prime Minister’s Cabramatta home set to be preserved.

By Terry Christodoulou
Mon, Feb 22, 2021 1:32amGrey Clock < 1 min

Intent on preserving a part of Australian political history, former NSW Labor Premier Barrie Unsworth has led a team to purchase the Sydney home of late Prime Minister Gough Whitlam.

Sold for $1.15 million (prior to auction), the achieved price was $400,000 above a guide of $720,000 – $750,000.

Resting at 32 Albert Street in the south-western suburb of Cabramatta, the property was purchased by the Whitlam Heritage Home Fund – a public company established by Mr Unsworth, Gough’s son Nick Whitlam, NSW Labor president Mark Lennon and Unions NSW secretary Mark Morey.

The Fund is focused on the restoration of the property to its original state and its preservation as a historic site, one which will eventually open to the public.

“The main thing is we have acquired it for posterity,” said Mr Unsworth in a recent interview.

Whitlam lived in the four-bedroom house for 22 years, from 1956 to 1978. The property played a central role in various political moments, including Whitlam’s historic 1972 federal election win for Labor, which came after 23 years of Liberal leadership.

Whitlam served as Prime Minister of Australia from 1972 to 1975.

MOST POPULAR

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

Related Stories
Property
Australian house values continue to fall – but the pace of decline has slowed
By KANEBRIDGE NEWS 01/12/2022
Property
Investor Home Purchases Drop 30% as Rising Rates, High Prices Cool Housing Market
By WILL PARKER 23/11/2022
NSW
Swanning by the park in Sydney’s west
By KANEBRIDGE NEWS 23/11/2022
Australian house values continue to fall – but the pace of decline has slowed

Data reveals house values have continued to decrease, but the rate has slowed as the RBA Board prepares to meet next week

By KANEBRIDGE NEWS
Thu, Dec 1, 2022 2 min

House values continued to fall last month, but the pace of decline has slowed, CoreLogic reports.

In signs that the RBA’s aggressive approach to monetary policy is making an impact, CoreLogic’s Home Value Index reveals national dwelling values fell -1.0 percent in November, marking the smallest monthly decline since June.

The drop represents a -7.0 percent decline – or about $53,400 –  since the peak value recorded in April 2022. Research director at CoreLogic, Tim Lawless, said the Sydney and Melbourne markets are leading the way, with the capital cities experiencing the most significant falls. But it’s not all bad news for homeowners.

“Three months ago, Sydney housing values were falling at the monthly rate of -2.3 percent,” he said. “That has now reduced by a full percentage point to a decline of -1.3 percent in November.  In July, Melbourne home values were down -1.5 percent over the month, with the monthly decline almost halving last month to -0.8%.”

The rate of decline has also slowed in the smaller capitals, he said.  

“Potentially we are seeing the initial uncertainty around buying in a higher interest rate environment wearing off, while persistently low advertised stock levels have likely contributed to this trend towards smaller value falls,” Mr Lawless said. “However, it’s fair to say housing risk remains skewed to the downside while interest rates are still rising and household balance sheets become more thinly stretched.” 

The RBA has raised the cash rate from 0.10 in April  to 2.85 in November. The board is due to meet again next week, with most experts still predicting a further increase in the cash rate of 25 basis points despite the fall in house values.

Mr Lawless said if interest rates continue to increase, there is potential for declines to ‘reaccelerate’.

“Next year will be a particular test of serviceability and housing market stability, as the record-low fixed rate terms secured in 2021 start to expire,” Mr Lawless said.

Statistics released by the Australian Bureau of Statistics this week also reveal a slowdown in the rate of inflation last month, as higher mortgage repayments and cost of living pressures bite into household budgets.

However, ABS data reveals ongoing labour shortages and high levels of construction continues to fuel higher prices for new housing, although the rate of price growth eased in September and October. 

MOST POPULAR

Alexandre de Betak and his wife are focusing on their most personal project yet.

The market is forced to confront the impact of COVID lockdowns.

0
    Your Cart
    Your cart is emptyReturn to Shop