Inner Melbourne Apartment Rents Jump 10%
Southbank and Docklands were among the fastest-growing rental markets in Australia.
< 1 min
Rent for Melbourne’s inner-city apartments has increased by more than 10% in the last 12 months according to data from CoreLogic.
The lift in asking apartment rents in suburbs such as Docklands and Southbank, comes from increased demand from tenants now priced out of the detached housing market.
Rental growth was particularly strong in the December quarter with Southbank and Docklands up 3.8% and 3.7% respectively to a median rent of $454 and $471 making them among Australia’s fastest-growing rental markets.
According to CoreLogic’s research director Tim Lawless, the inclusion of many of Melbourne’s inner-city comes from a turnaround in rental trends.
“Inner-city Melbourne units rents fell by 24.2 per cent as high levels of unit supply met headlong with a rental demand shock as international borders closed and domestic demand swung towards lower density options. Since that time inner Melbourne unit rents have rebounded by 8.5 per cent,” Mr Lawless explained.
The Melbourne market outperformed all other capitals, posting a 1.6% rise in rents over the 12 month period.
However, rents in the Victorian capital remain 5.5% below the record high of July 2019 and with pricing still lower than pre-COVID-19 levels, there is room to grow according to Mr Lawless.
Luxury carmaker delivers historic revenues, record global sales, and robust profitability amid ambitious product transformation.
Fourth-quarter revenue climbed 24% to 110.61 billion yuan, equivalent to $15.30 billion, but missed estimates.
The 25-room mansion was built for an heiress and later belonged to a socialite and architect on the Empire State Building.
2 min
A 110-year-old Colorado estate that has hosted Frank Sinatra and Lyndon B. Johnson just slashed $10 million off its price tag.
The 12,000-square-foot manor house—with 25 rooms—and its five accessory dwelling in the alpines of Evergreen was relisted on Friday asking $16.8 million, down from its initial $26.8 million price in 2023.
The sellers, Richard and Pamela Bard, who paid $1.3 million for the “legacy property” named Greystone Estate in 1992, have shopped it around on and off for the past 20 years, according to agent Jessica Northrop at Compass Real Estate.
Richard Bard, CEO of his own private equity firm, has “hosted many corporate events and retreats where important business is discussed but they are also able to relax,” Northrop said. “Greystone has a special way of making people feel at ease.”
Bard said “it’s not a casual effort” to sell. He said it’s difficult to find a buyer with the facilities to “take care of it.”
The Bards intend to move closer to their children in Denver.
Before the Bards, Greystone Estate had several eras—as a summer house, a guest ranch and a business base—since it was built in 1915 by Genevieve Phipps, an industrialist’s daughter.
Phipps, who spent her inheritance on the land, built the 54-acre summer escape with the “elegance and feel of a fine Adirondack mansion combined with a mountain rustic style,” according to an online record of the estate’s history.
Its heyday, arguably in the 1940s to 1980s, saw Sinatra, Johnson and Groucho Marx come through its doors, when its owner William Sandifer, a socialite and one the Empire State Building’s architects, operated a guest ranch out of the place.
The Bards, who used a carriage house on the property as their company headquarters, completed Greystone’s full modernization in 1997. They also opened up the living and dining areas to receive more light, raised the ceiling on the upper level and combined several rooms to create a primary suite.
They replaced an outdoor pavilion and its helipad with something more suitable for their daughter’s wedding in 2001, according to Northrop.
The main 25-room manor includes a wine cellar, bar, gym and library.
The additional structures, which include a cottage, a log cabin, a pool house, a carriage house and a pavilion and guest house, surround the pool area and overlook acres of aspen groves and mountains.
Rachel Zegler and Gal Gadot star in an awkward live-action attempt to modernize the 1937 animated classic.
Renovations in Yorkshire included the revamp of a 30-room wing where a descendant of the estate’s builder still lives.
