Inside The Historic ‘Namarong’ Mansion
The remodelled Italianate pile is on the market.
The remodelled Italianate pile is on the market.
Here, in Melbourne’s Armadale, comes the rare opportunity to own one of the city’s true landmarks, ‘Namarong’. Built in 1868, the historic home — which is perched on 3370sqm of what once was pastoral highland — offers a confident combination of old-world charm combined with a contemporary remodel.
The exterior of the heady pile arrives in an Italianate Victorian fashion with lush gardens — of which two of the remaining original palms — punctuate the tree-lined avenue with the sweeping gated forecourt of Parisienne sensibility creating a captivating entrance.
Within the home’s three levels, 6-bedrooms, 5-bathrooms, and enough parking for 8-cars, the old world script has been completely flipped following a two-year renovation by designers Kennedy Nolan.
While plasterwork and joinery retain or emulate the charm of a Victorian, they have been updated with bright colours – think vibrant blues and bright orange carpets combined with high ceilings and detailed panelwork throughout.
The ground floor sees the formal lounge and music room alongside a separated living and dining and the kitchen, with its ‘Tangerine’ Laconche, handmade French stovetop and oven.
Also here is a scullery, walk-in pantry and home office with access to the terrace and barbecue area.
Upstairs sees the majority of the home’s accommodation, with four bedrooms plus the master suite found here. The master suite includes an expansive retreat, ‘his’ and ‘hers’ dressing rooms and a large, opulently appointed ensuite. Also on the first level is a library and mezzanine access to a meditation room.
The home’s lower level gives access to the guest quarters, which includes a bedroom that sits alongside an expansive housekeeper’s laundry, theatre, games room, another kitchen and access to the courtyard, garage and sauna.
Back outside, and meandering through the residence’s expansive grounds, one finds the inground pool – which was once an indoor pool, the charming tennis enclosure and a functional alfresco dining area.
The home offers the best of Armadale’s peaceful, tree-lined living and is only 7km from Melbourne’s CBD and only minutes from the suburb’s High Street and its shopping and eateries.
The home is listed with Private Property Global’s Michael Gibson; (+61 418 530 392). Price guide $22-24 million. Ppgloba.com.au
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Amid looming rate rises, there are reasons to be cheerful as mortgage holders head into 2023
Mortgage holders should brace themselves for more pain as the Reserve Bank of Australia board prepares to meet this afternoon for the first time this year.
Most economists and the major banks are predicting a rise of 25 basis points will be announced, although the Commonwealth Bank suggested yesterday that the RBA may take the unusual step of a 40 basis point rise to bring the interest rate up to a more conventional 3.5 percent. This could present the RBA with the chance to put further rate rises on hold for the next few months as it assesses the impact of tightening monetary policy on the economy.
The decision by the RBA board to make consecutive rate rises since April last year is an attempt to wrestle inflation down to a more manageable 3 or 4 percent. The Australian Bureau of Statistics reports that the inflation rate rose to 7.8 percent over the 2022 December quarter, the highest it has been since 1990, reflected in higher prices for food, fuel and construction.
Higher interest rates have coincided with falling home values, which Ray White chief economist Nerida Conisbee says are down 6.1 percent in capital cities since peaking in March 2022. The pain has been greatest in Sydney, where prices have dropped 10.8 percent since February last year. Melbourne and Canberra recorded similar, albeit smaller falls, while capitals like Adelaide, which saw property prices fall 1.8 percent, are less affected.
Although prices may continue to decline, Ms Conisbee (below) said there are signs the pace is slowing and that inflation has peaked.
“December inflation came in at 7.8 per cent with construction, travel and electricity costs being the biggest drivers. It is likely that we are now at peak,” Ms Conisbee said.
“Many of the drivers of high prices are starting to be resolved. Shipping costs are now down almost 90 per cent from their October 2021 peak (as measured by the Baltic Dry Index), while crude oil prices have almost halved from March 2022. China is back open and international migration has started up again.
“Even construction costs look like they are close to plateau. Importantly, US inflation has pulled back from its peak of 9.1 per cent in June to 6.5 per cent in December, with many of the drivers of inflation in this country similar to Australia.”
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