A six-bedroom, Hampton’s style home located at 38 Newmarket street in the Hendra, Brisbane has broken the suburb record.
The $3.65m sale by Place Ascot’s Patrick McKinnon has set a new standard for the area, with the residence inspected 156 times proper to sale, including 5 virtual inspections.
The home, known as ‘Caulfield House’, was once the residence of champion thoroughbred, Bore Head, winner of the 1965 Caulfield Cup. The home was purchased by racing royalty Caitlin Lavin, daughter of well-known horse owner Peter Lavin.
Caitlin told the media in a recent interview the purchase was totally unplanned and serendipitous.”
The home was reimagined by designers ‘Innovate’, giving the home a sense of modern luxury with coffered ceiling, blackbutt timber floors alongside hand-painted custom joinery.
Elsewhere the home offers three-metre-high ceilings, gourmet kitchen with a double-glazed glass-encased wine room, breakfast bar, and a storage-filled butler’s pantry that links to the residence’s garage.
Along with marble external paving, the alfresco area hosts an outdoor kitchen with in-ground infinity-edge swimming pool and self-contained pool house accommodation converted from the old stables.
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
Data reveals house values have continued to decrease, but the rate has slowed as the RBA Board prepares to meet next week
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.
Inspired by some of California’s best known Modernist architecture.