Prestige Property: 10-12 Rowland Street, Kew, VIC
A grand way of life in Melbourne’s inner east.
2 min
Built in the tradition of palatial European architecture comes this remarkable villa and its breathtaking dimensions, craftsmanship and drama.
The 5-bedroom, 4-bathroom, 4-car garage manse is located on 1979sqm of land in Melbourne’s sought-after suburb of Kew.
Here, the magnificent pile is finished with the finest imported details elevating the home to a new level of luxury.
Stepping inside the home one is immediately awestruck by the cathedral scale of the reception hall and its black and white marble floors, hand-crafted plasterwork and soaring skylit dome.
French silk wall coverings and oak parquetry floors distinguish the formal dining room – complete with a marble gas fire – while the refined executive office and fitted library feature bespoke timber panelling.
Often the centrepiece of the home, the kitchen is an entertainer’s dream featuring swathes of Calacatta marble, stainless steel work island, Ilve ovens, integrated Liebherr fridge/freezer, and a butler’s pantry with integrated Miele coffee machine at one’s disposal.
Here, bi-fold doors open the living area to an expansive undercover alfresco entertaining terrace with a barbecue kitchen, pizza oven, heaters and all-weather screens for use all year round.
It’s an opportunity to soak in the beauty of the Paul Bangay designed gardens, replete with a stunning water feature.
In the opposite wing and also leading out to the garden is a gas-heated indoor pool and spa with sauna, steam room, bathroom and gym.
A staircase leads to the main bedroom suite complete with an opulent dressing room and marble adorned ensuite.
Two additional bedrooms with walk-in robes, desks and stylish ensuites are further accompanied by two bedrooms with built-in robes and a shared bathroom.
Elsewhere, the fully fitted home theatre boasts French silk wall coverings and is complemented by the full-sized billiards room served by a bar-room complete with a wine fridge for entertaining. The basement also sees a cellar.
The home presents a heady amalgamation of old-world European charm, with grand fixtures such as Venetian chandeliers paired with CCTV, video intercom, C-bus lighting, zoned heating and more.
The listing is with Marshall White Stonnington’s Nicole French (+61 417 571 505) and has a price guide of $17 – 18.5 million; marshallwhite.com
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
Capital cities lead the way as median home values see clear upswing
2 min
Home values continue their upwards trajectory, recording the strongest monthly growth in 18 months, CoreLogic data shows.
The property data provider reports that their Home Value Index has noted a third consecutive rise in values in May, accelerating 1.2 percent over the past month. This is on the back of a 0.6 percent increase in March and 0.5 percent rise in April.
Sydney recorded the strongest results, up 1.8 percent, the highest recorded in the city since September 2021. The fall in Sydney’s home values bottomed in January but have since accelerated sharply by 4.8 percent, adding $48,390 to the median dwelling value.
Melbourne recorded more modest gains, with home values increasing by 0.9 percent, bringing the total rise this quarter to 1.6 percent. It was the smaller capitals of Brisbane (up 1.4 percent) and Perth (up 1.3 percent) that reported stronger gains.
CoreLogic research director Tim Lawless said the lack of housing stock was an obvious influence on the growing values.
“Advertised listings trended lower through May with roughly 1,800 fewer capital city homes advertised for sale relative to the end of April. Inventory levels are -15.3 percent lower than they were at the same time last year and -24.4 percent below the previous five-year average for this time of year,” he said.
“With such a short supply of available housing stock, buyers are becoming more competitive and there’s an element of FOMO creeping into the market.
“Amid increased competition, auction clearance rates have trended higher, holding at 70 percent or above over the past three weeks. For private treaty sales, homes are selling faster and with less vendor discounting.”
Vendor discounting has been a feature in some parts of the country, particularly prestige regional areas that saw rapid price rises during the pandemic – and subsequent falls as people returned to the workplace in major centres.
The CoreLogic Home Value Index reports while prices appear to have found the floor in regional areas, the pace of recovery has been slower.
“Although regional home values are trending higher, the rate of gain hasn’t kept pace with the capitals. Over the past three months, growth in the combined capitals index was more than triple the pace of growth seen across the combined regionals at 2.8% and 0.8% respectively,” Mr Lawless said.
“Although advertised housing supply remains tight across regional Australia, demand from net overseas migration is less substantial. ABS data points to around 15% of Australia’s net overseas migration being centred in the regions each year. Additionally, a slowdown in internal migration rates across the regions has helped to ease the demand side pressures on housing.”
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
