Prestige Property: 10 Wentworth Street, Dover Heights, NSW
A cliffside architectural masterwork heads to auction.
2 min
Welcome to the ‘Lighthouse’ — a landmark home by acclaimed architect Peter Stutchbury and winner of the Wilkinson Award for residential property.
Showcasing a site-specific design that complements its clifftop location in Sydney’s coveted Dover Heights, the four-bedroom residence — complete with large double lock-up garage and three bathrooms — is a heady combination of modern glamour, raw materials and elevated finishes.
Throughout the home, themes of raw concrete on the ceiling, floors and coordinating columns are paired with timber finishes in the kitchen, central staircase and panelled details dotted within the property.
It’s a theme that extends to the home’s outer, offering sweeping views of the Pacific Ocean and Sydney Heads with its curved, concrete exterior mimicking the shape of the cliffs upon which it is set.
The two-level home sees a lower living, dining and kitchen space that is glass on all sides bringing in plenty of light and ocean views. The home features multiple sliding doors that allow seamless access to the ocean-view lawn, inner pool courtyard and further wide terrace.
Within the residence comes the kitchen, fitted with marble benches, Mile gas and induction cooking plus timber flooring underfoot.
Accommodation is located on the upper level, where a lavish main bedroom gazes across the ocean and features large built in/walk-in robes and opens to a private terrace.
Elsewhere a secluded second bedroom offers privacy with an adjoining norther-east facing sitting room or additional bedroom.
A third bedroom could be used as a large bedroom or relaxed living/study space with views across to the surf at Bondi Beach.
Further highlights include the upper double bathroom — a vast space with separate amenities and featuring a central skylight that skewers the centre of the room down to the lower courtyard pool.
The aforementioned pool, courtyard and outdoor entertaining areas further elevate the home’s functionality.
The listing is with Sydney Sotheby’s International Realty’s Michael Pallier (+61 4127 371 522) and is headed to auction on Wednesday 16 February. Sydneysothebysrealty.com
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
New research suggests spending 40 percent of household income on loan repayments is the new normal
3 min
Requiring more than 30 percent of household income to service a home loan has long been considered the benchmark for ‘housing stress’. Yet research shows it is becoming the new normal. The 2024 ANZ CoreLogic Housing Affordability Report reveals home loans on only 17 percent of homes are ‘serviceable’ if serviceability is limited to 30 percent of the median national household income.
Based on 40 percent of household income, just 37 percent of properties would be serviceable on a mortgage covering 80 percent of the purchase price. ANZ CoreLogic suggest 40 may be the new 30 when it comes to home loan serviceability. “Looking ahead, there is little prospect for the mortgage serviceability indicator to move back into the 30 percent range any time soon,” says the report.
“This is because the cash rate is not expected to be cut until late 2024, and home values have continued to rise, even amid relatively high interest rate settings.” ANZ CoreLogic estimate that home loan rates would have to fall to about 4.7 percent to bring serviceability under 40 percent.
CoreLogic has broken down the actual household income required to service a home loan on a 6.27 percent interest rate for an 80 percent loan based on current median house and unit values in each capital city. As expected, affordability is worst in the most expensive property market, Sydney.
Sydney
Sydney’s median house price is $1,414,229 and the median unit price is $839,344.
Based on 40 percent serviceability, households need a total income of $211,456 to afford a home loan for a house and $125,499 for a unit. The city’s actual median household income is $120,554.
Melbourne
Melbourne’s median house price is $935,049 and the median apartment price is $612,906.
Based on 40 percent serviceability, households need a total income of $139,809 to afford a home loan for a house and $91,642 for a unit. The city’s actual median household income is $110,324.
Brisbane
Brisbane’s median house price is $909,988 and the median unit price is $587,793.
Based on 40 percent serviceability, households need a total income of $136,062 to afford a home loan for a house and $87,887 for a unit. The city’s actual median household income is $107,243.
Adelaide
Adelaide’s median house price is $785,971 and the median apartment price is $504,799.
Based on 40 percent serviceability, households need a total income of $117,519 to afford a home loan for a house and $75,478 for a unit. The city’s actual median household income is $89,806.
Perth
Perth’s median house price is $735,276 and the median unit price is $495,360.
Based on 40 percent serviceability, households need a total income of $109,939 to afford a home loan for a house and $74,066 for a unit. The city’s actual median household income is $108,057.
Hobart
Hobart’s median house price is $692,951 and the median apartment price is $522,258.
Based on 40 percent serviceability, households need a total income of $103,610 to afford a home loan for a house and $78,088 for a unit. The city’s actual median household income is $89,515.
Darwin
Darwin’s median house price is $573,498 and the median unit price is $367,716.
Based on 40 percent serviceability, households need a total income of $85,750 to afford a home loan for a house and $54,981 for a unit. The city’s actual median household income is $126,193.
Canberra
Canberra’s median house price is $964,136 and the median apartment price is $585,057.
Based on 40 percent serviceability, households need a total income of $144,158 to afford a home loan for a house and $87,478 for a unit. The city’s actual median household income is $137,760.
This stylish family home combines a classic palette and finishes with a flexible floorplan
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