Prestige Property: 10 Wentworth Street, Dover Heights, NSW
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Prestige Property: 10 Wentworth Street, Dover Heights, NSW

A cliffside architectural masterwork heads to auction.

By Terry Christodoulou
Fri, Jan 7, 2022 11:49amGrey Clock 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

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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. 

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