Prestige Property: 2 Lomond Place, Castle Hill, NSW
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Prestige Property: 2 Lomond Place, Castle Hill, NSW

This luxurious pile hopes to break the suburb record.

By Terry Christodoulou
Fri, Nov 26, 2021 2:37pmGrey Clock 2 min

Perched on an elevated position, this three-level, 7-bedroom, 6-bathroom, 5-car bedroom home in Sydney’s Castle Hill captures district views of the famously leafy locale and hopes to break the current suburb record when it goes to auction on December 18.

Located in one of the suburbs most prestigious streets comes a magnificent double-brick masterpiece offering modern grandeur and endless luxury across an impressive 2000sqm block.

Within the home sees grand proportions throughout, further emphasised by the broad tiles used underfoot and the elegant bulkhead detailing above. These modern details combine with the wrought iron staircase to lift the eye and create a sense of space and drama in the home’s foyer.

Beyond the entrance, replete with chandeliers, the home sees palatial formal living and dining areas alongside an open plan living and dining space.

It’s here that the gourmet kitchen, replete with Miele and Smeg appliances, forms the focal point of the home. The ground level sees a secondary kitchen – that acts as a butler’s pantry – complete with a full suite of appliances.

Elsewhere, the home boasts a billiards room, study and home cinema.

Upstairs sees the accommodation, including the 7.4 x 7.9-metre master bedroom, complete with a walk-in-robe and ensuite – the latter adorned with marble details.

The remaining bedrooms all see walk-in robes or built-in robes as well as balcony access for each room.

Outside, the home is privy to a large entertaining area with travertine tiling.

Here, one finds the impressive in-ground pool and shaded lounging area alongside the floodlit championship-sized tennis court and basketball court, making the home ideal for entertaining.

The lower ground level plays host to the five-car garage and guest accommodation, complete with bathroom, kitchenette and separate entrance.

The home is listed with Merc Real Estate’s Mechlenne Douaihy (+61 434 548 435) with an auction set for December 18. Price guide $5.8 million; mercrealestate.com.au



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Property values have experienced strong growth around the country, but there are two highly desirable areas where oversupply is putting downward pressure on sales

By Bronwyn Allen
Tue, Jun 18, 2024 2 min

While property values are rising strongly in most markets across Australia, it’s a vastly different story in Victoria and Tasmania, new data from CoreLogic shows. Over the 12 months to May 31, the median house price lifted just 1.8 percent in Melbourne and fell 0.6 percent in regional Victoria. The median dipped 0.1 percent in Hobart and ticked 0.4 percent higher in regional Tasmania. This is in stark contrast to Perth, where values are up 22 percent, and regional Western Australia, up 14.8 percent; as well as Brisbane, up 16.3 percent, and regional Queensland, up 11.8 percent.

CoreLogic Head of Research, Eliza Owen says an oversupply of homes for sale has weakened prices in Victoria and Tasmania, creating buyers’ markets.

On the supply side, there has been more of a build-up in new listings than usual across Victoria, even where home value performance has been relatively soft,” Ms Owen said. Victoria has also had more dwellings completed than any other state and territory in the past 10 years, keeping a lid on price growth. The additional choice in stock means vendors have to bring down their price expectations, and that brings values down.”

Melbourne dwelling values are now four percent below their record high and Hobart dwelling values are 11.5 percent below their record high. Both records were set more than two years ago in March 2022. The oversupply has also affected how long it takes to sell a property. The median days on market is currently 36 in Melbourne and 45 in Hobart compared to a combined capitals median of 27. It takes 55 days to sell in regional Victoria and 64 days in regional Tasmania compared to a combined regional median of 42 days.

Changes in population patterns have also contributed to higher numbers of homes for sale in recent years. Since COVID began in early 2020, thousands of families have left Melbourne because working from home meant they could buy a bigger property in more affordable areas. While many relocated to regional Victoria, a significant proportion left the state altogether, with South-East Queensland a favoured destination. Meantime, Tasmania’s surge in interstate migration during FY21 was short-lived. Data from the Australian Bureau of Statistics shows the island state has recorded a net loss of residents to other states and territories every quarter since June 2022.

Record overseas migration has more than offset interstate migration losses, thereby keeping Victoria’s and Tasmania’s populations growing. However, the impact of migrants on housing is largely seen in the rental market, so this segment of population gain has done little to support values. Growth in weekly rents has been far stronger than growth in home values over the past year, with rents up 9 percent in Melbourne and 4.8 percent in regional Victoria, and up 1 percent in Hobart and 2.7 percent in regional Tasmania.

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