Prestige Property: 20 Thompson Street, Tamarama, NSW
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Prestige Property: 20 Thompson Street, Tamarama, NSW

Elevated beachside living in one of Sydney’s most coveted locations.

By Terry Christodoulou
Fri, Feb 11, 2022 1:57pmGrey Clock 2 min

Superlatives are often bandied around in property with little substance. Yet here, in the highly sought-after cul-de-sac end of Thompson Street, overlooking the glamorous Tamarama beach comes a truly unique home.

Designed by award-winning architect Andrew Baroukh, this 4-bedroom, 4-bathroom, 5-car parking home is a rare opportunity to secure a contemporary family sanctuary, minutes from Sydney’s most covetable waters.

Set atop 525sqm of level beachside land, the three-storey home blends seamlessly into its natural surrounds through the extravagant use of glass showing both the coastal views and the sandstone on which the home is built. This is paired with the heady use of limestone floors — fully heated throughout the home — and exposed concrete beams creating a light, calming, neutral palette in the residence.

The open, gleaming upper level of the home sees the seamlessly connected living, dining and kitchen spaces which open out to the terrace via an astonishing 3-metre tall, curved sliding door custom-engineered by A&G and built to cyclone standards.

The kitchen is fitted with custom joinery and sees European appliances and a 5-metre single piece stainless steel benchtop.

The home’s lowest level sees a double lock-up garage paired with a laundry and wet bar (complete with wine storage), a living area and spare bedroom. It’s here one side of the property is flanked by a glass feature that showcases the sandstone.

This area leads outside to the unique garden with level lawn and sundrenched saltwater heated pool, covered entertaining area and built-in barbecue.

From here one can either take the Domus lift, which services each floor, or the polished concrete staircase to the entry-level which houses the accommodation.

It’s here one finds the master suite which is complete by an expansive ensuite, finished with Boyd Alternatives bathtub and vanities and custom joinery that extends into the walk-in dresser.

Further, this level sees another bathroom, a study and two bedrooms.  While other mod-cons include a ducted vacuum system, zoned air conditioning and a Sonos sound system throughout the home.

The listing is with Goodyer Real Estate’s Pauline Goodyer (+61 411 521 888), and while there is no price guide given for this home Robb Report understands the recent sale of the 27 Thompson Street for $25.5 million is being referenced. Goodyer.com.au



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Hong Kong Takes Drastic Action to Avert Property Slump

The city’s real-estate market has been hurt by high interest rates and mainland China’s economic slowdown

By ELAINE YU
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Hong Kong has taken a bold step to ease a real-estate slump, scrapping a series of property taxes in an effort to turn around a market that is often seen as a proxy for the city’s beleaguered economy.

The government has removed longstanding property taxes that were imposed on nonpermanent residents, those buying a second home, or people reselling a property within two years after buying, Financial Secretary Paul Chan said in his annual budget speech on Wednesday.

The move is an attempt to revive a property market that is still one of the most expensive in the world, but that has been badly shaken by social unrest, the fallout of the government’s strict approach to containing Covid-19 and the slowdown of China’s economy . Hong Kong’s high interest rates, which track U.S. rates due to its currency peg,  have increased the pressure .

The decision to ease the tax burden could encourage more buying from people in mainland China, who have been a driving force in Hong Kong’s property market for years. Chinese tycoons, squeezed by problems at home, have  in some cases become forced sellers  of Hong Kong real estate—dealing major damage to the luxury segment.

Hong Kong’s super luxury homes  have lost more than a quarter of their value  since the middle of 2022.

The additional taxes were introduced in a series of announcements starting in 2010, when the government was focused on cooling down soaring home prices that had made Hong Kong one of the world’s least affordable property markets. They are all in the form of stamp duty, a tax imposed on property sales.

“The relevant measures are no longer necessary amidst the current economic and market conditions,” Chan said.

The tax cuts will lead to more buying and support prices in the coming months, said Eddie Kwok, senior director of valuation and advisory services at CBRE Hong Kong, a property consultant. But in the longer term, the market will remain sensitive to the level of interest rates and developers may still need to lower their prices to attract demand thanks to a stockpile of new homes, he said.

Hong Kong’s authorities had already relaxed rules last year to help revive the market, allowing home buyers to pay less upfront when buying certain properties, and cutting by half the taxes for those buying a second property and for home purchases by foreigners. By the end of 2023, the price index for private homes reached a seven-year low, according to Hong Kong’s Rating and Valuation Department.

The city’s monetary authority relaxed mortgage rules further on Wednesday, allowing potential buyers to borrow more for homes valued at around $4 million.

The shares of Hong Kong’s property developers jumped after the announcement, defying a selloff in the wider market. New World Development , Sun Hung Kai Properties and Henderson Land Development were higher in afternoon trading, clawing back some of their losses from a slide in their stock prices this year.

The city’s budget deficit will widen to about $13 billion in the coming fiscal year, which starts on April 1. That is larger than expected, Chan said. Revenues from land sales and leases, an important source of government income, will fall to about $2.5 billion, about $8.4 billion lower than the original estimate and far lower than the previous year, according to Chan.

The sweeping property measures are part of broader plans by Hong Kong’s government to prop up the city amid competition from Singapore and elsewhere. Stringent pandemic controls and anxieties about Beijing’s political crackdown led to  an exodus of local residents and foreigners  from the Asian financial centre.

But tens of thousands of Chinese nationals have arrived in the past year, the result of Hong Kong  rolling out new visa rules aimed at luring talent in 2022.

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