Prestige Property: 5/383 Mandalay Road, Airlie Beach QLD
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Prestige Property: 5/383 Mandalay Road, Airlie Beach QLD

An expansive mansion at the edge of the Coral Sea

By Terry Christodoulou
Fri, Jul 9, 2021 4:46pmGrey Clock < 1 min

Private and palatial, Mandalay House is one of Australia’s finest waterfront residences set on the sweeping Coral Sea and backed by National Park.

The Mediterranean inspired residence – complete with Venetian plastering, sandstone outdoor tiling and terracotta inspired roof –  took 3.5 years to construct and rests on a 4242sqm plot with 2649sqm of living offering 7-bedrooms, 9-bathrooms, 5-car garage.

The north-west facing home sees magnificent gardens, terraces and a resort-inspired horizon pool that overlooks the waters towards the Great Barrier Reef and Whitsunday Islands.

Inside, the home is opulently appointed with marble finishes, parquet inspired tiling, high ceilings, custom joinery, expansive living and sitting areas and banquet-sized dining.

Further, the home’s kitchen offers a marble-topped space complete with Miele appliances, a butler’s pantry and cold room.

Upstairs the home is complete with a 144sqm master retreat with lavish ensuite, further views a fireplace and 52sqm of robes with dressing room.

Elsewhere, six king-sized bedrooms with ensuite and sitting, car accommodation for five and lift access between all the levels rounds out the home’s offerings.

Enjoy the location with a private marina with rock walls, jet ski bats, private boatshed and helipad – ideal for hopping between all the islands.

Back within the confines of the home sees a home theatre with tiered seating and a gymnasium while a climate-controlled cellar alongside a tasting room and games room.

A caretaker’s cottage is also found on the grounds.

New owners will be able to fly to any of the three airports nearby and enjoy the world-famous Dent Island golf course, idyllic surrounds of the Great Barrier Reef and all the Whitsundays has to offer.

The listing is with Ray White Whitsunday’s Mark Beal and Christie’s International’s Ken Jacobs (+61 407 190 152), price guide; over $20 million. raywhitewhitsunday.com / prestigehomes.com.au

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Data reveals house values have continued to decrease, but the rate has slowed as the RBA Board prepares to meet next week

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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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