Prestige Property: 63 Irving Road, Toorak, VIC
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Prestige Property: 63 Irving Road, Toorak, VIC

Inside this contemporary Toorak pile.

By Terry Christodoulou
Fri, Oct 1, 2021 2:42pmGrey Clock < 1 min

Touted as an address that took ‘the best’ as its starting point and elevated it to spectacular new heights comes this luxurious four-level home.

Located in Melbourne’s most desirable suburb, Toorak, the 5-bedroom, 6-bathroom, 8-car garage home sees a heady combination of stone finishes, floor-to-ceiling glass, soaring ceiling heights dotted with architectural ‘wow moments’ to form a truly unique offering.

Inside, the alluring design is highlighted by a stunning spiral staircase and terrazzo flooring throughout. Here, the open-plan design includes a kitchen that’s fitted with Miele appliances, a butler’s pantry and sees a striking marble benchtop and flows seamlessly to the alfresco space.

Outside, just off the dining area is a covered pool and spa. blurring the lines between indoor and outdoor spaces.

Also on the ground floor are four of the five bedrooms – each of which is completed with walk-in robes and ensuites alongside access to a covered outdoor area.

Of the four bedrooms on the ground level, the main bedroom sees an expansive dressing room sure to leave an impression and a large ensuite fitted with further marble adornment.

The fifth bedroom is located on the first floor as its own retreat alongside a lounge.

Accompanying the aforementioned spiral staircase is a silent central lift that links all four levels including a roof-top retreat, complete with kitchenette, built-in bar fridges and terrace views towards Melbourne CBD.

Downstairs on the lowest level, the basement accommodates a versatile gym or cellar, billiards room and secure garaging for the astute car collector.

The listing is with Abercromby’s Real Estate Sam Goddard (+61 448 870 454) and Bill Xian (+61 434 242 680). Price guide; $15.5 million – $17 million. abercrombys.com.au



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This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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How much income is required to service a mortgage? It depends on where you live

New research suggests spending 40 percent of household income on loan repayments is the new normal

By Bronwyn Allen
Thu, Apr 25, 2024 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.

 

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Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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