Prestige Property: 7 Hillside Avenue, Vaucluse, NSW
A rare trophy home in Sydney’s east hits the market.
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Set in a truly enviable setting, this hillside pile in Sydney’s blue-ribbon suburb Vaucluse arrives with sweeping vistas of the eastern suburbs and harbour.
Designed by Howard Tanner of DKT architects in the early ’00s, the nearly 2000sqm site sees a 7-bedroom, 7-bathroom, 10-car parking mansion offering unadulterated luxury at every turn.
The home boasts natural stone flooring and timber underfoot, with soaring ceilings and extensive use of glass used to form its character.
Making the most of the home’s lofty location, the design maximises the views and embraces its many courtyards and manicured gardens designed by Paul Bangay.
A grand entry foyer welcomes one into the home, here the double0heigh ceiling is warped in glass while showcasing the grand two-way staircase.
All the living areas are found on the ground floor. Here, the formal dining is elegance exemplified with an ambient gas fireplace and French doors to the gardens.
Also on this level is the kitchen. Built for entertainers, it features a Corian benchtop, enormous island bench, an array of appliances including an eight burner Barazza cooktop. A butlers’ pantry is also found here.
Four spacious bedrooms alongside a family room comprise the upper level. The lavish master boasts a glamorous ensuite – replete with marble – and freestanding bath, ‘his’ and ‘hers’ walk-in-robes, the latter with more breathtaking views.
Downstairs, the basement sees a 10-car garage – perfect for the avid car collector – with an expansive cellar.
Elsewhere the home features a gym on the ground floor, well-appointed office and a separate guest house complete with its own kitchenette, living and bathroom.
Outside is where the home really shines, with a poolside terrace making it easy to lounge and enjoy the surrounds. Here, a powder room is accessible through the terrace and is adjoined by a Wisteria clad arbour.
The home is found in an exclusive cul-de-sac setting and is close to Kincoppal Rose Bay School, Hermitage Foreshore reserve and within walking distance of Rose Bay’s vibrant village centre.
The property is listed with Ken Jacobs (+61 407 190 152) of Christie’s International Real Estate. Price guide $38m; hillsideavenue.cve.io
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Philip Lowe’s comments come amid property industry concerns about pressures on mortgage holders and rising rents
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Leaders in Australia’s property industry are calling on the RBA to hit the pause button on further interest rate rises following yesterday’s announcement to raise the cash rate to 4.1 percent.
CEO of the REINSW, Tim McKibbin, said it was time to let the 12 interest rate rises since May last year take effect.
“The REINSW would like to see the RBA hit pause and allow the 12 rate rises to date work their way through the economy. Property prices have rebounded because of supply and demand. I think that will continue with the rate rise,” said Mr McKibbin.
The Real Estate Institute of Australia today released its Housing Affordability Report for the March 2023 quarter which showed that in NSW, the proportion of family income required to meet the average loan repayments has risen to 55 percent, up from 44.5 percent a year ago.
Chief economist at Ray White, Nerida Conisbee, said while this latest increase would probably not push Australia into a recession, it had major implications for the housing market and the needs of ordinary Australians.
“As more countries head into recession, at this point, it does look like the RBA’s “narrow path” will get us through while taming inflation,” she said.
“In the meantime however, it is creating a headache for renters, buyers and new housing supply that is going to take many years to resolve.
“And every interest rate rise is extending that pain.”
In a speech to guests at Morgan Stanley’s Australia Summit released today, Governor Philip Lowe addressed the RBA board’s ‘narrow path’ approach, navigating continued economic growth while pushing inflation from its current level of 6.8 percent down to a more acceptable level of 2 to 3 percent.
“It is still possible to navigate this path and our ambition is to do so,” Mr Lowe said. “But it is a narrow path and likely to be a bumpy one, with risks on both sides.”
However, he said the alternative is persistent high inflation, which would do the national economy more damage in the longer term.
“If inflation stays high for too long, it will become ingrained in people’s expectations and high inflation will then be self-perpetuating,” he said. “As the historical experiences shows, the inevitable result of this would be even higher interest rates and, at some point, a larger increase in unemployment to get rid of the ingrained inflation.
“The Board’s priority is to do what it can to avoid this.”
While acknowledging that another rate rise would adversely affect many households, Mr Lowe said it was unavoidable if inflation was to be tamed.
“It is certainly true that if the Board had not lifted interest rates as it has done, some households would have avoided, for a short period, the financial pressures that come with higher mortgage rates,” he said.
“But this short-term gain would have been at a much higher medium-term cost. If we had not tightened monetary policy, the cost of living would be higher for longer. This would hurt all Australians and the functioning of our economy and would ultimately require even higher interest rates to bring inflation back down.
“So, as difficult as it is, the rise in interest rates is necessary to bring inflation back to target in a reasonable timeframe.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
