Prestige Property: 8 Wonderland Avenue, Tamarama, NSW
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Prestige Property: 8 Wonderland Avenue, Tamarama, NSW

A glamorous slice of L.A. in Sydney’s eastern suburbs.

By Terry Christodoulou
Fri, Aug 13, 2021 2:57pmGrey Clock < 1 min

If location is everything in real estate, this family residence overlooking Sydney’s Tamarama Beach has it all.

The recently built, 5-bedroom, 4-bathroom, 2-car home – designed by renowned architect Smyth and Smyth – sees spacious light filled, open plan interiors met with wondrous views over Tamarama.

The residence’s free-flowing living and dining areas spill out to expansive private entertainer’s terrace from the gourmet kitchen, connecting to the lawn and poolside space.

The home sees a combination of light, European oak flooring and polished concrete underfoot complemented by floor-to-ceiling glazing that brings the stunning beachside views indoors.

The kitchen is finished with a dolomite natural stone benchtop and Gaggenau appliances and is supplemented with a butler’s pantry.

Elsewhere, the home’s accommodation consists of four bedrooms on the upper level. Here, the master suite offers a walk-in-robe, luxury ensuite – tiled in dogal grey marble – with balcony and ocean views.

On the lower level, adjoining the two-car garage, arrives a separate self-contained apartment with separate entry, kitchen, bathroom, laundry and storage.

Outside, beyond the decking, comes the alkaline swimming pool, spa and poolside cabana complemented by the full bathroom and external hot water shower.

Additionally, a car turntable makes life that little bit easier when leaving.

The contemporary residence is conveniently located within a tightly-held and much sought after family neighbourhood, a short walk to Tamarama Beach, local cafes and public transport.

The listing is with Michael Pallier (+61 417 371 522) and Mary Lin ( +61 401 512 207) of Sydney Sotheby’s International; $18 million. sydneysothebysrealty.com.au

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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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