BLOCKBUSTER CRED MAKES THIS HOME A STAR
This Surrey Hills stunner has starred alongside Zac Efron and John Cena. Now the five-bedroom showpiece is ready for its next leading role.
2 min
Every house claims to be picture-perfect when it hits the market, but this grand five-bedroom home in Melbourne’s Surrey Hills has Hollywood’s stamp of approval.
The contemporary two-storey house was hand-picked by movie location scouts to feature in the $80 million Zac Efron-driven film, Nicky Stanicky.
Out last year, the movie also stars former pro-wrestler turned Hollywood heavyweight John Cena and Academy Award nominee William H Macy. Set in Providence, Rhode Island, with scenes in Atlantic City and New Jersey, the production was actually filmed in various Melbourne suburbs.
The modern suburban residence has all the hallmarks of a US family home, with its Hamptons-style facade and vast proportions measuring 650sq m of internal space.
Just listed with Kay & Burton Boroondara team, Scott Patterson, Walter Dodich and Jacqui Bendall, the Norfolk Rd property is set to go under the hammer on August 23 with a price guide of $5.5 million to $5.9 million.
After appearing on the big screen, the home has piqued the interest of several filmmakers (including Neighbours producers before the show was axed) and is still on the books to feature in other filming projects, if the new owners are keen to play the role.
In Australia, private residences can earn between $1000 and $5000 a day when used in the media – from magazine shoots to blockbuster movies.
The 2016 house sits on a 996sq m block and is home to a versatile floor plan with multiple entertaining spaces over both levels.
On the spacious ground floor, there is a central family room with an Escea fireplace anchoring the footprint, with an adjoining state-of-the-art Gaggenau and Miele kitchen that has a butler’s pantry, an expansive stone island bench, pyrolytic and steam ovens, an integrated coffee machine, a dishwasher, and a Vintec wine fridge.
A large dining room with bespoke wine storage opens via stacker doors to an undercover alfresco area with ceiling fans, a built-in Zeigler & Brown barbecue, sink, and a fridge for all weather gatherings around the pool and half basketball court.
This lower level also houses a dramatic entryway crowned with a 4m void, a formal lounge room with another fireplace, a separate study overlooking the pool area, powder room, and a primary bedroom featuring a walk-in wardrobe, a bath ensuite, and an illuminating skylight.
Upstairs, there are four more spacious bedrooms, including one with a two-way wardrobe and bathroom. Additionally, the level has a full family bathroom, a powder room, a walk-in linen press featuring a handy chute to the laundry below, and a huge media room or kids’ breakout space.
Other attributes of the Melbourne property include a poolside cabana with toilet and outdoor shower, French oak parquet floors, zoned central air-conditioning, ducted vacuuming, a security alarm, in-built speakers, automatic blinds, front electric gates, and an internal remote-control double garage.
Close to Union Station, the property is near sought-after schools, Surrey Hills cafes and shops, as well as Wattle Park, Deakin University, and Box Hill Central.
Kay & Burton agent Scott Patterson is auctioning 14 Norfolk Road, Surrey Hills on August 23 at 2pm with the indicative price guide of $5.5 million to $5.9 million.
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As Australia accelerates apartment construction, investors face a critical decision between high-rise living and land-backed homes.
3 min
Australia’s housing shortage has long positioned real estate as a cornerstone of wealth creation. But as governments push to deliver 1.2 million new homes, many of them high-rise apartments, investors are increasingly weighing whether vertical living offers the same long-term returns as traditional houses.
While apartments offer lower entry prices and strong rental demand in key locations, critics warn that strata costs, oversupply and lack of land ownership can undermine long-term capital growth.
LOCATION AND LIFESTYLE DRIVE DEMAND
Company RE chief executive Marcus Buskey says thoughtfully designed high-rise developments in lifestyle precincts can deliver strong returns, particularly in premium coastal markets.
Demand remains robust across the Gold Coast and inner-city Brisbane, driven by downsizers, professionals and interstate buyers seeking convenience and lifestyle.
“Apartments in premium Gold Coast areas like Mermaid Beach, Broadbeach and Burleigh Heads have consistently demonstrated capital growth, driven by limited availability, desirability of location and ongoing demand from lifestyle-focused buyers,” Buskey says.
He adds that quality, exclusivity, views and proximity to amenities remain critical factors influencing performance.
MELBOURNE MARKET SHOWS MIXED SIGNALS
Melbourne project marketing specialist Jon Ellis, founder of The Move, says apartments continue to dominate transactions, accounting for 360 of his last 400 sales.
However, he warns not all developments perform equally.
“Some lower-grade apartments in Melbourne may never go back up to the sales price they were achieving a few years ago,” Ellis says.
He notes that construction costs have risen sharply, making it harder to deliver strong investment yields. Yet demand remains strong for well-executed developments.
“Investors purchasing an apartment for $600,000 need to get about $600 a week in rent. If you can get that right and prove it, demand for apartments certainly outstrips residential houses.”
THE LAND FACTOR REMAINS CRITICAL
Like all investment opportunities, others favour a freestanding home over a high-rise apartment.
“In my opinion, the only people who make money from high-rise apartments are the developers who build and sell them,” buyers’ agent Gianni Musumeci says.
For this reason, the Sydneysider steers investors away from high-rise apartments. “While they may appear to be an appealing investment on the surface with attractive guarantees, modern designs and convenient locations at somewhat lower entry points, high-rise apartments are, in my view, rarely a good investment,” Musumeci, of Leverage Property Advisers, says.
“This is especially the case when compared to standard residential homes in suburban markets, primarily due to the overwhelmingly high supply of apartments, the high level of cash flow expenses, the number of defects commonly found in high-rise buildings and the cost to remediate them, as well as the lack of land ownership, which is the primary driver of capital growth.”
“Economics 101 tells us that capital growth is achieved when diminishing supply meets increasing demand. The issue with high-rise apartments is that they’re typically built in areas with overwhelming supply, and often, that supply exceeds demand,” he says.
“These developments are usually located around major transport hubs, and as a result, if you’re looking to buy in one of these areas, you’re competing with dozens or even hundreds of similar listings.”
“Apartments are far easier to mass produce because the only restriction is how high you can build. You can’t expect strong growth in a market that’s saturated. In contrast, standalone residential homes are limited by land availability,” Musumeci says.
WEALTH CREATOR FAVOURS FREEHOLD PROPERTY
Entrepreneur and investor Scott O’Neill, who has amassed a combined net worth of $153 million with his wife Mina, says his personal experience has reinforced the benefits of freehold ownership.
He owned a high-rise apartment early in his investing journey but sold it after two years.
“The yields can vary significantly, ranging from four to seven per cent, but that’s before accounting for sinking funds and strata fees. Your net returns often drop to between one and two per cent,” O’Neill says.
He says oversupply and rising strata costs can further weaken performance.
“Most long-term property owners end up selling high-rise apartments in favour of freehold properties.”
INVESTMENT DECISION DEPENDS ON STRATEGY
Despite the risks, apartments can still deliver strong results when chosen carefully.
Experts agree that location, developer quality, supply levels and long-term demand are critical factors.
While houses continue to offer superior land value and long-term growth potential, apartments can provide attractive yields and accessibility for investors seeking exposure to high-demand urban markets.
Ultimately, the right investment depends on an investor’s strategy, time horizon and appetite for risk.
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