Property Of The Week: 5 Mitchell Street, North Bondi, NSW
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Property Of The Week: 5 Mitchell Street, North Bondi, NSW

The ideal family home in a sought-after location.

By Terry Christodoulou
Fri, Feb 12, 2021 5:07amGrey Clock < 1 min

The dusty adage of ‘location, location, location’ certainly rings true for this North Bondi residence.

Located within walking distance of the beach and Seven Ways shopping precinct as well as local eateries, this 5-bedroom, 3-bathroom, 2-car parking home is the ideal family offering.

Set on a wide-fronted block offering 251sqm, the free-flowing spaces are split across two floors.

Inside presents a newly refreshed home with polished timber floors and new carpet. The living room and kitchen offers classically high ceilings – the latter fitted with an island connecting to the spacious dining area.

It’s also here that the oversized windows overlook the garden and the lead out to the alfresco dining terrace.

All five double bedrooms offer built-ins while the master bedroom is set with an ensuite, walk-in-robe and private balcony access.

Elsewhere the home offers three bathrooms and an internal laundry.

Further, the home offers a workshop or storage area – with the scope to convert – along with an attic.

Ducted air condition is available in five zones, with ceiling fans throughout the home supplementing the air flow.

The listing is with PPD Real Estate’s Mary Anne Cronin (+61 411 773 646) and Jane Lomax (+61 410 465 277) and is headed to auction February 27. Price guide; $2.9m. 

Ppdre.com.au

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Amid looming rate rises, there are reasons to be cheerful as mortgage holders head into 2023

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Mortgage holders should brace themselves for more pain as the Reserve Bank of Australia board prepares to meet tomorrow for the first time this year.

Most economists and the major banks are predicting a rise of 25 basis points will be announced, although the Commonwealth Bank suggests that the RBA may take the unusual step of a 40 basis point rise to bring the interest rate up to a more conventional 3.5 percent. This would allow the RBA to step back from further rate rises for the next few months as it assesses the impact of tightening monetary policy on the economy.

The decision by the RBA board to make consecutive rate rises since April last year is an attempt to wrestle inflation down to a more manageable 3 or 4 percent. The Australian Bureau of Statistics reports that the inflation rate rose to 7.8 percent over the December quarter, the highest it has been since 1990, reflected in higher prices for food, fuel and construction.

Higher interest rates have coincided with falling home values, which Ray White chief economist Nerida Conisbee says are down 6.1 percent in capital cities since peaking in March 2022. The pain has been greatest in Sydney, where prices have dropped 10.8 percent since February last year. Melbourne and Canberra recorded similar, albeit smaller falls, while capitals like Adelaide, which saw property prices fall 1.8 percent, are less affected.

Although prices may continue to decline, Ms Conisbee (below) said there are signs the pace is slowing and that inflation has peaked.

“December inflation came in at 7.8 per cent with construction, travel and electricity costs being the biggest drivers. It is likely that we are now at peak,” Ms Conisbee said. 

“Many of the drivers of high prices are starting to be resolved. Shipping costs are now down almost 90 per cent from their October 2021 peak (as measured by the Baltic Dry Index), while crude oil prices have almost halved from March 2022. China is back open and international migration has started up again. 

“Even construction costs look like they are close to plateau. Importantly, US inflation has pulled back from its peak of 9.1 per cent in June to 6.5 per cent in December, with many of the drivers of inflation in this country similar to Australia.”

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