Historic heritage Freemantle home on the market
A landmark Trades Hall reborn as a grand private residence, 6 Collie St blends century-old heritage with bold contemporary luxury in the heart of the West End.
2 min
The numbers 8 8 8 gracing the facade at Fremantle’s former Trades Hall aren’t a mark of the historic building’s address, or even the year of construction.
The digits are a nod to the labour movement’s motto of eight hours work, eight hours rest and eight hours leisure. It’s a symbolic welcome to a heritage home with a big story to tell and plenty of space to work, rest and play.
Few residences capture the spirit of a city quite like 6 Collie St, in Fremantle’s vibrant West End. Since its foundation stone was laid in 1901 by Western Australia’s first Premier, Sir John Forrest, the period property has lived several colourful lives.
Originally the headquarters of the trades and labour movement, the 701 sq m site was sold for $21,000 in 1968, when it became a popular music hall. By the early 1980s, it had been turned into a landmark restaurant known as Zorba the Buddha, operated by the Rajneeshee – aka the controversial Orange People.
Then the block became Club Le Maschere, a high-society Italian restaurant and bar, made famous after the America’s Cup win, when, in December 1986, it even earned a glowing review in the LA Times. Later, the two-storey building served as a convention centre until it was transformed into one of Fremantle’s most iconic private residences in 2009.
The Collie St home last sold in 2022 for $5.5 million, but is now seeking new custodians. Michael Harries and Kat Goddard of Ray White Dethridge Groves have listed it via an expressions of interest campaign, expecting in the “high $7 millions”.
Beyond the marble-floored portico, arched niches still display the workers’ organisations that once filled the hallowed halls. The remainder of the home, however, has been transported into the 21st Century through a sophisticated interior makeover.
At ground level, there is a ballroom-sized multipurpose workspace framed by tall curved windows, intricate pressed tin ceilings, stately bookcases salvaged from the old Battye Library, a kitchenette, and a bathroom. The vast space flows out to a private courtyard with sheltered seating and a sculptural pond.
Across the hallway, the main bedroom features a fireplace and a palatial ensuite with a freestanding tub. The same floor also houses two more bedrooms, a media room, and a laundry room.
Upstairs, via a meticulously restored sweeping jarrah staircase, the primary living level is a grand open-plan lounge and dining zone with cathedral-style ceilings. The contemporary commercial-grade kitchen features a large butler’s pantry and two work islands.
Additionally, there is another bedroom with an ensuite, an internal deck with a plunge pool overlooking Esplanade Park, plus three Juliet balconies.
In total, there are four bedrooms, with the possibility of a fifth, artwork lighting systems, CCTV security and alarm, climate control, electronic blinds, and off-street parking for three cars.
Sitting across the road from the Esplanade Hotel, this rare residence is also within walking distance of Bathers Beach, museums, galleries and sought-after restaurants.
The unique heritage home at 6 Collie St, Freemantle is for sale via an expressions of interest campaign with Harries and Kat Goddard of Ray White Dethridge Groves.
As interest rates, inflation and market sentiment fluctuate, investors are being urged to focus on data, not panic.
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The Federal Budget has created a supply freeze that could push rents higher, reduce investment and hand more of Australia’s housing stock to offshore institutions.
4 min
For months, I have been one of the few commentators openly stating what the data was already showing: property prices had begun to fall.
The latest figures confirm it. Cotality’s June 1 Home Value Index showed Sydney values down 0.9 per cent in May and Melbourne down 0.8 per cent. ANZ has cut its national capital city forecast to 2.8 per cent growth this year, down from 4.8 per cent in April. CBA has also downgraded its outlook.
So the Federal Budget arrived at the worst possible time, with the wrong prescription, to treat a problem it fundamentally misunderstands.
Treasurer Jim Chalmers has suggested that making it easier for first-home buyers to get a fair crack at auctions is a good thing. The reality is more complicated.
Driving property prices down does not simply hand a discount to first-home buyers. It affects the 1.4 million Australians employed by the property sector, the 67 per cent of household wealth tied to housing, and the state government revenues that fund schools, hospitals and roads.
The government had a choice: tackle supply constraints, link migration growth to housing completions and reduce spending, or increase taxes on property investors. It chose the latter.
Property is an economic pillar
Property is not simply another investment class. It contributes about 10.6 per cent of GDP directly, up to 15 per cent when flow-on effects are included, and employs more than 1.4 million Australians. It also generates more tax revenue than mining and underpins consumer confidence through the wealth effect.
Against that backdrop, the Budget removed negative gearing from established residential properties purchased after Budget night and replaced the 50 per cent capital gains tax discount with cost-base indexation and a 30 per cent minimum tax from July 1, 2027.
The government calls this fairness. I call it a misdiagnosis.
The grandfathering trap
The policy is also internally contradictory.
Properties purchased before Budget night are grandfathered, allowing existing investors to retain full negative gearing and capital gains tax benefits until they sell. The logical response is simple: hold.
That means fewer properties coming onto the market, fewer rental listings and reduced transaction volumes.
The result is likely to be higher rents, reduced stamp duty revenue and further inflationary pressure at a time when the Reserve Bank remains focused on bringing inflation under control.
The government is attempting to fight inflation with one hand while fuelling it with the other.
Who really owns investment properties?
What is often lost in this debate is who Australia’s property investors actually are.
According to ATO data, 71 per cent of investors own just one investment property. They are not wealthy property moguls.
They are teachers, nurses, police officers and small business owners who have purchased an investment property as part of their retirement strategy.
For many Australians, property remains the most tangible and trusted pathway to building long-term wealth.
Removing the incentives that supported that investment does not hurt a billionaire developer. It hurts ordinary Australians trying to secure their financial future.
Investors aren’t the affordability problem
It is true that housing affordability has deteriorated significantly over the past two decades. However, negative gearing is not the primary cause.
Research by economists Ross Kendall and Peter Tulip found planning and zoning restrictions significantly increase housing costs.
Their work showed zoning lifted detached house prices well above marginal construction costs in Sydney, Melbourne, Brisbane and Perth.
Low interest rates, strong population growth, chronic under-supply and restricted access to development-ready land have all played a much larger role in pushing prices higher.
Punishing private investors does nothing to address these structural issues.
The Build-to-Rent advantage
At the same time the government is reducing incentives for Australian investors, it has created a more attractive tax environment for foreign institutional capital through Build-to-Rent projects.
Under current arrangements, foreign institutional investors can access a 15 per cent withholding tax rate through Managed Investment Trusts, accelerated depreciation benefits and exemptions from the new negative gearing restrictions.
State governments have added further concessions, including land tax reductions and exemptions from foreign investor surcharges.
Australian mum-and-dad investors receive none of these advantages.
The cumulative effect is striking. Foreign institutions can access a range of tax benefits unavailable to Australian private investors, while local investors lose concessions they have relied upon for decades.
This is not solving the housing crisis. It risks transferring ownership of Australia’s rental housing stock from local investors to offshore institutions.
Why state governments should worry
There are already signs these changes are affecting the credit cycle.
Major banks are removing negative gearing benefits from serviceability calculations for investment loans.
As market conditions soften, lenders become more cautious and investors find it harder to secure finance.
That matters because property transactions are a major source of state government revenue.
In NSW alone, transfer duty generates more than $12 billion annually. If transaction volumes fall significantly, the impact on state budgets will be substantial.
The consequences extend beyond stamp duty to GST collections, payroll tax receipts and land tax revenue.
The 95 per cent loan trap
There is another aspect of the Budget that concerns me.
The government has expanded first-home buyer deposit guarantee schemes, allowing eligible purchasers to buy with a five per cent deposit backed by the Commonwealth.
The intention is admirable. The timing may not be.
If prices in Sydney and Melbourne fall further, buyers entering the market with 95 per cent loan-to-value mortgages could quickly find themselves in negative equity.
They become trapped. They cannot sell without crystallising a loss, while the taxpayer guarantees the loan and the bank remains protected.
That is not wealth creation. It is a debt obligation.
After three decades working with debt and investment, I would never encourage my own children to borrow at a 95 per cent loan-to-value ratio.
A policy built on politics
The government had an opportunity to address the housing crisis by encouraging supply, reforming planning systems and reducing development costs.
Instead, it chose Robin Hood politics.
The optics may be appealing, but the economics are not.
Australians may ultimately pay the price through higher rents, weaker investment and a future in which an increasing share of the nation’s housing stock is owned by offshore institutions rather than local investors.
Paul Miron is the Co-Founder & Fund Manager of Msquared Capital.
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