Property Of The Week: 6 Crews St, St Kilda East, VIC
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Property Of The Week: 6 Crews St, St Kilda East, VIC

An elevated Victorian cottage is headed for auction.

By Kanebridge News
Mon, Mar 15, 2021 5:58amGrey Clock < 1 min

Stylish, sophisticated and a warm embrace of the past – this astute St Kilda entertainer perfectly melds contemporary living with period perfection.

From the alluring double-fronted street presence, this lovingly restored Victorian cottage offers all ease and elevated liveability across an updated set of three bedrooms and two bathrooms, replete with deck and lush, landscaped rear.

The open plan travertine kitchen boasts views to the garden as well as Smeg appliances and spills to a well-planned north-facing living area bathed in light.

Each bedroom (one featuring original brick fireplace) holds integrated BIRs/storage with the master owning an extensive unit of twin storage alongside a luxury ensuite.

The main bathroom features skylight and soaker bath, with other highlights including clever built-in storage, dedicated laundry room, split heating/cooling system, high ceilings, American Oak floors throughout and off-street parking.

Positioning here is equally desirable – in easy reach of the beach and local cafes, shopping on Carlisle and Chapel Streets and walkable access to trams, trains, Alma Park, Acland Street, St Kilda Primary, St Michaels Grammar and much more.

For auction Saturday March 27 with a guide of $1.55 – $1.6; buxton.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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