Property Of The Week: 6 Desaumarez St, Kensington Park, SA
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Property Of The Week: 6 Desaumarez St, Kensington Park, SA

An inviting character home heads to auction.

By Terry Christodoulou
Wed, May 26, 2021 2:28pmGrey Clock < 1 min

Located on the quiet, English Oak tree-lined Desaumarez street in the eastern suburbs hot spot of Adelaide’s Kensington Park is this warm, character residence reborn.

Built circa 1926, the home has been extensively renovated and sees 3-bedrooms, 2-bathrooms and 1-garage.

On arrival, one notes the privacy offered through manicured hedges and the handbuilt wooden slate gate. Here, entering into the driveway is a Japanese inspired, professionally landscaped garden, replete with Volcanic Basalt pavers, walls and feature boulders.

Upon entry, the home’s charm and immediate warmth is apparent – provided by the polished Tasmanian Oak floorboards and the sunny aspect.

The home meanders from room to room – echoing the kind of serenity found in the gardens. Here, a wide entrance – replete with feature lighting – guides one through to the dining area, which overlooks the established gardens.

The main living spaces are home to a custom “library wall”, gas fireplace in the main lounge, and German designed Paarhammer custom tilt-and turn windows.

It’s also here the kitchen lands, complete with Falcon gas cooker, oven, overhead pot filler and Miele appliances.

A Sonos audio system serves the rear garden, kitchen and dining area, bathroom and main bedroom.

The home is also privy to three bedrooms, with the master bedroom complete with built-in robe, more custom joinery (which houses VAF speakers).

Kensington Park is close to The Parade’s boutique shops, cafes, cinemas, Burnside Village, Marryatville shopping precinct and elite schools including Pembroke, Marryatville and Norwood Morialta.

The listing is headed to auction on June 5 and is managed by Stephanie Williams (+61 413 874 888) of Williams Real Estate. Williamsproperty.com.au



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Thousands of Australian companies on the brink of going into administration as EOFY nears

Along with high inflation and weak consumer spending, there’s another key factor pushing a record number of businesses to the edge

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More than 10,000 companies are expected to have entered external administration by the end of the 2024 financial year, a level not seen for more than a decade. Data just released by the Australian Securities & Investments Commission (ASIC) shows 1,245 companies became insolvent in May, the highest monthly number this financial year. At present, a total of 9,988 businesses have gone bust in FY24 with data from June yet to be finalised.

Deloitte Access Economics Partner David Rumbens said the surge in business insolvencies this year was a “clear sign of economic distress”.

He commented: “[ASIC] predicts that by the end of the financial year, the number of companies entering external administration will likely exceed 10,000 – a level not seen since 2012-13, in the aftermath of the Global Financial Crisis (GFC).”

Mr Rumbens said the elements contributing to this year’s surge in insolvencies include high inflation and interest rates, weak consumer spending, and the commencement of more proactive tax debt collection activities by the Australian Taxation Office (ATO).

“One of the key factors contributing to this surge in insolvencies is the [ATO] pursuing debts that were previously put on hold during the COVID-19 pandemic,” he said.

Mr Rumbens cited ATO figures showing collectable debt rose 89 percent in the four years to June 2023. This has particularly impacted small businesses, which account for approximately 65 percent of the total debt owed at about $33 billion. “But more strictly enforced debt collection is coming at a time of tough economic conditions. High interest rates and cost-of-living pressures have weakened consumer spending, particularly in more discretionary components of spending.”

The construction sector has seen the highest number of insolvencies by far in FY24, mirroring the trend of FY23. Of the 9,988 insolvencies to date, 2,711 of them are in the building sector, which faces several challenges. These include a substantial lift in the cost of construction materials that is well above inflation and has made many fixed-price contracts signed within the past few years unprofitable. There is also a significant labour shortage that is delaying new home completions and new project starts, and also adding higher costs to projects.

“The construction sector has been hit particularly hard, with construction firms leading industry insolvencies in every quarter since mid-2021,” Mr Rumbens said. “They have accounted for approximately 25 percent of all insolvencies during this period. The residential construction sector is already facing a backlog of projects to complete as a result of skills and material shortages in recent years, and increased insolvencies in the sector may only exacerbate the problem of housing shortages.”

The ASIC data shows the next biggest industry affected is ‘other services’, which includes a broad range of personal care services such as hair, beauty, dietary, and death care services. The sector has seen 939 insolvencies in FY24. Retail trade is next with 687 insolvencies, followed by professional, scientific and technical services with 585 insolvencies.

“The food & accommodation sector has also experienced a wave of insolvencies. High input costs, worker shortages, and weak consumer sentiment have put pressure on businesses. Specifically, in March, cafés, restaurants, and takeaway businesses accounted for 5.5 percent of total business insolvencies, the highest proportion in the last three years.”

Mr Rumbens pointed out that while the number of insolvencies was high, it represents a lower share of the business sector at 0.33 percent than it did in FY13 when it was 0.53 percent. “This reflects the increase of registered companies in Australia, which has risen from just over two million to 3.3 million since 2012-13. Even so, the continued lift in insolvencies since 2021 highlights the difficult conditions many businesses face at present.”

 

 

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This stylish family home combines a classic palette and finishes with a flexible floorplan

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Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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