Property Of The Week: 79A Blencowe Street, West Leederville, WA
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Property Of The Week: 79A Blencowe Street, West Leederville, WA

Intelligent living in Perth’s inner-city suburbs.

By Terry Christodoulou
Wed, Apr 28, 2021 4:27pmGrey Clock < 1 min

Modern and chic, this statement home sees a striking combination of raw industrial style, flexible floor plans and intelligent features within one of Perth’s enviable inner-city suburbs.

Generously sized for comfort, the 3-bedroom, 2-bathroom, 2-bedroom two storey home offers streamlined living nearby to Perth’s picturesque Lake Monger.

Street appeal is immediate through the striking façade with low maintenance garden while entry to the home – via the extra-wide hallway to a massive light filled void – reveals soaring ceiling and an open plan layout.

Here, a custom kitchen is complete with Miele appliances, Smeg stovetop and oven and boundless cabinetry.

The meals area flows to the expansive downstairs living room and continues through glass doors to the outdoor alfresco area. The backyard offers space to entertain while enjoying the custom concrete pool.

A further, separate downstairs office/lounge adds to the home’s flexibility.

Upstairs an activity room provides a third indoor living area – ideal for a parents’ retreat.

Also here, a main, capacious bedroom offers a true retreat from the rest of the home and is fitted with a modern ensuite. The additional bathroom is well equipped with a hob-less shower, soaking tub and double vanity.

Planted in a convenient, sought-after locale, the residence is nearby to Subiaco, Lake Monger, Cowden Park and public transport.

The listing is with The Agency’s Paul Tonich (+61 478 180 765), $1,625,000; theagency.com.au

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Mortgage holders should brace themselves for more pain as the Reserve Bank of Australia board prepares to meet this afternoon 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 suggested yesterday 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 could present the RBA with the chance to put further rate rises on hold 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 2022 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.

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“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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