WATERFRONT ICON RETURNS TO MARKET
A landmark Beaconsfield Parade residence blending heritage elegance with bold contemporary design has listed for the first time in more than two decades, with price hopes of $14 million to $15 million.
2 min
Anyone familiar with Port Phillip Bay knows the eclectic mix of prime properties along the popular waterfront strip of Beaconsfield Parade. Now one of the coveted residences has come to market for the first time in more than 20 years.
Carnane is an address with the best of both worlds – art deco charm blended with contemporary sophistication.
Originally built around 1915 as four smaller flats, the property has been transformed behind its period facade to reveal a modern designer interior crafted for family living.
Reimagined by Buro Architects and interiors, the five-bedroom, four-bathroom house was shortlisted back in 2008 for an Australian Interior Design Award and subsequently appeared in multiple design magazines.
Last sold in 2005 for $2.32 million, Carnane is now listed with a price guide of $14 million to $15 million. The expressions of interest campaign, via Ben Manolitsas, Melissa Turner, and Thomas Wilson of Marshall White Port Phillip, closes on April 9.
What anchors the historic bayside home in the 21st century is the moody, cantilevered steel staircase set just inside the entry foyer. Sculptural in every sense of the word, the “floating” stairs make a bold statement at first sight and even discreetly conceal a refrigerated wine cellar and bar.
The long 580 sq m footprint and three-story layout allow for a convenient separation between entertainment and accommodation zones. In the shell of the original Art Deco facade, there are two sitting areas framed by deep bay windows.
Beyond the iconic stairs, a gallery walkway leads through to the dining room and show-stopping kitchen. A design statement in itself, the sleek black kitchen has Gaggenau appliances, hidden storage, a grand island bench, a casual meals area, and a vast butler’s pantry with a second entry to cater for any sized soirée.
This ground level has marble floors, Venetian-plastered walls, and full-height glazing, as well as the mammoth rear extension. The stylish addition dishes up another large living room, warmed by an ethanol fireplace, and enormous timber-framed sliding doors that open onto the private north-facing pool deck and lush landscaped gardens.
An internal courtyard offers homeowners a bonus green space, separating the formal and informal dining zones.
Upstairs, there is yet another living area and an adjoining study that mirror the bay windows below and capture sweeping views of the bay. There are two bedrooms with built-ins sharing a palatial family bathroom, as well as the main bedroom with a walk-in Polyform wardrobe, extra built-ins, motorised blinds, and an ensuite with a shower.
One more floor up, a top-level guest or teenager retreat with a bathroom, kitchenette, living area, and a huge water-facing terrace. Additionally, the triple garage, accessed via Ashworth St, has its own fully independent studio.
The Beaconsfield Pde home also has spotted gum floors, a video intercom, an alarm, an integrated sound system, abundant storage, and zoned heating and cooling, all within walking distance of Middle Park village, Albert Park Lake, and city-bound transport.
Carnane at 245 Beaconsfield Pde, Middle Park is listed with a price guide of $14 million to $15 million through Marshall White Port Phillip via an expressions of interest campaign closing on April 9.
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Australia’s capital city housing markets have continued to record price growth, although higher interest rates and economic uncertainty are beginning to temper momentum.
3 min
Capital city home prices have continued to rise in April despite higher interest rates and ongoing uncertainty about the outlook for inflation and the global economy.
Growth rates, however, have eased, reflecting the usual subduing effect of the lengthy April holiday month.
The national capital city median house price increased marginally by 0.2% over the April quarter to $1,297,798 compared to the March quarter, according to the latest data from My Housing Market.
Annual national house prices are, however, 10.2% higher and have now increased for 14 consecutive months.
Most capitals reported house price increases over the month, with Brisbane and Perth the top performers, each higher by 1.3%, followed by Hobart and Darwin, both up 1.2%, Adelaide up 0.2%, with Sydney steady. Melbourne prices, however, fell 0.7%, while Canberra prices fell 1.7%.
Most also report strong annual house price growth in excess of 10%, with Perth, Darwin, Brisbane, and Adelaide clearly the highest, up by 25.7%, 21.6%, 20.0% and 14.2% respectively.
National unit prices were also higher in the April quarter than in the March quarter, rising by 0.5% to $728,459, and have now increased by 8.2% compared to the April quarter 2025 result.
Brisbane was the top monthly performer in April, with unit prices rising by 1.7%, followed by Perth up 1.0%, Melbourne and Canberra each up 0.9%, Adelaide up 0.6%, and Hobart up 0.1%. Sydney unit prices were steady over the month; however, Darwin unit prices were down 0.8%.
Similar to houses, Perth, Brisbane, Adelaide and Darwin continue to record the highest annual unit price growth to April 2026, at 30.1%, 27.8%, 12.9% and 11.8%, respectively.
Analysis
Capital city housing markets have generally reported higher home prices in April, although growth rates have eased compared to March.
Easing housing markets reflect the usual dampening effects of the lengthy April holiday month, although higher interest rates and increased uncertainty about the economic outlook have weighed on affordability and confidence.
Robust annual home price growth, however, continues for most capitals with Perth, Darwin, Brisbane, and Adelaide still reporting boomtime results.
Although 2026 is still set to see home price growth generally in most capitals, the rising spectre of further interest rate increases and elevated uncertainty over the outlook for inflation and the economy will continue to dampen affordability and confidence.
Brisbane, Adelaide, Perth and Darwin, however, are again set to lead capital city outcomes for both houses and units, but are unlikely to match the extraordinary 2025 results.
Brisbane, Perth and Adelaide continue to record higher median house prices than Melbourne, with Perth now closing in fast on Brisbane and set to lead all but Sydney.
Underlying drivers will continue to support overall housing market activity, although the outlook for RBA interest rates is more problematic, with inflation set to accelerate and economic activity to decline as a consequence of the recent sharp increase in oil prices.
The economy, however, remains strong, with a steady, still-low jobless rate, falling unemployment, continued robust job growth, and a high participation rate.
Housing demand continues to outpace a low and diminishing housing supply, and although high post-COVID migration levels have recently eased, numbers remain strong and will add to chronic housing undersupply, supporting high rents and low vacancy rates generally in capital city rental markets.
Following a period of easing in rental growth, the latest data continue to show extraordinarily low home rental vacancy rates and clear signs that rents are on the rise again.
High rents and higher prices continue to provide clear incentives for first-home buyers and investors chasing solid investment returns.
Ongoing government initiatives to support first-home buyers will increase demand and place further upward pressure on prices.
Capital city housing markets generally recorded higher house and unit prices over 2023, 2024 and surged over 2025, fuelled by rising buyer and seller confidence through sharp cuts to interest rates.
Although 2026 is again likely to see higher home prices, significant uncertainty has recently emerged about the near-term outlook for already-high interest rates and economic activity, which will generally dampen buyer and seller confidence.
Early signs are emerging in the recent weakening of home auction market clearance rates, particularly in Sydney and Melbourne.
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