Resort Living On Melbourne's Coastline | Kanebridge News
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Resort Living On Melbourne’s Coastline

The expansive grounds homes to a swimming pool, tennis court and skate ramp.

By Terry Christodoulou
Sat, Nov 7, 2020 1:07amGrey Clock 2 min

A heady combination of Mediterranean boldness and Californian glamour, ‘Pasadena’, located at 1 Trig Point, in the elevated coastal enclave of Mount Martha, Victoria, is an architectural wonder.

Set on over 1.5 acres of hillside that directly overlooks the coastline to Arthurs Seat, the white-washed 6-bedroom, 5-bathroom, 2-garage luxury home by award-winning architect Tim Bennetton is truly unique.

Inside the multi-level, multi-space compound, the main residence sees oak floors paired with soaring ceilings and pivot doors to create a light, airy coastal space. It’s here the open plan family, dining and kitchen spaces together flow out towards the alfresco dining area.

The lounge is fitted with a fireplace, pop-up TV and access to the outside terrace and deck doors while the kitchen features Savoir limestone counters with integrated European appliances and an expansive walk-in pantry. A further two bedrooms, two bathrooms a sunken home theatre and rumpus round out the level.

On the upper level lands the master suite, complete with walk-in-robe and ensuite – replete with more Savoir limestone (matching that of the kitchen) and is complete with a waterfall shower and dual vanities. Elsewhere on the property, the bathrooms follow suit with limestone and oak details.

The compound wraps around a with a rain-sensing louvred pergola, inground pool and spa complete that steps up to the separate pool house that homes the sauna, changeroom, indoor and outdoor fireplaces as well as a bar and games room. Bolstering the resort-like amenities is a tennis court perched high on the property’s grounds alongside a skateboard halfpipe.

Another, separate studio complete with its own bathroom, kitchenette, fireplace and two bedrooms adds further versatility to the compound while automatic gates, 13kW of solar power and electric blinds complete the details.

The listing is with Dean Phillips (+61 402 833 865) and Marcus Gollings (+61 422 236 990) of  McEwing & Partners, Mornington. POA. 

Mcewingpartners.com

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House values continued to fall last month, but the pace of decline has slowed, CoreLogic reports.

In signs that the RBA’s aggressive approach to monetary policy is making an impact, CoreLogic’s Home Value Index reveals national dwelling values fell -1.0 percent in November, marking the smallest monthly decline since June.

The drop represents a -7.0 percent decline – or about $53,400 –  since the peak value recorded in April 2022. Research director at CoreLogic, Tim Lawless, said the Sydney and Melbourne markets are leading the way, with the capital cities experiencing the most significant falls. But it’s not all bad news for homeowners.

“Three months ago, Sydney housing values were falling at the monthly rate of -2.3 percent,” he said. “That has now reduced by a full percentage point to a decline of -1.3 percent in November.  In July, Melbourne home values were down -1.5 percent over the month, with the monthly decline almost halving last month to -0.8%.”

The rate of decline has also slowed in the smaller capitals, he said.  

“Potentially we are seeing the initial uncertainty around buying in a higher interest rate environment wearing off, while persistently low advertised stock levels have likely contributed to this trend towards smaller value falls,” Mr Lawless said. “However, it’s fair to say housing risk remains skewed to the downside while interest rates are still rising and household balance sheets become more thinly stretched.” 

The RBA has raised the cash rate from 0.10 in April  to 2.85 in November. The board is due to meet again next week, with most experts still predicting a further increase in the cash rate of 25 basis points despite the fall in house values.

Mr Lawless said if interest rates continue to increase, there is potential for declines to ‘reaccelerate’.

“Next year will be a particular test of serviceability and housing market stability, as the record-low fixed rate terms secured in 2021 start to expire,” Mr Lawless said.

Statistics released by the Australian Bureau of Statistics this week also reveal a slowdown in the rate of inflation last month, as higher mortgage repayments and cost of living pressures bite into household budgets.

However, ABS data reveals ongoing labour shortages and high levels of construction continues to fuel higher prices for new housing, although the rate of price growth eased in September and October. 

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